SAN DIEGO — Providence Chesapeake LLC has purchased a 50,520-square-foot office building, which is located at 9573-9577 Chesapeake Dr. in San Diego’s Kearny Mesa area. Chesapeake Drive LP sold the property for $14.6 million. Constructed in 1985, the property was 80 percent leased to Northrop Grumman at the time of acquisition. Greg Lewis of Cushman & Wakefield and Eric Thies of BRNIKA Inc. brokered the transaction.
Western
DOWNEY, CALIF. — Steven Brombal and Steve Bryant of Hendricks & Partners’ Newport Beach, Calif., office represented the seller, Whittier, Calif.-based Terry P. Veyna and Richard W. Veyna, in the disposition of 9341 Elm Vista Drive, an apartment community located in Downey. Downey-based Raoul & Ninfa Palacio purchased the 20-unit property for $1.85 million. The community consists of two two-bedroom units, eight one-bedroom units and 11 studio units.
LOS ANGELES — AMB Property Corp. has purchased a 902,000-square-foot industrial facility located in Los Angeles’ Inland Empire submarket. The Class A property, AMB Loma Grande Distribution Center, is currently occupied by Wal-Mart Stores Inc. With this acquisition, AMB Property now owns more than 22 million square feet of distribution facility space in Southern California. The seller and acquisition price were not disclosed.
PHOENIX — Broadreach Capital Partners has completed Grace Court Office Complex, a 9-acre, 300,000-square-foot master-planned development in downtown Phoenix. The final phase of development included Grace Court IV, a six-story glass and steel structure offering approximately 150,000 square feet and located at 250 N. Seventh Ave., and Grace Court III, a four-story, 98,000-square-foot building located at 118 N. Seventh Ave. Phoenix-based Dick & Fritsche Design Group provided architectural services for the project.
GLENDALE, ARIZ. — ViaWest Properties has completed construction of Northern Gateway Commerce Park, a 13-acre commercial park located at the northwest corner of Northern Avenue and 71st Avenue in Glendale. The development offers 1-to-2-acre lots, which are each fully serviced with road and utility infrastructure. The Phoenix-based company pre-sold two lots prior to completing the project, which is accessible to the 101 freeway and Grand Avenue.
COMPTON, CALIF. — Aloha Freight Forwarders, a freight forwarding company that operates between Hawaii and California, has acquired an 83,527-square-foot industrial building, which is located at 1800 S. Anderson St. in Compton, for $10.7 million. The property, which was recently renovated, features a four-ply built-up roof, 17 dock-high positions and doors, and a full concrete truck court. Don Smith and Craig Poropat of Lee & Associates represented the seller, Atlanta-based Oakmont Industrial Group, in the transaction.
GREELEY, COLO. — CB Richard Ellis|Melody has arranged $6.5 million in permanent financing for the acquisition of Chase Plaza, an office park located in downtown Greeley. Bethesda Real Estate purchased the two-building, 117,879-square-foot property. At the time of acquisition, the property was 96 percent leased. Terms of the financing include 65 percent loan-to-purchase price and 10-year loan term with a 25-year amortization at a fixed-rate of 5.57 percent.
RANCHO CUCAMONGA, CALIF. — Phoenix-based Opus West has acquired a 10-acre land parcel from Inland Empire, Calif.-based JAFAM Corp. for the development of Haven Point, a 161,000-square-foot office/retail project in Rancho Cucamonga. The project will consist of a four-story, 140,000-square-foot office building, 16,000 square feet of retail space and a freestanding 5,000-square-foot, drive-through-approved bank pad. Construction is slated to being in spring 2008, with completion scheduled for summer 2009.
EAST WENATCHEE, WASH. — Los Angeles-based Vintage Capital Group has purchased Wenatchee Valley Mall, a 339,725-square-foot retail center located at 511 Valley Mall Pkwy. in East Wenatchee, for $32.5 million. At the time of acquisition, the property was 92 percent leased to a variety of tenants, including Macy’s, Sears, Bed, Bath & Beyond, Ross Dress For Less, Bath & Body Works, Wells Fargo Bank, Pac Sun, GNC, Foot Locker and Kay Jewelers. Richard Walter of Irvine, Calif.-based Faris Lee Investments represented the seller, Irvine-based PASSCO, and the buyer in the transaction.
POWAY, CALIF. — Brian Cox Mechanical Inc. has purchased a 29,122-square-foot industrial building, which is located at 12155 Kirkham Rd. in Poway, for approximately $4.78 million. Formerly the headquarters/warehouse of San Diego-based Maredy Candy Company, the property features approximately 9,000 square feet of office space and 19,500 square feet of warehouse/production space, including a 7,500-square-foot cooler. Dan Brennan of CB Richard Ellis represented the seller, the Maire-Huddy Family Trust, in the transaction; Glenn Arnold of Grubb & Ellis represented the buyer.