LYNNWOOD, WASH. — Alderbrooke Associates LLC has completed the $9.4 million sale of the 115-unit Alderbrooke Apartments, a garden-style multifamily complex located at 18505 36th Ave. West in Lynnwood, to Alderbrooke Investments LLC, a Seattle-area investor. GVA Kidder Mathews’ Jim Nichols represented both the buyer and the seller in the transaction.
Western
NORWALK, CALIF. — Marcus & Millichap has closed the $5.075 million sale of Plantation Apartments, a 46-unit multifamily property located at 12809 Kalnor Ave. in Norwalk. The real estate investment services firm’s John Susank represented the private-investor seller and also secured the buyer, a partnership.
LAGUNA HILLS, CALIF. — NorthMarq Capital has arranged first-mortgage financing of $9.2 million for the 89,936-square-foot Courtyard At La Paz, located at 25232-25342 McIntyre Street in Laguna Hills. Financing for the retail property was based on a 5-year term with a 30-year amortization schedule and was arranged for the borrower, an Orange County-based private investment group, through a CMBS lender. Ory Schwartz of Minneapolis-based NorthMarq arranged the first-mortgage financing deal.
MESA, ARIZ. — Turner Opportunity Fund has acquired a 40,869-square-foot industrial property consisting of 14 condominiums, located within the Superstition Springs submarket in Mesa, from First Community Bank of New Mexico. CB Richard Ellis’ Greg White and Greg Koestner represented both the buyer and the seller in the transaction. Newport Beach, Calif.-based Turner plans to sell individual units and also lease some with an option to buy.
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.
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.