MONTECITO, CALIF. — Santa Monica, Calif.-based J.S. Rosenfield & Co. has purchased the 30-year ground lease from Pacific Capital Bank for the Coast Village Shopping Center in Montecito. The buyer plans to convert the 45-year center into a country market. The 40,000-square-foot is currently 50 percent leased by Von’s, Santa Barbara Bank & Trust, and a variety of restaurants and retailers. The company plans to spend approximately $1 million to preserve and renovate the property. Improvements include replacing the existing roofing, new paint, appropriate landscaping and public eating areas, and new architectural elements, including signage, lighting, awnings, canopies and benches. Completion is expected by year’s end.
Western
TEMPE, ARIZ. — Phoenix-based Lakeshore Group has acquired Lakeshore Plaza, an office property located at 4801 S. Lakeshore Dr. in Tempe. Pardi Properties sold the property for $2.05 million. Matt Schrauth of Omni American represented the buyer; Steve Gonzalez and Rich Butler of Marcus & Millichap represented the seller in the deal.
SAN DIEGO AND EL CAJON, CALIF. — Apartment Consultants Inc. (ACI) has brokered two multifamily transactions in California totaling $4.04 million. In the first transaction, Avalon 45th Street LLC purchased Avalon Villas Condominiums, a 16-unit residential property located at 4067-79 45th St. in San Diego, from Bay Crest LP for $1.4 million. Dave Plutner of DP Properties represented the buyer; Adam Jacks of (ACI) represented the seller. In the second transaction, Lemon Grove, Calif.-based 1360 Melody LP acquired Melody Apartments, a 20-unit apartment community located at 1360 Melody Lane in El Cajon, from El Cajon-based 3K & J LP for $2.64 million. Norm Root of ACI represented the buyer and seller in the transaction.
OGDEN, UTAH — Construction is currently underway for the development of a new Munitions maintenance facility at Hill Air Force Base in Ogden. The $7.4 million project consists of a single-story, 25,166-square-foot building featuring areas for maintenance, administration, training, storage, emergency backup power supply, equipment bays, equipment wash racks and a paint booth. Construction began in May, with completion scheduled for June 2010. San Diego-based KMA Architecture & Engineering was retained by MWH Americas to provide architectural services for the project.
SEATTLE — Panattoni Development Co. has leased 108,000 square feet of office/warehouse space to Goodwill Industries of Seattle. Located at 2208 W. Casino Rd. within Casino Park Corporate Park, the single-level building features 30-foot clear ceiling heights, an ESFR sprinkler system and 1.2 stalls per 1,000-square-foot parking capacity. The tenant plans to use the property for its wholesale outlet and warehousing operations. John Zunick of Cascade Commercial Properties represented the tenant; Al Hodge and Steve Henderson of the Broderick Group represented the landord. Additional terms of the 15-year lease deal were not disclosed.
WHITTIER, CALIF. — La Iglesia Del Vivo Columna y Apoyo De La Verdad has acquired a religious facility, which is located at 12401-12405 Pellissier Rd. in Whittier, for $2.47 million. The 3-acre property consists of an 8,210-square-foot assembly hall and four single-family residences totaling 4,271 square feet. Coastal County Real Estate represented the buyer; Anil Rana of Sperry Van Ness represented the seller, New York-based BSS Corp, in the deal.
TORRANCE, CALIF. — The Los Angeles office of Holliday Fenoglio Fowler (HFF) has arranged a $27.5 million refinancing for Torrance Promenade, a 266,847-square-foot retail power center located at 19800 to 20100 Hawthorne Blvd. in Torrance. Tenants of the currently 85 percent occupied center include Trader Joe’s, Office Depot, Marshalls, Same Ash Megastore, Ross Dress For Less, Loehman’s, Tuesday Morning, Party City and Sears Outlet. Tina Derderian of HFF secured the 5-year, 7.25 percent fixed-rate loan for the borrower, Kimco Realty Corp.
SCOTTSDALE, ARIZ. — NALS Arizona, an affiliate of Santa Barbara, Calif.-based Nevins Adams Lewbel Schell, has acquired San Tropez, a 316-unit upscale apartment community located at 2700 N. Hayden Rd. in Scottsdale. Chicago-based BEL-EQR | Limited Partnership sold the property for $29 million. Built in 1989, the community was 93 percent occupied at the time of acquisition. The property features a resort-style swimming pool with spa, sand volleyball courts, a clubhouse and a fitness center. Tyler Anderson and Sean Cunningham of CB Richard Ellis’ Phoenix office represented the seller in the deal.
SANTA ANA, CALIF. — Grubb & Ellis Realty Investors has completed the $11.3 million disposition of a 105,199-square-foot office building, which is located at 901 Civic Center Dr. W. in Santa Ana. The four-story Class B office property is 70 percent leased to a majority of government entities, including the Federal Bureau of Investigations, the Orange County District Attorney’s office and the Public Defender’s office. Dan Vittone, Al Pekarcik and Gil Marrero of Voit Real Estate Services represented the seller. Tim Nguyen of NAI Capital represented the undisclosed buyer.
LAS VEGAS — NorthMarq Capital has arranged a $4.15 million first mortgage for Tropicana Plaza, a 116,235-square-foot retail property in Las Vegas. At the time of refinancing, the property was 29 percent vacant. Terms of the 5-year loan include a 25-year amortization schedule. David Blum of NorthMarq’s Los Angeles office secured the loan for the undisclosed borrower.