MILWAUKIE, ORE. — Norris & Stevens/TCN Worldwide has brokered the $7.6 million sale of Pointe West in Milwaukie. Pointe West Apartment LLC sold the 93-unit property to a representative of a personal living trust in Northern California. The property’s location allows for direct access to Interstate 205, Highways 99E and 224, and Portland International Airport. Nancy McNeill with Norris & Stevens represented the seller in the transaction.
Western
TUCSON, ARIZ. — The Pima County Joint Technological Education District has acquired 2855 W. Master Pieces Dr., a 9,800-square-foot parcel in Tucson, from Shannon Park LLC for $1.9 million. Tom Knox of PICOR Commercial Real Estate Services represented the buyer and CB Richard Ellis represented the seller in the transaction. In addition, St. Demetrius Greek Orthodox Church has acquired 8.07 acres at 3232 E. River Rd. in Tucson from George A. Masek Revocable Trust and Richard L. and Helen A. Masek for $1.25 million. Peter Douglas of PICOR Commercial Real Estate Services represented the buyer and Leonard Anderson of Windmill Realty represented the seller in the transaction.
SAN BERNARDINO, CALIF. — Griffin Partners has acquired Mountainside Village Apartments, a 197-unit multifamily community located in San Bernardino. Mark Chalfin of Revere Investments sold the property for $26.5 million or $161 per square foot. Located at 1660 Kendall Dr., the 164,770-square-foot property consists of 20 one- and two-story buildings situated on a 12.48-acre lot. The community offers a mix of two- and three-bedroom units, two swimming pools with poolside barbecue and picnic areas, a sand volleyball court, a basketball court, a children’s play area and two on-site laundry rooms. Alex Mogharebi of Marcus & Millichap represented both parties in the transaction.
LAKE HAVASU CITY, ARIZ. — Wolford Development is developing The Shops at Lake Havasu, a 720,000-square-foot lifestyle center currently under construction in Lake Havasu City. Located at 5601 Highway 95 North, the center will be anchored by a 98,080-square-foot Dillard’s, a 104,430-square-foot J.C. Penney and a 201,821-square-foot Wal-Mart. Other tenants include PetSmart, a 10-screen UltraStar Cinema and Michaels Arts & Crafts. Additionally, the development will offer seven out parcels for retail and restaurant businesses. The company plans to open the center with a series of phased grand opening events starting in March.
CONCORD, CALIF. — New Jersey-based Fidelity has acquired a 104,160-square-foot freestanding retail building, which is located at 1695 Willow Pass Rd. in Concord, from Santa Ana, Calif.-based SDL Concord Partners for $16.4 million. Originally built in 1978, the property is located within the Park & Shop Shopping Center and is 100 percent occupied by Fry’s Electronics. Jeff Conover of Irvine, Calif.-based Faris Lee Investments represented both parties in the transaction.
SAN DIEGO — San Diego-based Gateway Management has purchased Scripps Crest Corporate Center, a 31,073-square-foot office building located at 9845 Erma Rd. in San Diego, for $5 million. The property, which consists of two floors of office space over a one-level parking garage, is currently 53 percent leased to 13 tenants, including First Associates Mortgage, Dynamics Research Corp., Scripps Mortgage and Forsythe Appraisals. Michael Roberts, Brian Starck, Steve Rowland, Tony Russell and Richard Gonor of Grubb & Ellis|BRE Commercial represented the buyer and the seller, Pacific Equity Ventures LLC, c/o Andrew Kaplan, in the transaction
SAN DIEGO — Sunroad Enterprises is currently developing Sunroad Centrum I, an 11-story office tower located on Kearny Villa Road in San Diego’s Kearny Mesa area. The 275,000-square-foot property was designed by Brian Paul & Associates, and will be Kearny Mesa’s first LEED certified office tower. Completion of the project is slated for early May. The tower is the first phase of development within Sunroad Enterprises’ master-planned Sunroad Centrum community, which, when complete, will include 1 million square feet of Class A office space, more than 1,000 residential units and a 2-acre park.
VISALIA AND LA QUINTA, CALIF. — Highland Development Co. has plans to develop a $35 million neighborhood shopping center in Visalia (Tulare County) and a $20 million retail center in La Quinta (Riverside County). The ground-up development in Visalia will include a specialty market, a drug store, a sit-down restaurant, and numerous quick-serve restaurants, cafés and retail shops, as well as a bank. Bounded by Caldwell and Kimball avenues and West and Court streets, the 14.3-acre property will feature more than 82,000 square feet of retail and restaurant space. Additionally, the company is developing The Plaza at Calle Tampico in the heart of La Quinta’s Downtown Village. Situated at the corner of Calle Tampico and Desert Club Drive, the project will feature a 13,969-square-foot Fresh & Easy Neighborhood Market grocery store and two retail pads with an aggregate total of 18,300 square feet of retail space. Groundbreaking is slated for August, with completion scheduled for February 2009.
RIVERSIDE, CALIF. — Newport Beach, Calif.-based Marinita Development Co. has broken ground for the construction of Orangewood Centre, a retail center located at the intersection of Van Buren Boulevard and Dauchy Avenue in Riverside. Expected to open this summer, the project consists of four buildings ranging in size from 6,000 to 8,100 square feet. The center is currently 85 percent pre-leased to a variety of tenants, including Firestone Tire, Kragen Auto Parts, 7 Eleven, Subway, Sip’s Coffee, a dry cleaner and a nail salon. Costa Mesa, Calif.-based Nadel Retail Architects provided architectural services for the project; Los Angeles-based Mooreland Construction is serving as general contractor. Jeff Randolph of Irvine, Calif.-based Avalon Financial Group Inc. arranged the project financing, which was provided by Vineyard Bank.
LOS ANGELES — TC Bixel LLC has purchased a two-building office portfolio totaling approximately 98,000 square feet for $18.5 million. Located in Los Angeles, the portfolio consists of a 37,881-square-foot building located at 1111 W. 6th St. and a 59,997-square-foot property located at 1125 W. 6th St. Additionally, the transaction included a two-story parking structure, which is located at 1330 W. 5th St. The buildings feature renovated lobbies, renovated exteriors and new landscaping. Adam Tescher of CB Richard Ellis represented the buyer; Kevin Tamura of DAUM Commercial Real Estate Services, along with James Tagliere of Excel Real Estate Management Consultants Corp., represented the seller, Sixth Street Capital Investors, in the transaction.