Deals
Pacific Property Co., a Palo Alto-based real estate investment company, acquired the 348-unit Vineyard Apartments at 9901 Lurline Ave. in Chatsworth for $23.1 million, according to Phill Shuster, Southern California regional director for Pacific Property, who led negotiations for the purchase. The principals in the transaction did not disclose the seller’s name, but public records indicated it was Mitsui and SBD America Fund 89 II. Shuster said Pacific Property entered the Southern California apartment market in May and has since invested $30 million in complexes here. The company plans to invest an additional $100 million in apartment properties in Southern California within the next 10 months, Shuster said. Both Pacific Property and the seller were represented by a Grubb & Ellis team that included William DuBrowa, Baron Jones, David Casper and Bruce Furniss.
* Pacific Starr Group, a Pasadena-based investment company, acquired a 126,720-square-foot industrial building at 14100 Danielson St. in San Diego for $11.6 million from McMillin Cos. Phil Monroe and Mickey Morera of John Burnham & Co. represented both the buyer and the seller.
* Spieker Properties, a Menlo Park, Calif.-based real estateinvestment trust, acquired an 80,000-square-foot office building at 800 N. Haven Ave. in Ontario called First Financial Center for $8.7 million from FFC Ontario Inc., according to Mark McAdams and Lars Platt of Cushman & Wakefield, who represented both the buyer and the seller.
* Tengu Co., a food processor, acquired a new 90,341-square-foot industrial building at 14420 Bloomfield Ave. in Santa Fe Springs for about $5 million from DT Partners of Newport Beach. The seller was represented by Michael J. Foley and Stephen C. Calhoun of Seeley Co. The buyer was represented by Leo Vusich of Lee & Associates and independent broker Ed Fukumoto.
* Dora Cueva, a Canoga Park-based investor, acquired the 49-unit Floralita Apartments at 10529 Floralita St. in Sunland for $1.9 million from Sylvia Kretzu and Maria Pincu of Santa Monica. Dean Zander of Hendricks & Partners represented the seller. The buyer was represented by Jeff McGuire of Marcus & Millichap.
* Los Angeles investor Jeff Kern acquired a 58-acre San Bernardino Mountains retreat, including nine cabins and other improvements, at 400 Call of the Canyon in Lytle Creek for $1.5 million from Loma Linda University, according to Darrell McKibban and Bryan Hughes of Lee & Associates, who represented both parties in the transaction.
