LAS VEGAS — Stoneridge Capital Partners has acquired the approximately 100,000-square-foot Sunset Pilot Plaza, a Class A office property located at 280 Pilot Road in Las Vegas. Developed in 2008, the three-story office building is situated within the 3.3 million-square-foot Hughes Airport Center business park. CB Richard Ellis' Charles Moore, Michael Newman and Marlene Fujita-Winkel represented the undisclosed seller in the transaction; Newport Beach, Calif.-based Stoneridge did not have broker representation.
Western
CITY OF INDUSTRY, CALIF. — Lee & Associates has negotiated the $5.66 million sale of a 53,918-square-foot industrial property, located at 19907 E. Walnut Dr. South in City of Industry. Built in 2000, the property offers freeway frontage and six dock-high doors with a 24-foot ceiling clearance. Lee & Associates’ Marc DiGennaro represented the buyer, Zoe LW Enterprises LLC, in the transaction, and the brokerage firm’s Jeff Bethel represented the Walnut, Calif.-based real estate investment seller, Catesgarb Holdings.
AURORA, COLO. — NorthMarq Capital has arranged $28.29 million in permanent financing for the 576-unit Ridge Hill Apartments, located at 991 South Crystal Way in Aurora. Constructed in 1985, the community comprises 31 three-story, garden-style apartment buildings. NorthMarq’s Gordon Mickelson and Angela Jordan arranged the financing for the undisclosed borrower.
DENVER METRO — ARA has brokered the sale of a 1,398-unit multifamily portfolio in the Denver metro area. In its first acquisition in the Colorado market and the largest multifamily portfolio transaction in the state since 2008, Jackson Square Partners, a California-based apartment investment group, acquired the three properties for $62 million. Built in 1984, the 688-unit Hickory Ridge apartment community in Aurora sold for $33 million. With 426 units spread across five buildings ranging from three to five stories, The Lakes at Monaco Pointe, constructed in Denver in 1975, traded for $17 million. Built in 1970, The Lodge at Aspen Grove, also located in Denver, sold to JSP for $12 million. ARA’s Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment represented an undisclosed lender in the transaction.
TORRANCE, CALIF. — Barnhart Balfour Beatty has begun construction of the $22 million J.H. Hull Middle School, a 61,000-square-foot complex located at 2080 W. 231st St. in Torrance. Slated for completion before September 2011, the five-building development will consist of classrooms, a technology center, administrative offices, a food-service facility and cafeteria, a gymnasium, basketball and volleyball courts, and soccer and baseball fields. Funded by a $265 million bond program passed in November 2008 and designed by Irvine, Calif.-based IBI Group Architects, the. J.H. Hull Middle School is the first new school to be built in the Torrance Unified School District in 40 years.
GOODYEAR, ARIZ. — CB Richard Ellis (CBRE) has negotiated the sale of a 440,168-square-foot distribution building, located at 4295 S. Cotton Lane in Goodyear, to Sub-Zero. The Madison, Wisc.-based manufacturer of luxury refrigerators, freezers and wine storage units will spend more than $68 million on the acquisition, building improvements and the purchase of new equipment at the cross-dock facility at Palm Valley 303. Included in the building sale is an option on an adjacent 30-acre parcel. CBRE’s Joe Porter, Pat Feeney, Dan Calihan and Rusty Kennedy represented the seller, Sunbelt Holdings of Scottsdale, in the transaction, and Cassidy Turley BRE’s John Pompay and Tony Lydon represented Sub-Zero, which will benefit from the Foreign Trade Zone status granted to Palm Valley 303 in fourth quarter 2010. The Goodyear facility will produce two products previously built in Wisconsin.
SCOTTSDALE, ARIZ. — On behalf of Universal Technical Institute, Jones Lang LaSalle has negotiated an 85,000-square-foot office lease at Trammell Crow Co./ING Clarion’s 285,000-square-foot MAX at KIERLAND, located south of the Loop 101 on Scottsdale Road in Scottsdale. The major provider of post-secondary degrees for auto-related technicians will move approximately 425 employees into two floors at the six-story MAX at KIERLAND, which received LEED certification earlier this year. Jones Lang LaSalle’s Jim Sadler and Keith Lambeth represented the tenant in the lease transaction, and CB Richard Ellis’ Patrick Devine, Jerry Noble and Greg Mayer, along with Jim Mahoney of Trammell Crow and Alexander Mitzner of ING, represented the building ownership.
WEST VALLEY CITY, UTAH — TRI Commercial/CORFAC International has brokered the sale of an IHOP restaurant located at 3383 Decker Lake Drive in West Valley City. Listed for more than $2.32 million, the property encompasses approximately 4,114 square feet and 63 parking spaces. TRI Commercial/CORFAC International’s Robert King represented the seller, WB Equities, in the transaction, and Commerce Real Estate Solutions’s Mary Street represented the buyer. The tenant has more than 17 years remaining on the primary lease term.
SUNNYVALE, CALIF. — Cassidy Turley CPS has brokered the more than $10.83 million sale of a 40,200-square-foot R&D building located at 1255 East Arques Ave. in Sunnyvale. The brokerage firm’s Alan Guterman, Steve Horton and Kelly Yoder represented the seller, Princeton Plaza, of the single-story, freestanding building situated close to Highway 101, Lawrence and Central expressways. The buyer was the tenant Fujitsu Management Services of America, the sale reflecting a buyout of Fujitsu’s existing lease.
ONTARIO, CALIF. — BlackRidge Real Estate Group LLC has acquired a 302,020-square-foot distribution center, located at 1000 Etiwanda Ave. in Ontario, from BIT Holdings Forty-Three for $14.4 million. Constructed in 1989 and 100 percent leased to DCG Fulfillment, the steel-frame, concrete tilt-up distribution building includes 6,900 square feet of office space. CB Richard Ellis’ Frank Geraci, Jerry Nourse and Walt Chenoweth represented the seller in the transaction.