GOODYEAR, ARIZ. — Mountain Ranch Medical Commons, an 18,000-square-foot, Class A medical office facility, is going to be developed within the mixed-use, master-planned community of Goodyear. It will reside on 5.3 acres. The official groundbreaking is scheduled for fall 2012 with a mid-2013 opening date. Mountain Ranch is being developed by Irgens. The land inside Estrella was purchased from Newland Communities, while Banner Health will serve as the anchor medical tenant. It is being designed by architect 33 North. Bruce Campbell of CBRE is serving as the listing broker for the balance of the project.
Western
SHERWOOD, ORE. — U-Haul has purchased a 60,000-square-foot facility in Sherwood from Tercek Properties for $3.6 million. The company plans to use this space as a full-service facility with storage, vehicle rentals and trailer hitch installation. The sale was brokered by Scott Finney of Norris & Stevens.
SAN FRANCISCO – CBRE has unveiled its new Northern California Institutional Investment team. This team will be led by Russell Ingrum, the national practice leader for CBRE’s Office Institutional Group, who will be relocating to San Francisco from Houston; Sean Sullivan, who will rejoin CBRE as executive vice president of the Investment Properties Institutional Group; and Joseph Moriarty, a senior vice president in the firm’s San Jose office. The team will be joined by Tyler Meyerdirk, an associate in the firm’s San Francisco office. Ingrum will continue to serve as the national office practice leader for CBRE’s Institutional Group, while Kevin Shannon will continue to lead the company’s office investment practice in the West.
MESA, ARIZ. — Falcon Commerce Park, a 33,340-square-foot, two-building industrial project in Mesa, has sold to L’Argent LLC for $1.9 million. The park is located at 1656 North Banning and 1655 North Rosemont. L’Argent was represented by Mike Parker of Colliers. The seller, Arizona Graystar Return, LLC, was represented by Paul Boyle and Rick Danis of Cassidy Turley BRE Commercial’s Capital Markets Group.
BEVERLY HILLS, CALIF. — The City of Beverly Hills will soon commence construction on a $7.8-million expansion of its Public Works Warehouse and Shops. The project will be located at 9357 Third Street. The new facility will allow the city’s maintenance and communications departments to operate in case of an emergency or natural disaster. It should be completed in January 2013. C.W. Driver is working with RTK Architects on the pre-construction phase for the project. The new facility will ultimately contain a two-story plus basement, a 21,000-square-foot building, a tunnel under a roadway to an adjacent existing garage and a contiguous 15,000-square-foot yard.
LOS ANGELES — Cresta Properties has purchased two Los Angeles-area apartment buildings for a total of $6.5 million. The transaction includes a 60-unit apartment building in Koreatown and a 21-unit building in Hollywood. These acquisitions are part of Cresta’s plan to double its multifamily portfolio by the end of 2012. Both properties will be managed by the Property Management Division of Los Angeles-based TRG Real Estate Services.
MESA, ARIZ. — Udall Shumway & Lyons has signed a 10-year lease for 17,895 square feet at Riverview Point, a master-planned, mixed-use complex in Mesa. The law firm will be relocating from downtown Mesa in August 2012. It was represented by Tom Auther of Jacor Partners LLC in Phoenix. The landlord, R & R Riverview, was represented by Bryan Taute and Michael Strittmatter of CBRE’s Phoenix office.
HERMISTON, ORE. – A 55-unit Best Western in Hermiston has received $3.17 million, which will be used to refinance the property. The hotel is located at 2255 South Highway 395. The long-term, fixed rate loan was provided by Premier Capital Associates.
RIVERSIDE, CALIF. — Citrus Tower, a Class A office building located at 3390 University Ave. in Riverside, has opened. It broke ground in 2010. The building is owned by Mark Rubin of Regional Properties and was built by McCormick Construction Company. Citrus Tower’s listing broker is Richard J. Erickson of Lee & Associates-Riverside. The building’s first tenant is Best Best & Krieger LLP, which occupies 35,000 square feet on the fourth and fifth floors.
TEMPE, ARIZ. — Appliance Depot has signed a five-year lease for 38,400 square feet of industrial space in Tempe. The facility is located at 2424 W. University Drive. Appliance Depot was represented by Chad Neppl and Jeff Hays of NAI Horizon. The landlord, Sigour Investment Trust, was represented by Matt McDougall & Stein Koss with Lee & Associates.