MERCER ISLAND, WASH. – A 171-unit, Class A mixed-use property on Mercer Island has received a $53.9-million permanent loan. The apartment community also features 17,000 square feet of retail space. The property was built in 2009 along the island’s main thoroughfare. Mercer Island sits on Lake Washington, which is between Seattle and Bellevue. The loan was arranged by Amos Smith and Ryan Chapman of Johnson Capital’s Irvine office. The funds were provided by Fannie Mae. The new non-recourse loan will replace a construction loan. It has a fixed interest rate during the 10-year term.
Western
CYPRESS, CALIF. – C&D Zodiac has signed a long-term lease for 85,773 square feet at an industrial building in Cypress. It is located at 11240 Warland Drive. The firm will use the space to expand its aircraft division. C&D was represented by Frank Adler and Jeff Hirsch of Lee & Associates Newport Beach. The landlord, Warland Investments Company, was represented by the Klabin Company.
PHOENIX – Spectrum Labs has leased 25,569 square feet of lab office space at the Southbank Business Park in Phoenix. It is located at 2801 S. 35th Street. The veterinary solutions company will use the space for lab testing. Spectrum Labs was represented by Jeff Conrad of Lee & Associates Arizona. The landlord, Hannay Real Estate Advisors, was represented by CBRE’s Bill Bayless.
PHOENIX – A 4,100-square-foot, single-tenant retail property in Phoenix that is triple-net leased to Wells Fargo has sold to 8155th Ave. LLC for $9.15 million. The property was built in 2008 at 32nd and Camelback Road. The buyer was represented by Andrew Greenberg of ERG Property Advisors. The seller, TradeCor LLC, was represented by Jereme Snyder and Eric Carlton of Colliers International.
HAYWARD, CALIF. – Solta Medical has extended its lease for 88,000 square feet of space inside two Class A office/R&D buildings at the Mount Eden Business Park in Hayward. The properties are located at 25881 & 25901 Industrial Blvd. The lease was valued at $4 million. The landlord, Mount Eden Business Park, LLC, was represented by Dan Bergen and Casey Ricksen of Colliers International.
SCOTTSDALE, ARIZ. – A 35,000-square-foot medical office building and an adjacent two-acre property have sold to LGE Design Build and Anderson Commercial Real Estate for $3.7 million. They are located at 8550 and 8600 E. Anderson Drive in Scottsdale. The two-acre property has the potential for a 72,000-square-foot, four-story building. The seller, Silverleaf Perimeter Center, LLC, was represented by Mark Stratz, Ray Harris, Tyler Wilson and Scott Baumgarten of Cassidy Turley BRE Commercial.
SANTA MONICA, CALIF. — Avison Young has acquired Starrpoint Commercial Partners in Santa Monica. The firm specializes in high-tech and media firms that are looking for space in and around Santa Monica. Randy Starr, Starrpoint’s founder and CEO, and Tim Dornan, its principal, will now work out of Avison’s third Los Angeles-area office. Starr will act as a principal, while Dornan joins as a vice president. Avison will occupy the former Starrpoint space at 301 Arizona Ave., Suite 303.
BOISE, OREM, UTAH, MALIBU, CALIF. — Kennedy Wilson(KW) and its partners have recently acquired three Western-based retail properties for a total of $37.3 million. Its most recent acquisition was a 209,329-square-foot, multi-tenant retail center in Orem. It has also purchased 15,118 square feet of retail and office space in Malibu, as well as a 114,404-square-foot retail center in Boise. Partners in these acquisitions included The LeFrak Organization and Kennedy Wilson Fund IV, among others.
CALABASAS, CALIF. — Institutional Property Advisors (IPA) has named Brian T. Murdy as national director. IPA is a multifamily brokerage division of Marcus & Millichap that specializes in institutional and major private investors. Murdy had previously served as portfolio manager of Cornerstone Real Estate Advisers’ flagship core open-end fund. He is a 28-year veteran of the institutional multifamily investment industry.
SURPRISE, ARIZ. – The 142-unit La Borgata Apartments in Surprise has received a $12.1-million loan refinancing. The financing was secured for Retreat at West Point Multi-Family LP by Artin Anvar of Love Funding’s Washington office through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan program. The property is managed by MEB Management Services.