CRC Real Estate Buys the Centrum North Building

Real estate brokerage firm NAI Capital announced this week that it had arranged the sale of the Centrum North Building, an eight-story Class A medical office building in Orange, California. The Centrum North Building was sold to CRC Real Estate Corporation, an affiliate of CHOC Children's, for $43,950,000 or approximately $245 per square foot. Terms of the deal were not disclosed, but NAI did note that the seller, 4128 Wilshire, LLC, was represented by CBRE in the transaction.

"Due to its proximity to CHOC Children's Hospital, this acquisition is strategic for both the long-term growth of the hospital and as an institutional quality investment," said Sonya Dopp-Grech, senior vice president and director of healthcare services group at NAI Capital. "The purchase of this building, located across the street from our main campus, supports our organizational strategies and the growth needs of CHOC's pediatric system of care," added Kerri Ruppert Schiller, senior vice president and CFO, CHOC Children's.

Built in 1985, the Centrum North Building at 1120 W. La Veta Avenue offers approximately 179,279 square feet of space and located within a prominent cluster of medical service providers, including CHOC Children's Hospital and St. Joseph Hospital. The building has a modern red brick and black glass façade, with a soaring two-story lobby and an adjacent five-story parking garage.

For more news and information visit Blumberg Partners.

Prudential Sells Compton Industrial Property

Prudential Real Estate Investors has sold a 149,654 square foot industrial property at 250 West Apra Street in Compton, CA to a private buyer for an undisclosed sum. NAI Capital brokers Warren Noack, Kimberly Noack and Travis Noack represented the buyer in the transaction while Cushman & Wakefield brokers Rooney Daschbach, Steve Bohannon and Rusty Smith represented the seller.

"With an increasingly low level of inventory available for sale in the South Bay market, finding a purchase opportunity in that area was a challenge. We successfully transitioned what started out as a lease opportunity into a purchase opportunity for our client," noted Travis Noack with NAI Capital. "The transaction also involved a complicated lot line adjustment process that was already underway by the Seller. The lot line adjustment was initiated to enhance the land configuration of the subject property as well as improve the loading areas of the Seller's surrounding properties. The deal had a lot of moving parts but with patience, persistence and follow through we were able to facilitate a successful close."

Originally built in 1979 with extensive upgrades in 2000, the single story building is in the Dominguez Hills Industrial Park. The buyer has experienced a recent expansion, and sought an industrial property in this market to accommodate its growth, according to a GlobeSt.com article. Due to limited industrial supply in the Compton market, the buyer first entered into a lease agreement with the seller that eventually led to the purchase of the property.

For more news and information visit Blumberg Capital Partners.

CT Realty Investors Sells City Center in Ventura

CT Realty Investors, Inc., an Aliso Viejo, CA-based real estate investment, development and management company, announced this week that it had sold the City Center office property in Ventura for $15.5 million. 5700/5720/5740 Ralston Street LLC purchased the three-building City Center with representation from Timothy Foutz of NAI Capital, while CT Realty was represented by Mark Perry and Carlene O'Neill of CBRE. The property was reportedly 95% leased at the time of sale with major tenants including Crowell Weedon, ReMax Gold Coast Partners and the County of Ventura.

Located at at 5700, 5720 and 5740 Ralston St. in the heart of Ventura, City Center offers 111,000 square feet of office space. CT Realty purchased the property in 2008, then known as the Ventura Professional Center, and made improvements on the property during the rebranding to include rebuilding larger spaces into smaller offices, replacing HVAC units, and updating interior corridors and lobby areas. "We busted up all the pieces because it was tough to find that big corporate tenant again," said Roland Dolendo, a transaction closer for CT Realty. "Nobody needs 15,000 square feet. You gotta fill it with people who don't need that large space."

According to James "Watty" Watson, president and CEO of CT Realty, "City Center was transformed into one of the most desirable business locations in the region through an aggressive renovation program, typifying CT's strategy of acquiring under-valued yet well-located properties and repositioning them to compete in the current marketplace. We are very pleased with the performance of the City Center and how receptive the market has been to this premier office project."

For more news and information visit Blumberg Capital Partners.