PHOENIX — NorthMarq Capital has arranged first mortgage financing of $5 million for the 31,001-square-foot Tatum Ranch Shopping Center in Cave Creek. Financing was arranged by NorthMarq through its correspondent relationship with Thrivent Financial. It was based on a 10-year term and 25-year amortization schedule. James DuMars, senior vice president and managing director of NorthMarq’s Phoenix regional office, and Michael Elmore, executive vice president and senior director of NorthMarq’s Los Angeles regional office, helped arrange the financing.
SALT LAKE CITY — CB Richard Ellis’ Salt Lake City office has sold two office buildings in Utah County. The 60,000-square-foot Thai Properties was sold to Reynolds Construction for $9.2 million. CBRE’sKreg Peterson, Eli Mills and Tucker White represented the seller, Thai Properties, LLC. James Mecham, an office specialist with CBRE, represented Reynolds Construction. The 81,000-square-foot Canyon River Center was sold to Ace Real Estate Ventures for an undisclosed amount. Mills and White represented the seller, Florida-based LNR Property. Laurie Adair, an office specialist with CBRE, represented Ace Real Estate Ventures. Both office buildings were paid for in cash. Thai Properties is located in Lehi, while Canyon River Center is in Provo.
CHINO, CALIF. — Voit Real Estate Services has assisted a global import company in its relocation to a 100,362-square-foot industrial distribution facility. The Sam Pievac Company, which manufactures and distributes retail displays and fixtures, purchased the facility for $6.5 million from Bridgestone Bandag, LLC. The property will replace the 63,000-square-foot facility the company had previously occupied in Santa Fe Springs, CA, and will serve as Sam Pievac’s U.S. distribution center. The company also owns and operates a 500,000 square-foot manufacturing plant in Xiamen, China. Dan Vittone and Alan Pekarcik from Voit’s Irvine office represented the Sam Pievac Company. Lee and Associates represented Bridgestone Bandag. Vittone noted that Sam Pievac’s resulting debt service for the Inland Empire-based building is less than the rent it was paying for the Santa Fe Springs facility, despite the fact that the new building is 40 percent larger.
SAN DIEGO — Cassidy Turley BRE Commercial has sold a 3,000-square-foot industrial building in Otay Mesa for $1 million. The building is located at 9955 Via de la Amistad, and is situated on two acres of improved land. Regan Tully of Cassidy Turley BRE Commercial represented the seller, Otay Properties, Inc. Ken Ruppert, Kerry Schimpf and Cameron Czubernat, also of Cassidy Turley, represented the buyer, Pann Family, LLC.
NEWPORT BEACH, CALIF. — Lucescu Realty has been quite active in 2011. According to Mark Lucescu, the firm’s president, his company has done about $500 million-worth of retail property transactions so far this year. This represents both completed transactions and transactions that are in escrow. Lucescu Realty has also expanded its operation with a new office at Howard Hughes Center in Las Vegas. In 2010, Lucescu was recognized for being one of the most active brokerage firms in the nation when it came to the sale of shopping centers valued at $25 million or more.
DENVER — Developers Diversified Realty Corporation plans to raze Tamarac Square, a two-story mall that is currently 90 percent vacant. Once razed, the non-income producing parcel will be sold to Target, which plans to build a new 135,000-square-foot location. DDR notes that Tamarac Square is in a high barrier-to-entry market that contains about 720,000 people within a seven-mile trade area. DDR also plans to renovate a 33,000-square-foot convenience center that is adjacent to the parcel. Upon completion of the new Target and the neighboring renovation, the project will be about 98 percent leased. The firm is also razing the Terrell Plaza shopping center in San Antonio, Texas, to accommodate a new Target location.
SACRAMENTO, CALIF. — Colliers International has assisted private investment group West Taron Holdings with the purchase of the former AAA Cal Center for about $7.1 million. The 108,780-square-foot building was built in 2001 and resides at 9700 West Taron Drive. Collier’s Heath E. Charamuga, Erik Neese, and Ben Praterrepresented the buyer, which is a long-time client of the firm’s Sacramento office. Jones Lang LaSallerepresented the seller, AAA.
IRVINE, CALIF. — Johnson Capital has partnered with CapitalSource to offer new financing options to its clients. The new partnership will provide non-recourse financing between $1 and $100 million for stabilized, California-based multifamily properties. CapitalSource Bank will fund the loans. Sean Barry, who was previously the Western regional vice president of Mezz Cap Finance, has been hired by Johnson Capital as a vice president to help lead this market. He will work out of the firm’s Los Angeles office.
SAN DIEGO — A 10,650-square-foot office building will soon be reinvented as a retail center now that it has been sold to a couple who see potential for redevelopment. The office building is currently 96 percent leased. It sits on 0.9 acres and resides next to another building owned by the couple. The property is located at 6035 University Ave. The buyers were represented by Mark Caston and Rick Wu of Voit Real Estate Services’ San Diego office. The seller, Odom Family Trust, was represented by Tim Kerrigan of CB Richard Ellis.
Phoenix – Cassidy Turley BRE Commercial has sold Falcon Commerce Park, a single-tenant industrial building, to JT Technical Holdings for $965,000. The buyer is relocating to the 15,298-square-foot building, which was built in 2008. Paul Boyle and Rick Danis, executive vice presidents with Cassidy Turley BRE Commercial’s Investment Services Group, represented the sellers, Arizona Graystar Return. Steve Larsen of Colliers represented the buyers.