TEMPE, ARIZ. – The retail portion of the three-building Crossroads of Tempe development has sold to a single-asset entity of Westwood Financial Corp. for $1.3 million. The sellers, a joint venture between ViaWest Group and Southwest Value Partners, originally purchased the three assets in July 2011 for $4,055,000. The just-sold retail portion contains a 15,460-square-foot retail center located at 7707 S. Kyrene Road. It was built in 2006 and is currently 54 percent leased. The center also contains two adjacent Class A office buildings totaling 96,600 square feet. The joint venture was represented by Grubb & Ellis in this sale.
Western
SCOTTSDALE, ARIZ. — Westport Capital Partners LLC has purchased Scottsdale Financial Center II in Scottsdale for an undisclosed sum. The Class A, 150,000-square-foot office building is located at 4141 N. Scottsdale Road. The center is currently 71 percent leased to Coventry Health Care. Jones Lang LaSalle’s Jim Sadler, Dennis Desmond and Brian Ackerman represented the seller. JLL’s Harry Klaff also represented Coventry, the building’s primary tenant, in the lease transaction.
IRVINE, CALIF. – Hanley Investment Group Real Estate Advisors has sold three multi-tenant strip centers in the Inland Empire that total 96,327 square feet for $8,170,026. The sales included the 24,624-square-foot Citrus Foothill Retail Center in Fontana, which was purchased by Fontana Shopping Plaza LLC; the 31,663-square-foot Smith Avenue Center in Corona, which was purchased by NSHE CA Leonardo, LLC; and the 40,040-square-foot Grand Jurupa Center in Riverside, which was purchased by La Peer Investments, LLC.
Emboldened by renewed job growth and improving sales, retailers will push forward with new store openings in Puget Sound, which will ease the use of concessions. Leasing velocity in the Seattle-Tacoma retail market has built momentum through 2011, led by regional and national chains occupying vacant sites in high-traffic corridors. King County trade areas such as the Northgate/Central and Eastside/Bellevue submarkets have been the primary beneficiaries of resumed tenant expansions, but most suburban areas also recorded a modest upturn in leasing volume this year. The broadening recovery enabled landlords to hold the line on concessions. While the rate of recovery will remain strongest in King County heading into 2012—aided by move-ins from Ross Dress for Less, Big Lots and several grocery chains—tenant demand for established centers in Pierce and Snohomish counties will build. In addition to a collection of smaller lease transactions, nearly a dozen regional and independent retailers have secured junior-anchor and big-box sites this year, with many of the leases set to commence over the next nine months. Seattle retail developers completed about 695,000 square feet of space during the 12 months ending in the third quarter, an increase from the delivery of 250,000 square feet one year …
Pullman, Wash. – The 146-unit Birch Hills in Pullman received $10.5 million in first-mortgage financing. The off-campus student housing community is located near Washington State University. The loan features a seven-year term and a 30-year amortization schedule. It was arranged for the borrower, Corporate Pointe, by NorthMarq through its seller-servicer relationship with Freddie Mac. NorthMarq’s team was led by Bob Spiro of the firm’s Seattle office.
RANCHO MIRAGE, CALIF. — River’s Crossing, a 31,900-square-foot retail centerin Rancho Mirage, has sold to a private Canadian venture for $6.8 million. The center was built in 1991 and is situated on 2.88 acres along Highway 111. It is currently 89 percent occupied. Notable tenants include Ferguson, Goodwill Industries and California Patio. Michael Dyer of Cushman & Wakefield and Dick Bridy of DBI Group represented the all-cash buyer. William B. Asher and Edward B. Hanley of Hanley Investment Group represented the seller, Highpoint Capital, LLC.
LIVERMORE, CALIF. — Topcon Positioning Systems (TPS) has signed a long-term lease for 30,000 square feet at 7901 National Drive in Livermore. This will allow TPS to expand its headquarters. The two-story office building was completed in 2007. TPS was represented by Mark Triska and Ned Wood of Colliers International. The building’s landlord, Bear Properties, LLC, was represented by Adam Ebner and Mark Kol of CBRE.
VALENCIA, CALIF. – All Body Fitness has signed a 62-month lease for a 36,498-square-foot industrial building in Valencia. The building is located at 28328 W. Witherspoon Parkway and was built in 2000. All Body Fitness was represented by Trevor Gale of Beitler Commercial. Dennis Marciniak andLarry McEwan of DAUM’s San Fernando Valley office represented the landlord, Young Generation Video.
AVENAL, CALIF. – The 40-unit Pleasant Valley Manor has sold to an unnamed buyer from Avenal Associates for $1,880,000. The community is located in 1017 E. Dome Street in Avenal. Al R. Inouye and Steven A. Nelson of Hendricks & Partners’ Sacramento office negotiated this transaction.
BEAVER, UTAH – The 35-unit Best Western Butch Cassidy Inn motel in Beaver has sold to Digvi Inc. for $1,425,000. Mike Francis, an investment specialist in Marcus & Millichap’s Salt Lake City office, marketed the listing exclusively on behalf of the seller, a limited liability company. Francis also secured the buyer.