SEATTLE — Marcus & Millichap has negotiated the nearly $2.23 million sale of the 43-unit Fairway Lanai, an apartment property located at 1807 South 118th Street in Seattle. Built in 1968, Fairway Lanai consists of 34 one-bedroom/one-bathroom units, eight two-bedroom/two-bathroom units and one large three-bedroom/three-bathroom unit. Marcus & Millichap’s Dan Swanson and Matthew Bohner represented the private-investor seller, and Swanson and the brokerage firm’s George Miller represented the buyer, also a private investor.
Western
PHOENIX — Whitestone REIT has purchased the 111,227-square-foot Sunnyslope Village, located in central Phoenix, for $6.4 million. The Class B community retail center is the second acquisition the Houston-based company has made using the proceeds of its August IPO.
TUSTIN, CALIF. — Faris Lee Investments has completed the $4 million sale of St. Joseph's Heritage Medical Group, a two-building, 10,125-square-foot medical facility located at 1095 Irvine Blvd. in Tustin. The single-tenant, outpatient facility was built in 1970 and remodeled in 1995. Faris Lee’s Jeff Conover and Richard Walter represented the Newport Beach, Calif.-based seller, PCF-Tustin LLC, in the transaction; the Orange County, Calif.-based buyer, Sig Trust, was completing a 1033 tax-deferred exchange. Faris Lee also worked with the existing lender involved with the property, Northern Trust Bank, to help Sig Trust assume the current loan at less than 6 percent.
SAN DIEGO — QualityFirst Commercial Corp. has negotiated the $1.1 million acquisition of a 10,000-square-foot industrial building and vacant lot located at 24 21st Street in San Diego. Constructed in 1953, the building sits on a 13,000-square-foot lot in the Logan Heights submarket. QualityFirst Commercial’s Peter Wright and Steven Martini represented the buyer, Riggo LLC, in the transaction, and Voit Real Estate Services’ Jim Marsh and John Lanza represented the seller, Safari Investments LP. Riggo LLC will occupy the entire building after a complete interior and exterior renovation, which will begin in early 2011.
SCOTTSDALE, ARIZ. — Hendricks & Partners has closed the $19.5 million sale of Ten Wine Lofts, an 82-unit condo property located at 7126 E. Osborn Road in Scottsdale. The lender-owned and partially complete property will be operated as apartments by the buyer, a private-capital investor entering the marketplace for the first time. Hendricks & Partners’ Mark Forrester, Ric Holway and Nick Ingle represented ML Manager LLC, the seller of the lofts, which had been vacant for 2 years.
MISSION VIEJO, CALIF. — Hanley Investment Group Real Estate has negotiated the $2.9 million purchase of an 11,460-square-foot commercial building located at 27856 Center Drive in Mission Viejo. Built in 1991 and vacant at the time of sale, the freestanding property is situated within Crown Commerce Center, which is anchored by The Home Depot. Hanley’s William Asher represented the Santa Ana, Calif.-based buyer, Fairhaven Memorial, in the transaction, and Marcus & Millichap represented the Fresno, Calif.-based seller, King’s Knight Ventures LLC.
RIVERSIDE, CALIF. — Faris Lee Investments has completed the $6.75 million sale of Magnolia Village Plaza, a 38,060-square-foot retail center located at 10901 – 10995 Magnolia Ave. in Riverside. Built in 1988 and renovated in 2007, Magnolia Village Plaza features a freestanding Taco Bell with drive-thru, two retail pads and in-line shops anchored by Kaiser Permanente. The property was 87 percent occupied at the close of escrow. Faris Lee Investments’ Nick Coo represented the private-investor seller, B U Management, in the transaction, and Reza Kassrian of Pars Global represented the buyer, Newell Owenby Trust.
RANCHO DOMINGUEZ, CALIF. — Cabot Properties has purchased a 215,635-square-foot warehouse and distribution building located at 18626 South Reyes Ave. in Rancho Dominguez. The seller and terms of the deal were not disclosed. The sale of the property, which is currently 100 percent occupied by Guildcraft of California, was facilitated by Cushman & Wakefield’s Jeffrey Cole, Ed Hernandez and Rooney Daschbach.
SANDY, UTAH — A&B Properties has acquired Little Cottonwood Center, a 141,600-square-foot neighborhood shopping center in Sandy, for $20.5 million. The real estate subsidiary of Honolulu-headquartered Alexander & Baldwin reinvested 1031-exchange proceeds in buying the grocery-anchored shopping center, which is located approximately 17 miles from downtown Salt Lake City. Ninety-seven percent occupied at the time of purchase, the property includes Fresh Market, McDonald’s, Starbucks Coffee, Discount Tires and Texaco in its tenant lineup.
SAN LEANDRO, CALIF. — Cassidy Turley BT Commercial has brokered the $9.33 million sale of an almost 262,000-square-foot multi-tenant industrial facility located at 2048-2050 Williams Street in San Leandro. The buyer, 2050 Williams LLC dba U.S. Superior Stone and Tile, will occupy approximately 137,580 square feet of the property; the remainder of the facility, which is situated just off Doolittle Drive about a mile south of the Oakland Airport, is leased long-term to Sitcom Furniture. Cassidy Turley BT Commercial’s Jay Hagglund and Paul Beckwith represented the seller, 2050 San Leandro Partners, in the transaction, and John Loh and Jillian Loh of Loh Realty & Investments represented the buyer.