Western

TIAA-CREF Buys Eastvale Industrial Building for $36.7M

by Nellie Day December 5, 2014

EASTVALE, CALIF. – TIAA-CREF has purchased a 377,100-square-foot industrial building in the Inland Empire community of Eastvale for $36.7 million. The Class A building is located at 4000 Hamner Ave. The building, commonly referred to as Park Mira Loma West, is fully occupied by Lennox International. The HVAC firm uses the building for warehousing and distribution. The company’s current lease agreement expires in 2020. Park Mira Loma West was built in 2000. It is situated near Interstates 10 and 15, as well as the 60 Freeway and Ontario International Airport. The seller, TA Associates, was represented by CBRE’s Darla Longo, Barbara Emmons and Rebecca Perlmutter Finkel. The team was assisted by Ian DeVries and Chris DeVries of Colliers International.

December 5, 2014

California Mixed-Use Western

The Jensen’s Recreation Center in Echo Park Sells for $15M

by Nellie Day December 4, 2014

LOS ANGELES – The Jensen’s Recreation Center, a 50,000-square-foot, mixed-use building in the Echo Park submarket of Los Angeles, has sold to Vista Investment Group LLC for $15 million. The center is located at 1706 Sunset Blvd. It includes 46 apartment units and 21,000 square feet of ground-floor retail and commercial space. The residential portion is fully leased, while the retail portion is 96 percent leased to tenants like Blue Bottle Coffee and Sage Vegan Bistro. Vista will invest up to $1.2 million in capital improvements to upgrade the building entry, lobby and other common areas. Darin Beebower of Madison Partners represented both the buyer and seller, Sunset Holding Co. LLC, in this off-market transaction. Andrew Kirsh of Sklar Kirsh LLP served as Vista’s attorney.

December 4, 2014

California Industrial Western

Vista Industrial Building Sells for $7.4M

by Nellie Day December 4, 2014

SAN DIEGO – A 76,954-square-foot industrial building in the San Diego submarket of Vista has sold to PacVentures for $7.4 million. The building is located at 970 Park Center Drive in the Vista Business Park. It is fully leased to two unnamed tenants. Russ Jabara and Dave Pinnegar of Colliers International represented both the buyer and seller, FG&S LLC, in this transaction.

December 4, 2014

California Retail Western

The Marketplace at Windingwalk in Chula Vista Nabs Four New Tenants

by Nellie Day December 4, 2014

SAN DIEGO – The Marketplace at Windingwalk, a 104,206-square-foot retail center in the San Diego submarket of Chula Vista, has received four new tenants. The new residents include Denny’s, Sally Beauty, Millenia Dental and Massage Eden. The center is currently 92 percent occupied. Notable tenants include Wells Fargo, Bank of America, In-N-Out Burger and Oggi’s Pizza & Brewing Company. The newest tenants to open at the Marketplace at Windingwalk include El Michoacano, Moose’s Barbershop, Love Cupcake Café and Super Pollo. The property is owned by Shea Properties.

December 4, 2014

Arizona Office Western

Scottsdale Office Building Sells for $5.1M

by Nellie Day December 4, 2014

SCOTTSDALE, ARIZ. – A 30,120-square-foot office building in Scottsdale has sold to Garland’s Oak Creek Lodge for $5.1 million. The building is located at 6910 E. Chauncey Lane within the North Scottsdale Corporate Center. It was constructed in 2006. Garland’s was represented by Francis Marotta of MarCor Commercial Real Estate. The seller, CM & PM Acquisitions LLC, was represented by Colton Trauter and Bill Blake of Lee & Associates.

December 4, 2014

Arizona Office Western

Progressive Leasing Takes Space at Talavi Corporate Center in Glendale

by Nellie Day December 4, 2014

GLENDALE, ARIZ. – Progressive Leasing has absorbed 20,000 square feet at Talavi Corporate Center in Glendale. The office campus is located at 5651 W. Talavi Blvd. This will be the financial services vendor’s first operations center in Arizona. CBRE’s Ashley Brooks, Jim Bayless and Jenny Aust negotiated the lease on behalf of Progressive and its landlord, ROF II Talavi LLC.

