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.
Western
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.
MESA, ARIZ. – Security Properties has acquired the 388-unit Sonora Canyon apartment community in Mesa for $30 million. The community is located at 265 North Gilbert Road. Sonora Canyon is set to receive a $2.6-million renovation. It will include upgrades to the clubhouse, pool and interior units. Security Properties had previously purchased the property in 2005 for $22 million. It was known as University Green at the time. The firm sold the community in 2007 for $33.3 million. The property was purchased by Security Properties in conjunction with an East Coast life insurance company.
DENVER – The Waner Building, an 11,971-square-foot office property in Highlands Ranch, has sold to Winkes Sound LLC & Lorenz Sound LLC for $2.4 million. The building is located at 8950 Barrons Blvd. in the Littleton suburb. It is fully occupied by two triple-met tenants, Waner Construction and Great West. Winkes Sound was represented by Brandon Gouker of Pinnacle Real Estate Advisors. The seller, Hubba Hubba LLC, was represented by Rob Edwards, Eric Shaw and Tom Ethington of the same firm.
PEORIA, ARIZ. – Sprouts has announced it will open a new 30,117-square-foot location at Lake Pleasant Towne Center in Peoria. The new outpost will debut next spring. Lake Pleasant Towne Center is located at the northwest corner of Happy Valley Road and Lake Pleasant Parkway. It is owned by Vestar.
TEMPE, ARIZ. – The Elliot’s Crossing apartment complex in Tempe has received $16.7 million in financing. The community is located at7250 S. Kyrene Road. The seven-year Freddie Mac loan was provided to Real Estate Opportunity Capital Fund II LP by Alex Buecking and James Endrizzi of KeyBank Real Estate Capital.
LAS VEGAS — KCD Martin LLC has purchased 20 condo units at The Martin in Las Vegas. The 372-unitresidential tower is located at 4471 Dean Martin Drive. The Martin was originally part of the three-building Panorama Towers complex that was completed as Las Vegas’ condo market collapsed in 2009. This tower was rebranded as The Martin. The seller, iStar Financial, foreclosed on The Martin and took over its daily operations in 2009 after it provided the original construction loan. The operations were managed by its subsidiary, iStar Residential. The 20 units have never been occupied. They were the last remaining developer-owned units. KCD plans to resell them to foreign investors. The acquisition was financed with a $4-million short-term loan. Bridge financing was provided by Felix Gutnikovof Thorofare Capital. The loan was placed with Thorofare’s third discretionary investment vehicle, Thorofare Asset Based Lending Fund III, L.P.