COALINGA, CALIF. – The 80-unit Tara Glenn apartments in Coalinga has sold to HPD Tara Glenn L.P. for $3.8 million. The community is located at 550 East Glenn. The seller was Tara Glenn Associates. The sale was executed by Al R. Inouye and Steven A. Nelson of Hendricks & Partners’ Sacramento office.
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PHOENIX — Faris Lee Investments has sold three free-standing properties in the Greater Phoenix area that are occupied by Pizza Huts for a total of $3.55 million. The properties were sold to individual, all-cash buyers from California and Arizona. The locations offered absolute NNN leases with either 15- or 20-year lease terms upon the close of escrow. The three acquisitions included 4708 South 48th Street in Phoenix that sold for $1,629,000; 2056 E. Baseline Road in Mesa that sold for $1,118,000; and 808 West Broadway Road in Tempe that sold for $800,000. Dennis Vaccaro and Matthew Mousavi of Faris Lee marketed all three properties on behalf of a Pizza Hut franchisee who operates 46 Pizza Huts throughout Arizona and Texas.
WEST HOLLYWOOD, CALIF. — A 5,700-square-foot retail building in West Hollywood has sold to Interior Illusions for $2,385,000. The upscale furniture retailer and interior design services company has occupied the single-tenant, three-story building for the past year. The property, which was constructed in 1929 and renovated in 2006, is located at 7335 Santa Monica Blvd. Trevor Belden of Lee & Associates-LA North/Ventura and Jay Martinez of J. Martin & Associates-KW Commercial represented both the buyer and the seller, VIA Lending Co., LLC/KAR Properties Inc., in this transaction.
FONTANA, CALIF. — Syncreon Technology has leased a 155,000-square-foot industrial property in Fontana. It is located at 14780 Bar Harbor Road. The lease is valued at more than $1.7 million. The property is currently used as a distribution center. Syncreon was represented by Richard Horn and Philip T. Attalla of NAI Capital. The landlord is Intex Properties Inland Empire Corporation.
DENVER – The 42-unit Saint Clair Apartments in Denver has sold to a private investor for $1.9 million. It is located at 4510 West Saint Claire Place. Greg Price, Brian Haggar and Clayton Primm of Marcus & Millichap’s Denver office represented both the buyer and the seller, a tenants-in-common, in this transaction.
San Diego — Resmark Apartment Living and ColRich have formed a joint venture to develop two apartment communities totaling 427 units in south San Diego County. Resmark Apartment Living is a division of the Resmark Companies. The 19.6-acre development site is located is located in the master-planned community of Eastlake, which his adjacent to the U.S. Olympic Training Center in Chula Vista. The 9.5-acre western portion of the property will contain 209 residences, including 170 three-story townhomes and 39 triplexes. The 10.1-acre eastern part of the site will contain 218 residences, 158 of which will be townhomes and 60 that will be triplexes. The development began construction in January. It is scheduled for completion in October 2013. The communities will be managed by Lincoln Property Company.
CHANDLER, ARIZ. — The 57,038-square-foot Santan Gateway South in Chandler has sold to Eleven Investments LLC for $6.2 million. It is located at 1305-1445 South Arizona Ave. and is anchored by Sam’s Club. The buyer was represented by Matthew Olson of Property Resources Group, LLC. The seller, a special servicing company, was represented by Darren Tappen, Troy Nelson and Scott Nelson of Voit’s Phoenix office.
CARLSBAD, CALIF. — Darwin Technology Center, a 70,456-square-foot industrial/flex building in Carlsbad, has received $4.6 million in first-mortgage refinancing. The loan features a 10-year term and a 30-year amortization schedule. It was arranged by Michael Elmore of NorthMarq’s Los Angeles office through the firm’s relationship with a national bank.
FONTANA, CALIF. — TNP Strategic Retail Trust has sold Chase Bank and Chevron parcels located at Morningside Marketplace in Fontana to a 1031 private real estate investor for an undisclosed sum. The Morningside Marketplace is a Ralph’s-anchored shopping center that was built in 2001.
NORCO, LAKE ELSINORE, CALIF. — Hanley Investment Group Real Estate Advisors has sold two Inland Empire-based strip centers for more than $9 million. This includes the 12,835-square-foot Marketplace on Hamner in Norco that was sold to Agins Development Corporation, and the 34,850-square-foot Winston Plaza in Lake Elsinore that was acquired by Fan Family Trust. Agins was represented by Woodrow Harpole of Calvert Properties. Fan Family Trust was represented by Richard Lee of R&L Properties-Cerritos Inc. Hanley’s William B. Asher and Patrick G. Kent represented the Marketplace on Hamner seller, Marketplace on Hamner, LLC. Asher and Jeremy S. McChesney also represented the Winston Plaza seller, Palm Lake Properties, LLC.