December 4, 2014

California Office Western

Maxxam Enterprises Sells Three Western-Based Properties for $100M

by Nellie Day December 3, 2014

BEVERLY HILLS, CALIF. — Maxxam Enterprises has sold three Western-based properties for about $100 million. Two of the assets were part of the firm’s Southern California portfolio, while the third is in Hawaii. The California dispositions include L’Opera Building, a 66,500-square-foot office building in Long Beach, and Arlington Plaza, a 126,000-square-foot neighborhood shopping center in Riverside. Maxxam also sold the Maui Lu resort on the island of Maui. L’Opera Building is known for its historic bell tower and clock. The building was constructed in 1906. It is located at 115 Pine Ave. in Long Beach’s Central Business District. It sold to a private investor for $10.4 million. Jeffrey Cole and Ed Hernandez of Cushman & Wakefield assisted with the sale. Arlington Plaza is anchored by Rite Aid, Cardenas Market, 99 Cents Only Store and Starbucks. It is located at 6008-6390 Van Buren Blvd. in Riverside. The plaza was 89 percent leased at the time of sale. It sold for $24.5 million. The unnamed sellers were represented by CBRE’s Alan Krueger. Maui Lu Resort is fully entitled to be redeveloped into a 388-unit, villa-style resort. It will eventually become a Hilton Grand Vacations Timeshare development, according to Maxxam. The property was …

December 3, 2014

Colorado Multifamily Western

Phoenix Realty Group Acquires Chelsea Park Village in Aurora

by Nellie Day December 3, 2014

AURORA, COLO. — Phoenix Realty Group (PRG) has acquired the 600-unit Chelsea Park Village in Aurora for an undisclosed sum. The community is located at 11850 East Maple Ave. Chelsea Park is situated near many of Denver’s major employment hubs, including the Denver Tech Center (DTC), the Lowry Redevelopment Area, the Stapleton Redevelopment Area and Fitzsimons Lifescience Campus. The community is currently 97 percent occupied. Common-area amenities include a renovated clubhouse and leasing center, heated swimming pool and spa with patio area, splash park, two saunas, fitness center, turfed soccer field, baseball field, basketball court, dog park and a new playground. PRG plans to further enhance both the community amenities and unit interiors. CBRE’s David Potarf and Dan Woodward represented both the buyer and unnamed seller in this transaction. Sandler O’Neill + Partners served as PRG’s financial advisor. It also sourced its joint venture equity.

December 3, 2014

California Industrial Western

Mission Oaks Corporate Center in Camarillo Sells for $54.5M

by Nellie Day December 3, 2014

CAMARILLO, CALIF. — An unnamed buyer has purchased Mission Oaks Corporate Center, a 732,606-square-foot industrial campus in Camarillo, for $54.5 million. The two-building campus is located at 3001 and 3175 East Mission Oaks Blvd. The buildings are fully leased to Deckers Outdoor Corp & Addison Behavioral Resources. The campus includes a 309,500-square-foot industrial warehouse distribution building, as well as a 423,106-square-foot, Class A warehouse building. CBRE’s Darla Longo, Barbara Emmons, Rebecca Perlmutter Finkel, Michael Kendall, Paul Farry, Doug Shaw and Jim Meaney represented both the buyer and seller, a joint venture between Rexford Industrial and affiliates of Dune Real Estate Partners LP, in this transaction.

December 3, 2014

California Multifamily Western

Alliance Residential Buys Lasselle Place in Moreno Valley for $45M

by Nellie Day December 3, 2014

MORENO VALLEY, CALIF. — Alliance Residential has acquired the 304-unit Lasselle Place apartment complex for $45 million. The garden-style community is located at 15700 Lasselle Street in the Rancho Belago submarket. Lasselle Place was built in 2005. It is situated near Meridian Business Park, World Logistic Center and March Air Force Base Redevelopment. Common-area amenities include a fitness center, business center, and community lounge that opens to a central pool and spa. The seller, a large, Los Angeles-based institutional investor, was represented by Dean Zander, Vince Norris, Margie Molloy and Spencer Scott of Berkadia. The team notes Alliance was one of the first developers to build Class A apartment communities in Moreno Valley during the past development cycle.

December 3, 2014

Newer Posts

Older Posts