PHOENIX — Quik Trip Corp. has purchased a 1.63-acre land parcel, which is located at 5004 W. Lower Buckeye in Phoenix, for $1.26 million. The company plans to develop a gas station on the property, which is zoned A-1. Steve Parsons of Empire Commercial represented the buyer; Jeff Hays, Chad Neppl and Peter Batchelet represented the seller, Estenson Investments LLC, in the transaction.
ENUMCLAW, WASH. — Jay Blasberg of Alliant Capital LLC represented the The Desimore Family Irrevocable Trust in the acquisition of Mountain Meadows, a 186-unit manufactured housing community in Enumclaw. The property sold for $7 million. The deal includes a 10-year term with 3 years interest-only, 9.5 years of yield maintenance and a 30-year amortization. Alliant Capital arranged primary financing through Fannie Mae.
SANTA ANA, CALIF. — NorthMarq Capital has arranged a $5.5 million first mortgage for Siena Pointe-Trento Apartments, a 52,080-square-foot, 50-unit apartment building located in Santa Ana. The financing was based on a 7-year term and a 30-year amortization schedule. AmeriSphere Multifamily Finance, a Fannie Mae DUS lender, provided the financing. David Blum of NorthMarq Capital’s Los Angeles office secured the loan on behalf of the borrower.
The prominent trend in retail development thus far in 2009 has been its absence. Developers are either completing projects already underway or remodeling existing properties to maximize marketability. Only 15 new buildings were delivered in first quarter, totaling approximately 156,000 square feet (another 856,000 is slated for delivery later in the year). The overall vacancy rate for retail space in the first quarter was 9.2 percent, with negative net absorption of nearly 850,000 square feet. Rental rates climbed to $21.06 per square foot per year (approximately $1.75 per monthly). That represents a 1.9 percent increase in rental rates in the current quarter, and a 6.13 percent decrease from first quarter 2008. Asking rents do not reflect market activity, which is being affected by tenants demanding and owners making major concessions in order to close transactions. As for hot spots, everyone is watching Sacramento’s K Street redevelopment with a hopeful eye toward an emerging downtown entertainment district. The city has redevelopment funds to draw the attention of potential tenants and it could be successful, even if it means buying the tenants. Newly delivered retail projects include 5065 Quinn Rd., a 37,914-square-foot general freestanding building occupied by Camping World; a 20,000-square-foot building …
BURBANK, CALIF. — Chicago-based Higgins Development Partners has completed the development of 2300 Empire Center, a 363,000-square-foot office building located at 2300 Empire Ave. in Burbank. The seven-story building features 52,000-square-foot floorplates, an adjacent 1,260-stall parking structure and additional surface parking. The project, which received LEED Silver pre-certification in July 2008, is currently under final review for LEED CS Gold certification. Ware Malcomb provided architectural and interior design services for the project.
SANTA CRUZ, CALIF. — Sundt Construction has been selected to provide preconstruction services for a new student-housing project at the University of California Santa Cruz. Located on the east side of campus in Santa Cruz, the $100 million, two-building project will accommodate 600 students in apartment-style housing. The project will feature a green roof and a full commercial kitchen with café-style seating. Construction is slated to begin this fall.
CHANDLER, ARIZ. — Kevin Boeve and Lior Regenstreif of Marcus & Millichap represented the undisclosed seller and buyer in the disposition and acquisition of a 17,075-square-foot Wal-Mart Marketside grocery store in Chandler. Located at 950 N. McQueen Rd., the property sold for $5.4 million or $316 per square foot.
SAN DIEGO — Carlsbad, Calif.-based Forster Family Trust has acquired 4055 Utah Street in San Diego. The 10-unit multifamily property sold for $1.08 million. The seller was La Mesa, Calif.-based Robert E. Cota et al. Chad Bramwell of Hendricks & Partners’ San Diego office represented the buyer in the transaction.
LAS VEGAS — CVK LLC has acquired two office buildings at Pebble Place Business Center in Las Vegas for $15 million. Located at 2140 and 2190 Pebble Rd., the buildings both offer 25,939 square feet of space. Pam Krug of Seavest Realty represented the buyer; Suzette LaGrange of Colliers International — Las Vegas represented the sellers, Pebble Place I LLC and Pebble Place II LLC, in the transaction.
RANCHO CUCAMONGA, CALIF. — The New York office of Holliday Fenoglio Fowler (HFF) has arranged a $23.28 million loan for the refinancing of Ironwood Apartments, a 260-unit apartment community located in Rancho Cucamonga. Located at 11100 4th St., the 94-percent occupied property features one-, two- and three-bedroom units averaging 920 square feet. Whit Wilcox of HFF secured the 7-year, adjustable-rate loan through Freddie Mac for the borrower.