IRVINE, CALIF. – Mitsuwa Marketplace, the nation’s largest Japanese supermarket, has leased 13,853 square feet at Heritage Plaza in Irvine. The supermarket's addition to the plaza is part of a $10-million renovation underway at the 233,000-square-foot neighborhood center. The renovation is scheduled for completion in November. Mitsuwa Marketplace is a California-based retailer that also has six other locations throughout the state. The Irvine outpost is set to open in the fourth quarter of 2011. The retailer was represented by Carl Swanberg of Highland Partners. Heritage Plaza is owned and operated by Regency Partners.
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PHOENIX – BH Properties has purchased two notes secured by apartment buildings in the Mesa, Ariz., and Phoenix markets. The loan purchase closed on an all-cash basis within a short time frame. The agreement doesn't feature any contingencies. BH Properties intends to continue expanding its Arizona platform throughout 2011.
SAN DIEGO – Cassidy Turley BRE Commercial has sold a 40,000-square-foot land parcel on the corner of 11th and Broadway in Downtown San Diego's East Village for $5.5 million. The firm's Tim Winslow, Jason Kimmel and Kevin Nolen represented the seller, Dickinson Financial. Anson Realty's Grace Kwok represented the buyer, Pinnacle International Lands, LLC.
SAN JOSE, CALIF. – Harvest Properties and its partner, Stockbridge Real Estate, have purchased Central Park Plaza in Silicon Valley for an undisclosed sum. The recently renovated campus includes six, two-story Class A office buildings that total 300,954 square feet. HFF's Michael Leggett, Gerry Rohm, David Karol and Steve Golubchik participated in this transaction. Harvest Properties, which has managed Central Park Plaza since 2006, will continue to manage the property.
SANTA CLARITA, CALIF. – A Wickes Furniture building in Santa Clarita has been successfully converted into an Ashley Furniture HomeStore. Inland Empire-based Hodgdon Group negotiated the $3.7-million acquisition of this 41,850-square-foot building for Ashley Furniture. The seller, C-III Loan Asset Management, was represented by Lee & Associates' Matthew Sullivan. Hodgdon-Miank Construction acted as the design-build contractor and carried out the renovation for the new Ashley Furniture. The new store is located within the 650,000-square-foot Centre Pointe Marketplace.
OAKLAND, CALIF. – The 98,600-square-foot Broadway-Webster Medical Plaza in Oakland was acquired by Investcorp Real Estate for about $30 million. The building was sold by affiliates of ScanlanKemperBard, which will retain an ownership interest. It will also continue to manage and operate the facility. As part of the agreement, the new venture will make significant upgrades to the facility over the next 12 months, including seismic retrofitting and fire-life safety improvements. Broadway-Webster Medical Plaza currently has 46 tenants. It has maintained an average occupancy of 90 percent for the past 10 years.
PHOENIX – Marcus & Millichap Real Estate Investment Services has sold the 486-unit Northern Point and 214-unit Paseo del Sol apartment communities for $9,990,000. Marcus & Millichap’s Steve Gebing, Cliff David and Rich Butler, multifamily investment specialists out of the firm's Phoenix office, acted as the exclusive listing agents on behalf of the seller, a court-appointed Receiver.
SAN DIEGO – HFF has closed the sale of two San Diego-based hotels, the Holiday Inn Express Mission Bay and the Comfort Inn National City. HFF marketed the properties on behalf of C-III Asset Management, LLC, which acted as a special servicer for the selling trusts. RNM Hospitality purchased the 87-room Holiday Inn Express, while Excel Hotel Group bought the 91-room Comfort Inn. HFF's team was led by managing director Holden Lim and director Zack Holderman.
SAN DIEGO — Atkins North America has signed a 94-month lease at Gateway at Torrey Hills in Del Mar Heights, Calif. The lease is valued at $5.5 million. The engineering and design consulting firm was represented by Shawn Lorentzen of Jones Lang LaSalle. Cassidy Turley BRE Commercial's Joe Anderson, Rick Reeder and Dave Odmark represented the landlord, Prudential Real Estate Investors.
SALT LAKE CITY — CB Richard Ellis has brokered three long-term office leases at the 88,000-square-foot Lone Peak Center in Draper, Utah. Sales support call center O’Currance Teleservices leased 19,000 square feet, software development organization Xennsoft leased 8,000 square feet and peer-to-peer lending company Prosper leased 11,500 square feet. CBRE's Tab Cornelison represented the landlord, Maier Siebel Baber, in the transactions. CBRE's Scott Wilmarth represented O’Currance Teleservices.