SAN DIEGO – DivcoWest and Stockbridge Capital Group have formed a joint venture to purchase the Genesee Executive Plaza, a 159,425-square-foot, Class A commercial and medical office complex in San Diego, for an undisclosed sum. Genesee Executive Plaza was built in 1984 and resides within San Diego’s University Town Center submarket. It recently received $1.2 million in capital improvements. The plaza is currently 69 percent leased, and has been approved for an additional 22,500 square feet of medical office space. The property was marketed by Fred B. Cordova, Mark A. McEwen, Tom Mercer, Paul Braun, Chris Ross and Ryan Eddy of Colliers International.
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FONTANA, CALIF. — Hispanic grocery store chain Rio Ranch Market has leased a 45,000-square-foot retail space at Southridge Plaza Shopping Center in Fontana. The space was formerly occupied by a Ralphs supermarket. Rio Ranch hopes to open its new store in the second quarter of 2012. The value of its 10-year lease was not disclosed. Argent Retail Advisors’ Terry Bortnick represented both Rio Ranch and the center’s owner, Mabela, LLC, in this transaction.
REDWOOD CITY, CALIF. — Zazzle has tripled its space within the Pacific Shores Center in Redwood City. The quality custom products manufacturer has leased 119,730 square feet of Class A office space at the center. It had been subleasing 36,750 square feet at an adjacent building within the center. The new building, located at 1800 Seaport Blvd., will serve as Zazzle’s headquarters. This space is currently occupied by Dreamworks SKG, which will be expanding and relocating within the center as well. Zazzle was represented by Mark Daschbach and John McKenna of Cornish & Carey Commercial. Pacific Shores’ owner, Starwood Capital Group, was represented by Mike Moran, Ben Paul, Michael Courson and Mike Connor of Cassidy Turley.
KENT VALLEY, WASH. — Kent Warehouse and Labeling has leased 240,000 square feet of warehouse space in the Northwest Corporate Park in Kent Valley. The Northwest Corporate Park consists of 19 buildings totaling 2.76 million square feet. The business park’s landlord, Principal Real Estate Investors, was represented by Matt Wood, Thad Mallory and Tony Miltenberger of Kidder Mathews.
LAS VEGAS – A 48,172-square-foot retail center located at the southeast corner of Desert Inn Road and Pecos-McLeod Drive in Las Vegas has sold to Desert Inn-Pecos Plaza, LLC for $1,825,000. The center is anchored by a Family Dollar store, and is currently 45 percent leased. Nicholas Barber, Jason Brooks and Jeremy Foley of Gatski Commercial represented both the buyer and the seller, 3025 E. Desert Inn Holdings, LLC, in this transaction.
CORONA, CALIF. — TNT Plastics has signed a six-year lease at a 116,000-square-foot industrial building in Corona. The transaction’s total consideration is more than $2.4 million. The lease will commence in February 2012. It includes 13,000 square feet of office space. Cushman & Wakefield’s Rick Ellison and Randy Ellison represented the tenant. Chris Migliori of DAUM’s Orange County office represented thelandlord, ACIP, LLC, in this transaction.
SAN DIEGO — An 8,748-square-foot industrial propertyin San Diego has sold to Salma Jason Monica Limited Partnership for $1,335,000. The facility has recently undergone more than $500,000 in improvements. It will serve as a medical R&D facility for its new owner-user. Voit’s Todd Holley and Ellen Thomas represented the buyer. Randy LaChance and Jon Danton, also of Voit, represented the seller, Ole and Bente Sorensen.
MESA, ARIZ. – The 576-unit Aventerra at Dobson Ranch in Mesa has sold to Summit Aventerra LLC, an affiliated company of Summit Equity Investments Inc., for $29.1 million. The complex was built in 1980 and is currently 87 percent occupied. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Peter Stevens represented the seller, LNR Partners LLC, which acted as the special servicer after it retained the title to the property following a September 2010 foreclosure.
CONCORD, CALIF. — WestcoreProperties has purchased the Concord Corporate Centre in Concord for an undisclosed sum. The Class A office campus contains 346,747 square feet located at 1320 and 1390 Willow Pass Road in Concord. The facility was originally built in 1984 and renovated in 2002. Westcore was represented by Ryan Huddlestun and Jim Blessing of Waveland Financial. Tom Fehr of Cornish and Carey Commercial will continue to be responsible for leasing at the property.
LOUISVILLE, COLO. – The 46-unit Balfour Cherrywood Village Memory Care facility in Louisville has received one of the nation’s first Fannie Mae DUS ARM 7-6 loans for $5,620,700. The non-recourse loan was provided to Balfour Senior Living by Red Mortgage Capital.