IRVINE, CALIF. — Kusha Inc. has signed a 5-year lease for a 38,400-square-foot industrial property in Irvine. Located at 1211 McGaw Ave., the property leased for $1.67 million. The tenant, an importer of Basmati rice from India to the United States, plans to use the facility to house its United States headquarters. Dick Silva of Lee & Associates represented the lessee; Phil Cohen and Matt Durkin, also of Lee & Associates, represented the lessor, RDM Properties.
HAYWARD, CALIF. — Greig Lagomarsino of Colliers International’s Oakland, Calif., represented both the seller and buyer in the acquisition of a 2.5-acre land parcel in Hayward. Located at 3485 Breakwater Ct. within Breakwater Industrial Park, the property is a portion of a larger 7.6-acre site. Watson-Setzer Real Estate Partners LLC sold the property for an undisclosed price. The buyer, San Francisco-based Sierra Equipment Co., sells specialized heavy equipment for construction, drilling energy, agriculture and machine tool industries.
SANTA CLARA, CALIF. — NorthMarq Capital’s San Francisco office has arranged a $11.08 million loan for Moonlite Shopping Center in Santa Clara. Tenants at the 171,901-square-foot center include Save Mart, OfficeMax, Rite Aid and Palo Alto Medical Group. ING USA Annuity and Life Insurance Co. provided the financing, which was based on a 5-year term with a 225-year amortization schedule. Jeffrey Weidell of NorthMarq arranged the financing.
CHEHALIS, WASH. — Providence Health & Services of Washington has completed the disposition of the former Chehalis Hospital in Chehalis. The 66,200-square-foot property sold to a Spokane, Wash., developer for $2.5 million. Evan Parker, Ted Sipila and Amy Robinson of GVA Kidder Mathews represented the seller in the transaction.
DENVER — Jaaso Unlimited Series 1525 Yates Only LLC has purchased 1525 Yates Street, an 18-unit multifamily property in Denver, for $1.09 million or $45,718 per unit. Built in 1969, the property offers 12 one-bedroom/one-bath units, six studios and six two-bedroom/two-bath units. Matt Ritter and Jeff Johnson of Pinnacle Real Estate Advisors LLC represented the buyer; JB Hochman and Josh Newell, also of Pinnacle, represented the seller, L/D Properties Inc., in the transaction.
LEBEC, CALIF. — Brown Shoe Company Inc. has completed the development of its 350,000-square-foot Famous Footwear Distribution Center, which is located within Tejon Industrial Complex (TIC) in Lebec. According to Brown Shoe’s chairman and CEO, the new facility has an annual capacity of 32 million pairs of shoes and expected inventory turns of 17 to 22 times per year. The facility will serve all Famous Footwear stores located west of the Rocky Mountains and direct shipping to customers in that geographic region. Brown Shoe partnered with Fortna Inc., a supply chain strategy, design and implementation firm, to create a state-of-the-art logistics system for the new center. The facility features a cross belt unit sortation system, multiple sliding shoe sorters, a high-density storage and picking module, new warehouse management software and FortnaWCS, the Fortna warehouse control system. Clayco Inc., a St. Louis-based corporate real estate design-build and construction firm, owns the property, which is being leased to Brown Shoe.
ALISO VIEJO, CALIF. — Walker & Dunlop recently provided a $60 million conventional loan for Alize, a 484-unit apartment community located in Aliso Viejo. Built in 1999, the Class A property features a clubhouse with a deluxe kitchen, a state-of-the-art fitness center, an outdoor pool and individual parking garages. The loan was structured with a 10-year term with 2 years interest only and a 30-year amortization. Verne Murray and Jeff Burns of Walker & Dunlop arranged the financing for the borrower, Sequoia Equities.
SAN DIEGO — Coast Income Properties Inc. has completed the $4 million renovation of SR Ranch Shopping Center, which is located at 9838-9890 Hibert St. in San Diego’s Scripps Ranch area. Renovations to the 70,720-square-foot, ranch-themed property include new storefronts and corrugated roofs, as well as enhancements to the parking layout, hardscape and landscape features. Trader Joe’s recently opened a 15,000-square-foot location at the center. Other tenants include Chuck E. Cheese’s, Chicago Title, Realty Executives, Sombrero’s and Supercuts. BYCOR served as general contractor for the project, which was designed by KTGY Group Inc.
ONTARIO, CALIF. — Sears Holdings Corp. has renewed its lease with Dedeaux Properties LLC for a facility in Ontario. Sears Holdings Corp. currently leases an approximately 823,000-square-foot distribution facility, which is part of the 1.3 million-square-foot Dedeaux Inland Empire Park. The value of the lease was not disclosed.
POCATELLO, IDAHO — Ascension Group Architects was recently selected to provide design-build services for the $150 million replacement hospital for Portneuf Medical Center in Pocatello. The project consists of a new six-story addition to the east campus of the medical center along with interior renovation throughout the existing facility. Construction will include 187 beds, 320,000 square feet of new construction and 37,000 square feet of renovated space. When complete in mid-2011, the facility will house an intensive care unit, a cardiovascular intensive care unit, medical/surgical beds, obstetrics, a nursery, a neonatal intensive care unit, pediatrics, psychiatry, a surgical suite, an endoscopy suite, rehabilitation and an emergency department. Additionally, the expansion will include a two-story lobby and atrium, a dining room, a coffee shop, a central plant, and a helipad and hanger. Layton Construction is serving as general contractor for the project. Portneuf is owned by a joint venture between Portneuf Health Care Foundation Inc. in Pocatello and Plano, Texas-based Legacy Hospital Partners Inc.