NORTH LAS VEGAS — TNP Strategic Retail Trust has sold a land parcel at Craig Promenade in North Las Vegas to a private entity. Craig Promenade is a 109,250-square-feet retail center that was built in 2005 and purchased by TNP Strategic Retail Trust in March 2011. TNP intends to use the proceeds from the Popeyes land parcel sale to purchase Topaz, a Hesperia, Calif., center that is anchored by Fresh & Easy, through a 1031 Exchange.
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SCOTTSDALE, ARIZ. – HCW LLC has purchased a nine-acre parcel at DC Ranch in Scottsdale, which is located at Legacy Boulevard and Pima Road. The property will be developed into an apartment community. It was sold for an undisclosed amount by Enterprise Bank.
SAN FRANCISCO – The 61-unit Pacific View Apartments was purchased by a single-asset entity controlled by a private Bay Area partnership for $11.3 million. The apartment community is located in Pacifica, Calif., which is in San Mateo County. The private partnership acted on its own behalf, while Nathan Blair and Ryan Wagner of Arroyo & Company represented the seller.
SAN JOSE, CALIF. — Xactly Corporation has leased nearly 30,000 square feet at 225 West Santa Clara in Downtown San Jose. The sales solutions specialist will relocate its headquarters to the Class A office tower’s 12th floor later this year. Built in 2001, 225 West Santa Clara is currently more than 90 percent leased. Joshua Hitchcock serves as the regional director of leasing for Equity Office, the property’s owner.
ALISO VIEJO, CALIF. — Digital River has renewed and expanded its presence at 27081 Aliso Creek Road in Aliso Viejo. The global e-commerce firm’s lease expansion includes 12,326 square feet of office space. Brian Childs with NAI Capital’s Orange County office represented Digital River. The building’s owner, Menlo Equities, represented itself in the transaction.
VISALIA, CALIF. — Westcore Properties has purchased West Ferguson, a two-building industrial property totaling 280,290 square feet in Visalia, for $7.95 million. This is the fifth industrial park Westcore has acquired in the Central and Northern California regions in the past few months. The other four properties total 625,730 square feet. West Ferguson is currently 18 percent leased. Its sole tenant is STIHL American LLC. Palmer-Capital’s Brandon Banks represented Westcore Properties in this transaction. The seller, The Allen Group, represented itself.
VAN NUYS, CALIF. — Rexford Industrial’s Fund V REIT (“RIF V) has purchased two industrial buildings totaling 30,000 square feet in Van Nuys for $2.7 million in an all-cash, off-market transaction. The company plans to complete exterior and interior renovations on the vacant properties. Ron Feder of RJ Feder & Associates represented both Rexford Industrial and the seller in this transaction.
SAN DIEGO — Information Systems Laboratories has signed a 30,097-square-foot, 72-month lease renewal at Sorrento Tech I in the Sorrento Mesa submarket of San Diego. The renewal is valued at $2.285 million. The technology development company utilizes this freestanding flex R&D building for its headquarters. CresaPartners’ Don Mitchell represented Information Systems. JLL’s Chad Urie and Ryan Grove represented the landlord, Bixby Kibbee, LLC.
DENVER, LOS ANGELES — NorthMarq Capital has arranged more than $12 million in financing for two Western region properties. It arranged $6,350,000 in permanent financing for the 61,456-square-foot Crestline Office Center in Greenwood Village, Colo. John M. Stewart, senior vice president, and Brock Yaffe, senior investment analyst from NorthMarq’s Denver regional office arranged the financing for the borrower. The company also arranged $6 million in first-mortgage financing for the 199,562-square-foot Azusa Industrial Center in Azusa, Calif. Michael Elmore, senior vice president and managing director of NorthMarq’s Los Angeles regional office arranged the financing for the borrower through the company’s correspondent relationship with Aetna Life Insurance Company.
INGLEWOOD, CALIF. — A group of private investors has purchased a 41-unit apartment complex in Inglewood for $4.7 million. The complex sold at a 6.75 percent cap rate. The two-building complex was built in the early 1960s and has undergone significant capital improvements. The new owners plan to make additional improvements to the complex’s façade and landscaping. Robert Leveen, a principal with Lee & Associates-Investment Services Group, represented the buyers.