HONOLULU — Hawaii Commercial Real Estate LLC has brokered the $2.25 million sale of the 14th floor of 1100 Alakea Corporate Tower in downtown Honolulu. HCRE’s Victor Arcayena and Kathy Rehg handled the transaction involving the 6,391 square feet of Class A office space, the third floor that their firm has sold in the marquee building.
Western
ARCADIA, CALIF. — REZA Investment Group has completed the $70 million sale of the approximately 351,871-square-foot Arcadia Hub Shopping Center, an urban in-fill, grocery-anchored retail property located in Arcadia. Situated at the intersection of W. Duarte Rd. and S. Baldwin Ave., the two-level community shopping center is anchored by Pavilions, Burlington Coat Factory, Jo-Ann Fabrics & Crafts and LA Fitness.
DRAPER, UTAH — San Francisco-based Maier Siebel Baber (MSB) has purchased the 88,000-square-foot Lone Peak Center, located at 11747 Lone Peak Pkwy. in Draper, from M & I Regional Properties LLC. Terms of the deal were not disclosed. MSB plans to reposition the property, which is situated on the border of Draper and South Jordan in the midst of a rapidly growing concentration of tech firms and banking-support centers. Transwestern has been selected to manage the property. The first two leases — a full floor to O'Currance Teleservices and a 9,000-square-foot commitment by Xennsoft — are complete, with both tenants scheduled to take occupancy in early 2011.
LAS VEGAS — Colliers International – Las Vegas has brokered Juliet Cos.’ $5.325 million acquisition of a 61,125-square-foot retail property located at 4580 W. Sahara in Las Vegas. The locally based retail developer plans to upgrade the property, which was formerly occupied by Tower Records, The Good Guys and a Walgreens. Colliers’ David Grant and Grant Traub represented the seller, Facchino Properties, and buyer, respectively.
LAS VEGAS — The Siegel Group has purchased the 232-unit Charlestonwood Apartments, located at 2900 E. Charleston Blvd. in Las Vegas, for $3.6 million in an all-cash transaction. Built in the 1980s and foreclosed upon more than 15 months ago, the multifamily complex will be renamed Las Residencias as part of The Siegel Group’s substantial repositioning effort. The 65 percent-occupied property marks the commercial real estate company’s 18th apartment complex purchase in Las Vegas.
RIVERSIDE, CALIF. — Grubb & Ellis has brokered Oakmont Industrial Group’s $7.1 million sale of a 150,109-square-foot warehouse/distribution property, located within Hunter Park Business Center at 1100 Citrus Ave. in Riverside, to A.M.A. Plastics. Built in 2007, the property will be fully occupied by the plastic injection molding and tooling organization for its corporate headquarters. Grubb & Ellis’ Milo Lipson and Ryan Velasquez represented the seller in the transaction, and Voit Commercial Brokerage’s Walter Frome represented the buyer.
SAN DIEGO — Cassidy Turley BRE Commercial has negotiated Northrop Grumman Systems Corp.’s more than $9 million lease of 93,161 square feet of office space within The Point in Rancho Bernardo located at 16765 West Bernardo Drive in San Diego. The tenant’s 65-month lease covers one of the two Class A office buildings in the complex, which also includes an R&D building. Cassidy Turley BRE Commercial’s Brian Driscoll, Tom van Betten and Brett Ward, as well as Tony Russell of Jones Lang La Salle, represented Prudential Real Estate Investors in the transaction, and CB Richard Ellis’ Tom Martinez represented the tenant.
ESCONDIDO, CALIF. — Inland Western Retail Real Estate Trust and Federal Realty Investment Trust have announced the closing of the $11.25 million sale of a 75,712-square-foot former Mervyn’s store located in Escondido. In July, Inland Western signed a 44,760-square-foot lease with Dick’s Sporting Goods to fill a portion of the space. Inland Western commenced construction in September to facilitate an early 2011 opening. Tenant-improvement costs incurred to date will be reimbursed by Federal Realty Investment Trust.
VISTA, CALIF. — Lee & Associates has completed a 10-year, $6.7 million lease of a 98,000-square-foot industrial building located at 2633 Progress St. in Vista. The brokerage firm’s Adam Robinson, Isaac Little and Marko Dragovic represented the landlord, Wilco Investments, in the transaction, and Cassidy Turley/BRE Commercial’s Don Grant represented tenant, McCain Inc., which will be using the recently constructed, LEED-certified property for office, R&D, manufacturing and distribution purposes.
WESTMINSTER, COLO. — ARA has brokered the $21.75 million sale of the 256-unit Broadstone at the Ranch, an apartment community located in Westminster. Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment of Atlanta-based ARA represented Alliance Residential in its sale of the 1980s vintage property to the joint venture of Greystar Real Estate Partners and The Praedium Group.