DIAMOND BAR, CALIF. — New York-based Jetro Cash & Carry Enterprises LLC has purchased a 70,400-square-foot industrial property, which is located at 20405 E. Walnut Dr. in Diamond Bar, for $9.69 million. The buyer will use the recently remodeled building as a food distribution center for Jetro Cash & Carry. Eric Nelson of Colliers International represented the buyer; Adam Dzierzynski of Lee & Associates represented the seller, Pyng Shan Liu, in the transaction.
RANCHO BERNARDO, CALIF. — Brian Driscoll, Brian Starck and Michelle Westoby of Grubb & Ellis|BRE Commercial represented Mission Federal Credit Union in the disposition of a 9,960-square-foot office building. Douglas E. Barnhart acquired the property, which is located at 10805 Thornmint Rd. in Rancho Bernardo, for $2.8 million. Marc Posthumus of Cushman & Wakefield represented the buyer in the transaction.
PALM SPRINGS, CALIF. — Investec Real Estate Companies is developing Gene Autry Plaza, a 60,000-square-foot retail center in Palm Springs. Located at the corner of Ramon and Gene Autry Trail, the $17.5 million project featuring Smart & Final, Staples, 11,500 square feet of retail space and a bronze statue of Gene Autry. The plaza is part of a 60-acre retail development, which includes Wal-Mart Supercenter, Office Depot, PetSmart and Lowe’s Home Improvement Warehouse. Pasadena, Calif.-based KKE Architects is providing architectural services for the project. Cathedral City, Calif.-based GHA Companies is serving as general contractor. Completion is slated for April 2009.
LONG BEACH, CALIF. — KeyBank Real Estate Capital has closed a $40.2 million loan for Essex Property Trust Inc. Essex plans to use the loan to refinance an undisclosed amount of debt for the renovations made in 2007 on Pathways at Bixby Village, a 296-unit garden-style multifamily property in Long Beach. The Freddie Mac Conventional loan has a 10-year term with a 70 percent loan-to-value ratio and a debt-service coverage ratio of 1.2 to 1.
PHOENIX — Newport Beach, Calif.-based LNR Property Corp.’s Commercial Property Group has completed the disposition of 74,268 square feet of industrial space at Washington Airport Center, a 244,768-square-foot, cross-docked distribution facility in central Phoenix. Denver-based WT Cobblehill LLC acquired the space for $8.9 million. The space is currently occupied by Sara Lee Bakery Group, which operates a just-in-time distribution facility for its baked goods. The center is located at 3425 E. Van Buren St. Mark Krison of CB Richard Ellis’ Phoenix office represented the seller; Tom Louer of Lee & Associates’ Phoenix office represented the buyer in the transaction.
LOS ANGELES — Ron Pelleg, a licensed real estate broker, has completed the disposition and acquisition of a 13,353-square-foot retail property, which is situated on a 40,387-square-foot lot located at 5224 Coldwater Canyon Ave. in Los Angeles. The property, which is triple-net leased to Walgreens until 2063, sold for $9.8 million. The buyer, 5224 Coldwater Canyon LLC, assumed an approximately $5.2 million loan at 5.65 percent for 5 years. The seller was 5224 Coldwater LLC.
SANTA ROSA, CALIF. — NorthMarq Capital has arranged a $19 million first mortgage for North Bay Industrial Portfolio, which is located in Airport Corporate Center in Santa Rosa. The portfolio offers 275,000 square feet of warehouse and light manufacturing space. 40/86 Mortgage Capital Inc. provided the financing, which was based on a 10-year term with a 30-year amortization schedule. Jeffrey Haskell of NorthMarq Capital’s San Francisco regional office arranged the financing.
LODI, CALIF. — Newport Beach, Calif.-based Pacific Development Group has acquired a 55,000-square-foot Safeway, one of the largest supermarket chains in the United States. Located in Lodi, the property was purchased for $11.1 million with a $6.875 million loan provided by Union Bank of California. In addition to the acquisition, Pacific Development Group is also planning the final phase of Colonies Crossroads, a 109-acre lifestyle shopping center along Interstate 210 in Upland, Calif. Colonies Crossroads offers more than 1.1 million square feet of promotional, neighborhood and specialty retail and hosts major tenants such as Target, Kohl’s, Office Depot and PetSmart. The final phase’s projected 200,000 square feet will be anchored by Best Buy, Nordstrom’s Rack and Beverages & More, along with other retail shops and restaurants.
LAS VEGAS — VF Carson LLC has acquired an 11-story office tower, which is located at 302 and 310 E. Carson Ave. in downtown Las Vegas, for $21.5 million. The buyer plans to upgrade the 150,222-square-foot building and add green elements to the property. David Scherer, Barton Hyde, Michael Hsu and Matthew Kreft of Grubb & Ellis|Las Vegas represented the seller, Carson Properties Nevada LLC, in the transaction.
SAN FRANCISCO — The San Francisco regional office of NorthMarq Capital Inc. has secured a $115 million first mortgage for Mission West Portfolio in Silicon Valley. Owned by Mission West Properties, the portfolio consists of approximately 1.62 million square feet of office and research and development space. The properties are located in San Jose, Cupertino, Sunnyvale, Santa Clara, Milpitas and Fremont, Calif. Major tenants include Fujitsu, Intevac, Solopower, Flextronics, BAE Systems and Loral. Terms of the 10-year loan include a 20-year amortization schedule. The loan was provided by Hartford Life Insurance Company and its affiliates. Dennis Sidbury of NorthMarq Capital arranged the financing.