SCOTTSDALE, ARIZ. – The SAARS Building, an 8,500-square-foot office building in Scottsdale, has sold to 4221 Scottsdale LLC / TradeCor LLC for $2.1 million. The Class B building is located at 4221 North Scottsdale Road in the Old Town Scottsdale entertainment district. It was built in 1982. Mark Bramlett, Eric Wichterman and Mike Coover of Cassidy Turley represented both the buyer and seller, Scottsdale Area Association of Realtors (SAARS), in this transaction.
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GLENDALE, ARIZ. – A 15,549-square-foot retail building in Glendale has sold to Wadsworth Development Group for $2.1 million. The building is located at 7650 West Bell Road. It is fully occupied by Terri's Consignment. Wadsworth was represented by Darren Pitts of Velocity Retail Group. The seller, Ariwah LLC, was represented by Sharon Reeves, Barbara Lloyd and Lane Neville of NAI Horizon.
SAN FERNANDO, CALIF. – The Elk’s Lodge Building in San Fernando has sold to Mayfair Investment Co. LLC for $2 million. The property is located at 804 Pico Street. It contains 20,000 square feet on nine contiguous parcels. The 77-year-old facility will continue to house Elks Lodge 1539. Mayfair was represented by Ash Joshi of Capital Realty Solutions. Elks member Robert Paul represented the seller, Elks San Fernando LLC.
LAKEWOOD, COLO. – The Radco Companies has acquired Parc Belmar in Lakewood for $95 million. The community is located at 7301 W. Ohio Ave. Michael Hartman and Alex Lacher of Reznick Capital Markets Securities arranged a $13.5-million preferred equity investment from Related Fund Management of New York for this acquisition. Radco plans to reposition this property. It has already been rebranded as Ashford Belmar.
IRVINE, CALIF. — J & R Main Street LLC has purchased a 143,695-square-foot office building and an adjoining data center in Irvine for $36 million. The property is located at 2525 Main Street. It is situated near the 405 and 550 freeways in the Airport Area submarket. The building is 85 percent leased to tenants like Advanstar Communications, OSI Consulting and a colocation facility operated by GrupoSMS. The LLC was represented by JLL’s Joe Bevan. The seller, Main Street Office Partners LLC, was represented by David Dowd of Cushman & Wakefield. Bevan will handle the building’s leasing, along with JLL’s Wade Clark and Bryce Mordoff. The firm’s property management team will also manage the building.
PLEASANTON, CALIF. – The 292-room DoubleTree by Hilton Pleasanton at the Club has opened in Pleasanton. The hotel is located at the crossroads of highways 580 and 680. The property was formerly a Hilton Hotels & Resorts-branded property. It is owned and operated by Johnson Hotel Company and managed by Pacific Pearl Hotels. The DoubleTree also contains 10,000 square feet of flexible meeting and event space, a restaurant and lounge, fitness center, outdoor pool and a 24-hour business center.
PHOENIX – A joint venture between TruAmerica Multifamily and an affiliate of Berkshire Group have acquired the 254-unit Avenue 25 Apartments in Phoenix for $35.4 million. The community is located at 18250 North 25th Ave. The community is situated along Interstate 17, near the U.S. 101 interchange. Major employers in the area include American Express, PetSmart and Safeway. The seller, NextGen Apartments, was represented by Alon Shnitzer and Rue Bax of Abi Multifamily. The off-market transaction was completed with pre-stabilization debt financing provided by Capital One Commercial Bank.
SAN BERNARDINO, CALIF. – The 44-unit Brentwood Apartments in San Bernardino has sold to an unnamed buyer for $2.4 million. The community is located at 1415 East Date Street, near Interstate 210. The seller, a private investor, was represented by Reza Ghaffari of Marcus & Millichap’s Ontario office.
LOS ANGELES – A trust has disposed of a four-building industrial portfolio that is valued at $5.7 million. The portfolio contains four properties in the Los Angeles area. The transaction includes 11801-11807, 11811 and 11821 Teale Street, along with 11918-11920 Jefferson Blvd. The seller was Richard J. Laski, who acted as a Trustee of the Kaman Estate. The buyer was not named. The trust was represented by Jack Whalen of Heger Industrial.
Southern California has one of today’s strongest retail markets in the nation. Orange County has fared particularly well recently, showing resilience to the tough economic period of the past six to seven years. According to CBRE research, the average per capita income in Orange County is 20 percent above the national average, while its unemployment rate stands at 5.8 percent. This is well below the State of California’s rate at 8 percent, and below the nation’s rate of 6.7 percent. The overall retail vacancy rate of 4.9 percent has reduced 50 basis points since the first quarter of 2013 and has shown three consecutive quarters of positive net absorption. While the overall retail numbers in Orange County are improving, certain fundamental changes in the personality of the market are evolving after the recession: E-commerce: Bricks-and-mortar stores in Orange County are responding to unprecedented levels of online sales. According to CBRE research, national online sales are up 185 percent over the past 10 years. They’re projected to grow between 10 percent and 14 percent annually through 2017. Many of the region’s retailers are actively enhancing their customer’s in-store shopping experience to create an environment that e-commerce is unable to offer. Customer …