HENDERSON, NEV. — Cornet Plaza, a 26,538-square-foot strip center in Henderson, has sold to Cliffwood Capital for $2.4 million. The center is located at 771 E. Horizon Drive. It was 51 percent occupied by Papa John’s Pizza, Hammer’s Grill & Bar, Aqua Salon & Horizon Sun Tanning, B Sharp Dance School, Capriotti’s Sandwich Shop, Cox & Gallacher Karate and Mom’s Cleaners. Cliffwood was represented by James J. Mitterlehner of American Realty Group LLC. The seller was a private insurance company.
Western
PHOENIX — The 214-unit Terrace Park Apartments in Phoenix has sold to B.H. Properties for $6.2 million. The community is located at 8130 W. Indian School Road. It is currently 94 percent leased. B.H. Properties was represented by Peter Katz of Marcus & Millichap.
AVONDALE, ARIZ. — Conn Appliances has signed a 10-year lease for 277,649 square feet at the Coldwater Depot Logistics Center in Avondale. The specialty retailer will be located within Phase I of the center. Conn was represented by CBRE’s Matthew Keener, Brian Ashby and Dan Calihan. The landlord, Trammell Crow Company and Clarion Partners, was represented by CBRE’s Rusty Kennedy and Pat Feeney.
COLORADO SPRINGS, COLO. — The 200-unit Palmer Park Apartments in Colorado Springs has sold to LocalConstruct for an undisclosed sum. The community is located at 1304 E San Miguel Street. It was 95 percent occupied at the time of closing. The seller, a local private real estate investor, was represented by ARA Colorado’s Kevin McKenna and Ken Greene.
PHOENIX — The 214-unit Terrace Park Apartments in Phoenix has sold to B.H. Properties for $6.2 million. The community is located at 8130 W. Indian School Road. It is currently 94 percent leased. B.H. Properties was represented by Peter Katz of Marcus & Millichap.
AVONDALE, ARIZ. — Conn Appliances has signed a 10-year lease for 277,649 square feet at the Coldwater Depot Logistics Center in Avondale. The specialty retailer will be located within Phase I of the center. Conn was represented by CBRE’s Matthew Keener, Brian Ashby and Dan Calihan. The landlord, Trammell Crow Company and Clarion Partners, was represented by CBRE’s Rusty Kennedy and Pat Feeney.
COLORADO SPRINGS, COLO. — The 200-unit Palmer Park Apartments in Colorado Springs has sold to LocalConstruct for an undisclosed sum. The community is located at 1304 E San Miguel Street. It was 95 percent occupied at the time of closing. The seller, a local private real estate investor, was represented by ARA Colorado’s Kevin McKenna and Ken Greene.
With its central, accessible location, relatively affordable prices and strong labor pool, the Inland Empire’s office sector is poised for steady growth. The Inland Empire is actually considered one of the top markets in the country in terms of population growth, job creation, construction and industrial space absorption — all of which bode well for the commercial office sector. The Inland Empire market is composed of two submarkets: the East, containing Riverside, San Bernardino and Corona, among others; and the West, which includes Ontario, Rancho Cucamonga, Fontana and Chino/Chino Hills. Transaction volume is on the rise in both, and vacancy rates have been at some of the lowest levels seen in three years. This is partially due to some exceptionally large transactions recorded in 2012. The largest and most significant was a 232,176-square-foot office lease transaction at the Atrium building in Rancho Cucamonga for Inland Empire Health Plans (IEHP). The lease was valued at nearly $100 million. IEHP currently serves more than 575,000 residents of Riverside and San Bernardino counties and is anticipating continued growth, which prompted the need for this space. With IEHP now occupying the building, the previous 60 percent vacancy has all but been eliminated. This lease …
MONTEREY PARK, CALIF. – Atlantic Times Square, a mixed-use property in Monterey Park, has received a $74-million refinance. The property is located on the southeast corner of North Atlantic Boulevard and West Hellmen Avenue. It contains 210 residential units atop 213,531 square feet of grade-level retail space. The retail component is currently 94 percent leased. Notable tenants include AMC Theatre and 24 Hour Fitness. The non-recourse loan was used to refinance a large portion of the property’s construction loan. The transaction was brokered by Mitch Paskover of Continental Funding Group.
OREM, UTAH – The 288-unit Pinnacle Canyon View Apartments in Orem has received $28.2 million in acquisition financing. The community is located at 1401 S. Sandhill Road just northwest of Provo. Financing was based on a 15-year term, with three years interest-only and a 30-year amortization schedule. Financing was arranged by Mark Grace of NorthMarq Capital through the firm’s affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS Lender.