The health club tenant is a very hot category throughout the nation. This is especially proving to be the case in the Las Vegas and Henderson markets. Two of the best examples of this are Village Square Shopping Center and Canyon Lakes Center, located on the northwest and southwest corners of Fort Apache and Sahara in the Summerlin submarket. Just three years ago, neither center had any type of fitness use. In the past 18 months, however, Village Square has leased to Sumits Yoga, a 5160-square-foot hot yoga center, and Orange Theory Fitness, a 2,915-square-foot fitness franchise out of Florida. Across the street to the east, Canyon Lakes has just signed a lease with Body Heat Pilates and Yoga for 5,332 square feet. It is also working with a martial arts tenant for another space. Both centers report they have interest from larger boot camps, ballet-based workouts and Pilates-type tenants. This example repeats itself throughout the entire Las Vegas Valley. Planet Fitness, made popular by The Biggest Loser television show, has opened its fifth location, a 24-hour-a-day center with memberships starting at $10 per month and no long-term obligations. At the other end of the spectrum, LifeTime Fitness, a full-service, …
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BEVERLY HILLS, CALIF. — The Wanda Group has acquired an eight-acre site in Beverly Hills for an undisclosed sum. The space is located at 9900 Wilshire Blvd. The site is adjacent to the Beverly Hilton Hotel, which will soon be a Waldorf Astoria Hotel. The space previously housed a Robinsons-May store. The group plans to develop this space into a luxury mixed-use project with residential condominiums. The groundbreaking is planned for next year. The condos will feature 360-degree views that span over the Los Angeles Country Club golf course. They will be designed by architect Richard Meier. The seller, Joint Treasure International, was represented by CBRE’s Laurie Lustig-Bower and Rebecca Shum, along with Robert Stamm and Frank Marriott of Savills Studley. Joint Treasure invests on behalf of a select investor base into prime real estate in global gateway cities.
FULLERTON, CALIF. — Shin Yen International Pty Ltd. has acquired Amerige Heights Town Center, a 163,514-square-foot retail center in Fullerton, for $48.5 million. The center is located at 1895-1897 West Malvern Ave. Notable tenants at the center include Barnes & Nobles, Gold’s Gym, Ross Dress for Less, Olympic Golf and T-Mobile. Amerige is shadow anchored by Target and Albertson’s, which were not included in the sale. Shin Yen was represented by Michael Randall of Randall Realty Advisors. The seller, an institutional investment manager, was represented by HFF’s Ryan Gallagher and CJ Osbrink.
SANTA MONICA, CALIF. – A local private investor has purchased a 60-unit apartment complex in Santa Monica for $26.5 million. The complex is located at 3111 4th Street. It is referred to as 3 One Eleven Apartments. The community is situated less than two miles from the new downtown Santa Monica Expo light rail station. The Abbot Kinney shopping and dining area is three blocks away, while the beach is just two blocks from 3 One Eleven Apartments. Facebook, Google and YouTube all have offices within the area, which is known as Silicon Beach. The community was built in 1971. Upgraded units include stainless-steel appliances, new paint, quartz kitchen countertops, modern ceramic/glass-tiled kitchen backsplashes and bamboo-tiled ceramic bathroom walls. The new rooftop sundeck features 180-degree views of Santa Monica and Los Angeles. Community amenities include a new fitness center and on-site laundry facilities with coin-operated machines on each floor. The property also features a large, Spanish-style tile courtyard and two sundecks with patio tables and lounge chairs. The seller, a joint venture between MWest Holdings LLC and GreenOak Real Estate LP, was represented by Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors.
TUCSON, ARIZ. – Chartwell Capital Partners LLC has acquired the 428-unit Tanque Verde apartment complex in Tucson for $21.3 million. The community is located at 7671 E. Tanque Verde Road. Tanque Verde was 94 percent occupied at the time of sale. The community was originally developed in two phases in 1979 and 1981. So far, 38 units have been upgraded with new appliances, new cabinets, resurfaced countertops, upgraded fixtures, flooring, mirrored closet doors, microwave oven/hoods and other improvements. The community is situated across from Morris K. Udall Park. It is also near Sabino Canyon and the Mt. Lemmon Recreation Area. The seller, Holualoa Companies, was represented by CBRE’s Michael Sandahl, Wyatt Campbell Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch.
FOUNTAIN HILLS, ARIZ. — Four Peaks Plaza, a 140,390-square-foot power retail center in Fountain Hills, has sold to an affiliate of Sandor Development, NSHE Los Gatos LLC for $9.9 million. The center is located at 16735-16845 East Shea Blvd. It was built in 2002. Four Peaks was 74 percent occupied at the time of sale. Notable tenants include Pier One Imports, Hi-Health, Starbuck’s, Subway and O’Reilly Automotive. The center is anchored by Target, which was not part of the sale. The seller, Retail Properties of America, was represented by Ryan Schubert and Michael Hackett of Cassidy Turley’s Retail Capital Markets Group.
MARANA, ARIZ. — Ventana Medical Systems plans to occupy a 60,000-square-foot distribution facility in Marana. The built-to-suit building will be located in Tangerine Commerce Park on Tangerine Farms Road, just west of the Tangerine Road freeway interchange. The distribution facility is being built by Barker Morrissey Contracting and designed by Gromatzky Dupree and Associates. Construction will commence in the fourth quarter of 2014. It is scheduled for completion in the fourth quarter 2015. Ventana Medical Systems is a member of the Roche Group and is a leader in tissue-based cancer diagnostic solutions for patients worldwide. The company was represented by Dev Gupta of DTZ. The landlord, an affiliate of Cottonwood Properties, was represented by CBRE’s Bill Di Vito and Jesse Blum.
CARLSBAD, CALIF. — Pacific Ridge Commerce Center, a 52,416-square-foot office and industrial park in Carlsbad, has sold to Sunwood Pacific Ridge LLC for $5.8 million. The center is located at 1945 and 1947 Camino Vida in the Carlsbad Airport Centre. The property will be renamed Sunwood Pacific Ridge. Marc Doyle of Cassidy Turley represented the buyer, which is also a subsidiary of Sunwood Ventures. The seller, Betty Ann Robinson Trust, was represented by Kent Moore of the same firm. Moore and Doyle will also serve as the property’s leasing agents. Property management will be provided by Eugene Burger Management Corporation.
DENVER – A 37-unit apartment building in Denver has sold to an unnamed buyer for $5.1 million. The community is located at 2860 W 32nd Ave. It was built in 1961. The Calame | Lewallen Team at Pinnacle Real Estate Advisors LLC represented both the buyer and unnamed seller in this transaction.
ALBUQUERQUE — Contrast Optical Design and Engineeringhas leased 4,051 square feet at the Uptown Building in Albuquerque. The building is located at 6100 Uptown Blvd. NE. The female-owned small tech business will be located on the fifth floor. Contrast was represented by CBRE’s Marguerite Haverly and Brent Tiano. The landlord, Rosemont Realty, was represented by CBRE’s Terri Dettweiler.