TEMPE, ARIZ. — A joint venture, including Baseline Industrial Tempe LP and MES-19 LLC, has acquired Baseline Industrial Center, a 109,650-square-foot industrial complex located at the intersection of West Baseline and South Kyrene roads in Tempe, from BICAZ LLC for $9.54 million. Situated on a 5.24-acre site, the property consists of 106 individual units in five buildings, which range in size from 9,000 to 40,000 square feet. Alan Pekarcik and Dan Vittone of Voit Commercial Brokerage’s Irvine, Calif., office represented both parties in the transaction.
Western
SAN DIEGO — Denver-based Simpson Parkview LP has broken ground for the construction of a 20,300-square-foot office building, which is located at 3540 Aero Ct. in the Kearny Mesa submarket of San Diego. Designed by Denver-based KTGY Group, the two-story, Class A property will feature steel frame construction with a stone exterior, a covered parking area and floor plates designed for medium-sized users. Warmers Corporation is serving as general contractor for the project, which is slated for completion in May 2009.
FORT COLLINS, COLO. — Hendricks & Partners has completed the sale of Rams Park, a 48-unit apartment community located at 2226 W. Elizabeth St. in Fort Collins. Lakewood, Colo.-based Rams Park Venture LLC acquired the property for $7 million. John Laratta of Hendricks & Partners’ Denver office represented the seller, Fort Collins-based Rams Park LLC, in the transaction.
OCEANSIDE, CALIF. — Glenn L Goldman Trust has acquired Garrison West Apartments, a 46-unit apartment complex located at 455 Garrison St. in Oceanside, for $5.5 million. Situated on a 2.19-acre site, the property features 30 two-bedroom townhouse units and 16 one-bedroom units. Ray Adams of Grubb & Ellis|BRE Commercial represented the buyer; Todd Clarke of American Apartment Advisors Inc. and Ed Engle of Asset Management Services represented the seller, James and Karen Watkins. The buyer purchased the property as a replacement property in a reverse exchange.
LOS ANGELES — Equity Office, an affiliate of The Blackstone Group, is developing the final phase of Howard Hughes Center, a 70-acre, 2.6 million-square-foot mixed-use development located in West Los Angeles. The $200 million final phase will feature two 250,000-square-foot office buildings and two potential residential structures. The first office building, 5901 Center Drive, is slated to break ground in December, with the second building, 5900 Center Drive, scheduled to break ground in early 2008. Two proposed residential developments are expected to follow, which will make Howard Hughes Center one of the largest live/work projects in West Los Angeles. Currently, the center features six office buildings, the Spectrum Athletic Club, a medical office building and Promenade at Howard Hughes Center, a two-level, 250,000-square-foot outdoor entertainment/shopping center. The Promenade features The Bridge Cinema de Lux, Callender’s Grill, On the Border Mexican Grill and Cantina, Islands, Johnny Rockets, Kabuki Japanese Restaurant, Borders Books & Music and Nordstrom Rack.
LOS ANGELES — Jones Lang LaSalle Hotels, on behalf of San Diego-based Pacifica Companies, has completed the sale of the fee-simple interest in the Radisson Hotel at Los Angeles International Airport to Chicago-based Harp Group for $93 million. Located at the intersection of West Century and Sepulveda boulevards in Los Angeles’ LAX submarket, the 580-room hotel features 22 suites, 42,000 square feet of meeting space, a 14,000-square-foot ballroom, four food/beverage outlets, including Palmira Bar & Grill, an outdoor pool and multiple retail tenants. After closing the transaction, Chicago-based Portfolio Hotel & Resorts will assume management of the property.
HAWTHORNE, CALIF. — Rexford Industrial LLC has acquired Yukon Industrial Center, a 123,174-square-foot, multi-tenant industrial property located at 13020 Yukon Ave. in Hawthorne, from 13020 Yukon LLC for $10.45 million. The property features two single-tenant buildings comprising 41,175 and 22,258 square feet, respectively, and a 59,741-square-foot multi-tenant building. Currently, the property is 100 percent occupied by Gentle Giant Moving Company, Ryan’s Express, Seatmax and Southern California Cuisine. ANR Asset Management represented both parties in the transaction.
LOS ANGELES — Jonathan Ahron and David Aschkenasy of Charles Dunn Company, a partner of GVA Worldwide, brokered the sale and purchase of a 6,720-square-foot retail building, which is located at 150 N. Larchmont Blvd. in Los Angeles. 123 Larchmont Village Partners LLC acquired the fully leased property from the Eilenberg Family Trust for a consideration of $8 million. The property consists of three retail units on the ground level and four apartment units on the second floor. At the time of acquisition, the retail units were occupied by Koontz Hardware and Sam’s Bagels.
MESA, ARIZ. — Hendricks & Partners has brokered the sale of Lindsay Palms apartment community in Mesa. Property Growth Fund V LLC of Beverly Hills, Calif., acquired the property for $11.85 million from Lindsay Palms LLC of Longmont, Colo. The 132-unit complex, located at 2855 E. Broadway Rd., is composed of two- and three-story buildings featuring a mix of one-, two- and three-bedroom floor plans. It is situated on 6.1 acres near Superstition Freeway and the Loop 202 Freeway. Chuck LaBenz of Hendricks & Partners’ Phoenix office represented the seller.
LAS VEGAS — Pantheon Parkview LLC has acquired Parkview Plaza Shopping Center, a three-building, 25,000-square-foot retail center located at 3935-3955 Durango Dr., for $7.5 million. Christopher Clifford and Todd Manning of Marcus & Millichap’s Las Vegas office represented the buyer in the transaction. The seller was not disclosed.