Western

Payson Village Center in Arizona Sells for $15M

by Nellie Day April 16, 2015

PAYSON, ARIZ. – Payson Village Center, a 140,500-square-foot, grocery-anchored center in Arizona, has sold to Progression Real Estate Investments for $15 million. The center is located at the intersection of Highway 87 and Highway 260 in Payson. It is anchored by Bashas’. Other notable tenants include Dollar Tree, Big 5, Native Grill, Jiffy Lube and Arby’s. A 250-acre Arizona State University satellite campus has been proposed just East of Payson Village. This project would bring 6,000 students, in addition to more employees and faculty, to the area. Both Progression and the seller, Hirani Oil Foundation, were represented by Christopher Tramontano and Donald MacLellan of Faris Lee Investments.

April 16, 2015

New Mexico Retail Western

West Central Plaza Shopping Center in Albuquerque Sells for $12M

by Nellie Day April 16, 2015

ALBUQUERQUE, N.M. – West Central Plaza Shopping Center, a 123,048-square-foot retail center in Albuquerque, has sold to Heslin Holdings for $12 million. The center is located at 4208 Central Ave. SW. The property was formerly home to Kmart, which vacated the space last year. It also includes a number of smaller retail tenants in an adjacent multi-tenant building. A restaurant occupies a third building. Heslin will re-tenant the 104,000-square-foot facility vacated by Kmart. The company will likely re-configure the space to accommodate multiple tenants. The smaller buildings will also be upgraded and expanded. The seller, West Central Plaza, was represented by CBRE’s Jeremy Nelson, Lia Armstrong and Jim Dountas. The CBRE retail team was retained by Heslin to assist in the center’s leasing and redevelopment efforts. The firm made a $12-million investment in the property, which includes the costs of acquisition, redevelopment and re-tenanting, as part of a value-add investment strategy.

April 16, 2015

Multifamily Utah Western

The Hills at Sandy Station Changes Hands in Utah

by Nellie Day April 16, 2015

SANDY, UTAH – The Hills at Sandy Station, a 70,000-square-foot luxury apartment complex in Utah, has sold to an unnamed buyer for an undisclosed sum. The community is located at 234 Sego Lily Drive in Sandy, on Utah’s East bench. The Hills was originally built as condos before it went into foreclosure and was ultimately converted into apartments. The initial development contained 61 condos, though the city later approved the development of 146 additional units. The seller, The Hills at Sandy Station LLC, was represented by Mark Jensen and Greg Ratliff of ARA, a Newmark Company.

April 16, 2015

California Industrial Western

Via Frontera Business Park in San Diego Sells for $10.5M

by Nellie Day April 16, 2015

SAN DIEGO – Via Frontera Business Park, an 80,882-square-foot industrial/R&D property in San Diego, has sold to Seven C’s Group LLC, for $10.5 million. The two-building property is located at 10965-10993 Via Frontera Drive. It was built in 1982. The buildings are 41 percent occupied. The buyer plans to occupy a portion of the space. Notable employers in the area include Microsoft, General Atomics, BAE Systems, Sony and HP. The seller, GCCFC 2007-GG9 Diamond Office LP, was represented by Mark McEwen, Ted Cuthbert and Matt Zimsky of Colliers International.

April 16, 2015

Arizona Retail Western

TEMK Investments Fremont Buys Tempe Starbucks

by Nellie Day April 16, 2015

TEMPE, ARIZ. – TEMK Investments Fremont LLC has acquired a 1,850-square-foot Starbucks in Tempe for an undisclosed sum. The coffee shop is located at 1926 North Scottsdale Road. It contains a drive-thru. TEMK was represented by DTZ’s Jon Stansbury. The seller, SWC Scottsdale & McKellips LLC, was represented by Andy Kroot of Velocity Retail Group.

