DEALS
* Lyon Capital Ventures, a Newport Beach-based investment firm, bought the 714-unit Corona Pointe Apartments at 3957 Pierce St. in Riverside for $53.5 million from RREEF America REIT Corp. The buyer was represented in-house by J.E. Burns. The seller was represented by Sean Deasy and Matthew Lawton of CB Richard Ellis. The purchase is the fifth apartment acquisition in the last six months by Lyon Capital, which renovates and repositions its acquisitions through the William Lyon Property Management Co.
* Target Corp. signed a 10-year, $40-million lease for two buildings totaling 1,225,000 square feet at Airport Commerce Center in Ontario that is believed to be one of the largest industrial leases ever signed in the Inland Empire, according to CB Richard Ellis brokers who represented Target. The retailer will use the buildings to warehouse and distribute imported products to Target stores and 12 other distribution centers across the United States. Target employs about 1,200 workers in its Fontana warehouse facility. That figure is expected to increase to about 2,000 employees when the Ontario import operation begins next year. The CB Richard Ellis team representing Target included Frank Geraci, Walt Chenoweth, Marc Burns and Dan de la Paz. The brokers noted that Target operates more than 1.5 million square feet of distribution space in Fontana, so the additional 1.2 million square feet makes Target one of the largest tenants in the Inland Empire. Landlord Majestic Realty Co. of Industry was represented in-house by Kevin McCarthy.
* Adler Realty Advisors, a Woodland Hills-based private investment group, purchased the 156,000-square-foot Legacy Oaks Corporate Center office development at 225 W. Hillcrest Drive in Thousand Oaks, for $24.2 million from Irvine-based Legacy Partners. Kevin Shannon and Tom Festa of Grubb & Ellis represented the buyer and the seller.
* Donahue Schriber Realty Group of Newport Beach acquired the 250,000-square-foot Camarillo Village Shopping Center at the southeast corner of Las Posas and Arneill roads from EDM Investments of San Francisco for $21 million. Phillip Kyle, Carol Schroeder and Larry Tanji of CB Richard Ellis represented the buyer. EDM Investments represented itself. The center, on a 23.8-acre site, is anchored by an Albertsons market and a Rite Aid pharmacy.
* Arai & Co. of Japan sold the 10,683-square-foot One Rodeo shopping center at 201 N. Rodeo Drive in Beverly Hills for $16.8 million to Despa Deutsche Sparkassen-Immobilien-Anlage-Gesellschaft of Germany. Cushman Realty Corp.’s A. Martin Morgenstern, Bill Puget and Satoru Jo represented the seller. The buyer was represented by Richard Pink of CB Richard Ellis.
* The Johnston Group of Calabasas bought two office buildings in Westlake Village totaling 83,000 square feet from Pacifica Real Estate Group for $11.9 million. The properties, to be known as Westlake Corporate Centre, are at the corner of Westlake Boulevard and Townsgate Road. Michael Slater and Tom Dwyer of CB Richard Ellis represented the buyer and the seller.
* Curtis Emerald Isle Investments purchased a 284,000-square-foot manufacturing and distribution building at 6913 Acco St. in Montebello from 333 West 2nd Inc. for $10.9 million. Pat Meaney of J.W. Lewis Co. Inc. represented the buyer. David Freitag and Howard Schwimmer of Daum Commercial Real Estate represented the seller.
* Auto auctioneer Adesa Corp. of Indianapolis bought 70 acres of land at Bellegrave and Galena streets near the I-15 and I-60 freeways in Mira Loma for $9 million from Mitsui Real Estate Sales. Adesa will use the property for storage and sales of vehicles, according to Ted Carpenter of Carpenter & Associates, who represented Adesa. The seller was represented by Bill Korek of Korek Land Co.
* Hollywood Regency Apartments, a Los Angeles-based investment group, bought the 54-unit Regency Apartments at 7926-7940 Hollywood Blvd. in the Miracle Mile district for $7 million from Westbrook Laurel Apartments of Los Angeles. Alex Nicol III of Beitler Commercial Realty Services represented the buyer and the seller.
