REEDLEY, CALIF. — Nashashibi Family Trust has acquired Reedley Place Shopping Center, which is located at 1721-1761 E. Manning in Reedley. The two-building, 22,222-square-foot center sold for $7.72 million. The center is anchored by a Rite-Aid and the Educational Employees Credit Union. Baycal Realty represented the buyer; Reg Kobzi, Sam Aliso and Dan Riley of CB Richard Ellis represented the seller, Sterling Development Corp., in the transaction.
SAN DIEGO — Pite Duncan LLP has purchased Morena Vista Corporate Center, which his located at 4375 Jutland Dr. in San Diego, for $5.8 million. The two-story, multi-tenant office building offers 31,530 square feet of space and covered parking. Originally built in 1991, the property is situated on a 2.86-acre site. The buyer plans to relocate its law firm into the building, which will be 100 percent occupied by four tenants. Chris Hobson and Jack Kruger of Grubb & Ellis|BRE Commercial represented the buyer; Steve Rowland, Michael Roberts and Kruger represented the seller, Marling Group Inc., in the transaction.
DOWNEY, CALIF. — Wells Fargo & Co. has closed a $53 million Fannie Mae loan for the refinancing of Park Regency Club Apartments in Downey. The loan carries a 7-year term plus a 1-year extension option. The 460-unit community features two swimming pools, a heated spa, barbeque grills, tennis courts, two fitness centers, a children’s playground and a multi-level clubhouse. Phil Morse of Wells Fargo Multifamily Capital in McLean, Va., originated the loan, with Doug Thompson of HFS Capital Advisors Inc. as a correspondent. The borrower, an affiliate of Gehr Enterprises, plans to use the proceeds to diversity its real estate portfolio in the Manhattan, N.Y., hospitality market.
ESCONDIDO, CALIF. — Pacific Realty Advisors is developing Harmony Grove Industrial Park, a 36,500-square-foot industrial park located at 1291 Pacific Oaks Pl. in Escondido. With completion slated for June, the multi-tenant project features suites ranging in size from 1,219 to 2,198 square feet, with the option to combine spaces. The separately metered warehouse units also feature grade-level truck doors. Kenneth D. Smith Architects provided architectural services for the project; Kenard Construction is serving as general contractor. Matt Strockis and Eugene Marini of Cushman & Wakefield are marketing the project.
TEMPE, ARIZ. — El Segundo, Calif.-based Tempe Investment Associates LLC, a Titan Real Estate Investment Company, has completed the disposition of Research Corporate Center in Tempe. Located at 2085 E. Technology Dr., the three-story, 45,238-square-foot office building sold for $7.7 million. The buyer was an undisclosed party out of California. Built in 1989, the center was 100 percent leased at the time of acquisition. The largest tenant is Cytec Engineering Materials Inc., a global specialty chemicals and materials company. Barry Gabel, Mindy Korth and Mark Dancer of CB Richard Ellis’ (CBRE) Phoenix office, along with Kevin Shannon and Ken White of CBRE’s South Bay, Calif., office, represented the seller in the transaction.
SAN DIEGO — LDF LLC, a manufacturing company, has acquired a 23,568-square-foot industrial building for $3.9 million. Innovative Oil & Gas Development & Trading sold the property, which is located at 8710 Avenida de la Fuente in San Diego’s Otay Mesa area. Allen Evans of CB Richard Ellis represented the buyer; Robert Mooney of Grubb & Ellis|BRE Commercial represented the seller in the transaction.
ALBUQUERQUE, N.M. — Philadelphia-based NWJ Albuquerque Investment Fund II LLC has purchased Theta Apartments, a 49-unit apartment community located in Albuquerque, for $2.3 million. Built in 1972, the five-building community consists of 48 two-bedroom/two-bath units and one one-bedroom/one-bath manager’s unit. At the time of acquisition, the property was 97 percent occupied. Kunal Chothani of Investment Property Advisors represented the buyer; Pat Frerkes of Sperry Van Ness/Pat Frerkes Investments LLC represented the seller, Littleton, Colo.-based SIDMAR LLC, in the transaction.
VICTORVILLE, CALIF. — Stirling Capital Investments has completed its fourth industrial building at the Southern California Logistics Centre (SCLC) in Victorville. The center, known as Distribution Centre 13A, consists of 296,490 square feet of industrial space. Located on a 17-acre site, the cross-docked facility features 32-foot clear height ceilings, ESFR sprinklers, 112 dock high loading doors, 147 truck trailer parking spaces and 164 automobile parking spaces along with a 185-foot concrete truck yard. Additionally, the building was designed for LEED certification and includes skylights and energy efficient lighting. The building is part of the 6.5 million-square-foot first phase of SCLC. Jay Dick, Darla Longo and Mark Latimer of CB Richard Ellis are marketing the facility.
IRVINE, CALIF. — Irvine-based Sanderson J Ray has purchased Bristol Park Medical Plaza in Irvine for $13 million or $458 per square foot. Located at 250 E. Yale Loop, the 28,365-square-foot property is fully occupied by five tenants, including Bristol Park Medical and Irvine Diagnostics Center. Dennis Vaccaro of Faris Lee Investments represented the buyer and the seller, Orange County, Calif.-based Yorba Hawthorne LLC, in the transaction.
LAS VEGAS — Las Vegas-based Danoski Clutts Building Group has been selected to build the second phase of Desert Marketplace in Las Vegas. Located at Warm Springs and Durango, the project includes ground-up construction for 107,000 square feet of retail space. Tenants of the project will include TJ Maxx, Big 5 Sporting Goods, Petco and other major retailers. With completion slated for October, the project will feature steel, wood and masonry structures.
