LOS ANGELES – The San Fernando Valley is set to receive its first Dunkin’ Donuts. The donut chain will open a new outpost at the corner of Ventura Boulevard at Balboa Boulevard in the Los Angeles submarket of Encino. The transaction was executed by Illi Commercial Real Estate.
PHOENIX — Palm Glen Shopping Center, a 175,686-square-foot shopping center in Phoenix, has sold to Primestor Development for $14.3 million. The center is located at 3500 W. Glendale Ave. It is anchored by Food City. Notable tenants include Wells Fargo, Dollar Tree and Title Max. The center is set to undergo a renovation this year. The property was listed by Jason Gribin of Wilson Retail Group.
PHOENIX – The 468-unit Willow Springs Apartments in Phoenix has sold to Resort on 27th LLC for $13.2 million. The Class C community is located at 4715 N. 27th Ave. It was built in 1986. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily Southwest Team represented both the buyer and seller, MLCFC 2007-7 North 27th Avenue LLC, in this transaction.
TEMPE, ARIZ. – A 350-unit self-storage facility in Tempe has sold to SmartStop Self Storage for $4.4 million. The facility is located at 3803 South Priest Drive. It is currently 89 percent leased. The property was built in 2005. It will be re-branded under the SmartStop Self Storage trade name.
SALT LAKE CITY – Spring Mobile has leased 21,538 square feet of office space at Gateway Tech Center in Salt Lake City. The space is located at 155 North 400 West. Spring Mobile was represented by Chris Falk of Newmark Grubb ACRES. The landlord, KBSIII, was represented by CBRE’s Nadia Letey.
BAKERSFIELD, CALIF. — Faris Lee Investments has arranged the $29.3 million sale of a 222,000-square-foot, Class B shopping center in Bakersfield. Rosedale Village is located at Rosedale Highway and Calloway Road. Donald MacLellan, Rick Chichester, Chris DiPeierro and Tom Chichester of Faris Lee Investments represented the buyer, JH Real Estate Partners. The team also represented the seller, Standard Management. Faris Lee Investments is a retail advisory and investment sales firm.
SAN DIEGO — ACI Commercial, a San Diego-based real estate brokerage firm, has arranged the $2 million sale of a 10,000-square-foot lot in the Little Italy section of San Diego. The site, located at 2148 India St., is zoned for mixed-use commercial development. Norm Root of ACI Commercial represented the seller, the Wilson and Stodelle Family trusts, in the transaction. Victor Krebs of Colliers International represented the buyer, HG Fenton Property Co. Teresa McElaney of Chicago Title Co. handled the escrow obligations, and Chicago Title provided title insurance for the transaction.
SAN DIEGO — Solana Beach Pho Bar & Grill, a Vietnamese restaurant, has signed a 2,881-square-foot lease at 1005 Rosecrans St. in San Diego. The landlord is OliverMcMillan Rosecrans LLC. The lease is for 10 years with a consideration of $1.1 million, according to Flocke & Avoyer Commercial Real Estate. Steve Avoyer, Matt Peckham and Michael Stuhmer of Flocke & Avoyer Commercial Real Estate represented OliverMcMillan Rosecrans in the transaction. Jose Bravo of Vanguard Resource Group represented the tenant.
SAN DIEGO — Davlyn Investments has acquired Paseo Summit, a 74,807-square foot, two-building office park located in Carlsbad, Calif., for $16.4 million. The property is 83 percent occupied. Michael Roberts and Brunson Howard of Cushman & Wakefield represented LNR, the special servicer acting on behalf of the lender/seller, in the transaction. Davlyn Investments was self-represented. City National Bank provided the acquisition financing. Davlyn Investments is a San Diego-based owner and operator of apartment communities and commercial property throughout California. To date, the firm has acquired more than $920 million in real estate assets.
MOUNTAIN VIEW, CALIF. — The 187-unit Highland Gardens Apartments in Mountain View has received $54.8 million in acquisition financing. The garden-style community is located at 234 Escuela Ave. in Silicon Valley. Highland Gardens was built in 1963 and renovated in 2013. Community amenities include a fitness center, swimming pool, bocce ball court and barbecue cabana. The asset previously operated as two separate properties. They were split down the middle by a parcel of land owned by the San Francisco Public Utility Commission. This parcel includes underground water mains that provide water to the nearby San Francisco Bay area. The seven-year loan was structured as full-term, interest-only financing. The community was purchased by Decron Properties this past January for $86 million. The Fannie Mae loan was structured by Bryan Frazier of Walker & Dunlop.