San Diego Business Journal

SALES

Westcore Properties has sold Mira Oberlin Plaza, a 77,309-square-foot office building on 1.8 acres at 5880 Oberlin Drive in Sorrento Mesa. The buyer was Pacific Sorrento LLC and the sales price was $24.9 million. The buyer assumed a $10 million loan serviced by Midland Loan Services. The Westcore Properties entity selling the property was Westcore Oberlin LLC. Westcore Properties represented itself in the negotiations. Pacific Sorrento was represented by Fouy Ly of the Irvine office of Sperry Van Ness.

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Rexford Industrial LLC, a privately held industrial real estate firm, has announced the acquisition of Century Industrial Center, a 121,892-square-foot, multi-tenant industrial condominium project at 929-951 Poinsettia Ave. in Vista, for a total consideration of $10.4 million. Originally built in 1989 as a single-tenant, six-building industrial complex, the project had been repositioned by the sellers in 2007 into 19 industrial condominium units totaling 143,000 square feet on 8 acres. Rexford's purchase included four buildings containing 13 units. The units range from 3,000 to 19,000 square feet. Total parking on-site includes 237 spaces (1.6 spaces per 1,000 square feet). The property offers 16- to 18-foot clearance heights, plus ground-level and dock-high loading doors. Joe McDermott, Jim Benson and John Witherall of Coldwell Banker Commercial represented both Rexford Industrial and the seller, Poinsettia Vista Partners LLC.

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Davlyn Investments purchased the 112-unit apartment project known as Arbor Village, at 4914 Logan Ave. in Logan Heights. Arbor Village sold for $13.7 million, or $122,300 per unit ($157 per square foot). The buyer was Linc Housing Corp. of Long Beach. Steve Huffman and Dick Bassett of Hendricks & Partner provided brokerage services to the buyer and seller.

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Two units at Venture Commerce Center in Otay Mesa have been sold to Rafael Perez and Jose Meza, owners of Unlimited Electro, an automation and control products supplier. The purchase price was approximately $1.2 million. Located west of the Otay Mesa Road/Highway 125 interchange, Venture Commerce Center is a new condominium office and business park consisting of 38 privately owned business properties totaling 124,000 square feet in eight separate buildings. Properties range in size from 1,477 to 18,831 square feet. Perez and Meza purchased 8745 and 8755 Mesa Point, for a total of 5,842 square feet. They were represented by Robert Mooney of Grubb & Ellis|BRE Commercial and George Rodriguez of NAI San Diego. The property was developed and sold by LB/VCC Otay Mesa LLC, an affiliated company of Venture Corp. Phillip Linton, Darren Mullins and Erik Parker of Grubb & Ellis|BRE Commercial represented the seller.

LEASES

WiredRed Software has leased 10,061 square feet of office space at 9350 Waxie Way in Serra Mesa. The five-year lease is valued at $1.7 million. Jed Stirnkorb and Matt Pourcho of CB Richard Ellis represented the lessee. Tony Russell of Grubb & Ellis represented the lessor.

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Pasha Management Inc. has leased 4,938 square feet of warehouse space at 10449 Roselle St. in Sorrento Valley. The 33-month lease is valued at $291,172. Dean Asaro of CB Richard Ellis represented both the lessee and lessor, RIF II , La Jolla Sorrento Business Park.

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Three leases totaling 130,073 square feet were signed in the Carlsbad Research Center for a combined consideration of $20.7 million. Construction consulting firm PBS & J; leased 21,399 square feet of office space at 1555 Faraday Ave. for 84 months. Covidien, a global health care products company, leased 65,674 square feet of research and development and corporate headquarters space at 2101 Faraday Ave. for 84 months. Specialized laboratory service-provider Genoptix leased 43,000 square feet of office space at 1811 Aston Ave. for 84 months. In all three transactions, Lannie Allee, Lars Eisenhauer and Roger Carlson of CB Richard Ellis represented the lessor, The Blackmore Co. Tom Martinez of CB Richard Ellis represented Covidien. Shawn Lorentzen of Staubach represented PBS & J.;

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Jinx Inc. has leased 18,744 square feet of warehouse space at Scenic View Business Park at 12556 Kirkham Court in Poway. The six-year lease is valued at $894,996. Doug Works of CB Richard Ellis represented the lessee. Ryan Grove of Colliers International represented the lessor, RREEF.

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A Squared Technologies has leased 3,130 square feet of warehouse and distribution space at 1195 Linda Vista Drive in San Marcos from R & H; Building Management LLC. The three-year lease is valued at $105,002. Rick Cavanaugh of CB Richard Ellis represented the lessor. Joe Crotty of Coldwell Banker Commercial represented the lessee.

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Imperial Tool Co. has renewed its lease for 36 months on 3,127 square feet of industrial space in the Southrail Business Park located at 689 Marsat Court in Chula Vista. Total consideration was $98,586. The space will be used for warehousing, distribution and administrative purposes. The lessor was Westcore Properties LLC. Both parties in the transaction represented themselves.

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LGB Inc. has renewed its lease for 12 months on 10,495 square feet of industrial space in the Southrail Business Park at 1564 Jayken Way in Chula Vista. Total consideration was $96,974. LGB Inc. specializes in apparel and accessory stores. The space will be used for storage, distribution and administration. The lessor was Westcore Properties LLC. Both sides of the transaction represented themselves.

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Mtelligence Corp. has leased 2,476 square feet of office space at 9040 Friars Road in Mission Valley from Wawanesa Mutual Insurance Co. The property was leased for 38 months at $176,300. Steve Dok and Sean McNulty of Commercial Realty Advisers represented the lessor. Representation for the lessee was not released.

, Andrew Schweizer