LEHI, UTAH — Perry & Associates, Inc. has broken ground on Traverse Ridge Center I, a 70,000-square-foot, Class A office building in Lehi. The building represents the first phase of a 22-acre, mixed-use office campus. It will be located at the intersection of Triumph Boulevard and SR-92. The building is scheduled for completion in April 2014. Build-to-suit and ground lease options are currently available. The listing is managed by CBRE’s Eric Smith, Kreg Peterson, James Mecham and Jessmine Kim.
Western
PHOENIX — Pinnacle Peak Commerceplex I, a 302,254-square-foot warehouse/distribution property in Phoenix, has received $17.1 million in first-mortgage refinancing. Financing was based on a 10-year term and a 27-year amortization schedule.It was arranged by James DuMars and Michael Elmore of NorthMarq Capital through the firm’s relationship with a correspondent life company lender.
SAN MATEO, CALIF. – Avison Young has opened its newest outpost in San Mateo. This will be the Canadian firm’s ninth California office and its 34th locale outside of its homeland. Randy Keller will act as the new office’s principal and managing director. Keller was previously a managing director at Cassidy Turley’s Burlingame office. Avison Young first entered the Northern California market in April 2012 when it opened its San Francisco office.
LEHI, UTAH — Perry & Associates, Inc. has broken ground on Traverse Ridge Center I, a 70,000-square-foot, Class A office building in Lehi. The building represents the first phase of a 22-acre, mixed-use office campus. It will be located at the intersection of Triumph Boulevard and SR-92. The building is scheduled for completion in April 2014. Build-to-suit and ground lease options are currently available. The listing is managed by CBRE’s Eric Smith, Kreg Peterson, James Mecham and Jessmine Kim.
PHOENIX — Pinnacle Peak Commerceplex I, a 302,254-square-foot warehouse/distribution property in Phoenix, has received $17.1 million in first-mortgage refinancing. Financing was based on a 10-year term and a 27-year amortization schedule. It was arranged by James DuMars and Michael Elmore of NorthMarq Capital through the firm’s relationship with a correspondent life company lender.
SAN MATEO, CALIF. – Avison Young has opened its newest outpost in San Mateo. This will be the Canadian firm’s ninth California office and its 34th locale outside of its homeland. Randy Keller will act as the new office’s principal and managing director. Keller was previously a managing director at Cassidy Turley’s Burlingame office. Avison Young first entered the Northern California market in April 2012 when it opened its San Francisco office.
GLENDALE, CALIF. – A 105,848-square-foot cold-storage warehouse that is occupied by Sprouts Farmers Market’s Southwest U.S. Distribution Warehouse has sold to WAM Glendale L.P. for $9.2 million. The warehouse is located at 5445 W. Missouri Ave. Sprouts is the only tenant at the facility. The grocer had been at the facility for 10 years. It recently renewed for an additional 10-year term. Marc Bonilla of Colliers International in Greater Phoenix represented both the buyer and the seller, FBL LLC, in this transaction.
LOS ANGELES – The 20-unit Echo Ten Thirty Lofts in the Los Angeles submarket of Echo Park has sold to a family office investment firm headed by Shaw Shahery for $9 million. The community is located at 1030 North Alvarado Street. It was fully leased at the time of sale. The property also includes three ground-floor retail spaces, which are all occupied by a single, high-end retailer. The seller, Sunset Alvarado Venture, LLC, was led by Aaron Weinberg of Rock Ridge Investment Group. Adrienne Barr of Hendricks-Berkadia’s West Los Angeles office served as the listing agent.
VISTA, CALIF. – The 26-unit Rancho de Cortez Apartments in Vista has sold to an unnamed buyer for $2 million. The community is located at 1260 Calle Jules. The seller, a private investor, was represented by Christopher J. Zorbas of Marcus & Millichap’s San Diego office.
GLENDALE, CALIF. – A 105,848-square-foot cold-storage warehouse that is occupied by Sprouts Farmers Market’s Southwest U.S. Distribution Warehouse has sold to WAM Glendale L.P. for $9.2 million. The warehouse is located at 5445 W. Missouri Ave. Sprouts is the only tenant at the facility. The grocer had been at the facility for 10 years. It recently renewed for an additional 10-year term. Marc Bonilla of Colliers International in Greater Phoenix represented both the buyer and the seller, FBL LLC, in this transaction.