PEORIA, ARIZ. – Fletcher Heights Marketplace, a 26,658-square-foot shopping center in Peoria, has sold to Eleven Investments LLC for $3.1 million. The Class B neighborhood retail shopping center is located at 20783 N. 83rd Ave. Fletcher Heights is currently 75 percent occupied. Some of the newer tenants include Delex Realty, Planet Beach Spa and Farmers Insurance. The LLC represented itself in this transaction, while the seller, LB-UBS 2003-C7 Fletcher Heights Marketplace LLC, was represented by Daniel Ortega and Larry Ortega of Colliers International.
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CARLSBAD, CALIF. – A seven-unit apartment complex in Carlsbad has sold to an individual/personal trust for $1.8 million. The community is located at 3044 State Street in the city’s Downtown Village District. The site is approved for a mixed-use building with first-floor retail and nine townhouse-style condos. Aaron Bove and Aaron Wilkinson of Marcus & Millichap’s San Diego office represented both the buyer and seller, another individual/personal trust, in this transaction.
SAN DIEGO — Moss Adams LLP has signed a 10-year lease for La Jolla Commons Tower I. The lease is valued at $9.4 million. The tower is located at 4747 Executive Drive in San Diego. The public accounting firm will occupy 18,611 square feet. Moss Adams will occupy its new space in the first quarter of 2015. The firm was represented by Duncan Dodd of Cassidy Turley’s San Diego office. The landlord, HSPF La Jolla Commons I Investors LLC, was represented by Matthew Carlson, Eric Northbrook and Chris High of Cushman & Wakefield.
SAN DIEGO — Southrail Business Park, a 128,294-square-foot industrial park in the San Diego submarket of Chula Vista, has received a $4.1-million acquisition loan. The eight-building park is located at 664 Marsat Court, about 10 minutes from Downtown San Diego. The buildings are 98 percent leased to 26 tenants, including PowerSports Group, Toleeto Fasteners Intl, Delphius Engineering and Bay Bridge Brewery. The buyer was Focus Real Estate LP. The loan was arranged by HFF’s John Chun. The joint venture equity was placed with a regional joint venture equity fund.
LAS VEGAS — The Shops at Warm Springs, a 15,760-square-foot retail building in Las Vegas, has sold to an unnamed buyer for $3 million. The building is located at 7150 S. Durango Drive. It is occupied by Cricket Wireless, Title Max, Stacks & Yolks, Volcano Grill, Quick Draw Tattoo and Beyond Nails & Spa. The buyer was represented by Adam Malan of the Equity Group. The seller, PWDAF Warm Springs and Durango LLC, was represented by CBRE’s Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski.
PHOENIX – A 43,584-square-foot industrial property in Phoenix has sold to a corporation for $2.4 million. The building is located at 15002 North 25th Drive. It was originally built in 1983, when it was occupied by Safeway. The facility is currently occupied by a church, which will vacate in the next nine months. The buyer plans to use the facility for its own manufacturing and administrative needs. Neal Waldman of Marcus & Millichap’s Phoenix office and Paul Berkner of Colliers International represented both the buyer and seller, a family trust, in this transaction. Berkner was formerly with Marcus & Millichap.
SAN DIEGO – A 2,263-square-foot medical office building in the San Diego submarket of La Jolla has sold to EHOF La Jolla LLC for $2.2 million. The building is located at 7601 Draper Ave. It is currently occupied by La Jolla Animal Hospital. The hospital has occupied the building since 1975. The buyer plans to raze the building so it can develop a townhome complex on the site. The LLC was represented by Trenton Bonner of Trenton Bonner Coastal Real Estate. The sellers, two private individuals, were represented by CBRE’s Paul Lafrenz, Melissa Foster, Reg Kobzi and Brad Chelf.
BURBANK, CALIF. — Granite Properties has acquired a 150,000-square-foot office building in Burbank for $49 million. The 10-story tower is located at 2600 West Olive in the city’s Media District. The building is currently 87 percent leased to a variety of media-related companies. It was built in 1986. The seller, Legacy Partners Realty Fund I LLC, had previously made improvements to the building’s main lobby, restrooms, upper lobbies and parking areas. Legacy was represented by CBRE’s Kevin Shannon, Tom Bolinger, Ken White and Mike Longo.
BREA, CALIF. — The PRES Companies has acquired a two-project office portfolio in Orange County for $42 million. The four-property portfolio totals 290,657 square feet. The transaction includes the 171,411-square-foot Brea Park Center. The three-building property is located at 2601 Saturn Street, 500 S. Kraemer Blvd. and 2650 E. Imperial Highway. Notable tenants include Citizens Business Bank, General Services Administration (GSA), FIT Electronics and theCalifornia Department of Public Health. The transaction also includes the 119,246-square-foot Brea Corporate Plaza, which is located at 3230 E. Imperial Highway. Notable tenants include Nestle Waters andYellow Box Corp. Both properties are located in Brea near the 57 and 91 freeways in north Orange County. PRES will also assume leasing and management responsibilities for the portfolio. The firm was represented by Dan Vittone and Alan Pekarcik of Avison Young’s Irvine office.
DENVER – Advenir has acquired the 326-unit Lowry Heights apartment complex in Denver for $35 million. The Class B community is located at 8000 East 12th Ave. Property amenities include a 10,000-square-foot clubhouse with an indoor basketball court, a fitness center, movie theater, billiards, a business center and leasing center. It also includes a junior Olympic-sized swimming pool, and a splash pool and a hot tub, in addition to a playground, barbeque grill, picnic area and multiple courtyards. The seller, The Bascom Group, made significant capital improvements to the property over the past six years. Advenir plans to further enhance the amenities and unit interiors. Advenir represented itself in this transaction. Bascom was represented by ARA Denver. Financing was secured by Charles Foschini of CBRE.