SANTA ANA, CALIF. — Santa Ana-based Red Mountain Retail Group is opening four of Wal-Mart’s new Marketside neighborhood grocery store concepts in Arizona. The stores are located in Gilbert, Mesa, Chandler and Tempe, Ariz., and are slated to open October 4th. The stores will offer a wide selection of complete meal solutions and fresh ingredients. The Arizona locations are the first Marketside stores to open in the United States.
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HUNTINGTON BEACH, CALIF. — Gregory Harris and Chad David of Marcus & Millichap’s Encino, Calif., office represented the buyer in the acquisition of 210 18th Street, a 12-unit multifamily property in Huntington Beach. The property, which features two-bedroom flats and townhomes, sold for $4 million. The buyer and seller were not disclosed.
SAN JOSE, CALIF. — PNC ARCS, a PNC Real Estate Finance company, has provided a $9.3 million supplemental loan for Central Park Apartments in San Jose. Built in 1971, the 186-unit property features covered parking, six central laundry facilities, an outdoor pool and a fitness center. The loan was for a 9.25-year term/interest-only for 9 years at a rate of 6.78 percent. The loan was originated by PNC ARCS’ San Francisco office though Fannie Mae.
SAN DIEGO — Curt Ginther has acquired Hillcrest Apartments, a 10-unit apartment building located at 3725 and 3729 4th Ave. in San Diego, for $1.29 million. Constructed in 1936, the two-story property offers 6,040 square feet of rentable space and features nine one-bedroom/one-bath units and one two-bedroom/one-bath unit. Jaisa Bright of Wills Allen Rancho Santa Fe represented the buyer; Merrick Matricardi, Jim Neil and Eric Comer of CB Richard Ellis represented the seller, Dr. Carol Grote-Beyers, in the transaction.
What area is your expertise? We primarily focus on office properties located in the Reno/Tahoe region of Northern Nevada, as well as some outlying areas. The Northern Nevada office market is defined as Reno/Sparks as far north as Spanish Springs and as far south as Mt. Rose Highway, HW 431. Our expertise mainly lies within the seven submarkets in the Reno/Sparks market: South Meadows (89521), Meadowood (89511), Central Reno (89509), Airport (89502), and Downtown Reno (89501). We also track West Reno (89523) and Sparks (89431, 89436) What trends do you see presently in office development in your area? We have seen a tremendous slowdown in new office development over the past 2 years. The booming economy of yesteryear produced an abundance of office space that has outpaced the economic demands of the market. Direct results of this overbuilding are the inflated vacancy rates and a standstill for new development. Most of the office development occurring comes in the form of existing building redevelopment and renovation. Much of this activity is occurring in Downtown Reno where the downtown Reno redevelopment district provides incentives for redevelopment through flexible zoning and tax incentives, therefore allowing developers to achieve a highest and best use …
LOS ANGELES — New York-based The Related Companies has acquired a 308-unit senior-living building, which is located at 740 S. Olive St. in Los Angeles, for $56.5 million. Related plans to continue to operate the property as affordable housing for low-income seniors and to invest $9 million in a renovation/upgrade program for the building. Originally built in 1922 and rebuilt in 1979, the property offers 33 studios and 276 one-bedroom/one-bath units with monthly rents ranging from $980 to $1,083. Property amenities include security-card access, a spacious lobby with a furnished waiting area, lounge/dining area, a meeting room, a leasing office, a landscaped rooftop deck with shuffle board court, an open-air courtyard, laundry facilities and gated subterranean parking. Kitty Wallace of Sperry Van Ness represented both parties in the transaction. The seller was not disclosed.
INDIO, CALIF. — The Indio Teen Center, a $7 million, 12,500-square-foot facility, has opened in Indio. Situated on approximately 4 acres along Avenue 46, the center features a lobby reception area, an Internet café/library with a small kitchen, a game room, a TV lounge, a recording studio, a leadership classroom/conference room, two multi-purpose rooms, a basketball court, an activity field and a barbecue pit. The second phase of the intergenerational campus is the 16,200-square-foot Indio Senior Center, which is currently under construction. With completion slated for mid-2009, the senior center will feature a dining room, a kitchen, a multi-purpose room, an arts and crafts rooms, an activity room, a game room, an exercise room, a computer room, a library/reading room, meeting rooms and administrative offices. WWCOT Architects provided design services for both projects.
VISTA, CALIF. — Sheila Alimadadian of NAI Capital’s Newport Beach, Calif., office represented Brooks Family Trust in the investment purchase of a retail center located at 912-926 Escondido Ave. in Vista. The 9,040-square-foot property sold for more than $2.7 million. Tenants occupying the portion of the center that sold include Yum Yum Donuts, Cricket Wireless, a travel agency, a nail salon, a gift shop and a Mexican restaurant. Peter Fisher of Coldwell Banker represented the seller, Paolo and Lucia Le Medico, in the transaction.
HENDERSON, NEV. — SR Construction has completed the 24,528-square-foot Upper Campus Expansion project at The Henderson International School, which is located at 1165 Sandy Ridge Ave. in Henderson. The project includes a cafeteria/administrative building and a high school classroom building. The cafeteria/administrative building features a full-service kitchen, a dining room, a student store and eight administrative offices. The classroom building features eight classrooms, two science labs with a prep room, a media room, a gathering area and gallery that features 12-foot by 26-foot viewing area. Carpenters Sellers Associates provided architectural services for the project.
GALLUP, N.M. — Supportive Housing Coalition of New Mexico has developed Chuska Apartments, a green and affordable multifamily property in Gallup. Supported by Enterprise Rural and Native American Initiative, the property offers 30 fully subsidized, energy-efficient apartment homes. The units are available for families who earn 60 percent or less of the area median income. Community amenities include a community building, a playground, a community garden and a rock garden. The $8 million project was funded by low income housing tax credits and grants provided by Enterprise Green Communities, the Enterprise Support Housing initiative, city of Gallup, the state of New Mexico, the Annenberg Foundation, the New Mexico Mortgage Finance Authority and the U.S. Department of Housing and Urban Development. Santa Fe, N.M.-based Autotroph provided architectural services for the project.