SIERRA VISTA, ARIZ. – The 23,485-square-foot General Services Administration (GSA) building in Sierra Vista has sold to a New York-based REIT for $7.4 million. The property is a former Lazy Boy showroom that was renovated and converted into an eco-friendly office building. It is fully occupied by the Department of Interior. The U.S. Federal Government has a 10-year lease at the single-tenant, freestanding property. The transaction was brokered by Mark Phillips, managing director of Sperry Van Ness.
Western
GILBERT, ARIZ. — NorthMarq Capital has arranged $3.7 million in first-mortgage financing for Higley Park Commons in Gilbert. Financing for the 68,000-square-foot mixed-use property was based on a three-year, interest-only term. It was arranged through NorthMarq’s relationship with A-10 Capital. The building’s largest tenant is San Tan Learning Center, a charter school that occupies four for the site’s seven buildings. NorthMarq’s team was led by Jim Cooper, vice president of the firm’s Phoenix regional office.
ARVADA, COLO. – Phase I of the 34,317-square-foot Arbor Village retail center in Arvada has sold to JP Arbor Village LLC for $7.4 million. The property consists of a strip center and two individual retail pads that are currently occupied by Taco Bell Corporation and Wendy’s International. Riki Hashimoto and Dan Grooters of Grubb & Ellis’ Private Capital Markets group represented the seller, in conjunction with David Spriggs of Legend Retail Group. JP Arbor represented itself.
BALDWIN PARK, CALIF. — NorthMarq Capital has arranged $6.5 million in permanent financing for the 24,605-square-foot Baldwin Park Towne Center in Baldwin Park. The single-story inline retail building was built in 1987. Notable tenants include Verizon Wireless, GameStop and AT&T. Financing was arranged by the firm’s John M. Stewart and Brock Yaffe through a correspondent relationship with one of NorthMarq’s life insurance companies.
ATWATER, CALIF. — Dollar Tree has leased 9,264 square feet at Applegate Ranch Shopping Center in Atwater. The 464,136-square-foot shopping center’s anchors include Super Target, Walmart, Marshalls and PETCO. Dollar Tree was represented by Rick Amerine of Commercial West Associates. Applegate’s owner, Regency Centers, was represented in-house byMichael Arfsten of Retail California.
CUPERTINO, CALIF. – Roamware has relocated its headquarters and tripled its space by leasing an office at 20401 Stevens Creek Blvd. in Cupertino. It was previously located at 3031 Tisch Ave. in San Jose. The mobile solutions provider was represented by Sushma Malhotra and Mike Mordaunt of CresaPartners in San Jose. The building’s landlord, De Anza Properties, was represented in-house by Carla Wilkey.
MOUNTAIN VIEW, CALIF. – Synopsys and 690 E. Middlefield Road Fee, a joint venture of Dostart Development Company and Rockwood Capital, have entered into a long-term lease agreement for a new Class A office campus in Mountain View. The project is located at 690 E. Middlefield Road and is entitled for 340,000 square feet. It is scheduled to open in 2015 and is designed to achieve LEED-Gold certification. Synopsys was represented by Warren Wixen and Scott Flanagin of Warren Wixen Real Estate Services, and Gregg von Thaden and Jeffrey Nochimson of Colliers International. The joint venture was represented by Phil Mahoney, Jeff Arrillaga and Kevin Cunningham of Cornish & Carey Commercial Newmark Knight Frank.
WOODLAND HILLS, CALIF. — Music Reports has leased 31,630 square feet at 21122 & 21204 Erwin Street in the Warner Center area of Woodland Hills. This additional space will allow Music Reports to expand with its growing business. It also occupies an adjacent building. Jay Rubin and Marc Spellman of Lee & Associates-LA North/Ventura represented both the tenant and the landlord, Turnberry Properties, in this transaction.
PHOENIX – The 48-unit Continental Apartments in Phoenix has sold to FRI Continental LLC for $1.25 million. The apartment community is located at 1030 N. Third Street. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both the buyer and the seller, PMCM I LP.
TEMPE, ARIZ. – Normal Junction, a two-building, 140,000-square-foot warehouse/distribution center in Tempe, has sold to BlackRidge Real Estate Group for $7.65 million. The buildings are situated on 7.22 acres at 1895 South Los Feliz Drive and 1715 South Holbrook Lane. Cushman & Wakefield’s Mark Detmer, Bo Mills, Will Strong and Jackie Orcutt represented both the buyer and the seller in this transaction. The team will continue to act as the property’s exclusive leasing agent. Normal Junction is currently home to General Dynamics and Jabil Circuit, among other tenants. There is one 20,000-square-foot unit currently available.