IRVINE, CALIF. – A 38,540-square-foot office building in Irvine has sold to Premier Realty Holdings LP for $7.4 million. The building is located at 1400 Reynolds Ave. The buyer was represented by was represented by Ben Gott and John Pomerof Newmark Grubb Knight Frank.
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SAN DIEGO – The 66-unit Mt. View Villas in the San Diego submarket of Santee has received a$5.1-million loan. The community is located at 8527 Graves Ave. It is currently master leased to a private college that uses it for student housing. The loan has a 15-year term with a 30-year amortization schedule. It was provided by a local credit union. The loan was arranged by David Smyle of Pacific Southwest Realty Services.
PHOENIX – A 25,456-square-foot industrial building in Phoenix has sold to William T White III Revocable Trust for $3 million. The building is located at 3880 E. Broadway Road. It is fully leased to Border Construction Specialties LLC. The buyer was represented by Nate Bubeck and Tom Gilmer of Lee & Associates. The seller, EERST Properties, was represented by Stein Koss and Tom Louer of the same firm.
DENVER – The 22-unit Admiral Apartments in Denver has sold to an unnamed buyer for $2.3 million. The community is located at 850 Cherry Street, near the University of Colorado. It was built in 1958. The buyer was represented by Kevin Calame and Matt Lewallen of the Calame Lewallen Team. The unnamed seller was represented by Matt Ritter, Cody Stambaugh and Peter Sengelmann of the Johnson Ritter Team at Pinnacle Real Estate Advisors.
GILBERT, ARIZ. — ZK Grill has leased 2,347 square feet of space at Gilbert Crossing. The center is located at the northeast corner of Guadalupe and Gilbert roads. Other notable tenants include Power MMA & Fitness, Firestone, Meridan Bank and Tots Unlimited. This will be ZK Grill’s fourth location in the valley. ZK Grill was represented by Scott Ellsworth of SRS. The landlord, Tri Gate Capital, was represented by Cliff Johnson of Cassidy Turley.
The Phoenix metro economy continues to outpace the nation in job growth, even though 2014 has taken on a slower pace than last year. Much of the 2013 job growth occurred in education, healthcare and financial services. The latter has been a particularly strong growth industry for Phoenix, with 7.2 percent job growth in 2013, versus overall job growth of 2.8 percent. Overall job growth for Phoenix is forecast to be 3.2 percent this year. Despite the job growth and the cautiously optimistic outlook from most within the retail industry, new retail development is still very limited. Unlike in the past when the anchor was a traditional grocery or discount store, much of the development today is anchored by non-retail traffic generators. This includes office and apartment developments, such as new retail space planned for SkySong at Scottsdale and McDowell roads. There are also several ground-floor retail opportunities at the newest mid-rise apartment developments around Scottsdale Fashion Square, Arizona State University and the area on the northern edge of Downtown Phoenix near Roosevelt and Central. Additional retail is planned adjacent to the newest Village Health Club at Ocotillo/Alma School Road in south Chandler. Retail and hospitality developments have been proposed …
SCOTTSDALE, ARIZ. — Hayden Crossing, a 63,446-square-foot neighborhood retail center in Scottsdale, has sold to 919 Hillsdale LLC for $14 million. The center is located at 8015-8035 E. Indian School Road. Notable net lease tenants include Bashas’ and Walgreens. The seller, Hayden Crossing Shopping Center LLC, was represented by Ryan Schubert and Michael Hackett of Cassidy Turley’s Retail Capital Markets Group.
SANTA ANA, CALIF. – A 105,199-square-foot office property in Santa Ana has sold to BW America Development LLC for $12 million. The building is located at 901 Civic Center Drive. It was only 8.2 percent occupied at the time of sale. The seller, Civic Center Professional Building Inc., was represented by Tom Nguyen of NAI Capital’s Asia Pacific Group.
FRESNO, CALIF. — Mission Village, a 52,950-square-foot shopping center in Fresno, has sold to MCS Guardian Properties LLC for $8 million. The center is located at 335-393 E. Shaw Avenue, and 4965 and 4987 N. Fresno Street. It is anchored by a new 24-Hour CVS/pharmacy. The center was built in 1979. It is 83 percent occupied. MCS Guardian was represented by Greg Bethke of Manco Abbott. The seller, a private Orange County investment company, was represented by Eric P. Wohl of Hanley Investment Group Real Estate Advisors.
SAN FRANCISCO – A 1,800-square-foot retail building in San Francisco has sold to JSRE Acquisitions for $4.3 million. The building is located at 69 Maiden Lane. It is the smallest building in the city’s Union Square District. The space is occupied by Bistro 69 Café. It will be vacant this fall. JSRE was represented by Tim Maas, Tony Crossley and Frank Wheeler of Colliers International.