TUCSON, ARIZ. – The 172-unit Quality Inn & Suites Tucson Airport North has sold to a partnership for $2.3 million. The hotel is located at 5251 South Julian Drive. The buyer was represented by Sam Hanna and Evan Taylor of Marcus & Millichap. The seller, a limited liability company, was represented by James I. Meng of the same firm.
GILBERT, ARIZ. – Rodeo Park Plaza, a 24,533-square-foot retail center in Gilbert, has sold to L.S.S. Inc. on Rodeo Park and Jabbell Holdings LLC on Val Vista Marketplace for $2.8 million. The center is located at 1659 & 1661 S. Val Vista Drive and 1663 E. Ray Road. The buyers purchased the asset through Auction.com. The sellers were WBCMT 2006-C29 Val Vista Retail LLC and JPMC 2005-CIBC13 East Elliot LLC. The LLCs are affiliates of LNR Partners. The transaction was executed by Darren Tappen and Matthew Ault of Voit Real Estate Services.
SAN DIEGO – A six-unit apartment building in the San Diego neighborhood of Crown Point has sold to Walnut Company LLC for $2 million. The community is located at 3704 Promontory Street, near Mission Bay. Walnut Company was represented by Nga Nguyen of Berkshire Hathaway Home Services. The seller, Plotts Real Estate, was represented by Terry Moore of ACI.
BREA, CALIF. — Clarion Partners and Pacific Industrial have purchased 17.6 acres in Brea for an undisclosed sum. The land is located at 1225 West Imperial Highway. The partners plan to redevelop the site to build a 367,194-square-foot logistics and distribution facility. The Class A facility will be known as Imperial Distribution Center. The center will feature 36-foot minimum clearance, 55 dock-high doors, a fully concrete truck court, 3 percent skylight coverage and 4,976 square feet of office space.
DENVER — Clayton Lane, a 335,000-square-foot lifestyle center in the Denver submarket of Cherry Creek, has received $48 million in financing. The center is located at the intersection of East 1st Avenue and University Boulevard, near Cherry Creek Regional Mall. Clayton Lane is 99 percent leased to notable tenants like Whole Foods, Crate & Barrel, Arhaus Furniture, Sur La Table, White House Black Market, A Pea in the Pod, Design Within Reach and Bose. Anchor Whole Foods, along with an adjacent Sears property, will be part of a massive redevelopment that is likely to include multiple uses like office and multifamily. The fixed-rate, 10-year, interest-only loan was arranged by Andrew Stewart and Allison Moravec of Cronheim Mortgage. It was placed with the American General Life Insurance Company and the National Union Fire Insurance Company on behalf of the borrower, AmCap Clayton. Cronheim acted as correspondent and servicer for both lenders.
WESTMINSTER, COLO. — The 504-unit Lakeview Apartments in Westminster has received $26.3 million in financing. The community is located at 3701 West 68th Ave., about 10 miles north of Downtown Denver. Lakeview Apartments is situated at the intersection of West 68th Avenue and Lowell Boulevard. It is within three blocks of an upcoming light rail station. The fixed-rate loan features a 10-year term with three years interest-only. The securitized loan contains a 3.65 percent interest rate. Acquisition financing was arranged by HFF’s Brock Yaffe and Kristian Lichtenfels through the firm’s Freddie Mac Program Plus Seller/Servicer program. The loan was arranged on behalf of BMC Investments.
ALBUQUERQUE, N. MEX. — WR Management Co. has opened the new 80-room GuestHouse International Inn & Suites Albuquerque Airport. The hotel is located at 2601 Mulberry South East. The property has been recently upgraded and renovated. The hotel is situated near the University of New Mexico, Old Town Albuquerque and Albuquerque International Sunport Airport. The hotel also offers complimentary shuttles to the airport. The hotel features free wireless Internet access, complimentary hot breakfast and a kids-stay-free policy. GuestHouse International is part of the Boomerang Hotels property group.
MODESTO, CALIF. — Phillips Edison Grocery Center REIT II has purchased North Point Landing, a 152,769-square-foot shopping center in Modesto, for an undisclosed sum. The center is located at 3848 McHenry Ave. North Point is anchored by Walmart Supercenter. Other notable tenants include GNC, T-Mobile, the UPS Store, Allstate and Round Table Pizza. Phillips Edison Grocery Center REIT II is a public, non-traded REIT that seeks to acquire and manage well-occupied, grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services. It looks for properties in strong demographic markets throughout the U.S. It currently owns and manages an institutional-quality retail portfolio with 22 grocery-anchored shopping centers totaling 2.5 million square feet.
FREMONT, CALIF. – JC Paper has signed a 10-year lease extension for 214,809 square feet of warehouse space in Fremont. The space is located at 47422 Kato Road. The Kato Road complex was built in 1997. JC Paper was represented in-house by Mark Clarke. The landlord, Westcore Properties, was represented by its own Meghan Sandlin.
SANTA ANA, CALIF. – A 152,705-square-foot office building in Santa Ana has sold to Small Giant for $12.7 million. The nine-story building is located at 1200 North Main. It was 55 percent leased at closing. The property was built in 1971 and renovated in 1997. The seller, Positive Investments, was represented by Dan Vittone and Alan Pekarcik of Avison Young.
