EL CAJON, CALIF. — San Diego-based Adnan Barbat and Khalida Barbat have purchased 1083 South Mollison Avenue in El Cajon. The 11-unit apartment community sold for $1.2 million. Built in 1978, the property consists of studio and one-bedroom/one-bath units. Chad Barmwell of Hendricks & Partners represented the seller, Escondido, Calif.-based Paul Bundy Jr. and Sigrid Bundy, in the transaction.
Western
SEATTLE — Marcus & Millichap has brokered the sale of a Blockbuster, which is located at 10640 16th Ave. S.W. in Seattle. The 5,066-square-foot single-tenant, net-leased property sold for $865,000. Amit Niranjan, Akash Niranjan and Dino Christophilis of Marcus & Millichap represented both undisclosed parties in the transaction.
CHANDLER, ARIZ. — Tempe. Ariz.-based Armstrong Development Properties Inc. has completed the first phases of development for Portico Place, a mixed-use redevelopment project in Chandler. Located at the intersection of Chandler Boulevard and Dobson Road, the project’s retail and 40,000 square feet of office space are now complete and tenants, including CVS/pharmacy and Dunkin’ Donuts, are slated to open. The development will also feature a 164-room Cambria Suites hotel. Weitz Company served as general contractor for the project, which was designed by Butler Design Group.
SOUTH GATE, CALIF. — Los Angeles-based Nova Development has purchased Firestone Self Storage, a 91,584-square-foot self-storage investment property in South Gate. Granite Investment Group sold the property for $8.6 million. Located at 5951 Firestone Blvd., the property contains 91,000 rentable square feet and 82 outside RV/boat parking spaces. At the time of acquisition, the property was 85 percent occupied. Greg Wells of Grubb & Ellis|BRE Commercial represented both parties in the transaction.
VISTA, CALIF. — Hillsborough, Calif.-based Mitchel S. Berger and Joan L. Berger recently completed the disposition of Sunglen Vista, a 34-unit apartment community located in at 1550 South Santa Fe Ave. in Vista. San Diego-based Sunglen Vista LLC/Harlan T. Stratton/Barbara Ann Stratton/Jeffrey Oesterle purchased the property for $3.53 million. Built in 1980, the property features three two-story buildings offering 24 one-bedroom/one-bath units and 10 two-bedroom/one-bath units. Allen Chitayat and Josh Browar of Hendricks & Partners’ San Diego office represented the seller in the transaction.
MESA, ARIZ. — A Northern California-based family trust has acquired a Wal-Mart Marketside Grocery store location, which is located at 7561 E. Baseline Rd. in Mesa, for $5.39 million. The 16,854-square-foot retail property is situated on 2.1 acres. Jack Schneider and Joel Hecht of Darrow Talbert Realtors represented the buyer; Kevin Boeve and Lior Regensteif of Marcus & Millichap represented the seller, a Southern California-based LLC, in the transaction.
SAN DIEGO — San Francisco-based Jay Paul Co. is developing a Class A office building at Summit Rancho Bernardo. Located at 16600 W. Bernardo Dr. in San Diego, the five-story, 196,734-square-foot property has been designed to achieve LEED Gold Certification. The building is the first phase of the company’s mixed-use project, which will feature 11 officer towers in an amenity-rich campus. Rudolph and Sletten Inc. is serving as general contractor for the project, which is slated for completion in mid-April. Brent Wright and Chris Pascale of CB Richard Ellis are marketing and leasing the project.
BREA, CALIF. — Los Angeles-based Klorman Construction has been selected as design/build general contractor to design a four-level, 480-car parking structure in Brea. Located at 551 W. Imperial Highway, the structure will feature flat-plate, post-tensioned concrete decks over a post-tensioned, concrete mat slab foundation. Mercury Insurance Group contracted Klorman for the project, which is slated for completion in November.
AVONDALE, ARIZ. — Crescent Avondale LLC has acquired an 11,054-square-foot industrial property, which is located at 961 Eliseo Felix Way in Avondale. Situated on 3.93 acres, the property sold for $4.1 million. Thomas Semancik of Coldwell Banker Commercial Metro Central represented the buyer; Mark Phillips of Sperry Van Ness represented the seller, VJ Avondale LLC, in the transaction.
LOS ANGELES — Los Angeles-based MerueloMaddux, a self-managed, full-service real estate company, along with a number of its subsidiaries, has filed, or will be filing, for voluntary petitions for relief under Chapter 11 Bankruptcy Code in California. The company plans to implement a comprehensive reorganization to restructure its debt. Excluded from the filing is the company’s 35-story 717 West 9th Street Tower, a residential tower project in Los Angeles that is currently under construction. The company expects to continue to manage its real estate portfolio and does not currently anticipate any disruption to its tenants.