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.
Western
CARSON, CALIF. — Sheri Messerlian of NAI Capital’s South Bay office represented both parties in the sale and acquisition of a 34,629-square-foot industrial building. Located at 21136 S. Figueroa St. in Carson, the property sold for $5.7 million. The building will be occupied by the buyer, 21136 S. Figueroa LLC, as an owner/user. The seller was not disclosed.
DENVER — Denver-based BZ Investments has acquired Cherry Creek Square, a 35,384-square-foot retail space located at 3000 E. Third Ave. within Cherry Creek North in Denver. Next Realty sold the property for $18 million or more than $500 per square foot. Current tenants include Cherry Creek Dance, Lulu Lemon and Oilily. Dan Grooters, Riki Hashimoto and Steve Suechting of Grubb & Ellis represented the seller in the transaction.
LOS ANGELES — Maury Gentile and Brian Denton of Grubb & Ellis represented Los Angeles County Employees Association Local 721 in the disposition of a 44,000-square-foot office building in Los Angeles. A private investor purchased the property, which is located at 500 S. Virgil Ave., for $11.6 million. The Partners Realty represented the buyer in the transaction.
PHOENIX — Phoenix-based Marta Pesco Ð Pan American Elementary has purchased a 34,970-square-foot office building, which is located at 2020 W. Indian School Rd. in Phoenix. Glendale, Arizona-based AGD and DDM Investments LLC sold the property for $3 million. Ken Clark of Realty Executives represented the buyer; Marcela Houser of Coldwell Banker Commercial NRT represented the seller in the transaction.
COLTON, CALIF. — SMC Grease Specialist Inc. has acquired an 8.34-acre industrial land parcel, which is located at the southwest corner of Agua Mansa and Rancho roads in Colton. A private seller sold the property for $2.8 million. The buyer plans to develop industrial buildings on the property. John Boyer of NAI Capital’s Ontario, Calif., office, along with Joe Stewart of NAI Capital’s Riverside, Calif., office, represented both parties in the transaction.
KENT, WASH. — GE Real Estate has provided a $30 million loan to Beverly Hills, Calif.-based Kennedy Wilson Inc. for the acquisition and repositioning of James Street Crossing Apartments. Located in Kent, the 300-unit complex includes 21 garden-style apartments buildings, a leasing office, a clubhouse and a fitness center. At the time of acquisition, the property was 93 percent occupied. The borrower plans to invest $3.81 million for interior and exterior renovations and increase the number of outdoor parking spaces.
WOODINVILLE, WASH. — TRF Pacific and Washington Capital, two Seattle-based companies, have partnered to acquired Woodgate Center, a 46,943-square-foot office building in Woodinville. Seattle-based Schuster Group sold the property for $14 million. At the time of acquisition, the building was 100 percent leased. Paul Sleeth of Seattle-based Colliers Retail Investment Team represented both parties in the transaction.
LAS VEGAS — CORE Construction~Nevada has broken ground for the construction of Campos Office Building and parking structure, which is located at 215 E. Bonanza Rd. in Las Vegas. Being built for the Nevada State Public Works Board, the property will offer a five-story, 84,814-square-foot office portion and a 103,247-square-foot parking structure. Completion of the $26.8 million project is slated for September 2009. SH Architecture provided architectural services for the project.
SAN BERNARDINO, CALIF. — George Smith Partners Inc. has arranged a $22.5 million bridge loan for the acquisition of Mountainside Village Apartments, which is located at 1660 Kendall Dr. in San Bernardino. Mountainside Village Apartments LP and Griffin Investments LLC purchased the community from RSV Mountainside Partners LLC for $26.5 million or $134,518 per unit. The borrower plans to complete extensive renovations and implement an aggressive management program to bring the rents up to current market levels. Steve Bram and Allison Higgins of George Smith Partners arranged the non-recourse, 36-month bridge loan at Libor plus 3.05 percent.