SCOTTSDALE, ARIZ. — Emerson Properties Inc. has purchased a two-building retail property, which is located at 15425 and 15435 N. Scottsdale Rd. in Scottsdale. Scottsdale Place LLC sold the 26,595-square-foot property for $16.75 million. Cathy Jones, Paul Miachika, Logan Schrumpf, Jason Miszuk and Brad Spies of Sun Commercial Real Estate Inc. represented the buyer; Ari Spiro of Sperry Van Ness represented the seller in the transaction.
PRESCOTT, ARIZ. — Orange County, Calif.-based 277 Walker Road LLC has acquired a single-tenant retail property in Prescott for approximately $4.77 million. Located at 277 N. Walker Rd., the 22,036-square-foot property is fully occupied by PetSmart. Los Angeles-based PRICPETS Prescott Trust sold the property, which was constructed in 1997. Patrick Kent of Irvine, Calif.-based Faris Lee Investments represented the buyer; Dennis Vaccaro, also of Faris Lee Investments, represented the seller in the transaction. The property sold at a 6.1 percent cap rate.
LAS VEGAS — Jim Hamer of H&H Properties Inc. represented Circle City Plaza LLC in the acquisition of a four-building retail investment property in Las Vegas. Located at 5960-6020 Spring Mountain Rd., the property offers 24,860 square feet of retail space. 6000 Spring Mountain LLC and Festival Outdoor Advertising LLC sold the property for $8.4 million. Cathy Jones, Logan Schrumpf and Jason Miszuk of Sun Commercial Real Estate Inc. represented the seller in the transaction.
VISTA, CALIF. — Brian and Diane Boultinghouse of Avalon, Calif., have acquired Meadow Ridge, a 33-unit apartment community in Vista. Located at 415 Plymouth Dr., the community offers three-bedroom/two-bath units. Community amenities include backyards, patios, carports, a swimming pool and on-site laundry facilities. San Diego-based Meadowridge Apartments LP sold the property for $4.1 million. The buyers have an extensive rehabilitation planned for the property. Patrick Doyle and David Andrews of Hendricks & Partners’ San Diego office represented both parties in the transaction. Andrew Gillian of Washington Mutual arranged financing in the amount of approximately $3.1 million. Annemarie Mineo of Chicago Title handled the escrow services, while Linda Menashe of Chicago Title handled the title services.
SAN DIEGO — Gregory McQuerter has purchased the second and third floors of WaterGarden Business Centre, a three-story, 26,000-square-foot office building located at 5755 Oberlin Dr. in the Mira Mesa area of San Diego. The 17,500-square-foot space sold for $3.8 million. Barry Mahlberg of Cushman & Wakefield represented the buyer; Andrew Ewald of Grubb & Ellis|BRE Commercial represented the seller, WG Oberlin LLC, in the transaction.
HAPPY VALLEY, ORE. — Parker, Colo.-based Monterey Springs Holdings LLC has acquired Monterey Springs, a 390-unit multifamily property located at 8640 SE Causey Ave. in Happy Valley. Sherman Oaks, Calif.-based 4414 Wood Apt. I LLC, et al. sold the property for $41 million. The property features one-, two- and three-bedroom units averaging 900 square feet. Additionally, the community features an indoor swimming pool and spa, a clubhouse and a recreation center. Phil Oester of Hendricks & Partners’ Portland, Ore., office represented the seller; Steve Young of the company’s Seattle office represented the buyer in the transaction.
TWENTYNINE PALMS, CALIF. — Straub Construction Inc. has selected KMA Architecture & Engineering to assist in the design coordination for eight sites within the Marine Corps Air Ground Combat Center in Twentynine Palms. Currently under construction, the 14-site project will total 231,834 square feet when complete in April 2010. The 147-building project features 41 administrative buildings (32,640 square feet); nine maintenance structures (16,980 square feet); two large storage structures (8,500 square feet); 63 ISO containers (3,040 square feet); three CMS vaults (1,440 square feet); 12 restroom trailers (3,528 square feet); 13 armories (3,564 square feet); and 4 classroom buildings (7,274 square feet). The KMA project team consists of Jay Janda, Tim Rubesh and Alison Warren. RBF Consultants is providing civil engineering services, while Grace Evan Technical Services is providing engineering specification services.
WINDSOR, CALIF. — Basin Street Hospitality, a division of Basin Street Properties, has completed the development of a Hampton Inn & Suites in Windsor. The 116-room hotel offers high-speed wireless Internet access, a swimming pool, a hot tub, a PreCor Fitness Center and more than 1,200 square feet of meeting room space. The company is also developing a 102-room Hampton Inn & Suites in Suisun City, Calif.
AUBURN, WASH. — Brandon Grisham and Scott Morasch of Marcus & Millichap’s Seattle office represented the undisclosed seller in the disposition of Valentia Apartments. The 48-unit property is located at 812 10th St. NE. The asset sold for $3 million to an undisclosed seller.
TUJUNGA, CALIF. — Kevin Hurley of Hendricks & Partners’ Pasadena, Calif., office represented the seller, Huntington Beach, Calif.-based 6834-6838 Valmont Street LLC, in the disposition of Valmont View in Tujunga. Located at 6834-38 Valmont St., the nine-unit apartment community sold for $1.1 million. The La Crescenta, