RIVERSIDE, CALIF. — Newport Beach, Calif.-based Turner Development Corp. has completed the construction of Medical Park at Riverside, a two-phase medical office complex located at 4234 and 4224 Riverwalk Parkway in Riverside. The project consists of two Class A medical office buildings totaling 66,000 square feet and offering offices ranging in size from 1,000 to 19,500 square feet.
UNION CITY, CALIF. — Welcome Market Inc., dba 99 Ranch Market, has purchased 2931 Faber Street, a warehouse facility in Union City, for approximately $18.25 million. Constructed in the mid-1970s, the 223,000-square-foot property was originally operated by McKesson Water and more recently by DS Water. The building features dock and drive-in loading, 26-foot interior warehouse clear height, approximately 20,000 square feet of office space, heavy power, ample parking and truck staging areas. Tom Damosceeno and Samual Higglesom of NAI BT Commercial represented the buyer; Craig Hagglund of Lee & Associates represented the seller, Gershman Property, in the transaction.
MARICOPA, ARIZ. — Transition Investments LLC has acquired The Shops at Maricopa Fiesta, a retail center located in Maricopa, for $8.5 million or $353 per square foot. Tenants at the 24,036-square-foot center include Shasta Pools, Alltel Wireless, Arena Sports Grill and Brooklyn Boys Restaurant. Tim Dulany of Landmark TCN represented the buyer; Dean Ingram and Greg Abbott of Arizona Retail Advisors Inc. represented the seller, Cole Companies, in the transaction.
TEMPE, ARIZ. — Tolleson, Ariz.-based Russell Sigler Inc. has purchased a 27,576-square-foot warehouse building in Tempe for $2.62 million. Located at 1976 E. Fifth St., the property was built in 1983. Russell Sigler Inc. relocated to the single-tenant industrial facility in August. The seller was Phoenix-based 5 G’s Realty Company. Jim McCabe of Phoenix-based Realty Executives represented the buyer; Andrew Brigham, Bill Bayless, Barry Gabel, Mindy Korth and Mark Dancer of CB Richard Ellis’ (CBRE) Phoenix office represented the seller.
SANTA CLARITA, CALIF. — A joint venture between Parker Properties and RREEF Alternative Investments has developed Summit Oaks, a Class A office property located at 28515 Westingthouse Place in Santa Clarita. Situated within the master-planned community of Valencia, the five-story, 144,000-square-foot building offers flexible, 28,000-square-foot floor plates, first-class commons areas and a ground-floor lobby with a two-story atrium. The approximately $45 million facility offers immediate access to Interstate 5 and Highway 126. Snyder Langston served as general contractor for the project, which is seeking LEED-Silver certification.
PHOENIX — California-based Fenway Properties has purchased Camelwest Plaza, a 173,388-square-foot office development located at 1951 and 2001 W. Camelwest Rd. in Phoenix. The property, which includes two four-story buildings and two three-story parking garages, sold for $9.5 million. At the time of acquisition, the property was 70 percent occupied. Koll Bren Fund V, managed by Newport Beach, Calif.-based Koll Bren Schreiber Realty Advisors, sold the property. Trevor Klinkhamer, Ray Harris and Alissa Leon of Grubb & Ellis|BRE Commercial, along with former Grubb & Ellis|BRE brokers Dennis Desmond and Nathan Thinnes represented the seller. Mark Lucescu of Newport Beach-based Lucescu Realty also represented the seller in the transaction. The buyer was self-represented.
TUCSON, ARIZ. — Apple REIT Eight has acquired the Hilton Garden Inn Tucson Airport in Tucson for an undisclosed price. Located at the gateway to the Tucson International Airport, the hotel offers 128 rooms. Additionally, the property is in close proximity to Pima Air & Space Museum, Kitt Peak Observatory, The Sonora Desert Museum, casinos, restaurants and downtown nightlife. The hotel was developed by the seller, Overland Park, Kan.-based Sunway Hotel Group, and opened in March 2008. Scott Griemsmann of NAI BT Commercial’s Hospitality Division represented the seller in the transaction.
SANTA FE SPRINGS, CALIF. — Santa Fe Springs-based Hansen Steel has acquired a metal industrial building in Santa Fe Springs for $9.2 million. Located at 11919 Smith Ave., the 85,912-square-foot property is a unique crane-served metal structure equipped with active rail service and is in close proximity to the Norwalk/Santa Fe Springs Metrolink station. Luke McDaniel and Cameron Driscoll of Voit Commercial Brokerage’s Anaheim, Calif., office represented both parties in the transaction. The seller was Newport Beach, Calif.-based Western Realco.
SEATTLE — First Industrial Realty Trust Inc. has purchased a 233,000-square-foot industrial portfolio in the Seattle market for an undisclosed price. The portfolio consists of three Class A distribution facilities, which are located in the Kent Valley submarket. The buildings offer easy access to the ports of Seattle and Tacoma, the Seattle-Tacoma Airport and Interstate 5. At the time of acquisition, the portfolio was 100 percent leased. Andrew Harnish and Chris Spofford of Jones Lang LaSalle assisted First Industrial in the transaction. The seller was not disclosed. Additionally, the company is currently investing in the development of two buildings, totaling 328,500 square feet, at First Park Meridian Campus in Lacey, Wash. The first building, which totals 198,000 square feet, is slated for completion in October.
STOCKTON, CALIF. — University of the Pacific has completed the development of The University Center, the campus’ first green building, which is slated to open in August. Designed by San Francisco-based Gensler, the two-story, 55,000-square-foot building will serve as the campus’ gathering place and dining facility. Situated along the Calaveras River, the facility features a two-story entry atrium, wireless Internet, a full-service pub, entertainment venues, high-tech meeting rooms and a gaming room. The project, which is seeking LEED Silver certification, also features retractable skylights, daylight sensors, large windows and doors for natural lighting and cooling; a mixed-mode heating and air conditioning system for natural ventilation; and various water-saving components, including dual-flush toilets and dishwashers that function with a minimum amount of water usage. The $38 million center was funded in part by donations, bonds, and operating and reserve funds. Milpitas, Calif.-based Devcon Construction Inc. served as general contractor for the project.