PHOENIX – A joint venture between The Resmark Cos., Westfield and Greystar has broken ground on a 344-unit luxury apartment complex in the North Phoenix community of Desert Ridge. The new community will be located at the northeast corner of East Deer Valley Road, west of north 56th Street. The project will be situated adjacent to major employers like the Mayo Clinic Hospital, Desert Ridge Marketplace and the JW Marriott Resort. Amenities at the new development will include a clubhouse, pool, state-of-the-art fitness center, community room, business center, and a studio for yoga and Pilates. The community is scheduled for completion late next year. The new project will be designed by Todd & Associates.
Western
LAKEWOOD, COLO. – An 8,019-square-foot retail building in Lakewood that is occupied by Modmarket and Five Guys Burgers and Fries, among other tenants, has sold to a private buyer for $5 million. The building is located at 14630 West Colfax at The Promenade at Denver West. It sits adjacent to the Colorado Mills Mall. Additional tenants include Magic Nails and Caribou Coffee. Tom Ethington and Rob Edwards of Pinnacle Real Estate Advisors represented both the buyer and seller, another private party, in this transaction.
SAN DIEGO – A 21,260-square-foot office building in the San Diego submarket of Kearny Mesa has sold to Fenway Asset Acquisitions LLC for $2.3 million. The two-story, multi-tenant building is located at 9320 Chesapeake Drive. It is fully leased. Both the buyer and the seller, Chesapeake Management, were represented by CBRE’s Paul Lafrenz, Melissa Foster and John Hundley, as well as by Jill Morton of Capital Growth Properties.
LAS VEGAS – A 60,105-square-foot portion of Spring Valley Town Center in Las Vegas has sold to First Allied Corporation for $11.5 million. The 267,000-square-foot center is located at 6775 and 6847 W. Flamingo Road, and 4122 and 4260 S. Rainbow Blvd. The center is 92 percent occupied. Notable tenants within the acquired portion of the center include the UPS Store, 7 Eleven, GNC and Fatburger. Additional tenants not involved in the sale include La Bonita Supermarkets, Lee’s Discount Liquor and Bank of America. The all-cash buyer represented itself in this transaction. David Jewkes of Integris Realty Services acted as court-appointed receiver on behalf of the loan servicer, Five Mile Capital. The receivership sale was executed by Robert Moore, Lisa Brady and Katie Brase of Faris Lee Investments’ Las Vegas office.
PANORAMA CITY, CALIF. – The 30-unit Ventura Canyon Villas apartment complex in Panorama City has sold to a private LLC for $8 million. The community is located at 7901 Ventura Canyon Ave., near the Kaiser Permanente Medical Center. Rick Raymundo and Chris Birdsall of Marcus & Millichap represented the buyer in this transaction. Raymundo also represented the seller, the original developer.
PHOENIX — Walmart Shops at Laveen Village, a 47,098-square-foot neighborhood shopping center in Phoenix, has sold to Eleven Investments LLC for $7.1 million. The center is located at 3525 W. Southern Ave. It was 77 percent leased at the time of sale. Notable tenants include Walmart Supercenter, Church’s Chicken, Sally Beauty Supply and Cricket Wireless. The seller, Pacific West Land LLC, was represented by Ryan Schubert and Michael Hackett of Cassidy Turley’s Retail Capital Markets Group.
SAN DIEGO – Acushnet Company has signed a five-year lease renewal for a 163,310-square-foot office and R&D building in San Diego. The lease is valued at $9.6 million. The building is located at 2819 Loker Ave. The golf balls and accessories manufacturer has occupied the facility since 1999. Acushnet was represented by CBRE’s Lannie Allee and Roger Carlson. The landlord, Canoga-Ricon Loker Industrial LLC, was represented by Aric Starck of Cassidy Turley’s Carlsbad office.
SAN DIEGO – A 6,577-square-foot office space in San Diego has sold to Linfield Investments LP for $2 million. The space is located at 2870 5th Ave. The LP was represented by Dan O’Donnel of Coldwell Banker Commercial Lyle & Associates. The seller, Old Fire Station No. 3 Building LLC, was represented by Tim Winslow, Jason Kimmel and Kevin Nolen of Cassidy Turley.
A healthy retail market in California’s Inland Empire is expected in 2014. The region will gain measureable momentum as the return of homeowners is reviving tax revenue and retail sales in once-inactive neighborhoods. Retail builders are responding by restarting previously delayed projects in the area, including a few developments that have been involved in litigation for years. The Village at Mission Lakes was completed in 2013 after six years of stagnancy. After enduring several delays, Kendall Plaza in San Bernardino will come online in 2014. The value-add sector of the Inland Empire’s multi-tenant investment arena will move forward this year as buyers pursue opportunities ahead of a stronger improvement in operations. Local players and investors discouraged with a shortage of listings in Orange and Los Angeles counties will move farther east to find properties with potential upside. The influx of capital moving into the market will result in a greater number of repositioning plays, particularly in areas west of Interstate 15, where minimal construction has come online in recent years. Investors who acquire properties on highly trafficked corners should be able to leverage the tenant mix and collect higher rents. Once completed, these properties can be divested at cap rates …
BULLHEAD CITY, ARIZ. — Joshua Springs, a 95,300-square-foot assisted-living facility, has broken ground in Bullhead City. The $18-million project will be located at 2995 Desert Sky Blvd. within the Fox Creek master-planned development. Bullhead City is just north of Lake Havasu. The facility will include 74 assisted-living apartments and 30 apartments for memory care residents. It will also feature a bistro, hair salon/barber shop, theatre, spa and exercise room, billiards room, card and game rooms and a library. Construction should be complete next summer. Joshua Springs will sit adjacent to a five-acre medical office complex development. The planned project will be anchored by five 7,500-square-foot medical office buildings targeting medical/physician practices and health-related service providers. The developer, Brookfield Communities, sold the land for Joshua Springs in 2012 to Link Development, a developer that specializes in assisted-living facilities. The new project will be managed and operated by Milestone Retirement Communities.