SEATTLE — Timothy McKay of Marcus & Millichap’s Seattle office represented a private investor in the sale of a four-unit apartment complex to an undisclosed party for $1 million. The complex, located at 2331 Minor Ave. E in Seattle, includes two two-bedroom/one-bathroom units and two one-bedroom/one-bathroom units. Amenities include four garages and three off-street parking spots.
TUCSON, ARIZ. — Sara Lee has signed a 32,932-square-foot warehouse lease with EastGroup Properties. Terms of the lease were not released. The property is located at 3925 N. Benan Venture Dr. in Tucson. R.A. Herrington of Colliers Turley Martin Tucker’s St. Louis office represented Sara Lee, and Rob Glaser of Tucson-based PICOR Commercial Real Estate Services represented the landlord.
LAS VEGAS — The grand opening has been held for M Resort Spa Casino, a $1 billion resort located at the intersection of South Las Vegas Boulevard and St. Rose Parkway in Las Vegas. Situated on more than 90 acres on the Las Vegas Strip, the project was developed by Anthony Marnell III, chairman and CEO of M Resort, and Tony Marnell, chairman of Marnell Corrao Associates. The hotel portion of the resort features 390 guestrooms and suites ranging in size from 550 to 2,400 square feet. M Resort also contains nine restaurants and five destination bars, including a buffet, an Italian restaurant, a steak and seafood restaurant, a wine bar, a patisserie, a deli, a Mediterranean restaurant and a top-floor lounge. Entertainment options include a casino with 1,900 slot machines, a 12-table poker room, 64 game tables, and a race and sports book betting arena. The 100,000-square-foot Villaggio Del Sole Pool & Entertainment Piazza features a pool, concerts and other special events. The resort also includes the 23,000-square-foot Spa Mio. Finally, M Resort contains more than 60,000 square feet of conference space, including a 17,400-square-foot ballroom, multiple reception areas and a business center.
VICTORVILLE, CALIF. — Stirling Capital Investments has disposed of a 53-acre land parcel located within Southern California Logistics Airport in Victorville. The site was acquired by Dr Pepper Snapple Group Inc., which plans to develop its 850,000-square-foot western hub at the site. The facility will be able to produce up to 40 million cases of beverages per year for distribution throughout California and part of the Southwest. Construction is expected to begin this month, with completion slated for second quarter 2010. Southern California Logistics Airport is a redevelopment of the former George Air Force Base into a multimodal freight transportation hub. It is being master developed by Stirling Capital Investments, a joint venture between Denver-based DCT Industrial Trust and Foothill Ranch, Calif.-based Stirling.
LOS ANGELES AND HOLLYWOOD, CALIF. — Marcus & Millichap has brokered the sales of three Los Angeles-area multifamily properties for a total of approximately $5.8 million. First, the firm completed the sale of a 24-unit apartment building, located at 7621-7627 South Broadway, for $1.9 million. Josh Cohen and Tom Watkins of Marcus & Millichap’s Long Beach, Calif., office represented both undisclosed parties in the transaction. Nate Bascom, also of the Long Beach office, provided additional assistance on the buyer side. Cohen & Watkins also represented both sides in the disposition of a 12-unit apartment building located at 4214 S. Hoover Street in Los Angeles. Both parties were undisclosed. The property traded at a price of $672,000, or $154 per square foot. Finally, Marcus & Millichap’s Long Beach office brokered the sale of a 15-unit apartment building, located at 1401-1407 Havenhurst Dr. in West Hollywood, for $3.3 million. Marcus & Millichap’s Steve Soqui represented the seller, while Brendan Erickson, also with the firm, represented the buyer. In addition, Michael Derk with Marcus & Millichap’s Capital Markets group secured acquisition financing for the property in the amount of $2.15 million.
LOS ANGELES — Meridian Capital Group has arranged a total of $7.18 million in financing for four Southern California multifamily properties. First, Alex Katz of Meridian’s Los Angeles office secured a $5.15 million loan for two properties, totaling 58 units, at 1707-1759 Calle Jules in Vista and 1337 North Broadway in Escondido. Terms of the loan include a 5.78 percent fixed rate, non-recourse, and a 10-year term. Additionally, Ben Grossman, also of Meridian’s Los Angeles office, secured $2.03 million for 16 multifamily units located at 5414 Fountain Ave. in Hollywood and 14 Ozone Ave. in Venice Beach. Meridian originated the loan on behalf of Monem Corp. Terms of the loan include a 5.5 percent fixed interest rate and a 10-year term. The borrowers in both transactions were undisclosed.
CARLSBAD, CALIF. — Newport National Corp. is developing the third and final building at its Ventana Real Office Park in Carlsbad. The last building, located at 2175 Salk Ave., is slated for completion in October. The Class A office park will feature three buildings totaling 218,530 square feet. Currently signed tenants include Euro RSCG Direct Response, BBQ’s Galore, EISI and Brightstar. McArdle Associates Architecture is providing architectural services for the project. TSA Contracting Inc. is serving as general contractor. The property is being marketed by Mark Avilla, Justin Halenza and Matty Sundberg of Grubb & Ellis|BRE Commercial.
HOLLYWOOD, CALIF. — Suaya Properties has purchased a 6,500-square-foot retail property in Hollywood for $4.2 million or approximately $660 per square foot. Located at 6740 Hollywood Blvd., the property is fully occupied by Fashion Hollywood, a souvenir shop. Nathan Pellow of Colliers International and Matt Sullivan of Lee & Associates represented the buyer and the seller, Maxson Family Trust, in the transaction.
LOS ANGELES — Joshua Keimach and Robert Narchi of Marcus & Millichap’s West Los Angeles office represented both parties in the disposition and acquisition of 5704 Fountain Avenue, an apartment complex located in Los Angeles. Built in 1922, the 8-unit property sold for $800,000 or $185.30 per square foot.
LAS VEGAS — Colliers International — Las Vegas has brokered two office transactions totaling approximately $1.58 million in Las Vegas. In the first transaction, Keith Cubba and Grant Traub of Colliers International — Las Vegas represented David Tottori and Steven Mack Rhodes in the $1.1 million disposition of a 5,184-square-foot office property, which is located at 4441 S. Eastern Ave. in Las Vegas. Barton Hyde of Grubb & Ellis represented the buyer, Neri Blanco M.D., in the transaction. Additionally, Palm Court LLC has purchased a 2,775-square-foot office property, which is located at 6859 S. Eastern Ave. within the Palm Court Business Park in Las Vegas. Parkview Business Center LLC sold the property for $487,500. Cubba and Traub represented the buyer; Garrett Toft of Voit Commercial Brokerage represented the seller in the transaction.