San Diego Business Journal

SALES

A two-story, multi-tenant office building at 7596 Eads Ave. in La Jolla was sold for $3.9 million. The last multi-tenant office building to be sold in the village of La Jolla prior to Eads Office Plaza was located at 7848 Ivanhoe Ave., which sold in May 2007 for $3.3 million.

Eads Office Plaza is 9,504 square feet and sold for approximately $415 per square foot for the building. Located at the northwest corner of Eads Avenue and Silver Street, Eads Office Plaza consists of 10,000 square feet of fee land on two legal parcels and featured below-market rents with short-term leases. The property includes 14 on-site parking spaces and brick and stucco exterior with lush landscaping. The seller was represented by Mike Slattery of Grubb & Ellis. The buyer, Primos Investment Corp., represented itself.

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Renovation & Restoration LLC purchased 30 units in the 176-unit Villa Bonita condominium complex for $4,525,000. Located at 2920 Alta View Drive in Bonita, Villa Bonita is a condominium community that was converted to for-sale housing in 2006. The complex was built as condos in 1982 and underwent a major renovation in 2005 to upgrade the project to modern condo conversion specifications, including new cabinets, granite countertops, flooring and air conditioning. The property also includes a swimming pool and spa, tennis court, fitness center and picnic and barbecue areas. Eric Comer and Jim Neil of CB Richard Ellis represented the seller, Hammer IRP Bonita LLC. Robert Klaus of RBK Commercial represented the buyer.

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A two-story, multi-tenant building in Sorrento Valley totaling 45,540 square feet has been sold for $6.5 million. The property is at 9880 Mesa Rim Road in Sorrento Valley. The property is currently leased to Thermo Fisher Scientific through the end of 2008. The seller was Pacific Community Builders LLC. The buyer was First Industrial Realty Trust. Voit Commercial brokers Randy LaChance and Glen Volk represented the seller in the transaction, and Grubb & Ellis broker Scott Dickson represented the buyer.

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The ground-level retail space located in downtown San Diego's East Village Icon building at 315 10th Ave. was sold for $2.2 million. Located in Suites 101 and 102 at Icon across the street from Petco Park, the Wings-Pizza-N-Things Sports Bar & Grill currently occupies the space and will stay in that location. The property was purchased in an investment sale by Shi Liang Zhu and Li Jun Chen from Icon LLC. Icon is a four-tower, mixed-use project that contains approximately 330 condominiums and nearly 16,000 square feet of retail space. Danny Fitzgerald, Linville Martin and Michael Burton of Grubb & Ellis represented the seller, and Eva Liew of Emperor Realty Group Inc. represented the buyer.

LEASES

Scripps Health Inc. has leased the 5,400-square-foot freestanding medical office building at 455 Santa Fe Drive in Encinitas from Stancil Jones. The five-year lease is valued at $666,520. Joel Wilson of CB Richard Ellis represented the lessor. Matt Campbell of Grubb & Ellis represented the lessee. The space is located in Santa Fe Plaza, a 106,150-square-foot shopping center anchored by a Vons, Rite Aid and 24 Hour Fitness. The Scripps Health lease brings the center to 100 percent occupancy.

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Rubio's Restaurants Inc. has leased 2,116 square feet of retail space at the southwest corner of El Fuerte Street and Gateway Drive in Carlsbad. The 10-year lease is valued at $1,103,536. The space is located in Bressi Village, a 120,000-square-foot retail center currently under development. Rubio's is scheduled to open in November 2008. Mike Moser of CB Richard Ellis represented the lessee. Stewart Keith of Flock & Avoyer represented the lessor, LNR CPI Bressi Retail LLC.

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Synteract Inc. has leased 58,158 square feet of office space from Realty Associates Fund VII c/o Sentre Partners for $3,400,149. The property, located at 5759 Fleet St. in Carlsbad, is leased for 24 months. Rick Reeder, Dennis Visser and Joe Anderson of Grubb & Ellis represented the lessor. Anderson also represented the lessee.

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The Muller Co. has leased 5,199 square feet of office space to White Digital Media Inc. for $624,503. The property, located at 5901 Priestly Drive in Carlsbad, is leased for 48 months. Joe Anderson, Stacy Looney and Brooks Campbell of Grubb & Ellis represented the lessor. Michael Mazzotta of Colliers International represented the lessee.

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JC Penney Corp. Inc. has leased 8,535 square feet of industrial space at 775 Anita St. in Chula Vista from University Technology Center LP. The property, leased for five years at $349,488, will be used for warehouse storage. The lessee was represented by Alexander Nalle of CB Richard Ellis. The lessor was represented by Charles Adolphe and Bryan Teel of Cushman & Wakefield.

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Maritime Escrow Inc. has renewed its lease on 2,170 square feet of retail space in La Costa Towne Center, located at 7750 El Camino Real in Carlsbad, from La Costa Tower LLC. The property, leased for one year at $38,778, will be used for an escrow office. The lessee represented itself. The lessor was represented by John Jennings and Kam Walton of Cushman & Wakefield.

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Sonexa Therapeutics Inc. has leased 2,895 square feet of office space located at 12555 High Bluff Drive in Carmel Valley from Scientific Investments LP. The property, leased for three years at $308,028, will be used for general office space. The lessee was represented by Scot Ginsburg of Jones Lang LaSalle. The lessor was represented by Mark Wayne, Steve Wolf and Brunson Howard of Cushman & Wakefield.

, Andrew Schweizer