Western

Inglewood Plaza Shopping Center Sells for a Total of $27.4M

by Jaime Lackey October 2, 2014

INGLEWOOD, CALIF. — Inglewood Plaza, a 101,329-square-foot community shopping center in the Los Angeles submarket of Inglewood, has sold to two buyers for a total of $27.4 million. The four-building center is located at 3100 – 3180 W. Imperial Highway. Three of the plaza’s four buildings sold to CCPT IV for $25.1 million. These buildings contain a total of 96,874 square feet. The remaining 4,455-square-foot building sold to G3H Investments LLC for $2.3 million. The seller, Howard Building LLC, was represented by Darrell Levonian, Justin D. Mendelson and Fred A. Sheriff of Charles Dunn Company. The team also worked directly with the two buyers. The center was built in 2008. It is situated near the Hollywood Park redevelopment project. That site will eventually include a hotel, renovated casino, offices, residences and two lakes.

October 2, 2014

California Multifamily Western

La Mesa Apartment Building Sells for $2M

by Jaime Lackey October 2, 2014

SAN DIEGO – A 12-unit apartment building in the San Diego submarket of La Mesa has sold to Ginsburg Family Trust for $1.9 million. The community is located at 4345 Lowell Street. The trust was represented by Aaron Bove of Marcus & Millichap’s San Diego office. The seller was Wahl Property Group LLC & Wahl Parker LLC.

October 2, 2014

Arizona Industrial Western

Elontec Leases Space at Freeport Industrial Center in Phoenix

by Jaime Lackey October 2, 2014

PHOENIX — Elontec has leased 28,231 square feet of space at Freeport Industrial Center in Phoenix. The center is located at 5502 W. Buckeye Ave. The female-owned office furniture, relocation and cabling company will be consolidating and relocating from nearby 5402 W. Roosevelt Street. The new lease brings the 103,400-square-foot center to full occupancy. Elontec was represented by Ted Liles of Cresa. The landlord, Environmental Development, was represented by Justin LeMaster, Mike Gilbert and Paul Sweetland of Cushman & Wakefield’s industrial division.

October 2, 2014

Arizona Restaurant Retail Western

Popeyes Louisiana Kitchen to Open New Tempe Location

by Jaime Lackey October 2, 2014

TEMPE, ARIZ. — Popeyes Louisiana Kitchen will open a new 23,000-square-foot location at Elliot Plaza in Tempe. The new space will be located at the southwest corner of Elliot Road and Priest Drive. Popeyes’ second Tempe location is scheduled to open by the end of this year. The chain was represented by Velocity Retail Group. The landlord, TPP JV Maricopa LLC, was represented by Cliff Johnston, John Appelbe, Brad Douglass and Chris Hollenbeck of Cassidy Turley. Popeyes was founded in New Orleans in 1972. It is the world’s second largest quick-service chicken concept.

October 2, 2014

California Retail Western

New Retail Team Joins CBRE Ontario

by Jaime Lackey October 2, 2014

ONTARIO, CALIF. — A new retail duo has joined CBRE’s Ontario office. Ryan Gast and Dan Samulski will focus on projects of more than 100,000 square feet throughout the Inland Empire. The team has represented a variety of landlords in shopping centers throughout Southern California.

October 2, 2014

California Hospitality Western

Lowe Enterprises Buys the Hotel De Anza in San Jose

by Jaime Lackey October 1, 2014

SAN JOSE, CALIF. — Lowe Enterprises Investors (LEI) has acquired the 100-room Hotel De Anza in San Jose for an undisclosed sum. The hotel is located at 233 W. Santa Clara Street in the city’s downtown area. The hotel originally opened in 1931. It is listed on the National Register of Historic Places. Hotel De Anza was designed by famed architect H.H. Weeks. Notable guests have included Eleanor Roosevelt, The DuPonts, Henry Kaiser, Jack Dempsey, Susan Hayward, Paulette Goddard and Fred MacMurray. The AAA-Four Diamond hotel was last renovated in 1990. LEI plans to further renovate the property next year. De Anza LLC has owned and operated the property for the past 24 years. The current iteration features La Pastaia Italian restaurant, Caffe La Pastaia grab-and-go concept, and the Hedley Club, which offers live jazz music and 5,800 square feet of meeting/function space. LEI acquired the hotel on behalf of an investment client. Destination Hotels, an LEI affiliate, will continue to operate the property as an independent, boutique hotel. De Anza LLC was represented by CBRE Hotels.

October 1, 2014

Hawaii Industrial Western

Kapolei Trade Center in Hawaii Sells for $35M

by Jaime Lackey October 1, 2014

KAPOLEI, HAWAII – A partnership between Angelo Gordon & Co. and Metric Holdings has acquired Kapolei Trade Center, a 221,000-square-foot industrial center, for $35 million. The property is located at 2045 Lauwiliwili Street inside the Kapolei Business Park in Kapolei. The center includes 17 detached industrial buildings on 11.8 acres. It was built in 2008. Kapolei’s seller, iStar Financial, initially acted as the project’s lender, taking control of the center in 2010. It was stabilized before iStar’s decision to sell the asset. The center’s listing agents are Guy Kidder and Scott Mitchell of Colliers International. The partnership, called AG-Metric KTC Holdings, has previously acquired the former Hawaii Raceway, now known as Malakole Industrial Park.

October 1, 2014

California Office Western

Shorenstein Buys Champion Station Office, R&D Campus in San Jose

by Jaime Lackey October 1, 2014

SAN JOSE, CALIF. — Shorenstein Properties LLC has acquired Champion Station, a 426,000-square-foot office and R&D campus in North San Jose, for an undisclosed sum. The low-rise campus is located at 110-180 West Tasman Drive. The acquisition includes the first phase of the station, which contains four buildings that are fully leased to Cisco on a short-term basis. The property is located less than two miles from Levi’s Stadium, the new home of the San Francisco 49ers. The seller was TMG Partners. Champion Station is the first investment completed by Shorenstein Realty Investors Eleven, a closed-end investment fund formed earlier this year with $1.22 billion in committed capital from Shorenstein and its investors.

October 1, 2014

Arizona Office Western

American Traffic Solutions Leases Space at Waypoint Office Campus in Mesa

by Jaime Lackey October 1, 2014

MESA, ARIZ. — American Traffic Solutions has leased Building One at Waypoint office campus in Mesa. The building is located near Phoenix Sky Harbor International Airport and Mesa Riverview, on the borders of Mesa, Scottsdale and Tempe. Waypoint office campus will be a two-building, Class A office campus. The second 150,000-square-foot building will soon be under construction. The landlords, Lincoln Property Company and Harvard Investments, are represented by CBRE’s Dave Carder, Luke Walker and Eric Schultz.

October 1, 2014

Industrial Utah Western

Lofgren Distribution Warehouse in Salt Lake City Trades Hands

by Jaime Lackey October 1, 2014

SALT LAKE CITY — Lofgren Distribution Warehouse, a 40,328-square-foot industrial building in Salt Lake City, has sold to Engineered Wall Systems (EWS) for an undisclosed sum. The building is located at 250 West 2855. The exterior wall panel systems provider will use the facility as its new company headquarters. EWS was represented by Kelsie Akiyama of Newmark Grubb ACRES. The seller, Lofgren Funiture, was represented by Robert Kingsford of Newmark Grubb ACRES.

October 1, 2014

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