TEMPE, ARIZ. — Cushman & Wakefield has negotiated Coxreels’ $5.5 million purchase of an 116,900-square-foot industrial building located at 5865 South Ash Ave. in Tempe. The site will serve as the new headquarters for the nearly 90-year-old family-owned and operated manufacturer of heavy-duty industrial grade hose and cable reels. Cushman & Wakefield’s Mark Detmer and Bo Mills represented the buyer in the transaction; the seller, a W.P. Carey-controlled entity, was self-represented.
Western
REDDING, CALIF. — Marcus & Millichap has brokered the $2.6 million sale of the 32,600-square-foot Redding Physicians Center, a medical office property located adjacent to Shasta Regional Medical Center Hospital at 1441 Liberty Street in downtown Redding. The buyer, Redding Rancheria, plans to open a clinic at the location, which features a state-of-the-art surgery center, a pharmacy and 15 physician suites. Marcus & Millichap’s Russ Moroz represented the seller, a limited liability company of local physicians and surgeons, in the transaction.
MISSION VIEJO, CALIF. — Watt Commercial Properties has committed more than $6 million for a complete renovation of the 150,000-square-foot Alicia Towne Plaza located at 24391-24491 Alicia Parkway in Mission Viejo. The phased redevelopment will include converting an existing Mervyns building into a smaller anchor space for L.A. Fitness and updating the façade treatment for the remainder of the south Orange County neighborhood center. Pursuant to the 15-year lease agreement with the privately owned health club chain facilitated by Wilson Commercial Real Estate, Watt Commercial will update the two-level, 83,857-square-foot former department store. L.A. Fitness will primarily occupy the lower floor when it opens in May. Architects Orange is bringing new life to Alicia Towne Plaza’s façade structure, and S.D. Deacon is serving as general contractor for the redevelopment project. All 22 retailers, including Dollar Tree, Subway and Wells Fargo, will remain open during construction.
SEATTLE — McQuaid Commercial Real Estate has brokered the $2.05 million sale of a 24-unit multifamily property located at 3515 SW Ocean View Drive in southwest Seattle. Built in 1979 and managed by one of five owners, the building was sold, for the first time ever, to David Katt, a local investor working a tax-deferred exchange. Michael McQuaid represented the seller group in the all-cash transaction.
GLENDALE, ARIZ. — Omni American LLC has brokered the $1.8 million acquisition of a 14,800-square-foot retail building, located at 8160 W. Union Hills in Glendale. Omni’s Matt Schrauth represented the buyer, PV Union Hills LLC, in the transaction, and Dan Schaefer and Eric Schaefer of Schaefer + Associates LLC represented the seller, East West Bank.
LAS VEGAS — The PENTA Building Group has completed work on the 13,000-square-foot PBR Rock Bar & Grill, located inside Planet Hollywood’s Miracle Mile shops on Las Vegas Blvd. The general contractor completed the project in 6 weeks. Serving fare categorized as “modern comfort food,” the new facility features a 30-foot bull that busts through the exterior façade, approximately 100 televisions, a custom patio with fire pits overlooking the Las Vegas Strip, a DJ booth, a concert stage and a mechanical bull.
LOS ANGELES — Colliers International has negotiated The Associated Press’ 10-year, nearly $5.5 million lease of 15,444 square feet of office space located at 221 S. Figueroa St. in downtown Los Angeles. Built in 1977 and part of a multi-building campus, the location is home to US Bank, One Legacy and UCLA Extension. Colliers International’s Nathan Pellow and Brian Feist represented the tenant in the lease extension; Charles Dunn Co.’s Chris Runyen represented the landlord, US Bank.
ELOY, ARIZ. — Cassidy Turley BRE Commercial has closed the $3 million sale of an 85,200-square-foot industrial property, located at 1550 W. Battaglia Road in Eloy. Plastics Management LLC purchased the building and intends to open a manufacturing plant there by the end of 2011. Cassidy Turley BRE Commercial’s Andy Markham and Mike Haenel represented the seller, Highland Avenue Properties LLC, in the transaction.
LOS ANGELES — Red Mortgage Capital LLC has underwritten and processed $23.99 million in non-recourse financing for the construction of the 126-unit NoHo Senior Arts Colony, which will offer age-restricted (62 and older) one-and two-bedroom independent-living units in L.A.’s North Hollywood district. At an estimated total cost of $42 million, Meta Housing Corp.’s multifamily development will include typical common-area amenities such as pool, Jacuzzi and a library/great room, as well as numerous, unique artistic amenities such as a 76-seat theater, art studios, classrooms, gallery/exhibit space, computer media and digital video/film labs, and a radio recording and editing room. As part of the financing requirements, 20 percent of the development will be restricted to renters having income at the lesser of LIHTC and California Redevelopment Law maximum allowable rents. The innovative senior-housing project also utilized tax credits, grant money and funding from the Community Redevelopment Agency of the City of Los Angeles.
FONTANA, CALIF. — BlackRidge Real Estate Group LLC has acquired the 402,539-square-foot Jasmine Distribution Center, located at 10721 Jasmine Street in Fontana, from BlackRock for $15.725 million. Colliers International’s Tom Taylor, Steve Bellitti and Summer Coulter represented both the buyer and the seller in the all-cash transaction. Built in 1991, the freestanding, concrete tilt-up, vacant industrial building includes a two-story section containing 15,000 square feet of office space. BlackRidge plans to renovate the building and upgrade the sprinkler system to early suppression fast response.