Kor Group has acquired Sunset Plaza Apartments in West Covina, Calif. for $30 million from Interstate Equity Corp. The property totals 182 units, including three studio units, 75 one-bedroom units, 92 two-bedroom units and 12 three-bedroom units with monthly rents ranging from $750 to $1,813. The five-building, garden-style community includes a fitness center, two swimming pools and gated parking. Sunset Plaza Apartments are 91.7% occupied.
Hua Jian Investments, a wood flooring and furniture company, has acquired an industrial building for $38.6 million from San Francisco-based Bristol Group Inc. Located in Fontana, Calif. in the West Inland Empire submarket, the 406,410 sq. ft. property is in close proximity to two major freeways. The building is a cross-docked facility with deep truck courts and storage of up to 156 additional truck trailers. Hua Jian will occupy the building.
Fairview DeKalb IL has acquired a new 410,400 sq. ft. property for $22 million from 1211 Fairview LLC. The new single-tenant, build-to-suit distribution center is located in DeKalb, Ill. The 21-acre facility, built within the 565-acre Park 88 industrial park, features 35 dock doors with levelers, parking for 154 trailers and 150 cars. Completed in August, the facility is 100% leased to St. Paul, Minn.-based 3M corporation, a technology company.
GE Real Estate has provided a $248 million first mortgage to an affiliate of Brookfield Asset Management for its acquisition of a 3.5 million sq. ft. office portfolio with 46 assets in 14 states. The Brookfield affiliate targets office, industrial, multifamily and mixed-use properties located in major U.S. and Canadian markets. GE's Strategic Capital Group is a limited partner in Brookfield's first real estate opportunity fund and has financed $438 million in acquisitions.
Bixby Land Co. has acquired a single-tenant corporate headquarters for $31 million in Vista, Calif. The 111,639 sq. ft., two-story office building is located in Vista's primary office park and is occupied by DJO Inc., a global medical device company. Recently, Bixby acquired Airport Technology Park in Santa Clara, Calif. for $85 million. In the past year, Bixby has also purchased three properties valued at $230 million in Silicon Valley.
Maritime Yards LLC, a joint venture of Spinnaker Real Estate Partners LLC, Greenfield Partners and Summit Development, has sold its Maritime Yards mixed-use development in South Norwalk, Conn., for $50.5 million. JPI, a Texas-based development and property management firm, was the purchaser. The sale included two, five-story apartment buildings at 55-77 North Water Street and 23,000 sq. ft. of commercial space within the building.