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.
Western
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.
LOS ANGELES — Hager Pacific Properties has recently secured three leases at two of its Los Angeles-area industrial properties. The leases encompass 256,093 square feet of space and boast a total value of $6.8 million. Cosmetic Enterprises has signed a six-year lease renewal valued at about $4.5 million for 110,000 square feet at Pacoima Industrial Park in Pacoima, Calif.; Natural Balance has signed a three-year lease for an expanded 60,000-square-foot space at Pacoima Industrial Park valued at about $1.2 million; and CA Liquidators signed a three-year lease with a five-year option to extend for 86,093 square feet at Hager’s 7344 Bandini Blvd. facility in the City of Commerce, Calif.
SAN DIEGO — Voit Real Estate Services has sold a 24,000-square-foot industrial flex property in the Rancho Bernardo submarket of San Diego to Swinerton Incorporated for $2.6 million. Swinerton will move its San Diego headquarters to the new building, which is located at 16798 West Bernardo Drive. Voit’s Paul Brown represented Swinerton, while Brian Mulvaney and Bruce Sanders, also of Voit, represented the seller, DBA, West Bernardo Office Partners, LLC.
IRVINE, CALIF. — Voluspa has signed a five-year lease for 84,816 square feet of space at an industrial building in Irvine. Located at 2900 McCabe Way, the building received four viable offers within its first 45 days on the market, according to Kevin Turner, senior vice president in Voit’s Irvine office. Turner, along with Michael Hartel, also of Voit, represented the landlord, Crown Associates Realty, in the transaction. The lease is valued at $2.96 million.