RENO, NEV. – The 245-unit Club Ambassador Apartments in Reno has received a $15-million refinance. The community is located at 6402 Mae Anne Ave. Financing includes a 10-year term and 30-year amortization schedule. It was arranged by Ory Schwartz of NorthMarq Capital through the firm’s seller/servicer relationship with Freddie Mac.
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SAN DIEGO – The 30-unit Century Arms Apartments in the San Diego submarket of Imperial Beach has sold to the Kruetzkamp Family Trust for $3.6 million. The community is located at 1471 13th Street. It was built in 1977 and is fully occupied. The buyer plans to completely renovate the property. Savvas Marinos and Daniel Foley of Colliers International represented both the buyer and the seller, Kromydas Family Trust, in this transaction.
PETALUMA, CALIF. – A 186,000-square-foot industrial property in Petaluma has sold to Lowenberg & Associates for an undisclosed sum. The multi-tenant property is located at 2200-2240 South McDowell Blvd. It is currently occupied by Thermo Fisher Scientific and Dr. Pepper Snapple Group. Glen Dowling, Tony Sarno, George Eckard, Seth Siegel, Adam Lasoff and Grant Lammersen of Cushman & Wakefield represented both the buyer and the seller, 2200-2240 South McDowell, LLC, an affiliate of PB&J Acquisitions and Investcorp, in this transaction. Dowling and Sarno are currently marketing the remaining 46,440 square feet for lease.
TUCSON, ARIZ. – A 10,040-square-foot retail property in Tucson that is occupied by Pet Club | R&S Mattress has sold to an individual/personal trust for $2.3 million. The center is located at 3996 West Ina Road. Jamie Medress and Mark Ruble of Marcus & Millichap’s Phoenix office represented both the buyer and the seller, a limited liability company, in this transaction.
SANTA ANA, CALIF. — Goodwill Industries of Orange County has leased 37,228 square feet of industrial space in Santa Ana. The property is located at 2250 S. Yale Street. It will serve as the company’s e-commerce and retail warehousing center. Goodwill was represented by JLL's Matt Christensen. The landlord, Skeffington Enterprises, was represented by CBRE.
Hawaii has been immersed in an economic recovery over the past two years. This recovery has exceeded the overall U.S. performance in regards to total employment growth and total personal income growth. These figures have grown in Hawaii by 2.2 percent and 3.4 percent, respectively. Such economic growth has spurred strong performance from retail centers, while healthy spending from domestic and international shoppers has advanced the retail recovery in Hawaii. According to the Hawaii Tourism Authority, total visitor expenditures for 2013 were a record high of $14.5 billion, a 2 percent increase over 2012. The total visitor arrivals increased 2.6 percent, to 8.2 million, exceeding the previous record of eight million in 2012. International tourism is a strong factor in Hawaii’s economy as well. According to the Office of Travel and Tourism, Honolulu ranks as the fourth-largest port for total overseas arrivals. Honolulu received almost two million non-domestic arrivals in 2012, not including those from Canada and Mexico. Not only is the level of overseas visitor arrivals placing Hawaii close to the top of the pack, but its growth has exceeded the U.S. (on a year-over-year growth basis) every quarter since 2011. International tourism arrivals to Hawaii have grown an …
CHANDLER, ARIZ. — Chandler Corporate Center I, a 67,561-square-foot office property, has sold to Palisades Capital Realty Advisors for $13.9 million. The center is located at 585 N. Juniper Drive in Chandler, near Price the Road technology corridor. The seller, Chandler HFP LLC, an affiliated entity of Held Properties, was represented by JLL’s Dennis Desmond. Dave Seeger assisted with the sale and serves as the property’s exclusive leasing agent.
NEWARK, CALIF. – The 127-room TownePlace Suites by Marriott has sold to Moody National REIT 1 for $11.4 million. The hotel is located at 39802 Cedar Blvd., just off Interstate 880. It caters to extended-stay travelers in East Bay and Silicon Valley. TownePlace opened in 2000. The seller was MN Newark, LLC. The sale was executed by Scott Griemsmann of Paramount Lodging Advisors.
RENO, NEV. – The 224-unit Creekside Apartments in Reno has received a $13-million refinance. The community is located at 4600 Mirea Loma Drive. Financing includes a 10-year term and 30-year amortization schedule. It was arranged by Ory Schwartz of NorthMarq Capital through the firm’s seller/servicer relationship with Freddie Mac.
SAN DIEGO – An 83,335-square-foot industrial building in San Diego has sold to Solana Enterprises for $8 million. The building is located at 7455-7465 Carroll Road. It is fully occupied by Rhino Linings and Westside Building Supplies. The buyer’s financing was provided by Pete Carr and Derek Adams of California Bank & Trust. Bryce Aberg, Brant Aberg and Ryan Spradling of Cassidy Turley’s San Diego office represented both the buyer and the seller, Drake West LLC, in this transaction.