HONOLULU — Hawaii Commercial Real Estate LLC has represented a local orthodontist in the $2.3 million purchase and financing of a 15,000-square-foot office building located at 1210 Ward Ave. in Honolulu. The company arranged 90 percent financing through the SBA 504 loan program. Hawaii Commercial Real Estate’s Jamie Brown handled the real estate transaction, and Ted Ketcham arranged the financing.
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TOOELE COUNTY, UTAH — USAA Real Estate Co. has sold the 574,106-square-foot Reckitt Benckiser Distribution Center in Tooele County to American Realty Capital (ARC) for an undisclosed price. Located in Phase One of Miller Motorsports Business Park, a 900-acre newly developed industrial and commercial-use site only a short commute from Salt Lake City, the warehouse facility was occupied by Reckitt Benckiser in October 2009. USAA and co-developer Greenfield Builders Inc. acquired 37 acres of land in Tooele County in April 2009 for development of the distribution center. John Sedar of the Sacramento-based Palmer Team represented USAA in the sale to ARC, a New York-based real estate advisory firm.
REDWOOD CITY, CALIF. — Terranomics Retail Services has brokered Autozone’s $2.3 million owner/user acquisition of an 8,416-square-foot freestanding retail building located at 901 El Camino Real in Redwood City. Terranomics‘s Jon Stansbury and James Gaglione represented the buyer in the transaction, and Cassidy Turley BT Commercial’s Tim Howarth represented the seller, Robert and Dorothy Kissick.
CHANDLER, ARIZ. — By securing new funding from Wells Fargo, Desert Viking Cos. has begun developing 42 urban, luxury townhomes, the second and final residential phase at its $100 million San Marcos Commons project in downtown Chandler. Phase two homeowners will begin moving into the new two- and three-story townhomes, which mirror the first phase’s Spanish Colonial-style architecture, in the summer. Located in the community’s historic district, the townhomes will feature private two-car garages, 10-foot-high ceilings, granite countertops, private balconies and patios, and open floor plans. The 15-acre mixed-used development also will include a heated swimming pool and spa.
CARLSBAD, CALIF. — CB Richard Ellis has brokered DEXUS Property Group’s almost $14.8 million sale of the 179,721-square-foot corporate headquarters building located at 5823 Newton Drive in Carlsbad. Located in the Carlsbad Research Center, the building is 26 percent leased to Pro Performance Sports LLC. CBRE’S Nick Psyllos represented the seller in the transaction, and Studley’s Jeff Cannon and Tim Schramm represented the buyer, Life Technologies Corp.
TORRANCE, CALIF. — The Klabin Company has negotiated Storm Properties’ $7.2 million sale of a new 57,343-square-foot Class A industrial building, located in Storm Business Park at 1340 W. Storm Parkway in Torrance. The new building is one of three state-of–the-art facilities recently completed by Storm at the new business park. The Klabin Company’s Matt Stringfellow and Courtney Bell represented the developer in the transaction, and John Schumacher of CB Richard Ellis represented the buyer, Murad, an El Segundo, Calif.-based skin-care product company.
COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has handled the $2.45 million sale of a net-leased Romano’s Macaroni Grill located at 2510 Tenderfoot Hill St. in Colorado Springs. The Pinnacle Retail Group’s Tom Ethington, Rob Edwards and Justin Krieger represented the out-of-state seller, Cardinal Capital, in the transaction, and Henry Casden represented the buyer, Harkan Properties LLC.
HONOLULU — TNP Strategic Retail Trust Inc. has received board authorization to purchase the 170,275-square-foot Waianae Mall, a multi-tenant retail center in Honolulu. An affiliate of Thompson National Properties LLC, the company’s sponsor, has entered into a purchase agreement to acquire the 11-building mall property for approximately $25.7 million. The property is anchored by a Longs Drugs store and features national retailers such as Starbucks Coffee, Pizza Hut, Subway, RadioShack, Payless ShoeSource, Jamba Juice, Goodyear and Fantastic Sams.
SAN BERNARDINO, CALIF. — CB Richard Ellis has completed Hillwood Investment Properties’ 5-year, 415,825-square-foot industrial lease to Royal Appliance Manufacturing Co., which plans to relocate to the new location at 925 9th St. in San Bernardino upon completion of tenant improvements at the beginning of May. CBRE’s Frank Geraci, Walt Chenoweth, Juan Gutierrez and Patrick Wood represented the landlord in the transaction.
HARBOR CITY, CALIF. — Watt Commercial Properties has broken ground on a $14 million redevelopment effort at the 107,682-square-foot Palo Woods shopping center in Harbor City. Redevelopment plans include converting the existing Kmart building into two separate retail spaces and creating two new 3,000-square-foot retail pads to front Sepulveda Boulevard. Ross Dress for Less and L.A. Fitness have already secured the spaces in the old Kmart building, both under 10-year leases. Watt expects the entire 9-acre project to be complete in third quarter.