GILBERT, ARIZ. — Abington Emerson Investments has purchased a 73,283-square-foot industrial property in Gilbert for $5.5 million. The property is located at 1405 N. Fiesta Blvd. It was built in 1998. CBRE will act as the leasing agent. The firm’s Barry Gabel, Chris Marchildon, Brian Raczynski, Tim Watters, Evan Koplan and Mike Parker represented the seller in this transaction.
LYNWOOD, CALIF. — An unnamed buyer has acquired a 23-acre industrial land site called Alameda Distribution Center for $31.4 million. The site is located at 11840 and 11852 Alameda St. and 2800 Lynwood Road in the South Bay submarket of Lynwood. Travelers Insurance and Cargill occupy the space. CBRE’s Robert Flores and Andrew Briner represented the seller, Lynwood-Alameda Corp., in this transaction.
SAN DIEGO — Marcus & Millichap has arranged the $15 million sale of Rosecrans Shopping Center, a 43,108-square-foot retail center located in San Diego. The property is home to tenants including Rubio’s, CorePower Yoga, UPS, Allstate Insurance and Verizon. Mark Thiel of Marcus & Millichap represented the seller, an undisclosed private investor, in the transaction. Nick Totah and Ben Tashakorian, also of Marcus & Millichap, procured the buyer, Capital Asset Management. The new owner plans to renovate and reposition the center to attract health and fitness, lifestyle-oriented tenants.
LOS ANGELES — Dickens SO LLC has acquired the 11-unit Dickens Apartments in the Los Angeles submarket of Sherman Oaks for $3.1 million. The community is located at 15114 Dickens St. Jeff Louks and Brett Sanson of Marcus & Millichap represented the buyer and seller, an LLC, in this transaction.
SAN DIEGO — Azusa Pacific University (APU) has leased 48,000 square feet of office space at Mission Center in San Diego. The space is located at 5333 and 5353 Mission Center Road. It will continue to serve as the university’s San Diego regional campus. CBRE’s Greg Nassir and Scott Kincaid represented APU. JLL’s Richard Gonor, Tony Russell and Brandt Riedman represented the landlord, Kearny Real Estate, in this transaction.
ISSAQUAH, WASH. — Life Care Services has completed the $154.5 million Phase II expansion of Timber Ridge at Talus, a continuing care retirement community in the Seattle Suburb of Issaquah. The project expanded the health center, which offers skilled nursing and rehabilitation services, and added 145 independent living units, an indoor swimming pool and 190-seat auditorium. The property now offers 329 total independent living units. The community is built on 10 acres within Talus, a 630-acre, master-planned residential project at the base of Cougar Mountain. Life Care Services and Westminster Funds are joint-venture owners of Timber Ridge. The Weitz Company was general contractor on the expansion. Publicly traded healthcare REIT National Health Investors Inc. (NYSE: NHI) provided funding for the project.
PHOENIX — Cypress Office Properties has begun renovation work on the Renaissance Square office building in Phoenix. The building is located at 40 N. Central Ave. The $50 million renovation will span both towers. The first tower will feature a “tech” atmosphere that contains a lobby with a live plant wall and integrated technology for digital signage. The second building will feature boutique-style interior finishes with a warm hospitality feel. The first phase of the renovation will include a $10 million investment that will upgrade both buildings’ lobbies, the lower level lobby and elevators. It will also include the creation of a 7,000-square-foot, multi-purpose conference facility and multiple office suites. Wespac Construction is acting as the general contractor, while Craig Coppola of Lee & Associates Arizona will serve as the leasing agent.
CHANDLER, ARIZ. — Kramer-Wilson Company has purchased two office buildings within the Chandler Midway Corporate Center for $23.3 million. The Class A buildings are located at 5670 and 5710 W. Chandler Blvd. in Chandler. The assets are fully leased. CBRE’s Barry Gabel and Chris Marchildon represented the seller, ViaWest Group, in this transaction.
LOS ANGELES — Shamina Investments has received an $11.2 million loan to acquire and renovate the 53-room Claremont Hotel Westwood in Los Angeles. The hotel is located at 1044 Tiverton Ave. in Westwood Village. The Claremont Hotel was built in 1939. The hotel will re-open the hotel in February 2018 as the Palihotel Westwood under the Paligroup hotel flag. Paligroup currently manages and operates four daily and extended-stay boutique properties in the Los Angeles area. The five-year, non-recourse loan was priced at a spread over the 30-day LIBOR. It includes structure for reserves to cover renovation costs, debt service and operating deficits prior to stabilization, according to Thorofare’s Felix Gutnikov, who originated the financing. The New York City office of Mission Capital Advisors LLC arranged the loan. The seller was a local family.
LAS CRUCES, N.M. — Welbrook Senior Living expects to complete construction of 50-bed skilled nursing facility in Las Cruces, just north of El Paso, Texas, by the end of June. The property, which has not yet been named, will largely focus on short-stay rehabilitation. Partners on the funding, design and construction of the property include National Healthcare Development Inc., Northstar Commercial Partners, Lantz-Boggio Architects and Catamount Constructors. California-based Welbrook has 11 communities opened or under construction in California, Nevada, Utah, Colorado, New Mexico, Illinois and Arizona. Its properties span the continuum of care.
