Western

SANTA MONICA, CALIF. — Montana Avenue Capital Partners has acquired a 118,394-square-foot office campus in Santa Monica. The property was originally listed for $32.5 million, though the final sales price was not disclosed. The campus is located at 6303-6309 Carpinteria Ave. It is situated on nine acres that overlook the Pacific Ocean. The property serves as the headquarters for CKE Restaurant Holdings, which owns Carl’s Jr, Hardee’s and Green Burrito. Cloud-based construction management software firm Procore Technologies recently signed a lease at the campus as well. Procore occupies two buildings on the campus, while CKE occupies the third building. The campus will soon undergo a renovation in the hopes of leasing up its remaining space. The renovation will add indoor-outdoor collaborative space and patio areas, glass roll-up doors, new signage and architectural features and EV charging stations. The property will also expose existing 15-foot ceiling heights, among other creative improvements.

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TEMPE, ARIZ. — Arizona State University (ASU) and Catellus Development Corp. will develop an urban community adjacent to ASU’s Tempe Campus. Catellus, in collaboration with ASU, has developed a preliminary master development plan to transform the 330-acre Athletic Facilities District at the northeast end of the Tempe campus. The plan includes new and renovated NCAA athletic facilities, and more than seven million square feet of office, multifamily residential, hospitality and retail space, interconnected with sidewalks, bicycle paths and urban open spaces. The facilities district will generate revenue to help fund the renovation and reinvention of Sun Devil Stadium and other University athletic facilities, without the use of tax dollars, through payments made by new private real estate development projects on University-owned land. ASU will oversee the development, marketing, leasing and management of the district. The district’s preliminary land use plan reflects a phased approach to private development over the next 20 years. An initial phase that may include office, multifamily and retail development is expected to be underway as soon as 2016. The district encompasses most university-owned property generally bounded by Sun Devil Stadium, Veterans’ Way, University Drive, McClintock Road and Tempe Town Lake. Until a permanent name is selected …

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PHOENIX – The 103-unit Villa De La Paz Apartments in Phoenix has sold to Maryland Gardens Investors LLC for $4.9 million. The community is located at 6041 W. Thomas Road. It is 90 percent occupied. Villa De La Paz was built in 1983. The LLC was represented by Tony Werstler of Solutions Real Estate. The seller, Superior Estates, was represented by Brett Polachek and Jim Crews of Cushman & Wakefield.

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SCOTTSDALE, ARIZ. – A 41,348-square-foot office building in Scottsdale has sold to EDU3 Ventures and SHOP LLC for $4.2 million. The Class B building is located at 13430 North Scottsdale Road. The structure, formerly known as Scottsdale Airpark Plaza, was built in 1985. It is being redesigned, renovated and renamed Habitat-X, or “Hab-X.” The buyers were represented by Marc Bonilla of Colliers’ Scottsdale office. Bonilla is also the president of EDU3 Ventures. The seller, Charles Meyer, was represented by Mike Milic and Tyler Bush of Colliers International.

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CHANDLER, ARIZ. – KH Chandler has purchased a 168,750-square-foot warehouse/distribution property for $4.1 million. The facility is located at 6920 West Allison Road, within the Lone Butte Business and Industrial Park. It will be occupied by Total Solutions. DTZ’s Steve Mardian, Pete Klees and James Harper represented the seller, a financial institution, in this REO transaction.

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SANTA ANA, CALIF. — Avison Young has arranged the sale of the Pacific Building, an historic 16,274-square-foot, mixed-use property located in the Artist Village District of Santa Ana for $5.3 million. Dan Vittone and Alan Pekarcik of Avison Young, along with Gil Marrero of Voit Real Estate Services, represented the seller, Gumm Investments. Red Rock Capital Advisors LLC represented the buyer, Red Rock Management. The property is 100 percent leased to 11 tenants, including Chapter One, a metropolitan-style restaurant and bar, Downtown Sugar, a spa, and the Copper Door, a nightclub. The transaction closed at a capitalization rate of 6 percent.

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PASADENA, CALIF. – Congress Management Associates has purchased a 17,632-square-foot medical office building in Pasadena for $10.7 million. The building is located at 39 Congress Street, next to the 625-bed Huntington Memorial Hospital. The facility was built in 1984. Some of the local physicians who acted as investors in this purchase plan to occupy a portion of the building in the near future. The building is currently 95 percent occupied. The buyer was represented by Michael Dettling of Avison Young. The seller, 39 Congress Partnership, was represented by Carver Associates.

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TEMPE, ARIZ. – Western Refining has expanded its lease at Papago Buttes Corporate Plaza in Tempe. The independent refining and marketing company will lease an additional 17,723 square feet at the office plaza, which is located at 1250 W. Washington Street. The company will take occupancy of the additional space this summer. Western Refining was represented by Larry Downey of Cushman & Wakefield of Arizona. The landlord was represented by Tony Hepner and Janet Ehrlich of Metro Commercial.

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