MANHATTAN BEACH, CALIF. — West Ridge Rentals LLC has purchased a 35,911-square-foot medical office complex in Manhattan Beach for $15.6 million. The three-building complex is located at 500 S. Sepulveda Blvd. The buildings include small retail elements that house related businesses. The complex was built in 1976. Eric Lastition and Geoff Ludwig of Colliers International represented the seller, Manhattan Beach Mall LP.
SAN BERNARDINO, CALIF. — The Pool Corporation has leased a 184,646-square-foot building in San Bernardino. The space is located at 1410 E. Central Ave., within Carson Alliance, a newly developed, two-building industrial park at the Gateway of the Master Alliance of California project. Chris Barbieri of ANR Asset Management and Ron Barbieri of Coldwell Banker Commercial represented Pool Corporation. JLL’s Ruben Goodsell, Peter McWilliams and Mike McCrary represented the landlord, Carson Companies.
DENVER — A local multifamily investor has purchased a 20-unit apartment building in Denver for $2.8 million. The community is located at 833 Dexter St. The new investor also owns a few other properties within the same neighborhood. Matt Lewallan and Kevin Calame of Pinnacle Real Estate Advisors represented the buyer.
TORRANCE, CALIF. — Grocery chain Fresh & Easy is relocating its executive and administrative hub from El Segundo to nearby Torrance. The hub will be located at 20101 Hamilton Place. NGKF’s David Kluth and Joel Smith negotiated the lease.
SANTA FE SPRINGS, CALIF. — Custom Companies has leased 306,286 square feet of industrial space in Santa Fe Springs. The space is located at 13012 Molette. The lease is valued at $13.7 million. Custom Companies, which provides airfreight and truck shipments to and from all points in the U.S., Canada and Mexico, will relocate from nearby Carson. The company will use the space for its warehouse, distribution, outside trailer storage and general office needs. NGKF’s Wesley Hunnicutt and Matthew Moore represented Custom Companies. Eric Knirk of Fremont Associates represented the owner, Oltmans Real Estate Company.
PHOENIX — The 331-room Wigwam Resort in the Phoenix submarket of Litchfield Park has received a $29 million loan. The hotel is located at 300 E. Wigwam Blvd. The resort features 45,000 square feet of indoor meeting space, 55,000 square feet of outdoor meeting space, an Elizabeth Arden Spa, four food and beverage venues, four swimming pools and three 18-hole golf courses. JLL’s Dustin Stolly, Mike Huth and Aaron Niedermayer secured the floating-rate loan. East West Bank provided the funds to JDM Holdings.
MILL VALLEY, CALIF. — Ultima Hospitality and Argosy Real Estate have sold the 100-room Holiday Inn Express in Mill Valley, a submarket in Marin County that is just north of San Francisco. The hotel is located at 160 Shoreline Highway. The price was not disclosed. The hotel was formerly known as the Larkspur Mill Valley Hotel until the partners rebranded it in fall 2012. The property’s guestrooms, common areas and exteriors were also renovated at this time.
LAS VEGAS — Premier Educational Facilities has acquired the Bonanza Road industrial building, a 68,848-square-foot warehouse in North Las Vegas, for $5.3 million. The warehouse is located at 4151 E. Bonanza Road. It was built in 1976. The buyer will occupy the entire facility, which will operate as Equipo Academy, a college preparatory charter school for middle and high school students. Justin Michaels of Cornerstone Company represented Premier in the transaction.
MILL VALLEY, CALIF. — JLL has agreed to acquire Shelter Bay Retail Group, a retail property management firm based in Mill Valley, for an undisclosed sum. Shelter Bay manages 74 urban and suburban, open-air shopping centers throughout the San Francisco Bay Area, San Jose/South Bay, central and southern California and Arizona. The acquisition is expected to close later this month, subject to customary closing conditions. The properties’ management teams will remain intact to ensure a seamless transition when the deal closes. Shelter Bay’s team of 30 experts will join JLL at closing. Stephen Robertson, chairman of Shelter Bay, will join JLL as director of retail business development, West Coast, while Sondra Van Metre, president and CEO, will join as director of retail property management, West Coast. The two will lead the combined organization’s West Coast retail property management operations.
RENO, NEV. — Panattoni Development has broken ground on a 1.4-million-square-foot industrial park in Reno. The two-building project will be located on 96 acres at the intersection of Lemmon Valley Drive and Highway 395. It will be called North Valley Commerce Center. Phase I of the development will include a 707,660-square-foot building, the largest spec project to break ground in the region, according to the developer. Michael Nevis, J. Michael Hoeck, Dave Simonsen and Steve Kucera of the NAI Alliance Industrial Properties Group represented the unnamed seller. NAI will also serve as the project’s leasing agent.
