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.
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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.
SAN DIEGO — Cassidy Turley BRE Commercial has negotiated Northrop Grumman Systems Corp.’s more than $9 million lease of 93,161 square feet of office space within The Point in Rancho Bernardo located at 16765 West Bernardo Drive in San Diego. The tenant’s 65-month lease covers one of the two Class A office buildings in the complex, which also includes an R&D building. Cassidy Turley BRE Commercial’s Brian Driscoll, Tom van Betten and Brett Ward, as well as Tony Russell of Jones Lang La Salle, represented Prudential Real Estate Investors in the transaction, and CB Richard Ellis’ Tom Martinez represented the tenant.
ESCONDIDO, CALIF. — Inland Western Retail Real Estate Trust and Federal Realty Investment Trust have announced the closing of the $11.25 million sale of a 75,712-square-foot former Mervyn’s store located in Escondido. In July, Inland Western signed a 44,760-square-foot lease with Dick’s Sporting Goods to fill a portion of the space. Inland Western commenced construction in September to facilitate an early 2011 opening. Tenant-improvement costs incurred to date will be reimbursed by Federal Realty Investment Trust.
VISTA, CALIF. — Lee & Associates has completed a 10-year, $6.7 million lease of a 98,000-square-foot industrial building located at 2633 Progress St. in Vista. The brokerage firm’s Adam Robinson, Isaac Little and Marko Dragovic represented the landlord, Wilco Investments, in the transaction, and Cassidy Turley/BRE Commercial’s Don Grant represented tenant, McCain Inc., which will be using the recently constructed, LEED-certified property for office, R&D, manufacturing and distribution purposes.
WESTMINSTER, COLO. — ARA has brokered the $21.75 million sale of the 256-unit Broadstone at the Ranch, an apartment community located in Westminster. Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment of Atlanta-based ARA represented Alliance Residential in its sale of the 1980s vintage property to the joint venture of Greystar Real Estate Partners and The Praedium Group.
SAN DIEGO — A 9,595-square-foot office property, located at 7877 Ivanhoe Ave. in San Diego, has traded for $2.1 million. Voit Real Estate Services’ Brian Mulvaney and Jon Boland represented the buyer, Pacific Trust Bank, in the transaction, and Voit’s Pete Beauchamp and Mark Sigler represented the FDIC as receiver for San Diego National Bank.
OCEANSIDE, CALIF. — Construction has begun on R.D. Olson Development’s $25 million Courtyard by Marriott hotel, located at 3501 Seagate Way in Oceanside. The four-story, 82,000-square-foot property will feature 140 guest rooms and suites and include 2,000 square feet of meeting space, a fitness room, and a large outdoor pool and spa. Marriott International will manage the hotel, which represents the company’s newest prototype design, while the Irvine, Calif.-based developer retains ownership. Seattle-based Johnson Braund Design Group is the project architect. The second hotel R.D. Olson will have developed in the market, the Courtyard by Marriott in Oceanside will be completed in fourth quarter 2011.
DENVER — Pinnacle Real Estate Advisors has brokered the $2 million sale of a 20-unit apartment building, located at 1721 Humboldt Street in Denver. Built in 1961 and completely renovated in 2010, the uptown multifamily property consists of eight studio units and 12 one-bedroom/one-bathroom units. Pinnacle Real Estate Advisors’s Jeff Johnson and Matt Ritter represented the seller in the transaction, and Doug Haughey of Coldwell Banker assisted the buyer.