SCOTTSDALE, ARIZ. — Kierland Fairways Office Plaza, a 55,268-square-foot office building in North Scottsdale, has sold to an affiliate of Montana Avenue Capital (MAC). The building is located at 14614 N. Kierland Blvd. The property will undergo an extensive renovation. The seller was Abart Properties. The transaction was executed by Luke Walker, Dave Carder and Eric Schultz of CBRE’s Phoenix office.
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NEWPORT BEACH, CALIF. — Newport Center Anacapa Associates has received a $7-million loan to acquire Beacon Bay Auto Wash, a car wash that sits on 1.26 acres of developable land in Newport Beach. The transaction was valued at $12 million. The car wash is located at 150 Newport Center Drive across from Fashion Island. It has been in operation since 1970. The new owner plans to re-entitle the property for a boutique hotel. The hotel is anticipated to open by the end of 2014. The loan was provided by Karlin Real Estate. Newport Center Anacapa Associates is composed of a trio of prominent local developers.
FONTANA, CALIF. — Intsel Steel West, LLC, has purchased a 50,000-square-foot distribution facility in Fontana. The purchase price was not disclosed. The facility is located at 13338 Napa Street. Intsel will use the facility to warehouse, store, and distribute structural steel purchased in bulk to redistribute to fabricators and end-users. This will be the company’s first distribution facility in California, though Intsel did have an office in Lake Forest. Intsel is a wholly owned subsidiary of Triple-S Steel Holdings, Inc.
LOS ANGELES — The Great Frog, a London-based handcrafted jewelry store, has signed a three-year lease for 910 square feet in the Beverly Grove district of Los Angeles. The space is located at 7955 Melrose Ave. Ed Sachse and Michael Pakravan of Kennedy Wilson Brokerage Group represented both The Great Frog and the landlord, John Jannick, in this lease transaction.
SAN DIEGO – The 15-unit City Heights in San Diego has sold to 48th Street Partners for $1.7 million. The community is located at 4055 48th Street, just north of University Avenue. The buyer was represented by Chris Siedenburg of Apartment Consultants Inc. The seller, William A. & Gaye L. Stennett, represented themselves in this transaction.
PHOENIX — One Agave Center, a 20,818-square-foot office project in Phoenix, has sold to a company formed by Griffin Partners for $9.8 million. The project is located at 8950 South 52nd Street. Eric Wichterman, Mike Coover, Mike Beall and Chris Walker of Cassidy Turley represented both the buyer and seller, One Agave LLC, in this transaction.
CHANDLER, ARIZ. – Sprint has signed a lease for 12,394 square feet at the Chandler Midway office building. The 189,000-square-foot building is located at 5710 West Chandler Blvd. in Chandler. It is situated near Chandler Regional Hospital. The building is currently 45 percent leased. Sprint was represented by CBRE’s Dave Barrett. The landlord, ViaWest Properties, was represented by Mark Stratz, Tyler Wilson and Scott Baumgarten of Cassidy Turley’s Office Group.
DENVER — H&M has signed a lease for 20,000 square feet of space at The Orchard Town Center, a 914,000-square-foot, open-air regional retail center in the Denver submarket of Westminster. The center is located on the northwest corner of Interstate 25 and 144th Avenue. It is anchored by Macy’s, JCPenney, SuperTarget, AMC Theatres, REI and Lifetime Fitness. Other notable tenants include Forever 21, Chico’s, Victoria's Secret, Eddie Bauer, Old Navy, ULTA Beauty and Ross Dress for Less. Vestar acquired the center two months ago for $123.5 million in an all-cash transaction.
LONG BEACH, CALIF. – Local developer Urbana Development, LLC, has acquired five acres of land Douglas Park in Long Beach. The developer plans to build two Class A medical office buildings that total 90,000 square feet on the site. The land was part of a 160-acre plot that is situated adjacent to Long Beach Airport. It was acquired by SARES•REGIS Group (SRG) from Boeing Realty Corp. in 2012. This is the first land sale SRG has executed on the site. SRG plans to develop up to 3.2 million square feet of premier office, industrial and retail facilities on the site. Urbana was represented by Jeff Colburn and Shaun McCullough at the Long Beach office of Lee & Associates. SRG was represented by Rick Warner and John Ayoob in CB Richard Ellis’ South Bay office.
TEMPE, ARIZ. — Alberta Development Partners has received $5.7 million to acquire and entitle a 1.86-acre, mixed-use development land site in Tempe. The site is located on the northwest corner of University Drive and Ash Avenue in the Mill Avenue District of Downtown. Alberta plans to develop 40,000 square feet of ground-floor retail and 187 high-rise apartment units on the site. The loan was provided by PCCP, LLC.