Deals
* The Salvation Army acquired a 12-story, 200,000-square-foot office building at 180 E. Ocean Blvd. in downtown Long Beach from Lowe Enterprises for $27 million. The seller was represented by Lowe’s Darren Bell and Robert Garey of Matlow Kennedy. The buyer was represented by Jim Binns of Collins Commercial. The building will serve as the new Western regional headquarters for the Salvation Army.
* Fireman’s Fund Insurance Co. signed a 10-year, $22-million lease for a planned 150,000-square-foot, build-to-suit office building on a 9.5-acre site at Jamboree Boulevard and Walnut Avenue near the Santa Ana Freeway in Irvine. Bill Lee of Lee & Associates, who represented both Fireman’s Fund and developer Opus Southwest Corp. in the lease, said the transaction is the largest office lease in Orange County this year. Lee, who also represented Opus in the $8-million purchase of the development site from the Irvine Co., said the three-story office building will be the largest regional office of Fireman’s Fund, housing 400 workers.
* LBA VF-1, an affiliate of Layton-Belling Associates and AEW Capital Management, acquired a six-story, 120,828-square-foot office building at 225 W. Broadway in Glendale for $16.1 million from Glendale Financial Square I. David McKenney, Richard Plummer and Nancy Kikuchi of Cushman & Wakefield represented the seller. The buyer was represented in-house by Tom Motherway.
* Colton Capital acquired City Center II, a 95,470-square-foot office development at 765 The City Drive in Orange, for $12.2 million from City Center Group. Chris Latta and Chuck Noble of Lee & Associates represented both the buyer and the seller.
* Linens ‘n Things signed a 15-year, $6.5-million lease for 34,000 square feet of space at the Marketplace at Palmdale, at the intersection of Avenue P and 10th Street West, where the company plans to open a store in November. The Marketplace at Palmdale was represented by Mark McGaughey of CB Richard Ellis. Linens ‘n Things was represented by John Beaney of Katz & Associates.
