IRVINE, CALIF. — Lee & Associates has completed GE Capital’s $6.3 million foreclosure sale of the 35,000-square-foot Teslaco Building, an office building located at 35 Tesla in Irvine, to Owen Commercial. Lee & Associates Irvine’s Brian Garbutt and Andrew Robben represented both parties in the off-market transaction.
Western
LAS VEGAS — Gatski Commercial Real Estate Services has completed the almost $4.4 million sale of the 95,212-square-foot Scottsdale Plaza, a mixed-use property located at 8760-8880 Maryland Pkwy. in Las Vegas. The office and retail property was sold to Sonoran Real Estate Fund by Quality Properties Asset Management Company. Also the property manager, Gatski represented the seller of the property, and McMenemy Investment Services represented the buyer.
MESA, ARIZ. — Colliers International–Greater Phoenix has negotiated the $6.4 million acquisition of approximately 22.65 acres at the northwest corner of West Broadway Road and South Brooks Road in Mesa. The buyer, Crescent Crown Distributing, plans to develop a new 69,230-square-foot corporate headquarters, a 260,696-square-foot distribution facility and a 10,446-square-foot repair shop on the site. Colliers International’s Eric Bell and Mike Ciosek represented the buyer, which ranks as the fifth largest beer wholesaler in the nation. Represented by Randall Blum of locally based REB Ltd., the seller is three entities owned by Craig Berge of Mesa: Broadway Brooks LLC, Mesa Leasing Corp., and Broadway 20 LLC. Crescent Crown expects to break ground on the new facilities in February, with completion slated for 2012.
NEWCASTLE, WASH. — Del Mar Village Enterprises LLC has sold the 30-unit Del Mar Village Apartments, located at 12828 Newcastle Way in Newcastle, to Del Mar Apartment LLC for $3.2 million. Kidder Mathews’ Jim Nichols and Mark McAlister and Don Pickens of Westec Ltd. represented both the buyer and Seattle-area investor/seller in the transaction.
SAN BERNARDINO, CALIF. — As part of a partnership with the City of San Bernardino’s Economic Development Agency, Meta Housing has purchased the 119-unit Sunset Cove Apartments, located near Ninth Street and Sierra Way at 830 Lugo Ave. in San Bernardino. NAI Capital’s Tim Steuernol represented the buyer in the transaction; the seller, 655 Dudley LP, a partnership between Paul Calvo & Co. and Milan Capital Management, represented itself. According to Steuernol, the buyer plans to relocate the current tenants, paying 42 months worth of relocation benefits, before completely rehabilitating the property and converting the units to affordable housing for seniors at an estimated cost of $18.5 million. Originally constructed in phases starting in 1958, the property was 50 percent vacant at the close of escrow.
SANTA CLARITA, CALIF. — NorthMarq Capital has arranged a $9.2 million supplemental mortgage loan behind credit-enhanced bond financing for The Village Apartments, a 386-unit multifamily complex located at 23700 Valle Del Oro in Santa Clarita. Arranged through NorthMarq’s seller-servicer relationship with Freddie Mac, financing was based on a 10-year term and a 30-year amortization schedule. Rob Hervey of the Minneapolis-based financial firm worked on behalf of the borrower.
SCOTTSDALE, ARIZ. — Colliers International–Greater Phoenix has completed the $2.4 million sale of the 32,327-square-foot Hacienda Plaza, an office and showroom property located within the Scottsdale Airpark at 15613 North Greenway-Hayden Loop in Scottsdale. Hacienda Lighting occupies approximately 60 percent of the building. Colliers International’s Greg Hopley represented the sellers, Larry Coffee and Connie Coffee of Nebraska, in the transaction, and the brokerage firm’s Jim Keeley and Mike Milic represented the buyer, Denali National Trust.
COSTA MESA, CALIF. — Renovation of the 300,000-square-foot South Coast Collection, a retail center consisting of eight showroom buildings, creative studios, general retail and food service located at 3303-3323 Hyland Ave. in Costa Mesa, has been completed. Branded as SoCo, the revamped property near Interstate 405 offers a wide variety of home furnishings and accessories, as well as many other specialty stores. Newport Beach, Calif.-based Burnham Ward Properties was the developer, Ware Malcomb of Irvine, Calif., was the project designer and Brea, Calif.-based KPRS Construction Services was the general contractor.
IRVINE, CALIF. — Todd E. Schiffman has sold a 42,000-square-foot industrial property, located at 16902 Von Karman Ave. in Irvine, for $4.2 million. Voit Real Estate Services’ John Griffin represented both the buyer, Bellis Investments, and the seller in the transaction.
SACRAMENTO, CALIF. — NBS Financial Services has arranged a $16 million loan for the 149,000-square-foot Granite Park Regional, a single-tenant office building occupied by the County of Sacramento. NBS’s Ken Griggs and Paddy Ryan arranged the 12-year, fixed-rate loan through correspondent life-insurance company lender, ING Investment Management.