PHOENIX – Smart & Final has opened three new stores in the Phoenix Valley. The expansion includes a 28,985-square-foot space at the northeast corner of 35th Avenue and Greenway Road; a 28,280-square-foot space at the northeast corner of Tatum Boulevard and Thunderbird Road; and a 35,949-square-foot space at the southwest corner of Gilbert Road and Guadalupe Road in Gilbert. The grocer was represented by Martin Leon and Chris Corso of De Rito Partners in all three transactions.
MESA, ARIZ. – Augusta Ranch Marketplace, an 80,247-square-foot shopping center in Mesa, has sold to an undisclosed investor for $14 million. The center is located at 9931 E. Baseline Road. It is anchored by Bashas’ grocery store. Other notable tenants include Great Clips, Sylvan Learning Center, Geno’s Pizza and Fat Willy’s Family Sports Grill. The center was built between 2005 and 2006. The acquisition included an adjacent developable pad. The seller was Shopoff Realty Investments.
SAN FRANCISCO – The 85-unit Village at Park View Apartments in the San Francisco submarket of Antioch has sold to an unnamed buyer for $12.4 million. The community is located at 2800 Gentrytown Drive. It was built in 1980. Michael Henshaw of Marcus & Millichap represented the buyer. The unnamed seller was represented by Adam Levin and Nathan Gustavson of the same firm.
TUCSON, ARIZ. – ReCommunity Recycling Center, a 59,000-square-foot, built-to-suit complex in Tucson, has sold to a joint venture composed of three Alaska-based partnerships for $7 million. The complex is located at 3780 E. Ajo Way. It contains 53,783 square feet of warehouse space and 5,258 square feet of office space. The property is wholly leased and operated by ReCommunity Holdings. ReCommunity is the nation’s largest pure-play recycler. It also operates recycling and recovery facilities in Phoenix and Scottsdale. The company has a total of 36 facilities operating in 13 states across the country. Mike Sandahl, David Blanchette and Wyatt Campbell in CBRE’s Tucson office represented both the buyer and seller, Olyver Land LLC, in this transaction.
SAN DIEGO – A 17,800-square-foot medical office building in La Jolla has sold to Monarch La Jolla LLC for $7 million. The property is located at 7630 Fay Ave. The LLC intends to convert the building into an upscale assisted living facility. The seller, Executive Leasing of Nevada LLC, was represented by Brandon Keith of Voit Real Estate Services’ San Diego office and Stephen Dok of Lee & Associates. The buyer also operates as Monarch Living and Monarch Communities.
LONG BEACH, CALIF. – The 20-unit San Antonio Apartments in Long Beach has sold to Rio Company for $2.9 million. The community is located at 1090 E. San Antonio Drive in the Bixby Knolls area. It was built in 1948. Robert Stepp and Michael Toveg of Stepp Commercial represented both the buyer and seller, Alray Trust, in this transaction.
San Diego’s core commercial office markets continue to tighten. Less than 1 million square feet was added last year, while more than 1.2 million square feet was absorbed. In 2014, construction commenced on the first speculative high-rise office project since Hines’ La Jolla Commons I in 2008. The Irvine Company plans to deliver a 306,000-square-foot, Class A development called One La Jolla Center in UTC this year. This project follows on the heels of the adjacent 415,000-square-foot, build-to-suit for LPL. This activity points to a strengthening market as developers, equity partners and lenders believe the benefit outweighs the risk of speculative development. Sorrento Mesa also received 410,000 square feet of new office space at 10001 Pacific Heights Blvd. last year that was pre-committed by owner-user Qualcomm. The overall vacancy rate for the core markets in three San Diego regions (Downtown, Central and North County) was reduced to 11.5 percent by year’s end, indicating a tight market for users. Rent spikes can be anticipated when vacancy rates shrink to single digits. This should occur this year in submarkets like the Uptown area (5.5 percent), Poway (5.4 percent), Rancho Bernardo (6.8 percent), North Beach Cities (5.7 percent), Torrey Pines (8.0 percent), Sorrento …
LOS ANGELES – A 71-unit apartment building in Los Angeles’ Miracle Mile neighborhood has sold to a private investor for $23.5 million. The community is located at 5700 West Olympic Blvd., just west of La Brea Avenue. It was built in 1972. The seller, an affiliate of Hillstreet Realty, was represented by Richard Ringer of Marcus & Millichap’s West Los Angeles office.
SCOTTSDALE, ARIZ. – Canyon Village, a mixed-use office project in Scottsdale has sold to Laurus Corp. for $18.7 million. The Class A project is located at 18801, 18835, 18867 and 18899 N. Thompson Peak Parkway. It is situated within the 8,800-acre, master-planned DC Ranch at the base of the McDowell Mountains. Canyon Village is primarily composed of office tenants, but also includes high-end medical office, retail and restaurant users like Ciao Wine Bar & Bistro and the Village Health Club’s hot yoga studio. It was 75.9 percent occupied at the time of sale. The seller, Canyon Village LLC, an entity of DMB, was represented by JLL’s Dennis Desmond and Brian Ackerman. DMB’s Michael Burke and T.A. Shover also participated in this sale, as did Alfred Hackbarth of SRS Real Estate Partners and JLL’s John Bonnell and Brett Abramson.
LAS VEGAS – A 55,583-square-foot retail center in Las Vegas has sold to Charleston Festival Retail LLC for $13.8 million. The center is located at 6250-6350 W. Charleston Blvd. The LLC was represented by Tim Behrendt and Lisa Hauger of Sun Commercial Real Estate. The seller, RPM Investments, was represented by Chris Clifford and Sean Margulis of the Equity Group.