LAKE ELSINORE, CALIF. — Marcus & Millichap has announced the sale of a 73-room Holiday Inn Express and Suites located at 31573 Canyon Estates Drive in Lake Elsinore. The brokerage firm’s Tony Azzi represented both the private-investor buyer and the seller, a developer, in the transaction.
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RIALTO, CALIF. — EnTrust Realty Advisors LLC has completed the sale of three medical office buildings totaling 175,059 square feet, including the two-story, 34,709-square-foot San Bernardino Medical Plaza in Rialto. Illinois-based The Westminster Funds sold the 93 percent-leased MOB to Rancho Santa Margarita, Calif.-based Redwood Real Estate Partners LLC. Completed in 1993, San Bernardino Medical Plaza features a mix of pediatric and family group practices. The other two MOB sales brokered by The Alter Group affiliate took place in Illinois and Texas.
CARLSBAD, CALIF. — Cassidy Turley BRE Commercial has represented Bank of America in its sale of three industrial parcels of land, located off of Palomar Airport Road between El Fuerte and Gateway Road in the Bressi Ranch area of Carlsbad, for a total of $3.37 million. Both planning to hold for future development, the Roncelli Family Trust purchased lot 10, and The Weeks Group acquired lots 11 and 12. Cassidy Turley BRE Commercial’s Dennis Visser and Aric Starck represented Bank of America in the transaction involving the all-cash buyers.
POWAY, CALIF. — Toyota of Poway has purchased a 19,000-square-foot auto dealership and a 6,500-square-foot service building, located on 2.84 acres at 13631 and 13611 Poway Road, from a private seller for $5.7 million. CB Richard Ellis’ Paul Komadina and Jim Rinehart represented the buyer in the transaction; the seller represented itself.
NORTH LAS VEGAS — Alliance Residential Co. has acquired The Reserve at Arrow Canyon, a 426-unit apartment community located at 5005 Losee Road in North Las Vegas. Terms of the short-sale transaction were not disclosed. Initially developed as condominiums, the multifamily complex has been operated as a rental community since completion in 2009, offering one-, two- and three-bedroom units that average 1,076 square feet. To be re-branded under Alliance’s Broadstone community name, The Reserve at Arrow Canyon is also slated for repositioning and improvements. The purchase opportunity was sourced through an existing relationship with the property seller’s lender.
PHOENIX — Cassidy Turley BRE Commercial has completed the $7.8 million sale of the 133,600-square-foot Mountain Vista Commerce Center located at 14647 S. 50th St. in Phoenix. California-based Buchanan Street Partners purchased the multi-tenant, flex industrial property from Berkadia Commercial Mortgage, a special servicer for a CMBS pool. Built in 1999, the property was 72 percent leased at the time of sale. Cassidy Turley BRE Commercial’s Bob Buckley, Steve Lindley and Tracy Cartledge represented both the buyer and the seller in the transaction.
ERIE, COLO — Marcus & Millichap has brokered the $5.34 million sale of a 14,490-square-foot Walgreens located at 490 Erie Parkway in Erie. Marcus & Millichap’s Kirk Trammell represented both the private-investor buyer and the limited-liability-company seller in the deal; the firm’s Michael Hoffman assisted in the transaction involving the single-tenant, net-leased property.
HAYWARD, CALIF. — Lee & Associates has handled U.S. Trading’s acquisition of an approximately 130,000-square-foot warehouse building located within close proximity to Interstate 880 at 21118 Cabot Blvd. in Hayward. Constructed in the early 1980s, the concrete tilt-up building features 20+ docks and heavy power. Lee & Associates’ Jesse Lucas and Chris Schofield represented the buyer in the transaction; ProLogis, the seller, was represented in-house.
TEMPE, ARIZ. — Marcus & Millichap has announced the $4.8 million sale of 148-unit The Crossroads, an apartment property located at 1010-1044 East Orange Street in Tempe. Marcus & Millichap’s Steve Gebing and Cliff David represented the seller, HSBC Bank, in the transaction, and the firm’s Peter Te Kampe represented the buyer, a local owner/operator.
AZUSA, CALIF. — A CVS/pharmacy situated along Arrow Highway in Azusa has sold for $3.35 million. The Royston Group’s Rob Sutton and Greg Cortese represented the seller of the property, which was constructed in 2003, in the all-cash transaction; Capital Pacific’s Zeb Ripple represented the buyer. The 22-year fee-simple ground lease on the property has 16 years remaining on the initial term.