CALIFORNIA AND ARIZONA — Marcus & Millichap has brokered the sale of two retail properties in California and Arizona. In the first transaction, Brandon Michaels of Marcus & Millichap represented both undisclosed parties in the disposition and acquisition of 7227 Owensmouth Avenue, a 16,000-square-foot retail property in Canoga, Calif. The property sold for $2 million. In the second transaction, an undisclosed buyer purchased a 14,841-square-foot Wal-Mart property, which is located in Gilbert, Ariz., for $4.5 million. David Wetta of Marcus & Millichap represented the buyer; Kevin Boeve and Lior Regenstreif, also of Marcus & Millichap, represented the undisclosed seller in the transaction.
TACOMA, WASH. — The Port of Tacoma has acquired a 99,750-square-foot industrial facility in Tacoma. Located at 2000 Taylor Way, the 7.23-acre property sold for $11.75 million. The seller was Rangar West One LLC. Todd Clarke of GVA Kidder Mathews represented the buyer in the transaction.
SHERMAN OAKS, CALIF. — Jeffrey Louks and Matthew Ziegler of Marcus & Millichap’s Encino, Calif., office represented the seller and the buyer in the transaction of 15040 Moorpark Street in Sherman Oaks. The 21-unit multifamily property traded hands for $3.9 million. Neither the seller nor the buyer were disclosed.
LAS VEGAS — R&O Construction Co. has completed the second phase of construction at Centennial Gateway, a 360,000-square-foot retail center located at 5603 Centennial Center Blvd. in Las Vegas. The 124,141-square-foot second phase consists of seven retail building and improvements of infrastructure, parking and landscaping. Centennial Gateway is owned and developed Las Vegas-based Territory Inc.
CUPERTINO, CALIF. — Tantau Investments LLC, a joint venture between Ralph Borelli, John Salera, Ron Tate and Larry Wallerstein, has completed the development of Cupertino Crossing, a 102,360-square-foot office building located within the Vallco Industrial Park in Cupertino. Built to LEED-Silver specifications, the building features a solar photovoltaic energy system, a cool roof, cool walls and the highest quality expansive glass frontage available. The property can accommodate multiple tenants divisible to 25,000 square feet or a single tenant. Sylvester R. Ramirez Associates provided architectural services for the project; Devcon Construction Inc. served as general contractor. Todd Shaffer, Mary Blaser and Patty McGuigan of Cornish & Carey Commercial have been retained to market the property.
SCOTTSDALE, ARIZ. — First American Title Insurance has signed a 7-year lease for 93,753 square feet of office space at Pima Center, which is located at 9000 E. Pima Center Parkway in Scottsdale. The lease was valued at $14.63 million. Bill Blake, Colton Trauter, Craig Coppola and Andrew Cheney of Lee & Associates represented the landlord, Opus West, in the transaction.
LAS VEGAS — Phoenix Recycling Technologies has leased 75,000 square feet of industrial space at 4775 E. Cheyenne Ave. in Las Vegas. The 10-year lease is valued at $4.2 million. Jennifer Levine of Grubb & Ellis|Las Vegas represented the tenant; Xavier Wasiak, also of Grubb & Ellis|Las Vegas, represented the landlord, LV Cheyenne LLC, in the transaction.
SAN FRANCISCO — Deerfield, Ill.-based Walgreens has signed an agreement to acquire 12 Rite Aid locations in San Francisco and eastern Idaho. The seven San Francisco locations are 1300 Bush St., 5280 Geary Blvd., 1496 Market St., 776 Market St., 200 W. Portal Ave., 1830 Ocean Ave. and 3931 Alemany Blvd; and the five Idaho locations are 1000 Pocatello Creek Rd. in Pocatello, 960 W. Bridge St. in Blackfoot, 1139 Addison Ave. East in Twin Falls, 904 E. Main St. in Burley and 1745 W. Broadway St. in Idaho Falls. Terms of the transaction were not disclosed.
SAN DIEGO — CB Richard Ellis has closed several leases that brings Harsch Investment Properties’ Sorrento Heights Corporate Center, a 78,047-square-foot office building, to full occupancy. The property is located at 10509 Vista Sorrento Parkway in San Diego’s Sorrento Mesa area. The recent leases include a 60-month, 4,052-square-foot lease inked by Lee & Associates; a 65-month, 4,051-square-foot lease signed by Carl Warren & Company; Del Mar Datatrac’s 39-month, 10,365-square-foot lease; Debra Chew’s 12-month, 1,344-square-foot lease; and a 40-month, 2,919-square-foot lease inked by The Retirement Group. The five leases total 22,731 square feet with a combined consideration of approximately $2 million. Mike Hoeck and Ryan Egli of Grubb & Ellis brokered the transactions on behalf of the landlord.
LONG BEACH, CALIF. — DeVry University has signed an 11-year lease for a 47,500-square-foot built-to-suit office building at Douglas Park, a master-planned 261-acre mixed-use project in Long Beach. DeVry is the first tenant announced within the 54.5-acre portion of the park being developed by San Francisco-based Newcastle Partners and RREEF Alternative Investments. Construction on the building, which is located at Conant Avenue and Lakewood Boulevard, is expected to commence in May, with completion slated for March 2010. Design to obtain LEED Silver certification, the building will offer 360 parking spaces, outside gathering areas, building connectivity and infrastructure for solar power.