TEMPE, ARIZ. — Desert Vista Commerce Center, a 98,687-square-foot office and flex industrial building in Tempe, has received $5 million in first-mortgage refinancing. The building is located on South Hardy Drive. The 10-year, fixed-rate loan was arranged by Shari Stults of NorthMarq Capital’s Phoenix office through the firm’s relationship with a correspondent life insurance company.
Western
VICTORVILLE, CALIF. — Construction has commenced on a 176,800-square-foot expansion at the Southern California Logistics Centre (SCLC) in Victorville. This is a 2,500-acre industrial and commercial complex that is being expanded to accommodate the distribution needs of one of the center’s major tenants. That tenant recently signed a new 10-year lease extension at the center. Once completed, the 407,612-square-foot facility will expand to 584,412 square feet. The center is owned by Stirling Capital Investments, which was represented by CBRE’s Darla Longo, Barbara Emmons, Jay Dick and Mark Latimer in the lease transaction. The tenant was represented by Ralph Gilbertson and Erik Wanland, also of CBRE.
OAKLAND, CALIF. — Quik Pick Express has leased a 42,000-square-foot warehouse in Oakland. The facility is located within the Elmhurst Business Park at 745 85th Ave. The third-party logistics company plans to expand its operation at the new facility. Harvest Properties, the asset manager for owner Principal Real Estate Investors, was represented by John McManus and Andrew Briner of Cushman & Wakefield’s Oakland office.
PEORIA, ARIZ. — Montebella Villas Apartments in Peoria has sold to WE Villas at Montebella, LLLP for $2.95 million. The community is located at 10860 N. 85th Ave. The buyer was represented by Linda Gerchick of the Robinson Group. The seller, Montebella Villas, LLC, was represented by David Cravath of NAI Horizon’s Phoenix office.
PHOENIX – A 3,078-square-foot property in Phoenix that is occupied by a Circle K Gas & Convenience store has sold to a family trust for $2,285,000. The single-tenant, triple-net leased retail property was built in 1987 at 1901 West Cactus Road. The transaction closed at a 7.35 percent cap rate. The buyer was represented by Jon Boland of Voit Real Estate Services in San Diego. The seller, D.E.E Holdings, was represented by Chris Maling and David Maling of Colliers International.
FRESNO, CALIF. – Family Dollar has leased 11,016 square feet of retail space in Fresno. The new location resides at 4027 N. Marks Ave. The property’s landlord is Lanmark Plaza, LLC. The transaction was executed by John Lee and Lewis Smith of Retail California.
LOS ANGELES — A 5,000-square-foot, single-tenant property occupied by Chase Bank has sold to Golden Matrix for $7.51 million. The space is located at 11975 Santa Monica Blvd. The sellers, HJRJ LLC, et al., were represented by Charles DeSantis of Charles Dunn Company.
LAS VEGAS – An 87-unit apartment complex in Las Vegas has sold to Kothari Property Group for $3.35 million. The community is located at 5055 Tamarus Street. The seller, Tamarus Apartments, was represented by Patrick Sauter, Art Carll and Devin Lee of NAI Sauter Companies in Las Vegas.
COMPTON, CALIF. — Forever Collectibles California has leased a 146,362-square-foot facility in Compton. The company plans to use the space, located at 1600 Anderson Ave., as a distribution center. Forever Collectibles was represented by Barry Hill of Jones Lang LaSalle. The landlord, Prologis, was represented by David Prior, Todd Taugner and Frank Schulz of The Klabin Company/CORFAC International’s Torrance office.
PHOENIX – The 72-unit Indian Canyon Apartments in Phoenix has sold to Hanson Capital Group for $1.55 million. It is located at 2130 W. Indian School Road. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both the buyer and the seller, Raul Tapia and Ofelia Tapia Trust, in this transaction.