LAS VEGAS – The Concorde Assisted Living Center in Las Vegas has sold to Forterus for $5 million. The 101-unit facility is located at 4625 East Twain Ave. It was built in 1997. Forterus was represented by its company chairman, Michael Cartright The seller, IMH Financial Corporation, was represented by Trisha A. Talbot, Julie A. Johnson and Kathleen M. Morgan of GPE Commercial Advisors, along with Neil Sorkin of Cushman & Wakefield.
Western
BEL AIR, CALIF. – A 24-unit apartment complex located at 11720 Bellagio Road in Bel Air has sold to an unnamed buyer for $4.37 million. The 15,676-square-foot complex was built in 1955. The property was listed and marketed by Richard J. Ringer of Marcus & Millichap’s West Los Angeles office on behalf of the seller, a limited liability company.
FOUNTAIN, COLO. – The 103-unit Vista Ridge apartment complex in Fountain has sold to Vista Ridge Apartments, LLC for $2,615,000. The deal also includes five additional acres of commercially zoned RC land. The seller, SW Apartments, LLC, was represented by John Laratta of Hendricks & Partners’ Denver office.
SAN DIEGO — Torrey Pines Bank has signed a new seven-year lease for 27,834 square feet at 12220 El Camino Real in Del Mar Heights. This lease expansion is valued at $8 million and has allowed the bank to absorb the balance of space on the building’s first and second floors. Torrey Pines Bank was represented by Dave Odmark of Cassidy Turley BRE Commercial. The building’s owner, Cognac Del Mar, LLC, was represented by Odmark, along with Rick Reeder and Joe Anderson, who are also with Cassidy Turley.
RANCHO CUCAMONGA, FONTANA, CALIF. – Two single-tenant properties have recently sold in the Inland Empire for a combined total of $5,527,000. A Rancho Cucamonga-based retail property that is currently occupied by Farrell’s Ice Cream Parlour Restaurant has sold to 4021 LLC for $3,292,000. The sale of the 7,841-square-foot property closed at a 7.5 percent cap rate. The buyer was represented by Acadia Corporation. The seller, Bengard-Foothill LLC, was represented by Jeff Conover and Rich Walter of Faris Lee Investments. The second property, a 10,000-square-foot retail building in Fontana that is currently occupied by Big 5 Sporting Goods, has sold to Kalmuk Trust for $2,235,000. The property resides within the Shops at Sierra Lakes and sold at a 6.47 percent cap rate. The all-cash buyer was represented by Opics Properties. The seller, PRP Investors Fontana, LLC, was represented by Conover and Matt Mousavi of Faris Lee.
ORANGE, CALIF. — A 44,340-square-foot industrial property in Orange has sold to a local construction company for $5.1 million. The warehouse is located at 749 N. Poplar Street. The company, which specializes in architectural concrete construction, plans to utilize this space for its operations. Seth Davenport and Mitch Zehner of Voit’s Anaheim, Calif., office represented both the buyer and the seller in this transaction.
CLAREMONT, CALIF. – The 154-unit Claremont Villas senior apartment community has sold to an unnamed buyer for $15.3 million. The complex was built in 1994 and is located at 100 South Indian Hill Blvd. in Claremont. Alex Mogharebi of Hendricks & Partners’ Ontario, Calif., office represented the seller, who was also unnamed.
TEMECULA, CALIF. — First Citizens Bank has purchased a 5,107-square-foot retail building located at 44575 Avenida de Missiones in Temecula for $4.1 million. Brent Bohlken of Grubb & Ellis represented the bank. Brian Bielatowicz of Lee & Associates’ Temecula Valley office represented the seller, Riverside County’s Credit Union, in this transaction.
CASA GRANDE, ARIZ. — Mid-States Services has leased 114,000 square feet at the Central Arizona Distribution Center in Casa Grande. The lease is valued at $2.6 million. The wholesale/retail distributor will be relocating and expanding from a nearby facility. Mid-States’ lease brings the facility’s occupancy to 76 percent. The company was represented by Josh Wyss of Cassidy Turley BRE Commercial. Cushman & Wakefield’s Mark Detmer, Bo Mills, Will Strong and Jackie Orcutt represented Clarion Partners in this lease transaction.
AVONDALE, ARIZ. — Reddy Development has purchased the Coldwater Springs Promenade in Avondale for $7.75 million. The promenade includes two existing retail stores, which are occupied by Fresh & Easy Neighborhood Market and Staples, as well as a Jack in the Box restaurant and 13,300 square feet of shop space. There are also five graded, ready-to-build retail pads situated on 10.9 acres. Reddy plans to complete the retail project. Bruce Francis and Dana Summer of CBRE Capital Markets in Phoenix represented Reddy. Mindy Korth, Barry Gabel and Cam Stanton in CBRE’s Phoenix office, along with Philip Voorhees, Patrick Toomey and Megan Read of the firm’s National Retail Investment Group, represented the seller, Labrusca Holdings Corp., which purchased the promenade through foreclosure from the developer.