GOODYEAR, ARIZ. — Nelson Brothers Professional Real Estate LLC (Nelson Bros.) has closed on its first tenant-in-common investors transaction. The company has acquired Palm Valley La Piazza Retail Center, which is located in Goodyear, for $6.8 million. Situated on a 4.88-acre site, the 30,5000-square-foot property was built in 2004. The seller was not disclosed.
Western
LANCASTER, CALIF. — San Antonio-based K Partners Hospitality Group LP has opened Hampton Inn & Suites in Lancaster. The first hotel of a two-hotel complex, which the company is developing, the 85-room Hampton Inn & Suites will feature a heated indoor pool, ample meeting and workspace, complimentary breakfast and On the Run Breakfast Bag and 24-hour coffee available in the lobby. The guestrooms feature Hampton’s signature double queen- and king-sized Cloud Nine beds, complimentary high-speed Internet access, free local calls and in-room movie channels. The second hotel, a 92-room Homewood Suites, is slated to open in September.
LAKE ELSINORE AND MONTCLAIR, CALIF. — Faris Lee Investments has brokered two retail property sales in the Inland Empire of Southern California for a total consideration of more than $12 million. In the first transaction, Dana Point, Calif.-based Eletreby Enterprises Inc. acquired a freestanding Rite Aid drug store for $7.61 million in a pre-sale transaction. Located at 16491 Lakeshore Dr. in Lake Elsinore, the 17,272-square-foot property includes a drive-thru. The property offered the buyer a 20-year triple-net lease with Rite Aid. CB Richard Ellis represented the buyer; Jeff Conover of Faris Lee represented the seller/developer, Newport Beach, Calif.-based Peninsula Retail Partners, in the transaction. In a separate transaction, Los Angeles-based Gindi Family Trust purchased Brighton Retail Plaza, which is located at the corner of Ramona Avenue and Mission Boulevard in Montclair. Ontario, Calif.-based Brighton Retail Plaza LLC sold the property for $4.45 million. Built in 2006, the approximately 11,742-square-foot property is currently 95 percent leased and anchored by a 4,942-square-foot McDonald’s, which is on a ground lease. Conover and Dennis Vaccaro of Faris Lee represented the seller; RE/MAX represented the buyer in the transaction.
SAN FRANCISCO — San Francisco-based Shorenstein Properties LLC has partnered with San Francisco-based SKS Investments to purchase Oyster Point Business Park and Oyster Cove Marina, a six-building flex/industrial property with adjacent 235-berth marina in South San Francisco. Currently 88 percent leased, the business park consists of six single-story buildings totaling 404,215 square feet. The 34.34-acre property is located on Oyster Point Boulevard and is 1 mile east of Highway 101 and 1.5 miles north of San Francisco International Airport. Shorenstein Properties made the acquisition on behalf of its ninth investment fund, Shorenstein Realty Investors Nine LP, a $2.062 billion private commingled fund formed in spring 2007. NAI BT Commercial Investment Services Group represented the seller, Shelton Corp., in the transaction. Terms of the transaction were not disclosed.
LOVELAND, COLO. — McWhinney Enterprises has broken ground for the construction of a 50,000-square-foot office building located within Precision Office Park at Centerra in Loveland. As a build-to-suit for Waltham, Mass.-based Constant Contact, a provider of email marketing and online surveys for small organizations, the property will be the company’s first expansion beyond its corporate headquarters in Waltham. Dohn Construction is serving as general contractor for the project. Other key consultants include Ware Malcomb – Denver, Burkett Design, Northern Engineering Service Inc. and BHA Design Inc. Completion is slated for early 2009.
SEATTLE — Sea-Mar Community Health Center has acquired a 30,000-square-foot retail property, which is located at 9635 S. Des Moines Dr. in Seattle. Northshore sold the property for $4.6 million. Kurt Sorensen of GVA Kidder Mathews represented the seller; Brian Petro of Odella Pacific Properties represented the buyer in the transaction.
LA CRESCENTA, CALIF. — Emmanuel Ndu of Marcus & Millichap’s Encino, Calif., office represented Larry Rubenstein in the acquisition of Mountain View Townhomes, an 18-unit multifamily property in La Crescenta. Myron Lieberman and Arlene Lieberman sold the property for $3.9 million. Earle Hyman, also of Marcus & Millichap, represented the sellers in the transaction.
LAKEWOOD, COLO. — NorthMarq Capital Inc. has arranged $2.45 million in permanent financing for Academy Center, a four-story, multi-tenant office building in Lakewood. Located at 7175 W. Jefferson Ave., the 68,717-square-foot property was built in 1984. Steve Bye and Brian Smith of NorthMarq’s Denver office arranged the financing for the undisclosed borrower.
BOULDER, COLO. — Crown West Realty LLC has purchased a two-story office building in Boulder for $10.9 million. Located at 5775 Flatiron Pkwy., the property offers 96,000 square feet of office space. Invesco Real Estate sold the property, which was built in 1987. At the time of acquisition, the building was 96 percent occupied by a variety of tenants, including CH2M Hill, Konica-Minolta, Wall Street on Demand, Vexcel and SimAuthor Inc.
RANCHO DOMINGUEZ, CALIF. — First Industrial Realty Trust Inc. has leased its First Dominguez Gateway Center, a 214,000-square-foot distribution center in Rancho Dominguez, to DHL Excel Supply Chain, a major international third-party logistics provider and subsidiary of Deutsche Post. Located at 3015 E. Ana, the property offers several features that are unique to the South Bay submarket, such as a secured yard for trailer storage and two rail spurs. Ryan McClean and Jackie Baker led the First Industrial team on the lease transaction. Todd Taugner, Frank Schulz and David Bales of The Klabin Company also assisted with the transaction.