AURORA, CALIF. — Rob Edwards, Scott Wayne and Jason Ortiz of Marcus & Millichap have completed the sale and acquisition of Sunburst Center, a strip shopping center located at 16300 E. Quincy Ave. in Aurora. Johnson Investments Inc. sold the property to a Denver-based private investor for $2.6 million. At the time of acquisition, the property was fully occupied by multiple tenants.
Western
EL CAJON, CALIF. — NewMark Merrill Cos. has acquired Town & Country Center, a 52,990-square-foot shopping center located at the corner of N. Second St. and Madison Ave. in El Cajon. The company purchased the property for just under $11 million. At the time of acquisition, the center was 90 percent occupied by a variety of tenants, including Rite Aid, Baskin Robbins and Everything $5.99. NewMark has an extensive renovation planned for the development. Peter Bethea of Cushman & Wakefield represented the seller in the transaction. Financing was provided by Wells Fargo Merchant Bank.
TEMPE, ARIZ. — Southfield. Mich.-based Signature Healthcare Services LLC has purchased a 51,200-square-foot building, which is located at 6350 S. Maple Ave. in Tempe, for $5.9 million. The company plans to use the property as a behavioral health facility. Judy Bluhm and Charlie Carson of Century 21 represented the buyer; Pat Harlan, Steve Sayre, Mike Sayre and Katy Boyd of Cushman & Wakefield of Arizona represented the seller, Portland, Ore.-based ScanlanKemperBard Companies, in the transaction.
HONOLULU — The two-level retail expansion has opened at Ala Moana Center, a shopping center located at 1450 Ala Moana Blvd. in Honolulu. The expansion offers more than 300,000 square feet of retail space, including Hawaii’s first full-line Nordstrom and 17 new tenants. New tenants include J. Crew-on-the-Island, Design Within Reach, Vera Bradley, Chico’s, Bare Escentuals and Blue Hawaii Lifestyle. The expansion grand opening coincides with the mall’s spring fashion show, which will feature spring trends and styles.
UPLAND, CALIF. — Two anchor tenants have recently opened at NewMark Merrill Cos.’s Upland Town Square, a 105,000-square-foot shopping center located at the intersection of Foothill Boulevard and San Antonio Avenue in Upland. The new tenants include a 24,400-square-foot OfficeMax featuring a new multi-purpose store layout and one of California’s first Fresh & Easy, a 14,241-square-foot grocery store. After purchasing the property in 2005, the company launched a $3.5 million remodel and re-tenanting project to transform the 1970s center into a contemporary shopping destination.
BELLEVUE, WASH. — Seattle-based Northwest Townhomes LLC has purchased Caribbean Apartments, a 20-unit apartment community located at 312 101st Ave. in Bellevue’s Meydenbauer neighborhood. Seattle-based Caribbean Alliance Investments sold the property for $5.3 million. The buyer plans to redevelop the 35,148-square-foot lot into 24 townhome units. Josh Blake of Hendricks & Partners’ Seattle office brokered the transaction.
CARSON, CALIF. — A joint venture between Newport Beach, Calif.-based LNR Property Corp. and Hopkins Real Estate Group has commenced work on Avalon at South Bay, an $850 million mixed-use development located along Interstate 405 between Avalon and Del Amo boulevards in Carson. The brownfield redevelopment will encompass 168 acres formerly occupied by a landfill. The project will include more than 1 million square feet of retail space, more than 1,300 residential units and 300 hotel rooms. Additionally, Tetra Tech has been awarded the contract to prepare the site for development, as well as perform operations and maintenance services for the landfill remedial systems through 2027.
CARLSBAD, CALIF. — Irvine, Calif.-based Faris Lee Investments has arranged the sale of a major portion of The Island @ Carlsbad, located at 5814 Van Allen Way in Carlsbad, for $23.6 million or $590 per square foot. The two-story retail center is located within Carlsbad Research Center, a master-planned office and R&D development totaling approximately 15 million square feet on 560 acres. The portion of the center sold in the transaction comprises 39,982 square feet, and includes tenants such as Carl’s Jr., U.S. Healthworks, TD Waterhouse, First Future Credit Union, Randstad U.S. and The Islands Oasis Food Court. Dennis Vaccaro of Faris Lee represented the seller, Orange County, Calif.-based Island Property Partners LLC, et al. The property was acquired by Los Angeles-based Sero Properties in a 1031 exchange. In January, Faris Lee completed the $5.3 million sale of two buildings in the retail center, which were the only two not included in the present transaction. The buildings are occupied by U.S. Bank and 7-Eleven, and total 7,276 square feet.
PASADENA, CALIF. — The California Institute of Technology (Caltech) has broken ground for the construction of the Walter and Leonore Annenberg Center for Information Science and Technology, a $31.2 million facility located on Caltech’s campus in Pasadena. Designed by Frederick Fisher and Partners to obtain LEED Gold certification, the three-story building will offer 47,100 square feet of space for research and educational programs, faculty and graduate student offices, classrooms, studios and support areas. The majority of construction is being funded by a $25 million grant from the Annenberg Foundation.
BELLEVUE, WASH. — Seattle-based Security Properties Inc. has acquired Highcroft I & Highcroft II, a 194-unit apartment community located at 1501 145th Pl. SE and 14000 and 14020 SE 13th Pl. in Bellevue, Wash. An undisclosed seller sold the property for $28.75 million. Kenny Dundunakis of Hendricks & Partners’ Seattle office brokered the transaction.