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.
Western
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.
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.
REDWOOD CITY, CALIF. — A joint venture between Lennar Apartment Communities and Resmark Apartment Living has announced plans to develop a 196-unit apartment building in downtown Redwood City. It will be located at the intersection of Main and Marshall streets. The development calls for seven stories of apartments atop 3,500 square feet of ground-floor retail space. Construction is set to commence in the first quarter of 2014 and is scheduled for completion in early 2016. The joint venture also recently broke ground on an apartment community in Tempe.
TEMPE, ARIZ. — Broadway 101, a 162,484-square-foot office campus in Tempe, has sold to GLL Real Estate Partnersfor an undisclosed sum. The Class A campus is located at 2141 and 2151 E. Broadway Road.It is 94 percent leased to tenants like MOOG/Broad Reach Engineering, Amerifirst Financial, Inc. and the Arizona corporate headquarters for Quantum Integrated Solutions.The seller, Broadway 101 Office Park,was represented by Dennis Desmond, Brian Ackermanand Dave Seegerof Jones Lang LaSalle’s Capital Markets’ team. Seeger has been the campus’ exclusive leasing broker since 2000. He is actively marketing the property’s remaining vacancies.