PHOENIX — Costa Mesa, Calif.-based T&C Development Inc. et al has purchased a 40,542-square-foot industrial property, which is located at 3255-3305 E. Osborn Rd. in Phoenix for $2.2 million. Brian Thompson of RT Management Group represented the buyer; Paul Boyle and Rick Danis of Grubb & Ellis|BRE Commercial represented the seller, California-based Phoenix Osborn Ventures LLC, in the transaction.
PHOENIX — Phoenix-based Windsor Capital LLC has selected Phoenix-based Summit Builders to provide design/build services for the conversion of an existing 121,000-square-foot office building into a Hilton Garden Inn. Located on Van Buren Street in Phoenix, the property will undergo complete interior demolition and removal of exterior skin to become a 192-unit hotel. The 10-story hotel will feature a swimming pool, lobby, lounge, restrooms, conference rooms, a stairwell, a kitchen, a restaurant, laundry facilities, a fitness center and a business center. Additionally all mechanical, plumbing and electrical systems are being replaced. Phoenix-based Orcutt Winslow is also providing design services for the project. Interior demolition is currently underway with construction scheduled to commence second quarter 2008 with completion slated for late fourth quarter 2008.
CORONA, CALIF. — Mammoth Equities has completed a 57,204-square-foot multi-tenant professional building in Corona. Located at Green River Road and Interstate 91, Mammoth Professional Building – Corona is a three-story, steel-framed facility, which offers suites ranging in size from two to 10 rooms. Each suite is equipped with an air conditioning system and pre-wired for high-speed networking and phone access.
BURBANK, CALIF. — Los Angeles-based AMC Associates LLC has acquired a 66,070-square-foot retail center, which is located at 2500-2600 W. Victory Blvd. in Burbank, for $28.75 million. The two-tenant property is triple-net leased to a 49,695-square-foot Ralph’s and a 16,375-square-foot CVS/pharmacy. Steve Dietrich of Financial Research Group, Terry Marks of National Net Lease Realty and Clifford Letovsky of Letovsky Real Estate Corp. represented the buyer; Shaun Riley and Richard Walter of Irvine, Calif.-based Faris Lee Investments represented the seller, Scottsdale, Ariz.-based Univest Development Group, in the transaction.
LAS VEGAS — Timberwolf Investments is developing Tiamo Square, a retail center located on the northeast corner of Jones Boulevard and Springs Road in Las Vegas. The project will consist of a 21,000-square-foot building, which will accommodate up to 16 tenants, and a 2,000-square-foot, freestanding structure offering a drive-thru window. Additionally, the site has a pad for a future 2,000-square-foot retail building. Las Vegas-based JVC Architects is providing architectural and design serves for the project. Construction is slated to begin in July, with completion scheduled for the end of the year.
LAS VEGAS AND HENDERSON, NEV. —Wrightwood Capital has provided a $9.6 million loan to Equity Based Services Inc. for the acquisition of a two-property, 996-unit self-storage portfolio in Las Vegas. The portfolio includes the more than 58,000-square-foot Storage One Bonanaza, which is located at 4851 E. Bonanaza Rd. in Las Vegas, and the more than 60,000-square-foot Storage One Racetrack, which is located at 733 S. Racetrack Rd. in Henderson. The opportunity was sourced through Saul Hoppenstein and James Elmore of Tavernier Capital.
DALLAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has secured $117.65 million in financing for ING Clarion Partners for two industrial portfolios totaling approximately 2.7 million square feet in Arizona, California, New Jersey and Washington. On behalf of the borrower, John Rose of HFF arranged two separate 5-year refinancings through Northwestern Mutual. A $70 million, fixed-rate loan was provided for the Arizona, New Jersey and Washington portfolio, while a $47.65 million, fixed-rate loan was arranged for the California portfolio. The portfolios include 11 industrial properties, which are 100 percent occupied. Notable tenants include Payless Shoe Source Distribution Inc., Complete Logistics Company Inc. and Prime-Line Products Company.
SANTEE, CALIF. — Quality Controlled Manufacturing has purchased a 51,000-square-foot industrial building in Santee. Located at 9429 Abraham Wy., the property sold for $6.5 million. The buyer plans to operate a machine shop in the building. Glenn Arnold, Ken Ruppert and Kerry Schimpf of Grubb & Ellis|BRE Commercial represented the buyer; Ruppert and Schimpf also represented the seller, Bardon Cabinets, in the transaction.
BEAVERTON, ORE. — Portland, Ore.-based Larch Properties LLC has acquired Cambridge Park, an apartment community located at 17250-17260 SW Heritage Ct. in Beaverton. The 24-unit community sold for $2.29 million. Beaverton-based SKL Properties LLC sold the property. Grayson Pounder of Hendricks & Partners’ Portland office represented both parties in the transaction.
PHOENIX — Los Angeles-based Maximum Management Corp. has purchased a 20,400-square-foot industrial property, which is located at 3127 W. Virginia Ave. in Phoenix. Phoenix-based 15230 N. 75th Street LLC sold the property for $1.26 million. Paul Boyle and Rick Danis of Grubb & Ellis|BRE Commercial represented the buyer; Todd Hamilton and Rod Crotty of Cutler Commercial represented the seller in the transaction.