LAS VEGAS — Snug Harbor, a 64-unit multifamily community, has been sold to Snug Harbor Condominiums Las Vegas LP, with WLA Investments as managing partner, for an undisclosed price. Located at 2780 E. Flamingo Rd., the property offers 69,432 square feet of residential space and 10,433 square feet of retail space. The community features 12 one-bedroom/one-bath units, 36 two-bedroom/two-bath units and 16 three-bedroom/two-bath units offering full-size washer/dryers, fireplaces, large kitchens with fully appointed appliance packages, ceiling fans, oversized roman tubs with spa jets, double-sink vanities in master baths, walk-in closets in master suites, ample storage and private balconies/patios. Additionally, the community offers a swimming pool, a heated spa, a state-of-the-art fitness center, an expanded leasing office, select covered parking spots and landscaped grounds. Joseph Kupiec of Grubb & Ellis|Las Vegas partnered with Diane Miramontes and Darcy Miramontes of Grubb & Ellis|BRE Commercial to represented the seller, AIMCO/RALS LP, in the transaction.
BEAVERTON, ORE. — Guardian Management LLC, a Pacific Northwest real estate investment and management firm, has acquired Waterhouse Place Apartments for $30 million. Located in Beaverton, the 279-unit property features updated landscaping, a resurfaced spa, new patio doors, and parking and clubhouse upgrades. Guardian plans to invest an additional $3 million, $7,000 per unit, to rehabilitate the property, which was built in 1989. UBS Realty Investors LLC will serve as the equity partner.
RIVERSIDE, CALIF. — Newport Beach, Calif.-based Turner Development Corp. has completed the construction of Medical Park at Riverside, a two-phase medical office complex located at 4234 and 4224 Riverwalk Parkway in Riverside. The project consists of two Class A medical office buildings totaling 66,000 square feet and offering offices ranging in size from 1,000 to 19,500 square feet.
UNION CITY, CALIF. — Welcome Market Inc., dba 99 Ranch Market, has purchased 2931 Faber Street, a warehouse facility in Union City, for approximately $18.25 million. Constructed in the mid-1970s, the 223,000-square-foot property was originally operated by McKesson Water and more recently by DS Water. The building features dock and drive-in loading, 26-foot interior warehouse clear height, approximately 20,000 square feet of office space, heavy power, ample parking and truck staging areas. Tom Damosceeno and Samual Higglesom of NAI BT Commercial represented the buyer; Craig Hagglund of Lee & Associates represented the seller, Gershman Property, in the transaction.
MARICOPA, ARIZ. — Transition Investments LLC has acquired The Shops at Maricopa Fiesta, a retail center located in Maricopa, for $8.5 million or $353 per square foot. Tenants at the 24,036-square-foot center include Shasta Pools, Alltel Wireless, Arena Sports Grill and Brooklyn Boys Restaurant. Tim Dulany of Landmark TCN represented the buyer; Dean Ingram and Greg Abbott of Arizona Retail Advisors Inc. represented the seller, Cole Companies, in the transaction.
TEMPE, ARIZ. — Tolleson, Ariz.-based Russell Sigler Inc. has purchased a 27,576-square-foot warehouse building in Tempe for $2.62 million. Located at 1976 E. Fifth St., the property was built in 1983. Russell Sigler Inc. relocated to the single-tenant industrial facility in August. The seller was Phoenix-based 5 G’s Realty Company. Jim McCabe of Phoenix-based Realty Executives represented the buyer; Andrew Brigham, Bill Bayless, Barry Gabel, Mindy Korth and Mark Dancer of CB Richard Ellis’ (CBRE) Phoenix office represented the seller.
SANTA CLARITA, CALIF. — A joint venture between Parker Properties and RREEF Alternative Investments has developed Summit Oaks, a Class A office property located at 28515 Westingthouse Place in Santa Clarita. Situated within the master-planned community of Valencia, the five-story, 144,000-square-foot building offers flexible, 28,000-square-foot floor plates, first-class commons areas and a ground-floor lobby with a two-story atrium. The approximately $45 million facility offers immediate access to Interstate 5 and Highway 126. Snyder Langston served as general contractor for the project, which is seeking LEED-Silver certification.
PHOENIX — California-based Fenway Properties has purchased Camelwest Plaza, a 173,388-square-foot office development located at 1951 and 2001 W. Camelwest Rd. in Phoenix. The property, which includes two four-story buildings and two three-story parking garages, sold for $9.5 million. At the time of acquisition, the property was 70 percent occupied. Koll Bren Fund V, managed by Newport Beach, Calif.-based Koll Bren Schreiber Realty Advisors, sold the property. Trevor Klinkhamer, Ray Harris and Alissa Leon of Grubb & Ellis|BRE Commercial, along with former Grubb & Ellis|BRE brokers Dennis Desmond and Nathan Thinnes represented the seller. Mark Lucescu of Newport Beach-based Lucescu Realty also represented the seller in the transaction. The buyer was self-represented.
TUCSON, ARIZ. — Apple REIT Eight has acquired the Hilton Garden Inn Tucson Airport in Tucson for an undisclosed price. Located at the gateway to the Tucson International Airport, the hotel offers 128 rooms. Additionally, the property is in close proximity to Pima Air & Space Museum, Kitt Peak Observatory, The Sonora Desert Museum, casinos, restaurants and downtown nightlife. The hotel was developed by the seller, Overland Park, Kan.-based Sunway Hotel Group, and opened in March 2008. Scott Griemsmann of NAI BT Commercial’s Hospitality Division represented the seller in the transaction.
SANTA FE SPRINGS, CALIF. — Santa Fe Springs-based Hansen Steel has acquired a metal industrial building in Santa Fe Springs for $9.2 million. Located at 11919 Smith Ave., the 85,912-square-foot property is a unique crane-served metal structure equipped with active rail service and is in close proximity to the Norwalk/Santa Fe Springs Metrolink station. Luke McDaniel and Cameron Driscoll of Voit Commercial Brokerage’s Anaheim, Calif., office represented both parties in the transaction. The seller was Newport Beach, Calif.-based Western Realco.