TEMPE, ARIZ. — Rancho Palos Verdes, Calif.-based Ireland Miller has acquired a 30,000-square-foot, single-tenant office building, which is located at 5005 S. Wendler Dr. in Tempe, for $8.1 million. The property was constructed in 2003 as a build-to-suit for its current tenant, ITT Technical Institute. John Glassmoyer of CB Richard Ellis’ Phoenix office represented the seller, Sitka, Alaska-based Shee Atika Holdings, in the transaction.
Western
TOLLESON, ARIZ. — Irvine, Calif.-based LBA Realty Fund III-Company IX has purchased McShane Westside Business Park, a four-building industrial park located at 86th Avenue and Buckeye Road in Tolleson. 86th Avenue Industrial Park LLC sold the property for $73 million. Recently developed by McShane/MetLife, the Class A park consists of a 164,210-square-foot facility, two 203,372-square-foot buildings and a 535,213-square-foot facility. Toci and Ted Harrison of Cushman & Wakefield, along with Allen Lowe and Matt Hobaica of Lee & Associates Arizona Inc., negotiated the transaction.
LAS VEGAS — Danoski Clutts Building Group has recently broken ground for the construction of Spencer Street Distribution, a distribution center located near Sunset and Spencer streets in Las Vegas. The 86,000-square-foot facility will be attached to a neighboring warehouse by a roof structure. The average tilt wall panel will be 35 feet with multiple door openings and dock levers. Completion is slated for fourth quarter. TRP Inc. is providing architectural services for the project.
LAS VEGAS — Meridian Capital Group has arranged a $13 million loan for a Los Angeles-based developer for the construction of an 84,239-square-foot shopping center in Las Vegas. Sherwin Aryeh of Meridian’s California office negotiated the loan, which has a rate of 2.25 percent plus LIBOR for an 18 month, interest-only term with a 6-month extension option. The project was 28 percent pre-leased with tenants, including Fresh & Easy, AT&T Mobile and Cici’s Pizza.
LANCASTER, CALIF. — Gregory Mills of Marcus & Millichap has completed the sale and acquisition of Flying Tiger Self Storage, a 666-unit self-storage facility, and Tiger Landing Retail Center, an 8,558-square-foot retail building, for $11 million or $94.56 per square foot. Located in Lancaster, the properties encompass 116,325 rentable square feet. Additonally, the retail center portion features a 2,420-square-foot convenience store. The buyers were Richard A. Patterson, Richard J. Patterson, Norris Whitmore and William Evans. The seller was Raznick Family Ventures.
SANTA FE SPRINGS, CALIF. — Birtcher Development & Investments has partnered with an institutional investor represented by Cornerstone Real Estate Advisers LLC to acquire a 608,220-square-foot industrial property in Santa Fe Springs for $68 million. Located at 9400 Santa Fe Springs Rd., the property sits on a 22.86-acre site and serves as a warehouse/distribution center for its existing tenant. Clyde Stauff of Colliers-Seely represented the buyer and the seller, Northwestern Mutual Life Insurance Co., in the transaction.
FEDERAL WAY, WASH. — Beverly Hills, Calif.-based FSC Realty LLC has purchased Pheasant Run, a 308-unit apartment community located at 27314 24th Place in Federal Way, for $30.4 million or approximately $99,000 per unit. Built in 1985, the property originally offered 368 units, but the seller, San Diego-based Pacifica Companies, completed successful condominium conversion of 60 units located on the northern section of the property. Kenny Dudunakis of Hendricks & Partners’ Seattle office brokered the transaction.
PORTLAND, ORE. — Portland-based Harsch Investment Properties has acquired Oceanside Business Center, an 80,494-square-foot industrial building located at 4040 Oceanside Calle Platino within Rancho Del Oro Technology Park in Portland. Fenway Properties sold the property for $9.7 million. Built in 1985 with major renovations in completed in 2007, the center consists of a single-story, multi-tenant commercial office and warehouse building offering 24 units, which range in size from 1,649 to 9,826 square feet. At the time of acquisition, the property was 13 percent occupied by a variety of tenants including My Family Seasonings, San Juan Specialty Woods, Colorado Electric Supply and G. Gene LeBoeuf.
LAS VEGAS — Las Vegas-based DFG Development Corp. has partnered with San Diego-based McMahon Development Group to develop Asia Town Center, a 180,000-square-foot Asian shopping center in Las Vegas. Located at the corner of Warm Springs Road and Jones Boulevard, the center will be anchored by a 50,000-square-foot HMart, which will offer a wide variety of high-quality meats, produce, household ware and hot food stations at very low prices. Irvine, Calif.-based Lee & Sakahara is providing architectural services for the project.
BEAVERTON, ORE. — GE Real Estate has made equity investments totaling $15.6 million in a joint venture with Guardian Management Acquires to acquire and renovate two apartment communities in Beaverton. The company invested $7.6 million in Westbury, formerly known as San Remo Apartments. Built in 1991, the property offers 260 garden-style units. GE Real Estate also invested $8 million in Wyndam Park, formerly Preston’s Crossing Apartments. The 228-unit property consists of 12 two- and three-story buildings on 15 acres.