PHOENIX – Spectrum Labs has leased 25,569 square feet of lab office space at the Southbank Business Park in Phoenix. It is located at 2801 S. 35th Street. The veterinary solutions company will use the space for lab testing. Spectrum Labs was represented by Jeff Conrad of Lee & Associates Arizona. The landlord, Hannay Real Estate Advisors, was represented by CBRE’s Bill Bayless.
Western
PHOENIX – A 4,100-square-foot, single-tenant retail property in Phoenix that is triple-net leased to Wells Fargo has sold to 8155th Ave. LLC for $9.15 million. The property was built in 2008 at 32nd and Camelback Road. The buyer was represented by Andrew Greenberg of ERG Property Advisors. The seller, TradeCor LLC, was represented by Jereme Snyder and Eric Carlton of Colliers International.
HAYWARD, CALIF. – Solta Medical has extended its lease for 88,000 square feet of space inside two Class A office/R&D buildings at the Mount Eden Business Park in Hayward. The properties are located at 25881 & 25901 Industrial Blvd. The lease was valued at $4 million. The landlord, Mount Eden Business Park, LLC, was represented by Dan Bergen and Casey Ricksen of Colliers International.
SCOTTSDALE, ARIZ. – A 35,000-square-foot medical office building and an adjacent two-acre property have sold to LGE Design Build and Anderson Commercial Real Estate for $3.7 million. They are located at 8550 and 8600 E. Anderson Drive in Scottsdale. The two-acre property has the potential for a 72,000-square-foot, four-story building. The seller, Silverleaf Perimeter Center, LLC, was represented by Mark Stratz, Ray Harris, Tyler Wilson and Scott Baumgarten of Cassidy Turley BRE Commercial.
SANTA MONICA, CALIF. — Avison Young has acquired Starrpoint Commercial Partners in Santa Monica. The firm specializes in high-tech and media firms that are looking for space in and around Santa Monica. Randy Starr, Starrpoint’s founder and CEO, and Tim Dornan, its principal, will now work out of Avison’s third Los Angeles-area office. Starr will act as a principal, while Dornan joins as a vice president. Avison will occupy the former Starrpoint space at 301 Arizona Ave., Suite 303.
BOISE, OREM, UTAH, MALIBU, CALIF. — Kennedy Wilson(KW) and its partners have recently acquired three Western-based retail properties for a total of $37.3 million. Its most recent acquisition was a 209,329-square-foot, multi-tenant retail center in Orem. It has also purchased 15,118 square feet of retail and office space in Malibu, as well as a 114,404-square-foot retail center in Boise. Partners in these acquisitions included The LeFrak Organization and Kennedy Wilson Fund IV, among others.
CALABASAS, CALIF. — Institutional Property Advisors (IPA) has named Brian T. Murdy as national director. IPA is a multifamily brokerage division of Marcus & Millichap that specializes in institutional and major private investors. Murdy had previously served as portfolio manager of Cornerstone Real Estate Advisers’ flagship core open-end fund. He is a 28-year veteran of the institutional multifamily investment industry.
SURPRISE, ARIZ. – The 142-unit La Borgata Apartments in Surprise has received a $12.1-million loan refinancing. The financing was secured for Retreat at West Point Multi-Family LP by Artin Anvar of Love Funding’s Washington office through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan program. The property is managed by MEB Management Services.
SUNNYVALE, CALIF. – LinkedIn has committed to 556,360 square feet of office space in Sunnyvale. The social networking company will soon be housed in a 630,000-square-foot, Class A campus that is being developed by JP DiNapoli Companies on a 14.2-acre site. It is located at 555 North Mathilda Ave. LinkedIn will be the campus’ sole tenant. The project, which will contain a pair of 204,000-square-foot buildings and a 129,600-square-foot building, is striving for LEED-Gold certification. A 73,425-square-foot office building is already in existence at the campus and is currently leased by LinkedIn. A 52-room Comfort Inn, which sits on the property, will be demolished to make room for the new campus. JP DiNapoli was represented by Phil Mahoney and Ben Stern of Cornish & Carey Commercial Newmark Knight Frank.
SHERIDAN, ORE. — A vacant industrial property located at 888 SE Sheridan Road in Sheridan has received a $1.25-million loan. The property houses a 235,000-square-foot former manufacturing facility that was built in 1973. It was previously used by Liberty Homes, an affiliate of the borrower, to produce manufactured housing. The 34.2-acre property contains three buildings that include 4,000 square feet of built-out office space. The three-year, interest-only loan will provide working capital to fund improvements that will ultimately allow the owner to reposition the property. Financing was obtained by owner Liberty Realty Enterprises and will be serviced by Kennedy Funding on behalf of a limited liability company owned by the members. At the time of the loan’s closing, a 24,000-square-foot building on the property was under contract to be sold for $680,000.