CARLSBAD, CALIF. – The North San Diego County region of Cushman & Wakefield has added 10 professionals. Six of the brokers, including Ron King, David Onosko, Bob Willingham, Joe McDermott, Alex Weiss and John Witherall, specialize in industrial. Amy McNamara specializes in office properties. In addition to these brokers, the office has also hired three individuals to serve as support staff.
Western
PHOENIX – Chrysler Group LLC has signed a 16,212-square-foot lease at Phoenix's Paradise Village Office Park. The automaker is opening a new administrative office at the 268,598-square-foot, Class A building. It plans to occupy the space this October. Jerry Noble, Pat Devine and Greg Mayer of CBRE’s Phoenix office represented the building’s owners, Sterling American Property and Lincoln Property Company, in the six-year lease negotiation. Chrysler was represented by Dev Gupta of UGL Equis Corporation in Phoenix. Financial terms of the lease were not disclosed.
LA QUINTA, CALIF. – The 149-unit Clubhouse apartment community in La Quinta has sold to Aspen Square Management for $19,500,000. It contains 38 one-bedroom and 111 two-bedroom units. The seller, Greystone Clubhouse Associates LLC, was represented by Paul Runkle and Brian Anderson of Hendricks & Partners' Inland Empire office, and Steve Huffman of the firm's San Diego office.
NEWPORT BEACH, CALIF. – Beech Street Capital has hired Greg Reed and Kristen Croxton to open the firm's new Newport Beach office. Reed and Croxton previously worked for Deutsche Bank Berkshire Mortgage where they specialized in fixed- and floating-rate debt on multifamily and commercial assets. The opening of a Newport Beach office is part of Beech Street's nationwide expansion plans.
TEMPE, ARIZ. – Core Campus Communities has purchased 1.7 acres on the southeast corner of College Avenue and 5th Street near Arizona State University and Sun Devil Stadium for $4.75 million. The LLC plans to develop a mixed-use project that consists of 24,000 square feet of retail space and more than 200 residential units. The seller, Logan Tempe, LLC, was represented by Brent Moser, Mike Sutton and Brooks Griffith of Cassidy Turley BRE Commercial’s Land Group.
CORVALLIS, ORE. – Marcus & Millichap Capital Corporation has arranged a $6-million refinancing loan with cash out for an 87-unit student housing community in Corvallis. The five-year loan contains a 30-year amortization period, a 5.04-percent fixed interest rate and a 70-percent loan-to-value. The financing was arranged by Steven Wiltshire, an associate director with M&M's Portland office.
LOS ANGELES – The newly constructed Millennium Warner Center has been sold to Wesco LLP, an Essex Property Trust-sponsored joint venture, for $132,850,000. The 415,040-square-foot luxury multifamily community boasts 438 units and a LEED-Silver designation. It is located inside Los Angeles' Warner Center business district, which is near Woodland Hills. IPA's Stan Jones, Ron Harris, Sal Saglimbeni and Joseph Smolen represented the seller, Warner Center Apartments LP.
SAN DIEGO – The 160-unit Park Grossmont apartment community in La Mesa, Calif., has sold to Prime Residential for $21.75 million. The community consists of 40 four-plexes situated on more than 11 acres. CBRE's Kevin Mulhern, Dixie Hall and Rachel Hemingway represented the seller, Grossmont Partners. Prime Residential represented itself.
SAN JOSE, CALIF. – Bixby Land Company purchased a 164,000-square-foot office campus inside Silicon Valley's Golden Triangle for $19.5 million. The firm plans to invest an additional $11.4 million to renovate the property, which will be completed later this year. Bixby purchased the campus' three vacant office buildings in two separate transactions with sellers Peery Arrillaga and NSJ Investors, LLC. Colliers' Craig Fordyce, Jim Beeger and Mike Rosendin represented NSJ Investors in the sale of 251 and 281 River Oaks Parkway. Peery Arrillaga represented itself in the sale of 211 River Oaks Parkway. Bixby represented itself in both acquisitions.
SCOTTSDALE, ARIZ. – Total Wine & More has leased 21,586 square feet of space at Gold Dust Plaza in Scottsdale. The wine retailer will occupy two vacant spaces, as well as a portion of the existing Ace Hardware store. The 86,507-square-foot Gold Dust Plaza will undergo a significant exterior renovation before Total Wine moves in, which will be in fall 2011. The center will also be re-branded as Total Wine Plaza. Cliff Johnston, John Appelbe and Chris Hollenbeck from Cassidy Turley BRE Commercial’s Retail Services Group represented Gold Dust's landlord, Financial Trading & Transacting, LLC. Total Wine was represented by Western Retail Advisors' Neil Board.