RENO, NEV. — Chesapeake Real Estate Investors, a fund managed by Legg Mason, has acquired Brookside Corporate Center, a 261,296-square-foot industrial complex located in Reno. Scannell Properties sold the three-building portfolio for $20.7 million. At the time of acquisition, the newly constructed property was 43 percent occupied. Aiman Noursoultanova of CB Richard Ellis represented the seller in the transaction.
Western
CALABASAS, CALIF. — Cypress Retail Group and Dollinger Properties have broken ground for the construction of The Summit at Calabasas, the first privately-funded green retail center in Calabasas. Located along the 101 Freeway at Lost Hills Road, the 70,000-square-foot center will be anchored by a 20,000-square-foot The City, an upscale electronics store operated by Circuit City. Approved by the city council in March, the center follows Calabasas’ green building ordinance. Tenant space is slated for delivery at the end of first quarter 2009, with the center opening in July 2009.
SCOTTSDALE, ARIZ. — A private investor from Regina, Saskatchewan, Canada, has purchased Fountain Villas, a 20-unit apartment community in Scottsdale, for $3.1 million or $155,000 per unit. Located at 7325 E. Belleview St., the four-building community offers two studio units, 16 two-bedroom/one-and-a-half bath units and two three-bedroom/two-and-a-half bath units. At the time of acquisition, the property was 100 percent occupied. Robin Orscheln of Sotheby’s International Realty represented the buyer; Jeff Sherman and Bill Hahn of Sperry Van Ness’ Phoenix office represented the seller, a private investor from Phoenix, in the transaction.
CARSON, CALIF. — Brad Mahoney and Lane Schwartz of Marcus & Millichap have represented the undisclosed seller in the disposition of an industrial office warehouse property in Carson. An undisclosed buyer purchased the 18,647-square-foot property for $2.4 million. Built in 1961, the property is located at 18220 S. Broadway St.
SAN DIEGO — Sanison LLC has acquired two flex units totaling 4,630 square feet from Green Arrow LLC for $1.25 million or $270 per square foot. The units are located within the 155,000-square-foot industrial/R&D development Kearny Mesa Complex at 8975 Complex Dr., Units 4-1 and 4-4 in San Diego. Doug Works and Bill Dolan of CB Richard Ellis represented the seller; Ryan Bracker and Jon Boland of Voit Commercial represented the buyer in the transaction.
BONITA, CALIF. — California-based Alcott Estates LP c/o PVCC Inc. has acquired the Bonnie Brae Center, which is located on Bonita Road and Central Avenue in Bonita, for $13.88 million. The 53,512-square-foot retail center is anchored by the U.S. Post Office, Starbucks Coffee and Kentucky Fried Chicken. California-based VLD Bonnie Brae LP c/o R&V Management sold the property. Scott Duhs and Craig Duhs of Duhs Commercial Real Estate represented the buyer; Brian Quinn and John Still of Flocke & Avoyer Commercial Real Estate represented the seller in the transaction.
SAN BERNARDINO, CALIF. — Arrowhead Central Credit Union has acquired a 62,547-square-foot retail building, which is located at 420 S. E St. in San Bernardino, from San Bernardino Design Center LP for $3.95 million. The buyer plans to raze the existing building and develop a corporate campus on the site. David Moore of NAI Capital’s Riverside, Calif., office represented Arrowhead in the transaction; Tony Guglielmo of RE/MAX Commercial Pacific represented the seller.
SPOKANE, WASH. — Cohen Financial has arranged a $6.59 million loan for the refinancing of Bentley Apartments in the Airway Heights area of Spokane. Located at 1715 S. Hayford, the 100-unit property offers one- and two-bedroom floorplans. Nearing occupancy, the property is the first phase of a two-phase multifamily development. Peter Norrie of Cohen’s Portland, Ore., office secured the 7-year, fixed-rate, non-recourse, 75 percent loan-to-value financing for the borrower, Liberty Lake, Wash.-based Rudeen Development LLC.
NEWPORT BEACH, CALIF. — The PRES Companies has sold eight office condominiums in its newly completed projects, Dove Office Condos and Quail Office Condos in Newport Beach, for a total consideration of $3.87 million. The recently completed projects feature for-sale office condominiums with individual units ranging in size from 300 to 20,000 square feet. Recent buyers include law firm Garrett & Heaton, accounting firm Montagna & Associates and Urban Trends, a consumer design and development company. Both projects are located in close proximity to the 405 and 455 Freeways as well as the 73 Toll Road.
RIALTO, CALIF. — National Exchange Advisors LLC and Millennium Development Partners LLC have broken ground for the construction of The Shoppes at Creekside, a neighborhood shopping center in Rialto. Located at the corner of Riverside Avenue and the 210 Freeway, the 76,000-square-foot property will feature a variety of tenants, including Fresh & Easy Neighborhood Markets, Walgreens, Alta Vista Credit Union, Chevron and Corky’s Kitchen & Bakery. Pierce/Cooley Architects Inc. provided architectural services for the project; Murrieta, Calif.-based Darcon Builders is serving as general contractor. Completion is slated for February 2009.