WEST JORDAN, UTAH — BH Properties has completed the $12.75 million sale of a 363,000-square-foot warehouse complex, located at 9669 Prosperity Road in West Jordan. NAI Utah’s Bryce Blanchard represented BHP in the transaction, which included assumption of the existing CMBS financing; NAI’s Zach Anderson represented the buyer, KPFN Properties LLC.
Western
GARDEN GROVE, CALIF. — Marcus & Millichap has negotiated the $14.3 million sale of the 13-building Grove Park Apartments portfolio in Garden Grove. The multifamily mix consists of 72 one-bedroom/one-bath units, 16 two-bedroom/one-bath apartments and 16 three-bedroom/two-bath units. Marcus & Millichap’s John Nguyen represented both the buyer and the seller in the transaction. Of the 104-unit, 74,000-square foot affordable-housing collection, five of the properties are located on Keel Avenue and eight are on Morningside Avenue.
MORENO VALLEY, CALIF. — Grubb & Ellis has represented Bank of America N.A. in the $7.6 million sale of Moreno Beach Plaza Phase II, a 74,208-square-foot retail center located at the northwest corner of Eucalyptus Avenue and Moreno Beach Drive in Moreno Valley. Constructed in 2007, the REO property was purchased by MGP IX REIT LLC, a business unit of Merlone Geier Partners. Grubb & Ellis’ Michelle Schierberl and Roger Kinoshita represented the seller in the transaction.
SCOTTSDALE, ARIZ. — CB Richard Ellis has negotiated the sale of Mercado Del Rancho, a suburban office complex located at 10301 N. 92nd St. in north Scottsdale. The purchase price was not disclosed. Located directly across from the Scottsdale Healthcare Shea campus, Mercado Del Rancho consists of two two-story buildings totaling 71,200 square feet. CBRE’s Barry Gabel and Mindy Korth represented the seller, Washington, D.C.-based 10301 North 92nd Street Holdings LLC, a business unit of CWCapital Asset Management, in the transaction; the buyer was ESI Ventures, dba Black Canyon Place LLC.
ASPEN, COLO. — Aspen Skiing Co. has purchased the Limelight Lodge, located at 355 S. Monarch Street in Aspen, from a group including Denver-based Szymanski Development Partners, the hotel's developer. Terms of the deal were not disclosed. Pete Dordick of HVS advised on the sale.
RIVERSIDE, CALIF. — Mor Furniture for Less has signed a more than $2.9 million lease for 45,875 square feet of retail space at Canyon Crossings, located at 6155 Valley Springs Pkwy. in Riverside. Colliers International’s Vic Gausepohl represented the home furnishings retailer in its 120-month lease deal with Canyon Crossings I LLC, which was represented by Cushman & Wakefield’s Rob Ippolito, Bryan Cunningham and David Bradley. Mor Furniture for Less plans to open its Riverside showroom at the 740,000-square-foot, mixed-use property in May.
SACRAMENTO, CALIF. — Marcus & Millichap has brokered the sale of a 7,515-square-foot Aaron Rents property located at 3138 Northgate Blvd. in Sacramento. The tenant has signed a 10-year NNN lease. Marcus & Millichap’s Alvin Mansour represented the seller in the transaction.
VISTA, CALIF. — Rady Children’s Hospital has purchased a two-story, 28,600-square-foot medical office building located within Ocean Terrace Professional Center at 3605 Vista Way in Vista. The acquisition price was not disclosed. CB Richard Ellis’ Lars Eisenhauer, Lannie Allee and Roger Carlson represented the seller, McMahon Development Group, in the transaction, and Steve Rosetta of Cushman & Wakefield represented the San Diego-based buyer.
COLORADO SPRINGS, COLO. — Apartment Realty Advisors has brokered the more than $3 million sale of a 112-unit property located at 813 South Circle Drive in Colorado Springs. Built in 1969 and located minutes from Peterson Air Force Base and Fort Carson, South Circle Arms Apartments was 88 percent occupied at the time of the sale. ARA’s Kevin McKenna and Ken Greene represented the seller in the transaction.
MCCARRAN, NEV. — A large Internet retailer has leased 566,875 square feet at McShane Development Co./MetLife Real Estate Investments’ Building I at Eagle Valley Industrial Center in McCarran. The full-building commitment involves initial occupancy in June of 284,360 square feet. CB Richard Ellis’ Eric Bennett, Matt Riecken, E. Gordon Zack and Mike Nevis represented the owners in the lease transaction, and Brad Lancaster of Reno, Nevada-based Miller Industrial Properties represented the tenant. Building I is the first of two industrial buildings to be developed by the McShane/MetLife industrial development alliance at Eagle Valley Industrial Center, a 1.1 million-square-foot industrial business park in the heart of the Tahoe-Reno industrial market.