KENNEWICK, WASH. – The 61-room Red Lion Inn & Suites in Kennewick has sold to an unnamed buyer for $4.5 million. The hotel is located at 602 N. Young Street, near the Three Rivers Convention Center. The seller, Sandhu NW Hospitality, was represented by Joseph P. Kennedy of Crystal Investment Property (CIP). CIP is a member of Hotel Brokers International.
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LAKE OSWEGO, ORE. – Lake Oswego Crossing, a 10,782-square-foot medical office building, has sold to Dr. Mo Saleh for $2.3 million. The building is located at 17437 SW Boones Ferry Road in Lake Oswego. It will be converted into a dental clinic. The sellers, Kalberer Company and Kalberer Properties, were represented by Jennifer Medak, John Medak and Alexandra Ionescu of NAI Norris, Beggs & Simpson.
SAN DIEGO — Real Office Centers (ROC) has leased 20,319 square feet of office space in San Diego. The Class A space is located at 101 Broadway. It is slated to open this September. The shared office space provider was represented by Voit’s Doug Killian. The landlord is the Irvine Company.
PHOENIX — Coldwater Plaza, a 10,017-square-foot shopping center in Avondale, has sold to Sparty Holdings for $2 million. The plaza is located at 1461 North Dysart Road, just west of Scottsdale. It is fully leased to tenants like Pacific Seafood Buffet, Cricket Wireless, Hire Source Staffing and Checkmate Loans. Sparty was represented by Ken Gatt of Evergreen. The seller, a partnership between North Dysart SG LLC and Coldwater Dysart Partners LLC, was represented by Joseph Compagno, Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office.
NEWARK, CALIF. – Amazon has leased the Cherry Logistics Center, a 575,000-square-foot industrial facility in Newark, according to industry reports. The distribution facility is located at 38811 Cherry Street. It is situated on a 29.4-acre infill parcel within the East Bay Area’s industrial submarket. The development is the first sizable speculative industrial facility delivered to the San Francisco Bay Area in the past 15 years, according to Conor Commercial Real Estate and American Realty Advisors. The two companies developed the center through a joint venture. It is also the largest industrial warehouse to be developed and constructed within the submarket. Amazon’s transaction representsthe largest industrial/warehouse lease deal in the East Bay in more than 10 years. It is also the largest lease deal the Bay Area has seen in more than five years. The center’s exterior build-out is now underway. The facility is being built to LEED-Silver specifications. McShane Construction Company and HPA Inc. served as the design-build team for the construction of the speculative industrial property. They will also provide the significant interior tenant improvements currently underway. The Amazon subsidiary was represented byCushman & Wakefield. The JV was represented by Jeff Starkovich, Jay Hagglund, Sam Higgins, Scott Borgia and …
SAN DIEGO – The 356-unit Tierrasanta Ridge Apartments in San Diego has received a $52-million refinance. The community is located at 5410 Repecho Drive, near the Tierra Santa Shopping Center. The loan features a 10-year term and a 30-year amortization schedule. Financing was arranged by Marty Meagher and Gardiner Champlin of NorthMarq Capital’s San Diego office through its AmeriSphere Fannie Mae DUS platform.
PHOENIX – A joint venture between The Resmark Cos., Westfield and Greystar has broken ground on a 344-unit luxury apartment complex in the North Phoenix community of Desert Ridge. The new community will be located at the northeast corner of East Deer Valley Road, west of north 56th Street. The project will be situated adjacent to major employers like the Mayo Clinic Hospital, Desert Ridge Marketplace and the JW Marriott Resort. Amenities at the new development will include a clubhouse, pool, state-of-the-art fitness center, community room, business center, and a studio for yoga and Pilates. The community is scheduled for completion late next year. The new project will be designed by Todd & Associates.
LAKEWOOD, COLO. – An 8,019-square-foot retail building in Lakewood that is occupied by Modmarket and Five Guys Burgers and Fries, among other tenants, has sold to a private buyer for $5 million. The building is located at 14630 West Colfax at The Promenade at Denver West. It sits adjacent to the Colorado Mills Mall. Additional tenants include Magic Nails and Caribou Coffee. Tom Ethington and Rob Edwards of Pinnacle Real Estate Advisors represented both the buyer and seller, another private party, in this transaction.
SAN DIEGO – A 21,260-square-foot office building in the San Diego submarket of Kearny Mesa has sold to Fenway Asset Acquisitions LLC for $2.3 million. The two-story, multi-tenant building is located at 9320 Chesapeake Drive. It is fully leased. Both the buyer and the seller, Chesapeake Management, were represented by CBRE’s Paul Lafrenz, Melissa Foster and John Hundley, as well as by Jill Morton of Capital Growth Properties.
LAS VEGAS – A 60,105-square-foot portion of Spring Valley Town Center in Las Vegas has sold to First Allied Corporation for $11.5 million. The 267,000-square-foot center is located at 6775 and 6847 W. Flamingo Road, and 4122 and 4260 S. Rainbow Blvd. The center is 92 percent occupied. Notable tenants within the acquired portion of the center include the UPS Store, 7 Eleven, GNC and Fatburger. Additional tenants not involved in the sale include La Bonita Supermarkets, Lee’s Discount Liquor and Bank of America. The all-cash buyer represented itself in this transaction. David Jewkes of Integris Realty Services acted as court-appointed receiver on behalf of the loan servicer, Five Mile Capital. The receivership sale was executed by Robert Moore, Lisa Brady and Katie Brase of Faris Lee Investments’ Las Vegas office.