LAS VEGAS — United Construction has broken ground for the construction of the 17,383-square-foot retail component of Cactus Plaza, which is located on the corner of Cactus Avenue and Rainbow Boulevard in Las Vegas. The first phase of the estimated $2.7 million center consists of a 5,353-square-foot tavern shell on 3.64 acres of land. Future plans include a 12,030-square-foot retail strip center, bank and convenience store with gas station. Completion of the first phase is slated for July. Tierra Development is developing the project, with Marc Lemoine Architecture serving as architect of record.
FULLERTON, CALIF. — Jon Mitchell and Tyler Leeson of Marcus & Millichap have brokered the sale of The Logan Apartments, which is located at 3902 W. Valentia Dr. in Fullerton. Built in 1990, the property consists of 11 two-bedroom/two-bath units. The complex sold for $2.15 million or $195,454 per unit. The buyer and seller were not disclosed.
MESA, ARIZ. — Phoenix-based Tidan USA has acquired Sun Valley Ranch, a 308-unit apartment community located at 7353 E. University Dr. in Mesa, for $31.5 million or $102,273 per unit. A partnership between Steve Robson of Tempe, Ariz.-based Scott Homes and Chuck Kohlhase of Mesa sold the property. At the time of acquisition, the property was 90 percent occupied. Danny Lee and Neil Sherman of Scottsdale, Ariz.-based Axxiom Partners LLC represented both parties in the transaction.
SCOTTSDALE, ARIZ. — Scottsdale-based WestStone Communities is developing Vantage, a 127-unit condominium community located in the Ahwatukee Foothills area of Scottsdale. Located at Chandler Boulevard and Fifth Avenue, the property features two swimming pools, a heated spa, an outdoor fireplace and lounging area, an outdoor entertainment/bar area with barbeques and pool-side cabanas, a private movie theatre with a plasma television, a state-of-the-art fitness center, and a clubhouse. The community offers two- and three-bedroom residences ranging in size from 1,170 to 2,168 square feet.
MONTEBELLO, CALIF. — Los Angeles-based BH Properties LLC has completed the disposition of an 89,600-square-foot industrial building owned by BH Industrial LLC. Located at 1561 Chapin Rd. in Montebello, the property sold for $7 million. Peter Bacci of Lee & Associates represented the seller; David Lin of Kotai Realty represented the buyer, Chang Wei Wu, in the transaction.
PALM SPRINGS, CALIF. — Boureston Development Co. is developing Sunrise Medical Offices, a medical office building in Palm Springs. Located at the corner of Sunrise Way and Tahquitz Canyon Way, the property will feature 20,000 square feet of medical office space and a Rite Aid Pharmacy, which will be located in a separate, adjacent building. Construction is expected to begin this summer, with completion slated for early 2009. Maggie Montez, Brian Ward and Troy Kudlac of CB Richard Ellis’ Indian Wells, Calif., office are handling the leasing of the project.
OAKLAND, CALIF. — SKS Investments has received approval for the development of 1100 Broadway, a 20-story office tower located in Oakland. The project, which is slated to be the highest LEED-rated high-rise office building in the East Bay area, will preserve the adjacent national historic landmark, Key Systems Headquarters. Designed by KMD Architects, the 320,000-square-foot tower will offer modern, angular lines that complement its downtown setting and the Key Station faade, which is currently being restored. The first eight floors, which integrate the new building and the historic building, will provide large full-floors of 20,000 square feet.
NEWARK, CALIF. — San Francisco-based D.R. Stephens & Co. has purchased a 65,000-square-foot industrial facility, which is located at 8455 Cabot Ct. in Newark. Golden, Colo.-based Edwards Enterprises sold the property for an undisclosed price. The property is fully occupied by San Jose, Calif.-based Sanmina-SCI Corp. Andy Zighelboim and Mike Rosendin of Colliers Investment Services Group in San Jose brokered the transaction.
BOULDER CITY, CALIF. — Bountiful Properties & Investments Inc. has completed the disposition of Casa De Alicia and M&M II apartment communities to M&M Boulder City Apartments LLC for $7.8 million. Located in Boulder City, the Case De Alicia offers 50 units and M&M II offers 56 units. The one-, two- and three-bedroom units range in size from 617 to 994 square feet. Green Park Financial provided financing for the transaction. Locally based Preferred Property Management has been retained to manage the properties. Michael Shaffner and Michael LaBar of Marcus & Millichap represented both parties in the transaction.
SAN DIEGO — Guilford H. Whitney Trust has acquired Sorrento Plaza Retail Center, a 39,204-square-foot shopping center located at 9245 Scranton Rd. in San Diego, for $7.1 million. Located within Sorrento Plaza South office complex, the property is occupied by Croutons, Subway, Rubio’s Baja Grill and Skewers. The real estate trust department of Wells Fargo Bank, N.A., facilitated the transaction. Jeff Abramson, Tim Winslow and Mark Randall of Grubb & Ellis|BRE Commercial represented the buyer; CB Richard Ellis represented the seller, Sorrento Parcels LLC, in the transaction.