IRVINE, CALIF. — Lee & Associates has sold a 15,436-square-foot industrial building inside the Irvine Spectrum for $3.1 million. Senior vice presidents Mark Jerue, Craig Fitterer and Chuck Hardy represented the seller, East Irvine Properties, LLC. CBRE’s Amy McNamara represented the buyer, HPC Holdings, LLC.
Western
TUCSON, ARIZ. — BH Properties has purchased the 410-unit Casa Bella apartment complex in Tucson for $9.1 million. This is the firm’s sixth multifamily acquisition in less than a year. BH Properties was represented in-house. Hendricks & Partners’ Art Wadlund represented the seller.
VICTORVILLE, CALIF. – A 12,900-square-foot, single-tenant building in Victorville that is occupied by CVS Pharmacy has sold to 14426 Palmdale Rd. LLC for $7.95 million. This was a record-setting $616 per square foot, representing the highest price paid for a single-tenant drugstore building within the Inland Empire since 2007. CVS maintains a long-term, absolute NNN 25-year lease at the property, which was sold at a 6.5 percent cap rate. Hamid Soroudi and Kimberly Roberts Stepp of Charles Dunn Company represented the buyer. Nick Coo and Dennis Vaccaro of Faris Lee Investments represented the seller, NMC El Evado LLC.
MURRIETA, CALIF. — Voit Real Estate Services has directed the REO sale of a 55,363-square-foot Murrieta office building. The two-story, multi-tenant building is situated on 2.86 acres at 29970 Technology Drive. Dan Vittone and Al Pekarcik of Voit’s Irvine, Calif., office represented both the buyer, Global Building, LLC, and the seller, a major financial institution.
TUCSCON, ARIZ. – The 11,053-square-foot Copper Plaza shopping center has sold to 3122 N. Campbell Ave. LLC for $1.38 million. Copper Plaza was built in 2005, and was 75 percent occupied at the time of sale. CBRE’s Tim Healy and Robert DeLaney represented the buyer. CBRE’s Mike Chapman and Shannon Murphy represented the seller, Great Western Bank, which acquired the property through foreclosure.
DAVIS, CALIF. – The 120-unit Alder Ridge apartment community in Davis has sold to 4005 Cowell Boulevard Property, LLC for $14,900,000. Located at 4005 Cowell Blvd., Alder Ridge was previously owned by The Second Alder Ridge Group. The sale was negotiated by Steven A. Nelson and Al R. Inouye of Hendricks & Partners’ Sacramento office.
NEWPORT BEACH, CALIF. — Voit Real Estate Services has added 14 properties to its portfolio of asset and property management assignments throughout the Western U.S. These new assignments, which total 944,656 square feet, are located throughout Orange County, Calif., San Diego, Phoenix and Las Vegas. The 14 properties were won within the past 45 days.
CARSON, CALIF. — Herbalife International has signed a 10-year lease for 148,908 square feet of industrial space at 18431 Wilmington Ave. in Carson. The Class A space is within the master-planned Dominguez Technology Center. The facility will act as the company’s Los Angeles distribution headquarters. Herbalife will be relocating from its 82,000-square-foot space within the Watson Industrial Center, also in Carson. Herbalife was represented by JLL’s Mike McRoskey, Frank Scott, Tim O’Rourke and Barry Hill. The owner, Watson Land Company, was represented in-house by Lance Ryan and Mike Bodlovich.
PORTLAND, ORE. – Johnson Capital has arranged a $2.4-million loan for Hawthorne 44, a new 27-unit live-work apartment community in Portland. The three-year, non-recourse loan was provided to the owner, an affiliate of Pathfinder Partners, LLC, by First Fidelity Bank. The loan was arranged by Richard Caterina, vice president of Johnson Capital’s San Diego office.
PHOENIX — NorthMarq Capital has arranged nearly $31 million in first-mortgage financing for four properties throughout Arizona and California. It arranged $5 million for the 25,612-square-foot North Scottsdale Gateway retail center in Scottsdale, Ariz.; $12.446 million for Prospect 400, a mid-rise luxury community in La Jolla, Calif.; $12.3 million for the 153,800-square-foot Prospect Park Commons office complex in Rancho Cordova, Calif.; and $1.2 million for the 22,176-square-foot La Loma Business Park industrial building in Anaheim, Calif. Financing for North Scottsdale Gateway and Prospect 400 was arranged through NorthMarq’s Phoenix regional office. Prospect Park Commons financing was arranged through the firm’s San Francisco office, while La Loma was arranged through the Los Angeles office.