MESA, ARIZ. — CB Richard Ellis has negotiated Alpine Valley Bread Co.’s $3 million acquisition of a 61,157-square-foot industrial building located at 300 W. Southern Ave. in Mesa. The manufacturer and distributor of natural and whole-grain bakery products will expand from its current 17,000-square-foot operations when it occupies the new building in early 2011. CBRE’s Joe Porter, Pat Feeney, Dan Calihan and Rusty Kennedy represented the buyer, in the transaction, and Diamond Pacific Investments’ Rick Mineweaser represented the seller, Paradise Valley, Ariz.-based Ol-Lonely Enterprises.
Western
CORONA, CALIF. — Faris Lee Investments has completed two sales within The Shops at Sycamore Creek in Corona. Represented by Grubb & Ellis’ Skip Crane in an all-cash transaction, Knaak Family Partnership purchased the Vons fuel station for $2.13 million. Represented by Faris Lee’s Nick Coo, Los Angeles-based YFP Sycamore Creek LLC bought the 12,900-square-foot, stand-alone CVS/pharmacy for $4.93 million, also in an all-cash transaction. Faris Lee’s Dennis Vaccaro and Richard Walter represented the seller, Shops at Sycamore Creek LLC, in the two deals, which completed a three-parcel, break-up strategy totaling $9.66 million. Built in 2008 and 2009, The Shops at Sycamore Creek are situated just off Interstate 15 at Indian Truck Trail Rd.
SAN FRANCISCO — Marcus & Millichap has brokered the more than $3.78 million acquisition of a 13-unit apartment property located at 1385 Greenwich Street in San Francisco. The brokerage firm’s Robert Johnston represented the private-investor buyer in the transaction.
PATTERSON, CALIF. — Affinia Group has leased 394,000 square feet of industrial space at Building A within McShane Development Co. / MetLife Real Estate Investments’ 123-acre KeyStone West Business Park in Patterson. CB Richard Ellis’ Kevin Dal Porto and Doug Norton represented McShane in the lease transaction, and the brokerage firm’s Blake Rasmussen and Ed Wujiak represented the tenant. McShane Construction Co. and project architect Ware Malcomb will provide comprehensive tenant-improvement services for Affinia Group’s new location, which will include more than 8,000 square feet of office space.
SEATTLE — Newmark Realty Capital has arranged $52 million in financing for the 208-unit Rollin Street Flats, a Class A, 11-story residential building located at the intersection of Westlake and Denny avenues in Seattle’s South Lake Union neighborhood. The property also includes 16,000 square feet of ground-level retail. On behalf of Rollin Street Ventures, Newmark's Michael Taylor secured the financing from John Hancock Life Insurance Co., one of Newmark’s correspondent lenders.
LOS ANGELES — LA Realty Partners and Madison Partners have arranged Pachulski Stang Ziehl & Jones’ $18 million lease renewal for 32,000 square feet of office space at 10100 Santa Monica Blvd. in the Century City area of Los Angeles. Under the 10-year lease agreement, the law firm will relocate to the 13th and 14th floors of the property it’s called home for more than 25 years. LA Realty Partners’ Gary Weiss and Madison Partners’ Bob Safai represented the tenant in the deal; the landlord, Hines Interests, was represented in-house by Todd Later and Eric Lyon.
MESA, ARIZ. — BH Properties has purchased the 320-unit Fiesta Park apartment complex, located at 1033 S. Longmore Street in Mesa, from Fiesta Park LLC for $5.5 million. Built in 1979 and approximately 50 percent occupied at the time of the sale, the multifamily property comprises 10 three-story, garden-style buildings consisting of 192 one-bedroom units and 128 two-bedroom units. NAI Capital’s Tom Papoulias represented both parties in the short-sale transaction.
TUCSON, ARIZ. — Colliers International–Greater Phoenix has negotiated the sale of a five-property, 1,347-unit multifamily portfolio in Tucson to Gaines Investment Trust. Terms of the deal were not disclosed. Boasting an average occupancy of 90 percent, the Class B portfolio consists of Summit Ridge (360 units), La Hacienda (275 units), Pavilions at Pantano (314 units), Sienna Ridge (305 units) and Verrano Park (93 units). Colliers International’s Cindy Cooke, Brad Cooke, Carrie Burton and Nicholas Eggert represented the undisclosed seller in the all-cash transaction; the La Jolla, Calif.-based buyer was self-represented. Part of a 1031 exchange, it was the first Tucson multifamily acquisition for Gaines Investment Trust. This is the second multifamily portfolio that the Colliers team has sold in Tucson in the last 30 days.
SAN DIEGO — Cassidy Turley BRE Commercial has handled the $63.5 million purchase of a 125,219-square-foot biomedical office building located at 4570 Executive Drive in the UTC submarket of San Diego. The four-story building is 100 percent leased to Bristol Myers Squibb, Amylin Pharmaceuticals and UCSD. Cassidy Turley’s Dave Odmark represented both the buyer, Biomed Realty Trust, and seller, San Diego-based LMC Executive Investment Co. LLC, in the transaction.
LAKE ELSINORE, CALIF. — Faris Lee Investments has completed the more than $8.8 million sale of a 45,560-square-foot retail building located at 18550 Dexter Ave. in Lake Elsinore. Built in 2007 and fully occupied by L.A. Fitness, the property includes an indoor swimming pool and 228 parking spaces. Faris Lee’s Richard Walter and Chris Tramontano represented the seller/developer, Aliso Viejo, Calif.-based California Grand Investments LLC, in partnership with Lake Fitness LLC. The private-trust buyer from Villa Park, Calif., was participating in a 1031 exchange.