HURRICANE, UTAH — Bob Sanner and Rick Sanner of NAI BT Commercial represented both undisclosed parties in the sale and acquisition of a freestanding retail building, which is located at 1235 W. State St. in Hurricane. The 14,820-square-foot asset sold for $4.07 million or $275 per square foot. The property is fully occupied by Walgreens.
Western
OAK HARBOR, WASH. — Locally based First American Exchange has acquired Villa Marina in Oak Harbor. Located at 101 S.E. Ely St., the 24-unit apartment community sold for $1.32 million. The buyer plans to renovate the property. Steve Hertling of Coldwell Banker represented the buyer; John Shaw of Hendricks & Partners’ Seattle office represented the seller, Nevada City, Calif.-based Pacific Realty Exchange, in the transaction.
SAN FRANCISCO — Hybrid Design has purchased 584-590 Pacific Avenue, a 2,750-square-foot retail building in San Francisco. The property, which was formerly occupied by Café Prague, sold for $1.1 million. The buyer plans to retrofit and reconfigure the building before occupying it. Suzanne Gregg of Paragon Real Estate Group represented the buyer; Michael Gschwend of GVA Kidder Mathews represented the undisclosed seller.
SCOTTSDALE, ARIZ. — Greg Hopley of Colliers International has brokered the sale and acquisition of two office suites, totaling approximately 8,515 square feet, within Bell 101 Executive Center, which is located at 8937 E. Bell Rd. in Scottsdale. Cabral Holdings acquired the space from EBH LLC for $1.46 million or $172 per square foot. Cabral plans to occupy the second floor suite. A mortgage company currently occupies the first floor suite.
CASA GRANDE, ARIZ. — The city of Casa Grande has selected Phoenix-based Accelerated Construction Technologies as general contractor for the development of Performance Institute, a 59,700-square-foot facility in Casa Grande. Scheduled for completion in mid-September, the $20 million, 50-acre campus will be the west coast training facility for the new United Football League, a new location for Greenville, S.C.-based ProaxisTherapy, and a top-level tennis, golf and soccer training center called Grande Sports Institute. Local residents will also have use of the facility, which will include soccer and football fields, tennis courts, an Olympic track, a fitness center and locker rooms, as well as a physical therapy facility, a sports academy, classrooms, data rooms and two lobbies.
SAN JOSE, CALIF. — Justin Bautista and Chris Shaheen of NAI BT Commercial’s multifamily group brokered the transaction of two multifamily properties in downtown San Jose. The buyers, Clifford Felchie and Stan & Sheila Redd, are a partnership that owns more than 200 multifamily units in the area. The partnership acquired a 30-unit apartment community located at 51 S. 19th St. from 51 Newco LLC for $3.6 million or $120,000 per unit. Built in the 1960s, the property offers two-bed/one-bath townhouse units. United Commercial Bank provided financing for the transaction. Additionally, the partnership purchased a triplex located at 57 S. 19th St. from Story & King Properties LLC for $550,000.
PHOENIX — John Susank of Marcus & Millichap’s Newport Beach, Calif., office represented a private investor in the acquisition of a Chase bank location in Phoenix. Located at 3148 E. Indian School Rd., the 2,552-square-foot single-tenant property sold for $2 million. The seller was not disclosed.
LAGUNA BEACH, CALIF. — Chris Chinnici and Roman Ciuni of NAI Capital’s Newport Beach, Calif., office has completed the sale of an office building in Laguna Beach. Laguna Broadway acquired the 18,000-square-foot property for an undisclosed price. The seller was Laguna Beach Playhouse.
PORTLAND, ORE. — LG Electronics USA has leased 80,000 square feet of industrial space at Rivergate Corporate Center I in Portland. The value of the lease was not disclosed. Andrew Harnish of Jones Lang LaSalle represented the tenant; Evan Bernstein, Dave Ellis and John Fettig of Capacity Commercial Group represented the landlord, MEPT Rivergate, in the transaction.
IRVINE, CALIF. — Los Angeles-based Maguire Properties has completed the disposition of 3161 Michelson Drive, a six-story office property located within the Park Place campus in Irvine. An affiliate of EMMES Group of Companies acquired the 150,000-square-foot property for approximately $160 million. The disposition allowed Maguire to eliminate the project-level debt that was slated to mature in September; eliminate a New Century master lease obligation with potential exposure of up to $16 million; eliminate a $24 million principal loan guaranty; eliminate a master lease parking obligation with a potential exposure of up to approximately $50 million; release a 1,380-space parking structure from encumbrance of the existing mortgage; and increase cash flow by eliminating the project’s negative cash flow.