LAKE OSWEGO, ORE. – Kruse Village, a 65,000-square-foot retail and restaurant center, will soon break ground in Lake Oswego. The six-building center will be located at 4591 S.W. Carman Drive. This five-acre site represents the last parcel of homestead land that is owned by the Kruse family. Construction is expected to commence later this year and should be complete by fall 2014. It will be developed by Gramor Development. Commercial Realty Advisors will oversee the leasing efforts.
Western
PHOENIX — Weber Distribution LLC has renewed its lease for 48,000 square feet at Tolleson Commerce Park II in Phoenix. The park is located at 5 South 84th Ave. in the Phoenix submarket of Tolleson. Weber has occupied this space since 2001. The landlord is Chambers Street Properties.
DENVER — Westmoor Center, a 612,890-square-foot, Class A office complex, has sold to KBS Strategic Opportunity REITfor $86 million. The six-building complex is located at 10055-10385 Westmoor Drive in the Denver submarket of Westminster. It was 86 percent occupied at the time of sale. Notable tenants include Ball Corporation, Lender Processing Services and Datalogix. Westmoor Center is part of the larger Ten West complex at Westmoor Business Park. With this recent purchase, KBS and affiliates now own six office properties in the Denver area that total more than 1.7 million square feet.
PHOENIX — Buckeye Logistics Center, a 684,064-square-foot, institutional-quality industrial property, has sold to IIT Acquisitions LLC for $44.3 million. The two-building center is located at 6825 and 6913 W. Buckeye Road. The first building is fully leased to HD Supply, Victory Packaging and Mor Furniture for Less. The second building is fully leased to Philosophy and Kellogg. Mark Detmerand Bo Millsof Jones Lang LaSalle's(JLL) Capital Markets group represented both the buyer and the seller, Principal Real Estate Investors, in this transaction. Pat Harlan,Steve Sayreand Kyle Westfall, also of JLL, were able to fully lease the previously vacant buildings prior to the sale.
GARDEN GROVE, CALIF. – Rachas Garden Grove LP, dba Chuze Fitness, has signed a 10-year lease for 36,000 square feet at Pavilion Plaza in Garden Grove. The plaza is located at 12145 Brookhurst Street. The lease is valued at nearly $5 million. Rachas was represented by Chad Iafrate of Cassidy Turley San Diego. The landlord, 12151 Brookhurst, LLC, was represented by Ross Melodia of Pride Property Services.
SANTA CLARA, CALIF. – A 4,926-square-foot retail building in Santa Clara has sold to an unnamed buyer for $2.1 million. It is located at 3180 El Camino Real. The property was initially built in 1969 to house a Carrows Restaurant. The restaurant held a net lease at the building through this past April. The seller, an individual/personal trust, was represented by David Ching of Marcus & Millichap’s Oakland office.
DENVER — Westmoor Center, a 612,890-square-foot, Class A office complex, has sold to KBS Strategic Opportunity REIT for $86 million. The six-building complex is located at 10055-10385 Westmoor Drive in the Denver submarket of Westminster. It was 86 percent occupied at the time of sale. Notable tenants include Ball Corporation, Lender Processing Services and Datalogix. Westmoor Center is part of the larger Ten West complex at Westmoor Business Park. With this recent purchase, KBS and affiliates now own six office properties in the Denver area that total more than 1.7 million square feet.
PHOENIX — Buckeye Logistics Center, a 684,064-square-foot, institutional-quality industrial property, has sold to IIT Acquisitions LLC for $44.3 million. The two-building center is located at 6825 and 6913 W. Buckeye Road. The first building is fully leased to HD Supply, Victory Packaging and Mor Furniture for Less. The second building is fully leased to Philosophy and Kellogg. Mark Detmer and Bo Mills of Jones Lang LaSalle's (JLL) Capital Markets group represented both the buyer and the seller, Principal Real Estate Investors, in this transaction. Pat Harlan,Steve Sayre and Kyle Westfall, also of JLL, were able to fully lease the previously vacant buildings prior to the sale.
GARDEN GROVE, CALIF. – Rachas Garden Grove LP, dba Chuze Fitness, has signed a 10-year lease for 36,000 square feet at Pavilion Plaza in Garden Grove. The plaza is located at 12145 Brookhurst Street. The lease is valued at nearly $5 million. Rachas was represented by Chad Iafrate of Cassidy Turley San Diego. The landlord, 12151 Brookhurst, LLC, was represented by Ross Melodia of Pride Property Services.
SANTA CLARA, CALIF. – A 4,926-square-foot retail building in Santa Clara has sold to an unnamed buyer for $2.1 million. It is located at 3180 El Camino Real. The property was initially built in 1969 to house a Carrows Restaurant. The restaurant held a net lease at the building through this past April. The seller, an individual/personal trust, was represented by David Ching of Marcus & Millichap’s Oakland office.