WOODLAND HILLS, CALIF. — Colliers International has brokered the $14.2 million sale of a Class A office building in Woodland Hills. Larkspur, Calif.-based Venture Corp. acquired the property from Van Nuys, Calif.-based Ashrad LLC. The 46,244-square-foot multi-tenant office building is located at 5900 Canoga Ave. The buyer plans to convert the property into for-sale office condominiums. John DeGrinis and Roger Beck of Colliers’ Encino office represented both parties in the transaction.
Western
LAS VEGAS — South Korea-based Shinhan E&C America has acquired Durango Commons in Las Vegas for $6.97 million from PVD Charleston Stone Mart. The 14,030-square-foot retail center is located at 950 S. Durango Dr. and is anchored by Starbucks Coffee. Charles Moore, Christina Roush and Marlene Fujita of CB Richard Ellis’ Las Vegas office represented the seller in the transaction.
LAS VEGAS — Las Vegas-based LM Construction Co. has broken ground on Wagon Trail Village in Las Vegas. The 29,120-square-foot, three-pad retail center is located at the northwest corner of Decatur Boulevard and Interstate 215. The project is estimated to cost $3.2 million and is being developed by San Francisco-based J3 Properties.
EUGENE, ORE. — Hendricks & Partners has brokered the $3.6 million sale of Bailey Hill Meadows in Eugene. Denver-based Bailey Hill Meadows LLC sold the property to Portland, Ore.-based Los Arcos Associates LP. The 70-unit apartment community is located at 1515 Bailey Hill Rd. Phil Oester of Hendricks & Partners’ Portland office represented the seller in the transaction.
GLENDALE, ARIZ. — Seattle-based Pillar at Westgate LLC (PrivatePortfolio Group LLC) has acquired Alexan Westgate, a 251-unit luxury multifamily community located at 6610 N. 93rd Ave. in Glendale. Scottsdale, Ariz.-based IGTBG Westgate Apartments L.P. sold the property for $46.43 million. Built in 2007, the property features gated access, a spacious clubhouse, a heated swimming pool and spa, a fitness center and a barbecue area. Sean Cunningham, Tyler Anderson and Jack Hannum of CB Richard Ellis’ Phoenix office represented the buyer.
AVONDALE, ARIZ. — Satkritan Khalsa of Mountain View Management LLC has purchased Mountain View Apartments, a 150-unit apartment community in Avondale, for $10.25 million. Located at 333 E. Van Buren St., the property offers five different studio, one- and two-bedroom floor plans totaling 88,396 square feet. Bobby Bull and Matt Lockin of Transwestern represented the seller, Zachara Oprea, in the transaction; Arturo Rubi of Rabi Services represented the buyer.
LOS ANGELES — Bob Safai of Madison Partners represented both parties in the sale and acquisition of Corinth Gardens, a three-story office property located at 2211 Corinth Ave. in Los Angeles. Solomon Aryeh acquired the building for $9.6 million from PMI Financial. Built in 1988 and renovated in 1998, the 20-tenant property contains approximately 24,110 square feet of leased space, with a typical floor size of 7,660 square feet.
YUMA, ARIZ. — Yuma-based Fury Lane LLC has acquired a 37,100-square-foot retail center, which is located at 2816-2820 S. 4th Ave. in Yuma, for $6 million. The six-tenant property is anchored by Hastings Entertainment. Other tenants include Papa John’s Pizza, FACI Fashion Specialists, Sharkley’s Backpacks & Luggage, Elite Tanning and Elegant Nails & Spa. The center is also anchored by a CVS/pharmacy, which was not included in the sale. John Conover of Irvine, Calif.-based Faris Lee Investments represented the buyer and the seller, Indiana-based Hastings Development LLC, in the transaction.
ALBUQUERQUE, N.M. — Ground has broken for SCHOTT Solar’s new 200,000-square-foot solar manufacturing site in Albuquerque. Located within Forest City Covington NM’s 12,900-acre Mesa del Sol, the facility represents a planned $500 million, long-term investment by SCHOTT and employment of approximately 1,500 people at full production.
BALLARD, WASH. — Alliance Residential has broken ground for the construction of Broadstone Ballard, a 163-unit luxury apartment community located at 1139 NW Market St. in Ballard. The two-building property features a mix of stacked flats and high-bay loft style units. This development is part of the company’s promise to invest more than $200 million in the Seattle apartment market.