SAN DIEGO – The Torrey Corner Shopping Center has sold to 3 Tier Investments, LLC, for $6.1 million. Located in the San Diego submarket of Carmel Valley, the 13,344-square-foot Torrey Corner is anchored by Bank of America, Prudential Real Estate and Massage Envy, among others. Cassidy Turley’s Andrew Peterson, Bruce Schiff, Phil Lyons and Chad Iafrate represented the seller, Sorrento Hills Marketplace 2, LLC, in the transaction. The buyer represented itself.
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LOS ANGELES — Colliers International has sold a single-story office building at 1536 N. Highland Ave. in Los Angeles to the Musicians Institute for $3 million. The Musicians Institute was represented by Ramsey-Shilling Commercial Real Estate Services. The private sellers, Mher & Sossy Tavidian of Vartan Tavidian, were represented by Kathleen A. Silver and Kay Thorpe out of Colliers’ West Los Angeles office.
PHOENIX — Jones Lang LaSalle Industrial Solutions has sold a 302,640-square-foot distribution building in Tolleson, Ariz., to a limited partnership formed by Prologis for $9.95 million. The seller, the Paul and Eleanor Sade Trust, put the building up for sale after its long-time tenant, Reckitt Benckiser, expanded and relocated in Utah. The trust was represented by JLL managing directors Anthony J. Lydon and Marc Hertzberg in this all-cash transaction. The two have also been assigned to carry out the leasing efforts for Prologis, which was represented in-house by senior vice president and investment officer Fritz Wyler.
PHOENIX — CB Richard Ellis has sold the 360-unit Mountain Park Ranch in Phoenix to CREF Windsor LLC for an undisclosed sum. This apartment community resides within the 2,500-acre, master-planned Mountain Park Ranch community. Built in 1996 and formerly known as the Windsor at Mountain Park Ranch, the property was 95 percent occupied at the time of sale. CBRE’s Tyler Anderson and Sean Cunningham represented the seller, Windsor at the Preserve LLC.
WOODLAND HILLS, CALIF. — Colliers International has sold a 34,321-square-foot industrial building in Woodland Hills to Sky High Sports for $5.35 million. This acquisition will represent the trampoline fun center’s first expansion into the San Fernando Valley. It had previously leased a building in Camarillo in 2010. Sky High Sports was represented by members of TEAM DeGRINIS, which is based out of Colliers’ Encino office. The team included John DeGrinis, Patrick DuRoss and Jeff Abraham. The seller was represented by Jim McDonald of Group 100.
GOLETA, CALIF. – The City of Goleta has purchased four undeveloped acres where it intends to build the Old Town Park. Located at the corner of Hollister and South Kellogg avenues, the park would service the neighborhoods in Old Town Goleta. The land was purchased for $2,625,000 through park development fees and redevelopment funds. The city is looking to the public to provide insight on the park’s design and planning. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the City of Goleta in this purchase.
BAKERSFIELD, CALIF. — The East Hills Mall in Bakersfield will be auctioned at the Los Angeles Courthouse of the U.S. Bankruptcy Court, Central District of California, on Sept. 22. The 410,000-square-foot East Hills Mall sits on 36 acres and was originally built by the Hahn Company in 1988. The portion to be sold at auction consists of the mall shops and a theater, which contains about 178,000 leasable square feet on 17.8 acres. The mall was previously anchored by Mervyns and Gottschalks, but after both retailers were liquidated in 2009, East Hills struggled to pay its debts and its owner, BH Mall LLC, subsequently filed for bankruptcy. The auction’s minimum starting bid will be $4.1 million.
SEATTLE — Marcus & Millichap Real Estate Investment Services has sold the Roberta and Carol Apartments, a 30-unit complex located in Seattle, for $3,590,000. Both the buyer, a limited liability company, and the seller, a private investor, were represented by Marc Cunningham, an investment specialist in Marcus & Millichap’s Seattle office.
LOS ANGELES — Voit Real Estate Services’ Central Los Angeles Market teamhas sold 110,000 square feet of land for $2.7 million. This is one of the highest sale prices for land in the Commerce, Calif., region in the past two years, according to Voit’s Brian McLoughlin. A 36,123-square-foot warehouse currently sitson the land. The buyer, So Cal Carriers, plans to use a portion of the building for its Commerce headquarters. The other portion will be demolished. So Cal Carriers was represented by Casey Mungo of GVA Daum Commercial Real Estate Services. The seller, Maechling Family Trust, was represented by McLoughlin along with David Fults, who is also out of Voit’s Commerce office.
SAN DIEGO — Marcus & Millichap Real Estate Investment Services has sold two Rite Aid net-leased assets in Southern California. The Wildomar location was purchased by a private investor from a developer. The San Diego Rite Aid was purchased by a private investor from a family trust. M&M’s Alvin Mansour represented both the buyers and the sellers in each transaction. The two drugstores traded for a total of $6,484,500.