LAKE ELSINORE, CALIF. — A single-tenant Walgreens location in Lake Elsinore has sold to a private investor from Palm Desert, Calif., for $8,086,409. It sold at a 6.48 percent cap rate. The 13,678-square-foot building was constructed in 2011 on a 1.57-acre parcel at 31781 Mission Trail Road. It is leased to Walgreens for 75 years. Hanley Investment Group Real Estate Advisors’ William B. Asher and Jeremy S. McChesney represented both the buyer and the seller, a private investor from Seal Beach, Calif., in this transaction.
Western
AURORA, COLO. — Arapahoe Crossings is adding two more retailers to its roster. Gordmans is set to open a 55,000-square-foot store at the Aurora shopping center in fall 2012, while Chuck and Don’s Pet Food Outlet will debut a 7,000-square-foot location in early 2012. The center will boast an occupancy rate of more than 90 percent with the addition of these two tenants. Gordmans was represented by Allan Murow of Noddle Companies. Chuck and Don’s was represented by Carl Luppens of Nordic Land Company. Brixmor’s Paul Sheppard represented Arapahoe Crossings in these transactions.
PASADENA, CALIF. — Saiful/Bouquet Inc. (SBI) has leased 19,263 square feet at 155 N. Lake Ave., a Class A office building in Pasadena. The structural engineering company will be relocating from nearby Western Asset Plaza. SBI was represented by Josef Farrar and Matt Sasaki of UGL Services’ Downtown Los Angeles office. The owner, Equity Office Properties, was represented by Patrick Church of CB Richard Ellis.
VISTA, CALIF. – The 240-unit Woodbend Shadowridge apartment complex in Vista has sold to Woodbend, LP, C/O R&V Management Corporation for $44.3 million. The 210,800-square-foot complex was built in 1988 and was renovated in 2008. Cushman & Wakefield’s team of Edward Rosen, John Chu and Alejandro Lombrozo represented the seller, Shadowridge Corporation, C/O LaSalle Investment Management.
COLORADO SPRINGS, COLO. – The Marketplace at Austin Bluffs, a 226,626-square-foot, grocery-anchored shopping center in Colorado Springs, has sold to AmCap Austin Bluffs LLC for $32,810,000. The property was redeveloped in 2007 and is anchored by King Soopers. Jon Hendrickson of Marcus & Millichap’s Denver office represented both the buyer and the seller, United Properties.
SEBASTAPOL, CALIF. — Lucent Capital has arranged a $23.5-million construction loan for The Barlow, a 216,000-square-foot, adaptive-reuse project in Sebastapol. The loan has an initial two-year term with an option to extend. Highway Partners, LLC plans to begin construction on The Barlow in December. The first phase includes the renovation of a 121,000-square-foot industrial park and farmer's cooperative. The second phase will include 95,000 square feet of new development. The project should be completed in summer 2012. It is 78 percent pre-leased and will be anchored by Kosta Browne Winery.
SANTA CLARA, CALIF. — The Packard Humanities Institute has purchased a 49,500-square-foot industrial building in Santa Clara for $3,861,000. The non-profit foundation plans to occupy the entire building, which resides at 700 Nuttman Street. Scott Borgia with Cassidy Turley represented the seller, Laurel Industrial Park Associates, in this transaction.
LAS VEGAS – The 63,759-square-foot Rainbow Sunset Pavilion Retail Center has sold to Brentwood West for $8 million. The property is located at 6315–6485 South Rainbow Blvd. CBRE’s Charles Moore, Michael Newman and Marlene Fujita represented the receiver in this transaction.
ANAHEIM, CALIF. — A 37,041-square-foot industrial building in Anaheim has sold to an unnamed buyer for $4 million. Scott Seal and Luke Hudon of Lee & Associates represented the buyer. Chris Migliori of DAUM’s Orange County office represented theseller, Newport Hill Corporation, in this transaction.
BROOMFIELD, AURORA, COLO. – The Gateway Square and Salida Shops 2 strip centers have been sold by Robert Edwards and Tom Ethington of Pinnacle Real Estate Advisors. Salida Shops 2 in Aurora is fully leased, while Gateway Square in Broomfield was 88 percent leased at the times of sale. Gateway Square sold for 100 percent of its list price, or $277 per square foot. Salida sold for $2,657,214, or $400 per square foot. Edwards and Ethington represented the sellers on these transactions.