HELENA, MONT. — On behalf of the developer, The Velmeir Cos., McShane Construction Co. will build a 14,700-square-foot CVS/pharmacy store at 3095 N. Montana Ave. in Helena. The interior of the single-story retail facility will include retail space, a professional one-hour photo and a fully operational pharmacy featuring a double drive-thru. Detroit-based NORR Architects Engineers Planners is the project designer.
ANAHEIM, CALIF. — Lee & Associates-Orange Inc. has negotiated the $6.5 million purchase of a 39,747-square-foot office building located at 525 N. Muller St. within Crescent Corporate Center in Anaheim. Lee & Associates’ Erik Thompson represented the buyer, CIT College of InfoMedical Technology, in the transaction; the seller, Anaheim Union High School District, represented itself. The buyer plans to occupy the property, which was built in 1986, and operate its school there.
SUNNYVALE, CALIF. — Cassidy Turley BT Commercial has brokered the nearly $3.23 million acquisition of an R&D building in Sunnyvale. The single-story, freestanding facility is fully leased to a biotech company. Cassidy Turley’s Andy Bogardus represented the buyer in the transaction.
CARSON, CALIF. — Watson Land Co. has leased a 190,000-square-foot industrial property, located at 21750 Arnold Center Road within the Watson Corporate Center in Carson, to Huffy Corp. With the 4-year, $5.8 million lease, the large bicycle company has reserved its new West Coast distribution center, which includes 31 dock-high positions. Jones Lang LaSalle’s Barry Hill represented Huffy in the transaction; Watson was represented in-house by Lance Ryan and Mike Bodlovich.
SANTA BARBARA, CALIF. — Recordan Real Estate Development LLC has purchased an approximately 15,000-square-foot hotel building, located at 117-121 State Street in Santa Barbara, from First-Citizens Bank & Trust Co. for an undisclosed amount. Hagelis Group’s Rob Devericks and Prudential California Realty’s Mitch Stark represented the buyer in the foreclosure sale, and Scott Glenn of Radius Group represented the bank.
The fast-growing Salt Lake City metropolitan area, also known as the Wasatch Front, stretches about 40 miles north of downtown Salt Lake City to Ogden and about 40 miles south to Provo. The area now boasts a population of about 2.1 million — or about 75 percent of the state’s population. Highly favorable demographics continue to lure top-quality retailers, restaurants and shopping centers to the region, which enjoys one of the largest average family sizes in the country (3.6), the youngest median age (28.9) and an unusually high median household income of about $63,000. The market also has a highly educated, value-based population with a strongly established work ethic that encourages retail patronage and expansion. Growth in Salt Lake County, which has a population of about 1.1 million, is particularly strong in the southwest portion. Area planners are projecting a population growth of 1 million people in the Wasatch Front during the next 30 years. Unlike other Western markets, retail in the metro area is not highly volatile. Most retailers did take an expansion hiatus here during the recession, but store fallout was minimal, except for a handful of closings by bankrupt national retailers. Some major national retailers, including Target, …
CAMPBELL, CALIF. — ARA has brokered the $42.5 million sale of The Commons, a 264-unit apartment community located along Union Avenue off Route 17 in Campbell. Completed in 1973 and having undergone more than $1.7 million in exterior/interior renovations in the past several years, The Commons features a mix of studios, one- and two-bedroom floor plans and includes two resort-style swimming pools, a fully-equipped fitness center, a business center and covered parking. ARA’s Mark Leary and Curtis Gardner acted as advisors to the Bay Area-based private owner in its disposition of the asset, which was 94-percent occupied at the time of sale, to Palo Alto, Calif.-based Essex Property Trust.
CASA GRANDE, ARIZ. — Newport Coast, Calif.-based Friedman and Friedman Management Company has purchased The Colony, a multifamily property located at 351 N. Peart Road in Casa Grande. Las Vegas-based Casa Grande Apartments LLC sold the 240-unit property for $11.6 million. Built in 2003, the property offers 32 one-bedroom, 128 two-bedroom and 80 three-bedroom units. Additionally, the community offers a heated pool, a spa and a fitness center. Chuck LaBenz and Art Wadlund of Hendricks & Partners represented the seller in the transaction.
SANTA CLARA, CALIF. — TRECAP Partners has formed a joint venture with Pacific Property Company to acquire a majority interest in Waterstone at Santa Clara, a multifamily property located in Santa Clara. Built in 1972, the 18-building community offers 156 one- and two-bedroom apartment units. Community amenities include a heated swimming pool, a recreation center with a home theater, a fitness center, on-site laundry facilities and reserved covered parking. TRECAP has partnered with Pacific Property on 29 separate transactions. Mitch Thurston and Andy Ahlers of Berkadia Commercial Mortgage’s San Francisco office originated the long-term, fixed-rate acquisition financing through its Freddie Mac program. Terms of the acquisition were not released.
FONTANA, CALIF. — Union Developmental Financial has purchased the 90,439-square-foot First Choice Self Storage facility, located at 14750 Foothill Blvd. in Fontana, for almost $5.1 million. NAI Capital’s Stephen Grossman was the sole broker presiding over the transaction. The facility features 663 self-storage units and 84 covered RV parking spaces.