CENTENNIAL, COLO. — Sweden-based IKEA has submitted plans to develop a 400,000-square-foot IKEA store in Centennial. The proposed project would be built on 13.5 acres along the western side of Interstate 25 within the Park Meadows area. IKEA Centennial would feature approximately 10,000 exclusively designed items, 50 inspirational room-settings, three model home interiors, a supervised children’s play area and a 350-seat restaurant serving Swedish specialties. The development timeline will be determined at a later date.
RENO, NEV. — Ryan DeMar, Kenneth Blomsterberg and Dylan Mattole of Marcus & Millichap represented the seller, a North Carolina-based private partnership, in the disposition of Bristle Point, a 224-unit multifamily community in Reno. Located at 2050 Longley Lane, the 213,256-square-foot property sold for $23 million or $102,679 per unit. The property features a mix of one-, two- and three-bedroom units, a swimming pool, a spa, a fitness center, 9-foot and cathedral ceilings, fireplaces and bay windows. Marcus & Millichap also represented the buyer, a private Reno-based owner/operator, in the transaction.
UNION CITY, CALIF. — Precision Manufacturing LLC has exercised its purchase option on a 52,881-square-foot industrial building in Union City. The company, which has occupied the building since 2003, acquired the property for $3.86 million or approximately $73 per square foot. Located at 33233 Central Ave., the property features 5,000 square feet of office space, sprinklers, a yard area, a rail spur and dock- and grade-level loading. The seller was Hass Brothers. Jay Hagglund and Paul Beckwith of NAI BT Commercial represented both parties in the transaction.
SOUTH GATE, CALIF. — Buchanan Street Partners has been selected to structure all the capital for El Portal Entertainment Center, a $218 million retail project in South Gate. Developed by Red Mountain Retail Group and Allied Retail Partners, the 498,880-square-foot, entertainment and multimedia-themed development will be anchored by Target, Ross Dress For Less and Regency Theatres. The project is located at the intersection of Atlantic Avenue and Firestone Boulevard.
PHOENIX — Redwood City, Calif.-based Shutterfly Inc. has signed a long-term lease for 101,269 square feet of space at Cotton Center Business Park in Phoenix. The company plans to relocate to its new address, 4410 Cotton Center Blvd., in early 2009. Cotton Center Business Park is an office development park offering seven operating buildings, three under development properties and 38 acres of land for future development. John Hanson, Matt McGregor, Mark Detmer and Bo Mills of Cushman & Wakefield represented Shutterfly; Bob Crum of Ross Brown Partners and Mark Krison of CB Richard Ellis represented the owner, Malvern, Pa.-based Liberty Property Trust, in the transaction.
SAN FRANCISCO — Michael Stoneman and Tai Dunson of iCap’s San Francisco office has arranged $3.9 million in financing for the acquisition of a multifamily property, which is located at 240 Cumberland St. in San Francisco’s Liberty Heights neighborhood. The property offers 23 one-bedroom units and seven studio units. The acquisition price of the property was $5.8 million or $193,000 per unit. The loan was priced at a 5.25 percent variable rate on a 12 MTA index using a 1.15x DSC ratio. The borrower and financer were not disclosed.
EL SEGUNDO, CALIF. — Los Angeles-based 2355 Utah Capital LLC has acquired a 41,617-square-foot industrial building in El Segundo for an undisclosed price. The property, which is located at 2355 Utah Ave., was 100 percent leased at the time of acquisition. The seller was Redlands, Calif.-based Copeland Properties. Sean O’Donnell and Jeff Smart of Grubb & Ellis’s LA South Bay office represented both parties in the transaction.
SOLANA BEACH, CALIF. — Pinnacle Solana LP, an affiliate of Pinnacle Hotels USA, has purchased a 34,840-square-foot property in Solana Beach for $3.4 million. Located at 647 N. Highway 101, a portion of the property is currently occupied by Parioli’s Italian Bistro; the balance is zoned for commercial use. Joseph Balla and Steve Bruce of Lee & Associates Carlsbad office represented both parties in the transaction. The seller was TMD LLC.
YUBA CITY, CALIF. — Matt Cologna, Bryce MacDonald and Kye Huff of Grubb & Ellis’ Sacramento, Calif., office represented the Sacramento-based Ahrens Family Trust in the disposition of a 16,000-square-foot industrial building in Yuba City. Yuba Sutter Gleaners Food Bank purchased the property for $1.1 million. The food bank is slated to occupy the property, which is located at 760 Stafford Way. Westside Realtor represented the buyer in the transaction.
HUNTINGTON BEACH, CALIF. — Unison, an electrical contracting company, has purchased a 6,030-square-foot industrial property for approximately $1.3 million in Huntington Beach. Located at 16632 Gemini Ln., the property offers excellent access to the 405 Freeway. Mike Barreiro of DAUM Commercial Real Estate Services represented the buyer; Fred Spitzkeit of Ashwill Associates represented the seller, Gothard Business Center LLC, in the transaction.