PALM SPRINGS, CALIF. — Marcus & Millichap has brokered the sale of the 23-unit Villa Vista apartment complex between two undisclosed parties for $1.35 million. The property is located at 685 Vista Chino in Palm Springs. Tom McCartin and Tim Noonan of Marcus & Millichap’s San Diego office and Greg Bassirpou of the firm’s Newport Beach, Calif., office represented the seller. Tyler C. Leeson and Jonathan Mitchell of the Newport Beach office represented the buyer.
Western
OAHU, HAWAII — Honolulu-based A&B Properties has acquired the 113,800-square-foot Waipio Shopping Center from an undisclosed party for an undisclosed price. The property is located across the street from the Central Oahu Regional Park in the Waipio master-planned community in Oahu. Developed in the 1980s, the center is anchored by Foodland Supermarket and houses Outback Steakhouse, Pizza Hut, Taco Bell and Big City Diner. Waipio Shopping Center is 99 percent leased.
OCEANSIDE, CALIF. — San Diego-based Reno Contracting is working toward a March completion of the 84,000-square-foot U.S. Department of Veteran Affairs outpatient clinic. The property will be located in the Seagate Corporate Center at 1300 Rancho Del Oro in Oceanside. Rockefeller Group Development Corp. is overseeing the build-to-suit project.
SANTA ANA, CALIF. — Advanced Real Estate Services has secured a $19.68 million loan for the 196-unit The Court at Artists Village in Santa Ana. Freddie Mac funded the 10-year loan, which carries a 30-year amortization schedule. Michael Elmore of NorthMarq Capital’s Los Angeles office arranged the loan.
DRAPER, UTAH — GRH Kaysville and Halker Properties have sold a 14,820-square-foot Walgreens to a private buyer for $5.45 million. The property, which is located at the intersection of Bangerter Highway and South Street in Draper, was built in 2009. Yubin Tao of Investment Real Estate Associates’ Encino, Calif., office brokered the sale.
PHOENIX — Strategic Storage Trust has purchased a 520-unit self-storage property from a private seller for $2 million. The 38,750-square-foot facility is located on 1.4 acres at 727 W. Missouri Ave. in Phoenix. The acquisition is part of a two-property portfolio that includes a facility in Montgomery, Ala.
At the end of the second quarter, the total industrial square footage in Salt Lake City was more than 110.7 million with an available square footage of 7.6 million, creating a vacancy of 6.89 percent. Big box space in Salt Lake has a 7.29 percent vacancy rate, compared to 5.62 percent in second quarter 2008. Current lease rates are down 2.38 percent from the second quarter of 2008. The hardest hit industrial segment is in the 0 to 5,000-square-foot size increments, which experienced an 11.54 percent decrease in average rents from second quarter 2008. The market is down from the record years of 2007 and 2008, both in speculative development and leasing activity. Like most markets, vacancy rates climbed through the second quarter of 2009, with approximately 1.5 million square feet of existing product coming back to the market. However, the Salt Lake industrial market is in a strong position in the West; third quarter projections are strengthening. Reckitt Benckiser just broke ground on the 200-acre Phase I of Miller Sports Park Industrial Development, a $25 million, 650,000-square-foot distribution center. Another project to note is the planned groundbreaking by The Rockefeller Group on a 365,000-square-foot distribution center on a 71-acre …
LOS ANGELES — Gafcon has been tapped as program manager of the $1 billion revitalization of the Watts section of Los Angeles. The project centers around a redevelopment of the 700-unit Jordan Downs public housing facility, upgrading the property’s units and developing 2,100 additional living spaces. The renovation of Jordan High School and the development of new mixed-use spaces in the area are also being considered under the plan. A mix of private investment dollars, state tax credits and federal development money fuels the project.
LAS VEGAS — An undisclosed seller who had recently foreclosed on the 150-room St. Tropez hotel has sold the property to The Siegel Group Nevada for $10.5 million. Located in Las Vegas’ Harmon Corridor, the two-story hotel is situated across the street from the Hard Rock Hotel & Casino. The Siegel Group plans to fix deferred maintenance issues and then embark on a renovation and modernization of the facility, which could include adding a restaurant, bar, nightclub or outdoor yoga studio to the hotel.
CHANDLER, ARIZ. — Phoenix-based The Richard Solomon Group is moving toward completion of its work on the 170,000-square-foot Mill Crossing shopping center. The $12.5 million property is located in Chandler. RSG’s work includes construction of 43,000 square feet of in-line shopping space and tenant improvements for a 10,180-square-foot Shoe Carnival and a 4,990-square-foot Sears Appliance Store. The firm is also undertaking sitework on 17.11 acres for JC Penney, which is expected to open in the center’s anchor position in October.