TEMPE, ARIZ. — Agua Del Sol, a manufacturer and distributor of thermal solar-powered products and equipment, has signed a three-year lease for 23,124 square feet at 602 W. 22nd Street in Tempe. After acquiring the assets, distribution network and product lines that were previously held by Integrated Solar, Agua Del Sol plans to combine and relocate their Deer Valley and Stafford locations to the Tempe facility. DPR Realty’s Lisa Hoffman represented Agua Del Sol. Marc Tuite and Kris Martin of Cassidy Turley BRE Commercial’s Industrial Services Group represented the landlord, Spectrum Investments 602, LLC.
Western
SEATTLE — The AFL-CIO Building Investment Trust (BIT) has agreed to develop the $48-million, 193-unit PortVue Apartments in West Seattle. The multifamily project will commence construction in the next few weeks. It is being developed by Legacy Partners.
BEAUMONT, CALIF. — CT Realty Investors has acquired the Dowling Orchard Business Park in Beaumont. Dowling includes two new industrial warehouse buildings totaling 572,143 square feet. In addition to the business park, CT also acquired 30 acres of land entitled for a 611,000-square-foot building, which should begin construction in 2012. The industrial park and land were acquired from Oakmont Dowling Orchard, LLC for an undisclosed sum. The all-cash sale was facilitated by Bill Heim and Eloy Covarrubias of Lee & Associates Ontario.
TEMECULA, CALIF. — Faris Lee Investments has sold a 14,500-square-foot retail property at the entrance of the Promenade Temecula regional mall for $5.65 million. The building is fully occupied by the Tilted Kilt Pub & Eatery, Jamba Juice, Ming’s Restaurant, Pacific Pita and Promenade Dental Care. Faris Lee’s Jeff Conover and Rich Walter represented the seller, Temecula Pad PQ, LLC. IRN Realty’s Jackson Chang represented the all-cash buyer, SZ Prosperity Investment. The property closed at a 7.61 percent cap rate.
SCOTTSDALE, ARIZ. – NorthMarq Capital has arranged $5 million in first-mortgage financing for the 25,612-square-foot North Scottsdale Gateway shopping center. Financing includes a 10-year term and a 25-year amortization schedule. NorthMarq obtained the financing for the borrower through its correspondent relationship with Thrivent Financial for Lutherans. James DuMars, senior vice president and managing director of NorthMarq Phoenix regional office, arranged the financing.
SAN FRANCISCO – The Edwardian San Francisco Hotel has been sold for $4,187,500. The 28-room boutique hotel was built in 1913 and is centrally located near San Francisco’s City Hall, Castro District, Union Square and Twitter’s headquarters. It was recently renovated in 2008. The sale was brokered by Eric Gunderson of Cassidy Turley BT Commercial’s Hospitality Group.
SEATTLE – The 35-unit Alderview Apartments in Seattle has sold to an LLC for $4,296,000. Timothy McKay, an investment specialist in Marcus & Millichap’s Seattle office, listed the property exclusively on behalf of the seller, a private investor. He also represented the purchasing LLC in this transaction.
BASALT, COLO. — Whole Foods Market has re-signed as the anchor of the Willits Town Center, a development in Basalt that was stalled but will soon resume construction now that Mariner Real Estate Management (MREM) has agreed to purchase the project. Willits had remained untouched for three years until Mariner announced it would continue construction on the project right where the previous owner had left off. Willits is being billed as a multi-use community that will eventually include retail, office and residential loft spaces, in addition to a town square, parks and recreation facilities. MREM is owned by Montage Investments, an affiliate of Mariner Wealth Advisors.
CARSON, CALIF. — AZ West, the Western arm of third-party logistics firm AZ Container Freight Station, has leased a 300,000-square-foot industrial property within the master-planned Watson Corporate Center in Carson. The six-year lease is valued at about $12.5 million. The transaction is among the South Bay’s largest single-building industrial leases in 2011 in terms of square footage, according to Watson Land Company. CBRE’s Bret Quinlan, Bill Waxman and Mike Rizzo represented AZ West in the transaction. Watson Land Company, owner of Watson Corporate Center, was represented in-house by Lance Ryan and Mike Bodlovich.
MISSION VIEJO, CALIF. — Watt Commercial Properties has completed a $6-million renovation of Alicia Towne Plaza in Mission Viejo. The 19-month redevelopment provided an update to the 150,000-square-foot property’s façade, replaced signage along Alicia Parkway, updated the landscaping and converted a former 84,000-square-foot Mervyn’s building into a 62,000-square-foot L.A. Fitness. S.D. Deacon acted as the general contractor for the Alicia Towne Plaza redevelopment.