CHANDLER, ARIZ. – A 222,086-square-foot building in Chandler that is home to Avnet Global Solutions has sold to Griffin Capital Essential Asset REIT for $32.5 million. The facility is located at 6700 W. Morelos Place. Avnet’s 10-year lease at the facility commenced in 2008. As part of the newest acquisition, Avnet has agreed to extend its lease through 2018. Both the buyer and the seller, Fort Properties, was represented by Christopher E. Toci of Cushman & Wakefield of Arizona.
Western
LAKEWOOD, COLO. – A 13,852-square-foot medical office building in Lakewood has sold to Advanced Property Services for $4.3 million. The building is located at 1750 Pierce Street. It is leased to a national dialysis company that has resided at the center since 1998. Advanced Property Services was represented by Sam Leger and Tim Finholm of Unique Properties, Inc – TCN Worldwide. The seller, YPSI ANN ASSOCIATES, LP, was represented by Scott Shwayder, Marc Lippitt and John Sheflin, also from Unique.
SAN JOSE, CALIF. – InvenSense Inc. has leased 130,000 square feet of space at a Class A office building in San Jose. The 228,000-square-foot building is located at 1745 Technology Drive. It will serve as the company’s new corporate headquarters. InvenSense was represented by Jim McPhee and John Fennell of Cushman & Wakefield. The landlord, Equity Office, was represented by CBRE’s Rob Shannon, Christian Marent and Bob Steinbock.
DENVER, SAN FRANCISCO – Blackstone has purchased a four-property, Hilton Select Service Portfolio that includes the 157-room Hilton Garden Inn in Denver and the 177-room Homewood Suites in San Francisco.The purchase price was not disclosed. The portfolio contains a total of 751 rooms. The Hilton Garden Inn is located in the Meridian Business Park at 9290 Meridian Blvd. It completed a $2.3-million capital improvements program in 2011. The Homewood Suites is located at 2000 Shoreline Court near Downtown San Francisco. It completed an extensive renovation in 2008, as well as a public-area renovation in 2013.
LA VERNE, CALIF. – Construction has commenced on La Verne Village, a 172-unit, mixed-use residential and retail community in La Verne. The $43-million development will be located at 2855 Foothill Blvd. on the site of a former automobile dealership. The project’s retail component will feature two buildings with suites ranging from 1,100 square feet to 7,800 square feet. It will target retail, office and restaurant users. Retail leasing is being handled by Fred Encinas of NAI Capital’s Ontario office. Pre-leasing for the residential component is expected to commence in the fourth quarter of 2013. Occupancy is slated for the first quarter of 2014. The project is being developed by Hutton Companies and designed by KTGY Group.
TEMPE, ARIZ. – The 144-unit Copper Creek apartments in Tempe has sold to Pathfinder Partners, LLC for $16.4 million. The community is located at 3501 S. McClintock Drive near the Arizona State University campus. The new owner is planning a $1.6-million renovation that will include interior and exterior upgrades. This is Pathfinder’s eighth acquisition in the Phoenix Metro area. It is also the firm’s largest acquisition in the area. The seller was Equity Residential.
DENVER, SAN FRANCISCO – Blackstone has purchased a four-property, Hilton Select Service Portfolio that includes the 157-room Hilton Garden Inn in Denver and the 177-room Homewood Suites in San Francisco.The purchase price was not disclosed. The portfolio contains a total of 751 rooms. The Hilton Garden Inn is located in the Meridian Business Park at 9290 Meridian Blvd. It completed a $2.3-million capital improvements program in 2011. The Homewood Suites is located at 2000 Shoreline Court near Downtown San Francisco. It completed an extensive renovation in 2008, as well as a public-area renovation in 2013.
LA VERNE, CALIF. – Construction has commenced on La Verne Village, a 172-unit, mixed-use residential and retail community in La Verne. The $43-million development will be located at 2855 Foothill Blvd. on the site of a former automobile dealership. The project’s retail component will feature two buildings with suites ranging from 1,100 square feet to 7,800 square feet. It will target retail, office and restaurant users. Retail leasing is being handled by Fred Encinas of NAI Capital’s Ontario office. Pre-leasing for the residential component is expected to commence in the fourth quarter of 2013. Occupancy is slated for the first quarter of 2014. The project is being developed by Hutton Companies and designed by KTGY Group.
TEMPE, ARIZ. – The 144-unit Copper Creek apartments in Tempe has sold to Pathfinder Partners, LLC for $16.4 million. The community is located at 3501 S. McClintock Drive near the Arizona State University campus. The new owner is planning a $1.6-million renovation that will include interior and exterior upgrades. This is Pathfinder’s eighth acquisition in the Phoenix Metro area. It is also the firm’s largest acquisition in the area. The seller was Equity Residential.
VISALIA, CALIF. – Trion Properties, a Los Angeles-based real estate investment company, has sold a 57,254-square-foot shopping center located at 3230-3298 S. Mooney Blvd. in Visalia to a family trust for $4 million, or roughly $70 per square foot.Trion Properties acquired a nonperforming note on the asset in 2012 in an all-cash transaction from a regional bank, which had to remove it from their books by year-end. Nick Whitstone at CBRE handled the note transaction. The property reverted to Trion in a foreclosure sale on February 4, and Trion immediately listed the property for sale with Mark Denholm from CORE Commercial, who represented Trion in the disposition. The property, which was built in 1977, was approximately 60 percent leased at the time of the sale with a tenant roster that includes King Buffet and Tuesday Morning.