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.
Western
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.
SANTA ANA, CALIF. — The 84-unit Tustin View apartments in Santa Ana has sold for $14.4 million. The property is located at 2002 and 2010 Ponderosa Street and was built in 1968. The seller was Peak 1031 Exchange, Inc, a California corporation, which acted as a qualified intermediary for JHPark Villa, LLC. The transaction was negotiated by Peter M. Hauser, Robin D. Ossenbeck and Steven C. Brombal of Hendricks & Partners.
VISTA, CALIF. – The 45-unit Newport Vista Apartments in Vista have sold to Tesoro Del Sol I for $5.9 million. The 40,500-square-foot property is located at 845 Newport Terrace Drive. Tesoro was represented by Ethan L. Smith of Real Estate Services. The sellers, Phyllis Newman Foster & William Foster, et al., were represented by Dennis Leslie and Dan Zendejas of ACI.
GLENDALE, CALIF. – A 40-unit apartment property located at 401-403 W. Glenoaks Blvd. in Glendale has sold to Meridian-Kenwood, LLC for $4,462,000. The property was fully occupied at the time of closing. Meridian-Kenwood was represented by Han Widjaja Chen of Colliers International. The seller, Arcadia-based 727 Del Coronado, LLC, was represented by Judy Stevens of Prudential California.
AURORA, COLO. — The Bahamas Apartments, a 100-unit apartment community in Aurora, has sold to Fitzsimons Place, LLC for $3 million. The property is located at 1568 Nome Street. The sale was brokered by Brice Head of Pinnacle Real Estate Advisors.
RIO RANCHO, N. MEX. — Southern & Unser Shops, a 9,135-square-foot retail center in Rio Rancho, has sold to PASSCO Companies for $2.85 million. The Class A center was built in 2011 and is fully occupied. Notable tenants include Five Guys Burgers and Fries, Papa Murphy’s, Supercuts, Nutrishop, Sushi King and Cold Stone Creamery. Passco was represented in-house by Alan Clifton, while the seller, Southern & Unser LLC, was represented by Jim Wible of NAI Maestas & Ward.
SORRENTO MESA, CALIF. – Mesa Rim Corporate Center, a 23,277-square-foot flex industrial building in the Sorrento Mesa region of San Diego, has sold to SR Commercial for $2.12 million. The property is located at 6675 Mesa Ridge Road. SR was represented by Vincent Punzi with VPC. The seller, ECT Mesa Ridge, LLC, was represented by Paul Komadina of CBRE Private Capital Group, along with Paul Lafrenz of CBRE Private Capital Group.
BUCKEYE, ARIZ. — Elianto LANDVEST has purchased about 2,389 acres of land at the northeast corner of Sun Valley Parkway and Thomas Road in Buckeye for $7.4 million. The buyer is an entity formed by LANDVEST North America of California. The land is part of a former Lennar project that was fully entitled and ready to break ground. LANDVEST plans to hold the property and re-introduce it for development at an appropriate time. The company was represented by John Finnegan, Chaz Smith and Ramey Peru of Colliers International’s LandSource Group. The seller, Bank Midwest, was represented by Ryan Semro, Bret Rinehart and Ben Heglie of Land Advisors.