GLENDALE, ARIZ. — California Casualty Insurance Co. has renewed its lease for 27,750 square feet at Talavi Corporate Center in Glendale. The center is located at 5651 W. Talavi Blvd. The insurance company renewed for another six years. It has resided at the center since 2004. California Casualty was represented by Craig Coppola and Andrew Cheney of Lee & Associates Arizona. The landlord, Regent Properties, was represented by CBRE’s Ashley Brooks, Jr. Regent acquired the property from CW Capital Asset Management during the lease negotiation.
Western
PHOENIX — Parkway Properties has commenced construction on Hayden Ferry III, a 261,000-square-foot office building in Phoenix. The development will be located along the south shore of Tempe Town Lake. It is the final phase of Parkway’s 780,000-square-foot, master-planned office community. The total project is expected to cost $68.8 million.
REDLANDS, CALIF. — Innotrac Corporation will debut its newest direct-to-consumer fulfillment center next month in Redlands. The 300,000-square-foot facility is located at 26763 San Bernardino Ave. This will be the fulfillment services provider’s ninth U.S. facility. Innotrac plans to open a tenth location in Chicago this summer. The company’s clients have included Target, Groupon, P90X, AT&T, Rainbow, Ann Taylor, Ferrari and Porsche.
SALT LAKE CITY — Industrial Income Trust (IIT) has acquired Westport Distribution III, a 415,000-square-foot industrial bulk distribution facility in Salt Lake City, for an undisclosed sum. The facility will be located at 6050 West 700 South. IIT acquired Westport Distribution I & II in February 2013 for $47.5 million. The buildings total more than 750,000 square feet. The trust was represented by Zach Anderson and Bryce Blanchard of Newmark Grubb ACRES in this latest transaction. Mike Falk and Steve Condie of the same firm represented the seller, Buzz Oates Real Estate.
FULLERTON, CALIF. — Crossroads Shopping Center, a 220,000-square-foot, grocery-anchored retail center in Fullerton, has received a $26-million loan. The center is located at 3200-3362 East Yorba Linda Blvd. It is anchored by Ralph’s and Kohl’s. Other notable tenants include Starbucks and Union Bank. The 10-year mortgage features a fixed rate of 4.73 percent and interest-only payments for the full term. It was arranged by Seth K. Grossman and Sarah Kuebler of Meridian Capital Group’s Carlsbad office. Financing was provided by a CMBS lender.
LOS ANGELES – Atlas LA 4th St. LLC has purchased a former Coca-Cola production facility in Los Angeles for $19 million. The 123,600-square-foot facility is located at 963 East 4th Street in the city’s Arts District. It was originally constructed in 1915. The new owner plans to convert the building into creative office and retail space. It served as the West Coast headquarters for Coca-Cola until 1923. It was used as a production facility after that. The building’s last occupant was T.T. Toys. The LLC was represented by Mollie Dietsch and Matthew Artukovich of Lee & Associates Central Los Angeles’ Commerce office. CBRE represented the seller, Harmony Investments, in this transaction.
TUSTIN, CALIF. — A 42,340-square-foot industrial building in Tustin has sold to an unnamed buyer for $5.9 million. The building is located at 2652 Dow Ave. It is the headquarters for Meridian Graphics. The printing and graphic company has signed a lease at the property for the next seven years. The transaction was executed by Justin Smith and Phil Cohen of Lee & Associates.
NEWARK, CALIF. – A 10,971-square-foot retail center in Newark has sold to an unnamed buyer for $5.8 million. The center is located on the corner of Newark Boulevard and Jarvis Avenue. It is occupied by AutoZone, T-Mobile and a drive-thru Starbucks. It was formerly occupied by a Cattlemens restaurant. The seller, Imwalle Newark LLC, was represented by Bob Quigley of SRS Real Estate Partners.
DENVER – A 25-unit apartment building in Denver has sold to an unnamed buyer for $2.5 million. The community is located at 1135 Ogden Street. It was built in 1930. The buyer was represented by Jeff Johnson of the Johnson Ritter Team at Pinnacle Real Estate Advisors. The unnamed seller was represented by JB Hochman and Justin Brockman of the same firm.
PHOENIX — Airport Business Park, a 39,994-square-foot industrial building in Phoenix, has sold to Airport Business Park Phoenix LLC for $2 million. The building is located at 2328 E. Van Buren Street. It was built in 1982. Airport Business Park is currently 95 percent leased to 28 tenants. The LLC was represented by Paul Boyle and Rick Danis of Cassidy Turley. The seller, Airport Business LLC, was represented by Leroy Breinholt of Commercial Properties.