MOUNTAIN VIEW, CALIF. — Wong’s International, a 9,570-square-foot office property in Mountain View, has sold to a local owner-user for $3 million. The property is located at 891 West Maude Ave. It was vacant at the time of sale. About 55 percent of the building’s space is dedicated to research and development, while the remaining 45 percent was intended for office. The new owner plans to occupy the building once modifications are complete. The seller, a corporation, was represented by Chris Hansen and Brian Thorn of Marcus & Millichap’s Palo Alto office.
Western
IRVINE, CALIF. – The 210-room Courtyard by Marriott has opened in Irvine. The $50-million hotel is located at 7955 Irvine Center Drive. It sits across the street from the Irvine Spectrum Center. The new hotel features a 25-meter salt water lap pool, an 1,800-square-foot fitness center, lounge area, bistro, a 5,000-square-foot ballroom, 3,000-square-foot events lawn for outdoor activities and 8,500 square feet of meeting space. The hotel was developed by R.D. Olson Development. It was designed by WATG and built by R.D. Olson Construction. R.D. Olson Development will retain ownership of the hotel, while Marriott International will provide management services. R.D. Olson has plans for an additional 175-room hotel on the parcel adjacent to the Courtyard by Marriott Irvine Spectrum, with a groundbreaking expected in early 2015.
SACRAMENTO, CALIF. – Pacific Castle has acquired four shopping centers in the Sacramento area for $40 million. The acquisitions include Waterman Grove Plaza in Elk Grove, Willow Creek Town Center in Folsom, Zinfandel in Rancho Cordova and Strawberry Creek in Sacramento. The 44,090-square-foot Waterman Grove Plaza is located at 9304-9332 Elk Grove Blvd. in the Elk Grove retail submarket. Major tenants include Panda Express, Subway, T-Mobile and Gamestop. Willow Creek is located at 1001-1011 E. Bidwell Street. It is anchored by SaveMart and CVS. Other notable tenants include IHOP, Chipotle, Golden One Credit Union, Wingstop and Anytime Fitness. The 39,737-square-foot Zinfandel is located at 2817-2863 Zinfandel Drive. It is scheduled to undergo a major renovation and repositioning. Strawberry Creek is located at 8211-8251 Bruceville Road. It is anchored by a Super Target, in addition to tenants like Panda Express, Subway, UFC Gym, Starbucks and Comcast. Pacific Castle also owns the Rancho Cordova Town Center, a power center anchored by a Super Target.
PHOENIX – Walmart has announced plans to open a 148,000-square-foot Walmart Supercenter at Metrocenter Mall in Phoenix. The project is expected to break ground next year. It is scheduled for completion in 2016. Metrocenter Mall is located at 9617 North Metro Parkway E. in the northwestern portion of the city.The 40-year-old mall is set to undergo a major redevelopment. The new Supercenter store will be situated on the site of the former Broadway building, which has been vacant since 2006. That building will be demolished in the first quarter of next year. Metrocenter Mall is owned by Carlyle Development Group. The new store will feature a full-service pharmacy and complete line of groceries, including organic selections, fresh dairy, meat departments and local favorites.
PHOENIX — Sprouts Farmers Market has relocated its corporate headquarters in Phoenix. The natural and organic grocery store will soon occupy 77,400 square feet at 5455 E. High Street. It is relocating from the nearby Paradise Village Office Park. The Offices on High Street include seven buildings that total 330,000 square feet. They are situated within the High Street mixed-use project, which also features 99 multifamily residences and 175,000 square feet of ground-floor retail, dining and entertainment. Sprouts will join existing High Street tenants like Gigya Inc., Alliance Financial Resources, Nobis Technology Group and Yeager North. Its new office will occupy three floors, in addition to a ground-floor retail outpost. Sprouts is scheduled to relocate next spring. The landlord, ScanlanKemperBard Companies and Wayzata Investment Partners LLC, was represented by JLL’s John Bonnell, Brett Abramson and Greg McMillan. Sprouts was represented by Scott Maxwell of Cresa.
SAN DIEGO — Trigild has named Jeff Santoni as its new hospitality asset manager. He will oversee operational performances and monitor sales results for all of the firm’s hotel properties. Santoni will also review and analyze key data, including operating budgets, competitive markets, sales, site inspections, guest satisfaction and performance. Santoni most recently worked as a consultant. Prior to that, he was with Marriott Vacations Worldwide where he worked as a senior asset manager for the Western and Hawaii regions. The San Diego-based real estate firm specializes in property/asset management and fiduciary services.
HESPERIA, CALIF. – A 66,389-square-foot retail building in Hesperia that is occupied by Kmart has sold to a private California real estate investment company for $5.2 million. The building is located at 16968 Main Street within the Midtown Square Shopping Center. The center is also anchored by Stater Bros. and Orchard Supply Hardware. The buyer was represented by David Chasin at Pegasus Investments. The seller, The Burokas Family Trust, was represented by Brad Umansky and Frank Vora of Progressive Real Estate Partners.
MADERA, CALIF. – A 4,558-square-foot retail property in Madera that is net leased to IHOP has sold to an unnamed buyer for $2.4 million. The property is located at 2201 West Cleveland Ave. IHOP has occupied this space since it was originally constructed in 1995. Steve Sauter of Marcus & Millichap’s Palo Alto office represented the seller, a private investor.
SANTA MONICA, CALIF. – An eight-unit apartment building in Santa Monica has sold to a local private investor for $2 million. The community is located at 1811 19th Street, near Michigan Avenue. It was built in 1960. The buyer was represented by Wes Wellman of Wellman Realty Company. The sellers, two Los Angeles-based family trusts, were represented by Kimberly Roberts Stepp of Charles Dunn Company.
PHOENIX – A 28,520-square-foot industrial building in Phoenix has sold to Aim Wholesale for $2 million. The building is located at 2757 E. Chambers Street in the Southern Gardens Industrial Building. It had been occupied by plumbing products distributor Bobier Sales since 2006. Aim Wholesale will be expanding from its former 19,000-square-foot space. The purchasing entity was Syllar Enterprises. The seller was 2757 E Chambers LLC. Steve Bodeman of DAUM’s Phoenix office represented both parties in this transaction.