AGOURA HILLS, CALIF. — Holualoa Realty Advisors has completed the disposition of a 61,000-square-foot industrial building, which is located at 28720 Roadside Dr. in Agoura Hills. Shamrock Plaza LP purchased the property for $12 million. At the time of acquisition, the property was leased to a variety of tenants, including legal professionals, financial services and investment industries. Bruce Frasco with NAI Capital and Tom Specker of Lee & Associates represented the seller; Frasco also represented the buyer in the transaction.
TEMPE, ARIZ. — Bill Bayless, Andrew Brigham and Don Mitchell of CB Richard Ellis (CBRE) represented San Diego-based Wax Properties Ltd. in the sale-leaseback of a 47,000-square-foot industrial building in Tempe. Redondo Beach, Calif.-based Santa Ana #164 acquired the property, which is located at 2810 S. Roosevelt St., for $4.65 million. The seller has signed a 16-month lease for Waxie Sanitary Supply, which is the property’s sole tenant. Tom Louer of Lee & Associates represented the buyer. Exact financial terms of the lease transaction were not disclosed.
PORTLAND, ORE. — Portland-based Guardian Management LLC, through a newly formed corporation, will acquire the Southern California and Arizona offices of Sperry Van Ness. With the acquisition, Guardian will hold the development and franchise rights for Sperry Van Ness in Southern California, Arizona and Oregon; and the company’s president, Tom Brenneke, will become a member of the Sperry Van Ness board of advisors. The transaction is slated to close no later than August 29. The purchase includes seven regional offices in Southern California and one office in Phoenix, totaling 190 commercial real estate advisors. Guardian is planning to expand Sperry Van Ness’ presence in Oregon and Arizona.
CHANDLER, ARIZ. — Los Angeles-based FORT Properties has purchased the newly completed Avnet Building, which is located at 6700 W. Morelos Pl. in Chandler, for $35.2 million. Situated within Chandler Freeways Business Park, the 230,000-square-foot industrial property is fully leased by Phoenix-based Avnet Inc. Ryan/Pilgrim Investments Chandler Freeways LLC, an entity led by Ryan Companies US Inc., sold the property. Chris Toci, Ted Harrison, Mark Detmer and Bo Mills of Cushman & Wakefield of Arizona Inc. negotiated the transaction. Robert Alter of FORT Properties provided in-house representation for FORT Properties. Jeff Majewski of CB Richard Ellis Capital Markets arranged financing through Wachovia Bank.
EL SEGUNDO, CALIF. — Trio Pacific LLC has completed the disposition of a six-story office building, which is located at 2401 El Segundo Blvd. in El Segundo. TA Associates Realty purchased the 103,252-square-foot property for $24.5 million. The building houses an elite roster of defense- and aerospace-related tenants, including Aerospace Corp., Mitre and Lockheed Martin. Michael Ross, Fred Cordova and Douglas Brawn of Colliers International’s Torrance, Calif., office represented both parties in the transaction.
BURBANK, CALIF. — Point. 360, a full-service audio and video facility, has acquired a 31,317-square-foot building in Burbank for $8 million. Point. 360 has been leasing the property, which is located at 1122 and 1133 N. Hollywood Way, from Hollywood Way Office Ventures LLC for the past 10 years. Stacy Vierheilig-Fraser, Stella Kanyan and Eugene Page of Charles Dunn Company’s Studio City, Calif., office represented both parties in the transaction.
FONTANA, CALIF. — Colton, Calif.-based Hodgdon Miank Construction Inc. has completed the construction of Heritage Crossing, an 18,400-square-foot retail center in Fontana. The $6.8 million project consists of a multi-tenant retail building, a state-of-the-art Jump Start Express Car Wash and Miguel’s Jr. Mexican Food restaurant. The project is located at 7460 and 7490 Cherry Avenue in the northwest portion of Fontana. Hodgdon Miank served as general contractor for the site while working with the two separate owners, Heritage Crossing LLC and Miguel’s, which owns its own building. Irvine, Calif.-based Andy Perez & Associates provided architectural services for the project. RBI Retail Brokers’ Riverside, Calif., office is marketing and leasing the property.
PHOENIX — Phoenix-based Detail Design and Fabrication has purchased a freestanding industrial building, which is located at 4635 S. 33rd St. in Phoenix, for $1.16 million. Situated on approximately 22,050 square feet of land, the 8,817-square-foot facility offers 3,000 square feet of office space. LGE Design built the property in 2000. Evan Koplan, Mike Parker and John Soldo of Colliers International’s Scottsdale, Ariz., office represented the buyer; Darryl Szarka of DKS Development represented the sellers, Richard and Linda Gramhill of Phoenix.
What area is your expertise? Phoenix and Tucson What trends do you see presently in retail development in your area? Infill, redevelopment and lifestyle type centers. What type of retail product is doing well in your area? Grocery anchored, New Power Centers with added lifestyle hybrid, and Lifestyle Centers. What retailers are new to your area? Fresh N Easy, Cabellas, Bass Pro Shops, CineMark, Bloomingdales and IKEA. Who are the active retail developers in your area? Vestar, Macarich, General Growth, Kimco, DeRito Partners, and Pederson Group. Please name one or two significant retail developments in your area. What impact will these projects have on the market? City North is a 5.5 million-square-foot, mixed-use development by Thomas J. Klutznick Co. and Related Urban. The retail center is anchored by Bloomingdale’s and Nordstrom. The site will draw shoppers from all over the city, while initially hurting other successful retail development sales, but in the long term it will be a great addition to the Phoenix area. Where is the majority of development taking place? Why is this area doing well? Southeast Valley and West Valley. The new retail development is following the housing growth. What area do you expect to be the …
PHOENIX — Scottsdale, Ariz.-based Washington & 25th Street LLC are renovating a 33-year-old, two-story 17,444-square-foot office building, which is located at 2502 E. Washington St. in Phoenix. The more than $1.5 million renovation includes a redesign of the property’s exterior façade, extensive interior improvements, replacement of the windows, the installation of an elevator, upgrades to the electrical service and mechanical system and the installation of a new roof. Scottsdale-based Perlman Architects provided design services for the project; Gilbert, Ariz.-based Bjerk Builders Inc. is serving as general contractor. Completion is slated for November. Nashville, Tenn.-based W.D. Schock has signed a 5-year, 8,722-square-foot lease for the first floor of the property. Virgil Berry of Phoenix-based Berry Realty & Associates represented the tenant; Chris Ackel, Pat Horan and Tyler Hanney of CB Richard Ellis’ Phoenix office represented the landlord in the transaction.