GILBERT, ARIZ. — Jackson Property Group has purchased an industrial building, which is located at 115 N. Sunway Dr. in Gilbert. The 20,193-square-foot property sold for $1.7 million. Mark Wilcke, Joe Cryan and Tysen Manuel of NAI Horizon represented the buyer; Kris Marin of Grubb & Ellis represented the seller, the estate of Scott W. Hevle, in the transaction.
Western
MILPITAS AND FREMONT, CALIF. — Newmark Realty Capital Inc. has arranged permanent financing for two multi-tenant, triple-net leased retail properties in the East Bay area. Terri Slocombe of Newmark secured the financing through The Standard for Dempsey Plaza in Milpitas and Irvington Plaza in Fremont. The 16,268-square-foot Dempsey Plaza, which is located at the intersection of Interstate 680 and Landess Avenue, received $1.2 million in permanent financing. Irvington Plaza, a 21,000-square-foot center, received $1.4 million in financing.
SAN FRANCISCO — The South San Francisco Planning Commission has approved Centrum Properties’ SFO Logistics Center project, which is located in South Francisco. The $23 million upgrade and modernization will convert the property into a premier distribution and light industrial facility. The project will generate 1,070 permanent jobs, including 750 newly created jobs, and 224 construction and related jobs. The center is situated on 26 acres with easy access to three major freeways and the San Francisco International Airport. Construction is expected to begin in the fall with completion slated for early 2010. The developers are pursuing LEED certification for the project.
TIGARD, ORE. — Salem, Ore.-based City County Insurance Services has purchased a 13,563-square-foot office property, which is located at 11625-11675 S.W. 66th St. in Tigard. Lake Oswego, Ore.-based Haines Building LLC sold the property for $2.25 million. Trevor Kafoury, Jason Green and Kevin Kaufman of CB Richard Ellis represented the buyer; Chris Johnson, Charlie Floberg of Norris, Beggs & Simpson represented the seller.
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.
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.