GARDEN GROVE, CALIF. — Saigon Plaza, a 33,074-square-foot retail center in Garden Grove, has sold to N. D. Dinh Tran Trust for $8.5 million. The center is located at 10320 Westminister Ave. The buyer was represented by Tom Nguyenof NAI Capital’s Orange County office. The seller was Westgrove Plaza.
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LOS ANGELES – The 103,500-square-foot Life Sciences building at Loyola Marymount University has broken ground in Los Angeles. The $110-million building will serve as a teaching, research and laboratory facility for the Seaver College of Science and Engineering’s biology, chemistry and natural science departments. It will maintain a two-year construction schedule. C.W. Driver will act as the general contractor, while CO Architects will serve as the designer. The building is aiming for LEED-Silver certification.
SCOTTSDALE, ARIZ. – The 416-unit Crown Court Apartments in Scottsdale has sold to PrivatePortfolio Group LLC for $68.2 million. The community is located at 7900 E. Princess Drive. It was 95 percent leased at the time of sale. The unnamed seller was represented by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office.
SANTA CLARA, CALIF. — Park Square, a 465,000-square-foot office/R&D business park in Santa Clara, has sold to the Irvine Company for an undisclosed sum. It is situated adjacent to Highway 101 near Lawrence Expressway. The center is 60 percent leased. The seller, a joint venture between two global investment managers, was represented by HFF’s Michael Leggett, Steven Golubchik and John Simerlein.
GARDEN GROVE, CALIF. — Saigon Plaza, a 33,074-square-foot retail center in Garden Grove, has sold to N. D. Dinh Tran Trust for $8.5 million. The center is located at 10320 Westminister Ave. The buyer was represented by Tom Nguyenof NAI Capital’s Orange County office. The seller was Westgrove Plaza.
LOS ANGELES – The 14.56 acres that sit under the Midtown Shopping Center in Los Angeles have sold to Midtown Shopping Center Associates (MTSCA) for $42.5 million. The 185,000-square-foot center is located at 4725 W. Venice Blvd. in Mid-City. The land acquisition also includes the 3.5 acres under two properties adjacent to the shopping center. MTSCA includes Young Management Company and its partners, James Young and Courtland Young. Young Management will manage the property and oversee the center’s leasing and redevelopment efforts. Young Management is the center’s original developer and negotiated the ground lease with its original owner, Southern Pacific. Notable tenants at the center include Ralph's, CVS, Orchard Supply Hardware and Bank of America.
PORTLAND, ORE. — Phase I of The Residences at Yacht Harbor, a Class A waterfront apartment development in Portland, has received $38.9 million in construction financing. The 373-unit community will be located at 11505 North Yacht Harbor Drive along the Salpare Bay Marina. Construction is expected to commence within the next 30 days. The loan was arranged by Malcolm Davies, Peter Kleinberg and Drew Sandler of George Smith Partnerson behalf of Salpare Bay, LLC.
CHATSWORTH, CALIF. – A 24,150-square-foot industrial property in Chatsworth has sold to Nordhoff SSA for $3 million. It is located at 20433-20439 Nordhoff Street. Timothy P. Foutz of NAI Capital’s Encino office represented both the buyer and the seller, LEC Properties, in this transaction.
PORTLAND, ORE. — The Strand Restaurant, a 7,657-square-foot retail property in Portland, has sold to a limited liability company for $2.7 million. It is located at 1910 SW River Drive. There are about five years left on the Strand’s triple-net lease. The buyer was secured and represented by Ryan O'Leary, an investment specialist in Marcus & Millichap’s Portland office.
LOS ANGELES – The 14.56 acres that sit under the Midtown Shopping Center in Los Angeles have sold to Midtown Shopping Center Associates (MTSCA) for $42.5 million. The 185,000-square-foot center is located at 4725 W. Venice Blvd. in Mid-City. The land acquisition also includes the 3.5 acres under two properties adjacent to the shopping center. MTSCA includes Young Management Company and its partners, James Young and Courtland Young. Young Management will manage the property and oversee the center’s leasing and redevelopment efforts. Young Management is the center’s original developer and negotiated the ground lease with its original owner, Southern Pacific. Notable tenants at the center include Ralph's, CVS, Orchard Supply Hardware and Bank of America.