RENO, NEV. — Dermody Properties has completed the first building at LogistiCenterSM, four miles from the California border in western Reno. The 223,619-square-foot building is already fully leased. Dermody plans to develop an additional 803,022 square feet at the center. Building 2 will consist of 182,000 square feet. It is scheduled for completion in September, after which construction of Phase II will commence. CBRE’s Eric Bennett and Gordon Zach is marketing the properties for
MONTEREY, CALIF. — A local, private investor has acquired the 46-room Lone Oak Lodge in Monterey for an undisclosed sum. The hotel is located at 2221 N. Fremont St. The boutique property is near the Monterey Bay Aquarium, Cannery Row, Fisherman’s Wharf and Pebble Beach. Joshua Miehl and Oliver Shah of Atlas Hospitality Group represented the seller.
PHOENIX — Greystar Real Estate Partners has purchased the 424-unit Green Leaf Promontory Pointe in Phoenix for an undisclosed sum. The community is located at 888 E. Clinton St. within the 1,200-acre Pointe Tapatio master-planned community. It was built in two phases in 1984 and 1996. Cliff David and Steve Gebing of Institutional Property Advisors represented both the buyer and seller, Green Leaf Partners, in this transaction.
ENGLEWOOD, COLO. — Phoenix Realty Group has acquired the 312-unit Silver Cliff Apartment Homes in Englewood for an undisclosed sum. The Class B complex is located at 5275 S. Delaware St. It was completed in 1991. The property will undergo improvements in operations, enhancements to the on-site amenities and upgrades to the apartment interiors through a value-added program.
SALT LAKE CITY — The University of Utah Health has signed a lease for one of the two office buildings at the new Sugar House development in Salt Lake City. The project is located at 2290 S. 1300 East. The university’s new Sugar House Clinic will focus on promoting community health, offering health services to patients, including primary and preventative care, oncology care and weight-loss services. Westport’s Sugar House development is set to include two office towers and a multifamily..
LOS ANGELES — Rexford Industrial Realty has purchased two industrial assets in Los Angeles for a total of $35.9 million. The first acquisition was 4175 E. Conant St. in the Long Beach area for $30.6 million. The Class A asset is fully leased to a single tenant on a triple-net basis with 13 years remaining on the lease term. The second acquisition was 5421 Argosy Ave. in the Orange County West submarket. It is fully leased as a mission-critical facility. Rexford funded the acquisitions with..
PHOENIX — Jevan Capital has acquired the 301-unit La Reserve at Forty-Fifth apartment complex in Phoenix for $12.7 million. The community is located at 2627 N. 45th Ave. It was built in 1972. La Reserve offers one- to three-bedroom units. Amenities include three swimming pools, basketball court, three laundry facilities and two picnic areas. Brett Polachek and Jim Crews of Cushman & Wakefield Phoenix represented the seller, CEGOP-PHX 1 LLC, in this transaction.
ROSAMOND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant retail property located at 2938 Rosamond Blvd. in Rosamond. Newmar LLC acquired the property from a private partnership for $7.6 million. Rite Aid occupies the 17,277-square-foot property, which was built in 2016. Bill Asher of Hanley Investment Group represented the seller, while Jim Halferty of Lee & Associates represented the buyer in the deal.
ONTARIO, CALIF. — NewMark Merrill Cos. has received $5.2 million in refinancing for The Marketplace on Grove, a 270,000-square-foot shopping center located in Ontario. A 165,643-square-foot Lowe’s Home Improvement Warehouse, which was built in 2007, anchors the center. Additional tenants are Chipotle Mexican Grill, El Pollo Loco, Jersey Mike’s Subs, McDonalds, Panda Express, US Bank and Pizza Pirates. William McPadden, Jeffrey Packard, Tom Treacy and Chris Bingham of John Hancock..
PACIFIC BEACH, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the lease of 1,300 square feet of restaurant space at 1038 Garnet Ave. in Pacific Beach. Square Bar Café signed a five-year lease for the space from Dayani Partners. Ashley Tiefel and Steve Avoyer of Flocke & Avoyer represented the landlord, while the tenant was self-represented in the transaction.