April 16, 2015

Loans Multifamily Western

Freddie Mac Provides $878M in Refinancing for Park La Brea Apartments in Los Angeles

by Nellie Day April 15, 2015

LOS ANGELES — Freddie Mac Multifamily has provided an $878 million loan for Los Angeles’ historic Park La Brea, the largest apartment community on the West Coast. HFF arranged the financing for borrower Prime Residential. Funding will be used to retire existing debt. Freddie Mac expects to securitize the loan through its K-Deal program. The 4,245-unit property is rent-controlled, with about 10 percent of the units having below market-rate rents. The community includes 18 high-rise towers and 175 garden-style apartment buildings on 144 acres. Approximately 10,000 residents live in the community. The apartment community includes 24-hour security patrol, courtyards, Wi-Fi cafes, fitness trails, a movie theater, hair salon and business and fitness centers. Originally built between 1944 and 1952, Park La Brea underwent renovations between 1995 and 2014. The 96.4-percent-leased complex is located at 6200 W. Third St., about seven miles west of downtown Los Angeles near the Miracle Mile district. Managing director Peter Smyslowski of HFF led and assembled the West Coast-based team that arranged the financing. The team included executive managing director Jody Thornton, senior managing directors Paul Brindley and Kevin MacKenzie and managing director Charles Halladay. Freddie Mac provides liquidity, stability and affordability to the nation’s residential …

April 15, 2015

California Multifamily Western

The Enclave Apartment Complex in Los Angeles Sells for $61.1M

by Nellie Day April 15, 2015

LOS ANGELES — A joint venture between Bridge Investment Group Holdings and Starr Companies has acquired The Enclave, a 306-unit apartment complex in Paramount, for $61.1 million. The community is located at 13801 Paramount Blvd. in the Los Angeles submarket of Paramount. The Enclave was built in 1991. It is situated near four Metro lines. Notable employers in the area include the County of Los Angeles, RMI International, Kaiser Permanente, Bellflower Medical Center, St. Francis Medical Center and Lakewood Regional Medical Center. The seller, Kennedy Wilson, was represented by Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec, Paul Darrow and Michael DiSimone of Institutional Property Advisors.

April 15, 2015

California Retail Western

Victoria Gardens in Rancho Cucamonga to Undergo Complete Renovation

by Nellie Day April 15, 2015

RANCHO CUCAMONGA, CALIF. — Victoria Gardens in Rancho Cucamonga will undergo a complete renovation throughout the 1.1-acre shopping center. The full streetscape renovation will take place along Monet Avenue. It will include the refurbishment of exterior building facades, the widening of sidewalk areas to accommodate new outdoor patio dining, the introduction of parklets and a newly designed plaza area that will include a street art program. The redevelopment will introduce new, modern landscaping, linear concrete pavers, updated lighting and new streetscape furniture. The center will install LED lighting and drought-resistant landscaping, offer several hot spots along Monet Avenue with free Wi-Fi, and focus on new fast-casual restaurants and cafes that will be incorporated into the active outdoor patio areas. Ferraez adds this renovation project will serve as the prototype for the rest of the center as it grows and matures. The redevelopment will commence this month. It is scheduled for completion in November.

April 15, 2015

California Industrial Western

Gelson’s Markets Leases Space at Freeway Springs Logistics Center in Los Angeles

by Nellie Day April 15, 2015

LOS ANGELES — Gelson’s Markets has leased 248,304 square feet of space at Freeway Springs Logistics Center in the Los Angeles submarket of Santa Fe Springs. The space will serve as the market’s warehouse and distribution center. Freeway Springs is located at 13833 Freeway Drive. Gelson’s will also occupy 30,000 square feet of office space at the facility. The lease is valued at more than $20 million. The Encino, Calif.-based market will assume more than half of the center’s 463,060 square feet. Gelson’s was represented by Stephen Calhoun, Craig Stevens and Tyler Stevens of Colliers. The landlord, Freeway Springs LLC, a division of Golden Springs Development Co., was represented by Calhoun, along with Clyde Stauff and Christopher Sheehan.

April 15, 2015

California Office Western

PCCP Buys Stoneview Plaza in Roseville

by Nellie Day April 15, 2015

ROSEVILLE, CALIF. – PCCP LLC has acquired Stoneview Plaza, a 108,354-square-foot office building in Roseville, for an undisclosed sum. The building is located at 3001 Lava Ridge Court. It is currently 72.5 percent occupied. The property will be managed by Basin Street Properties, while leasing efforts will be handled by Newmark Cornish and Carey.

April 15, 2015

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