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.
LOS ANGELES – Officia Imaging has signed a 63-month lease for 3,150 square feet of office space in Downtown Los Angeles. The space is located at 617 West Seventh Street. Officia Imaging is an office equipment and document management software solutions provider. The building is owned by the Swig Company.
PUEBLO, COLO. – A 7,371-square-foot retail strip center in Pueblo has sold to a local private investor for $3 million. The center is located at 1425 US Highway 50 West. It is full occupied by McAlister’s Deli, Papa John’s Pizza and Open MRI. The McAlister’s Deli franchisee has agreed to enter into a new 15-year, triple-net master lease once this transaction has closed. It will contain two, 10-year renewal options. The buyer was represented by Drew Isaac and Howard Stark of Marcus & Millichap’s Denver office. The seller, a private investor, was represented by Barry Higgins and David Lee of the same firm.
PHOENIX — Parallel Capital Partners has acquired One North Central, a 410,000-square-foot office tower in Phoenix, for $93.7 million. The Class A tower is located at 201 North Central Ave. Parallel Capital plans to invest more than $1.5 million to renovate and upgrade the property. This will include lobby modernizations, common-area upgrades, a new tenant lounge and spec suites. The tower was originally built in 2001. It has LEED-Silver certification. One North Central is currently 95 percent leased. Notable tenants include Ryley, Carlock and Applewhite, Arizona Summit Law School, Comerica Bank and the Bureau of Land Management. Parallel represented itself in the transaction. The seller was represented by Eastdil Secured. Parallel currently maintains a portfolio of 1.2 million square feet of office and retail space in Phoenix, including the City Square and Midtown regions.
DENVER — Holliday Fenoglio Fowler L.P. (HFF) has arranged an $89.5 million construction loan for A Block @ Union Station, a 310,055-square-foot, mixed-use development in Denver’s Union Station Neighborhood. Continuum Partners LLC worked with HFF to arrange the four-year construction loan with Wells Fargo and CrossHarbor Capital Partners. Continuum also raised $14.5 million in equity from more than 20 investors in addition to contributing land to the project, which will contain hotel, office and retail space. New construction will include a 12-story, 200-room hotel managed by Kimpton; a five-story, 45,458-square-foot office building along with approximately 13,000 square feet of retail/restaurant space; and a 197-space subterranean parking garage with 100 spaces dedicated to public parking. Both properties will contain ground floor retail, with Bank of America already under lease for 3,496 square feet of space. Eric Tupler and Leon McBroom of HFF led the debt placement team in the transaction.
PHOENIX — Realty Associates Fund X L.P. has purchased the White Star Portfolio, which contains nine industrial buildings throughout Phoenix, for $42.2 million. The buildings are all situated near Phoenix Sky Harbor International Airport. The portfolio features a total of 460,669 square feet of multi-tenant industrial space. It includes White Star Corporate Center at 2110 – 2140 S. 7th Ave.; Baseline Foothills at 4401 – 4409 E. Baseline Road; 3710 E. University Drive; and 2501 W. Phelps Road. The transaction was executed by JLL’s Mark Detmer and Bo Mills.
LOS ANGELES — Laurus Corporation is set to begin a $30 million renovation of Promenade at Howard Hughes Center, a 250,000-square-foot retail center located just off Interstate 405 in Los Angeles. Renovation plans call for an exterior facelift, a new outdoor screening area and fire pit, new restaurants, enhanced landscaping and interior design, and an outdoor dining area with casual lounge space. A new pedestrian-friendly layout will be included in the renovation, adding more indoor-outdoor connections and courtyards. Jerde Partnership will act as lead architect in the renovation. Laurus recently acquired Promenade at Howard Hughes Center for $111 million.
MONROVIA, CALIF. — Charles Dunn Company has arranged the sale of a single-tenant, 7,327-square-foot property located in Monrovia for $5.15 million. Citibank occupies the triple-net leased property. Kyle Gulock and Jason Cope of Charles Dunn led the effort in representing the seller, a Los Angeles-based private investor. Other Charles Dunn team members involved in the transaction include Darrell Levonian, Fred Sheriff, Tanel Harunzade and Justin Mendelson. Kathy Quach of Treeline Realty represented the buyer, Evan & MC LLC, in the transaction, which closed at a capitalization rate of 4.3 percent.
GILBERT, ARIZ. – El Dorado Tech Center, a 180,480-square-foot flex/back-office facility in Gilbert, has sold to a joint venture formed by Everest Holdings and Walton Street Capital for $18.6 million. The facility is located at 2299 W. Obispo Ave. It was built in 1998. GoDaddy has occupied about 118,000 square feet at the facility since 2005. The joint venture is called W-EH El Dorado Holdings JV VII LLC. DTZ’s Mike Haenel, Andy Markham, Will Strong, Paul Boyle, Rick Danis, Marc Tuite and Phil Haenel represented both the buyer and seller in this transaction.
LOS ANGELES – The 34-unit Vista Modern apartment complex in the Los Angeles submarket of Sherman Oaks has sold to a Japanese construction company for $16.5 million. The community is located at 4632-4646 Vista Del Monte Ave. It was built in 2014. Jeff Louks and Janette Monfared of Marcus & Millichap’s Encino office represented both the buyer and seller in this transaction.