IRVINE, CALIF. — Irvine-based Faris Lee Investments has completed the sale of a portfolio of five Kohl's department stores. The properties are located in Redondo Beach, Monrovia, Rancho Cordova and Eureka, Calif.; and Henderson, Nev. All of the properties anchor shopping centers and all have new triple-net leases that expire in 2028. Richard Walter and Donald MacLellan of Faris Lee represented the seller, Macerich. Los Angeles-based ING Clarion purchased the Redondo Beach property; Phoenix-based Cole Real Estate Investments purchased the Monrovia and Rancho Cordova properties; Los Angeles-based Stearns Trust purchased the Eureka property; and Nevada-based Williamson Trust purchased the Henderson property. Faris Lee also represented the buyers in each of the transactions except for the Eureka property, in which Phase One Realty represented the buyer. The sale price was not disclosed.
SAN LEANDRO, CALIF. — Grubb & Ellis has brokered the sale of Wicks Business Park, a 143,443-square-foot industrial property located in San Leandro. Situated on 11.2 acres at 15000-15099 Wicks Blvd., the property comprises four single-story buildings. Occupancy was 70 percent at the time of closing. Edward Suharski, Steven Golubchik and Seth McKinnon of Grubb & Ellis' San Francisco office arranged the transaction. Both parties were undisclosed.
SCOTTSDALE, ARIZ. — Colliers International has arranged the sale of a 34,757-square-foot flex property in Scottsdale for $5.44 million. Situated within McDowell Business Park at 16641 N. 91st St., the two-story building consists of 25,593 square feet of Class A office space and 9,164 square feet of warehouse space. Greg Hopley of Colliers' Scottsdale office represented the seller, locally based Wright Brothers Investments. Troy Weurding of Caliber Commercial represented the buyer, Patriot Investments. Patriot Investments plans to occupy approximately 25,000 square feet within the property for its corporate offices. Wright Brothers will retain space in the building for 2 years.
LOS ANGELES — Marcus & Millichap has negotiated the sale of a 96,000-square-foot industrial property located at 840 Santee St. in Los Angeles for $5.25 million. Jerry Wise, Adam Petriella and Tony Azzi of Marcus & Millichap's West Los Angeles office represented the seller, a financial institution. Azzi also represented the buyer, a private investor.
PASADENA, CALIF. — Hendricks & Partners (H&P) has completed the sale of 140 North Wilson Avenue in pasadena for $1.88 million. The property consists of a 14-unit apartment community with all one-bedroom units that average 455 square feet. Kevin Lutz and Kevin Hurley of H&P's Pasadena office represented the seller, Los Angeles-based Nancy B. Johnson & The Karyn Trust. The buyer was Rowland Heights, Calif.-based DLZ Investment Inc. The property traded at a 6.81 percent cap rate.
HONOLULU, HAWAII — Los Angeles-based fashion chain Forever 21 has announced plans to open a three-story flagship location within Honolulu's Royal Hawaiian Center. The 42,580-square-foot store will be located within Building C and will have a major entrance on Kalakaua Avenue. With this new lease, Forever 21 is the shopping center's largest tenant. Developed and managed by The Festival Companies, Royal Hawaiian Center is a 310,000-square-foot shopping center located in Honolulu's Waikiki district. It is owned by Kamehameha Schools.
BELLFLOWER, CALIF. — Lee & Associates – Orange, Inc. has brokered the sale of a 9,171-square-foot retail strip center located in Bellflower. The property, which is situated at 9345-9361 Alondra Blvd., traded for $1.97 million. John Son of Lee & Associates represented the buyer, Mahn Properties. Eric Wohl and Kevin Fryman of Hanley Investment represented the seller, PB Investments I, Ltd. The acquisition price was not disclosed.
DENVER — The Denver office of NorthMarq Capital has arranged $16 million in permanent financing for the Enclave at Belleview Station in Denver. Located at 4400 S. Monaco St., the property consists of 11 three-story buildings with 238 units, as well as 100 attached and detached garage spaces. Amenities include a clubhouse, a heated swimming pool, a spa, a barbecue and picnic area, a business center and a fitness center. Steve Koeneke, Dave Link and Chris Williams of NorthMarq secured the loan on behalf of the borrower, Griffis Premium Apartment Fund. Terms of the loan were not released.
SAN DIEGO — Eastman Kodak Co. has signed a lease for 65,755 square feet of industrial and research & development space at 16275 Technology Dr. in San Diego. The lease carries an 18-month term at a cost of $1.37 million. Chris Pascale of CB Richard Ellis represented Eastman Kodak in lease negotiations. Mickey Morera of Cushman & Wakefield represented the landlord, First Industrial LP.
LAS VEGAS — CORE Construction – Nevada has completed the 333,654-square-foot Sunrise Mountain High School. The $77 million property is located on 47 acres at 2575 N. Los Feliz St. in Las Vegas. Sunrise includes an indoor gym, activity fields and tennis and basketball courts. Tate Snyder Kimsey of Las Vegas designed the project.