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.
LAS VEGAS — Dennis Vaccaro and Matthew Mousavi of Faris Lee Investments represented the sellers, Innovative Property Partners and Visionary Partners, in the disposition of two Del Taco restaurant properties in Las Vegas. Arizona-based Jang Family Trust acquired the properties for $3.75 million or approximately $731 per square foot. The transaction includes a 2,308-square-foot Del Taco located at 5226 S. Boulder Highway, and a 2,820-square-foot Del Taco located at 4380 N. Nellis Blvd. Marcus & Millichap represented the buyer in the deal.
FONTANA, CALIF. — Bally Development has acquired Phelan Logistics Center, a 290,650-square-foot Class A industrial building located at 15889 Slover Ave. in Fontana. Bally plans to use the 12-acre property as its primary West Coast distribution center for Maxzone Auto Parts. The financial terms of the transaction were not disclosed. Joe Lin and Jeff Smith of Lee & Associates’ Ontario, Calif., office represented the buyer; Bill Heim and Eloy Covarrubias, also of Lee & Associates, represented the seller, Catawba JP/DF, in the deal.
LANCASTER, CALIF. — Antelope Valley Union High School District and San Diego-based Barnhart, serving as general contractor, have completed a $42.7 million core classroom building at Eastside High School, which is located at 3200 E. Ave. J-8 in Lancaster. The two-story, 190,000-square-foot facility features 31 classrooms, 15 science labs, four computer labs, six special-education rooms and a library that can serve 930 students. NDT Architects provided architectural services for the project, which was funded by school bond issues and State Facility Funds.
LOS ALAMITOS, CALIF. — KZ DevCo has purchased a 10,100-square-foot office building in Los Alamitos for $4.25 million. The company plans to redevelop the property, which is located at 3401 Katella Ave., into a CVS/pharmacy. Construction will begin in September with completion scheduled for May 2010. Vincent Roche with CB Richard Ellis represented the buyer; David Cox of Cox Commercial represented the seller, Tipton Family Trust.
LOS ANGELES — The General Services Administration (GSA) has inked a $14.4 million lease transaction at 606 S. Olive St. in Los Angeles. The deal will expand the Federal Government’s Executive Offices of Immigration Review (EOIR) office space to 72,210 square feet. The EOIR now occupies five-and-a-half floors of the City National Bank Building. John Anthony of Charles Dunn Co. brokered the transaction. The landlord is 606 Olive LLC.
SANTA CLARITA, CALIF. — Whittier, Calif.-based Oltmans Construction Co., serving as general contractor, has completed the construction of Centre Point Village, a 15-acre retail project located in downtown Santa Clarita. The six-building, 133,000-square-foot center features a 58,890-square-foot Dick’s Sporting Goods, a 30,000-square-foot Babies ‘R Us, a 24,970-square-foot Easy Life Furniture, a 7,000-square-foot G Stage Clothing and two pad structures totaling 11,724 square feet. The estimated $22 million project was designed by Long Beach, Calif.-based Perkowitz+Ruth Architects.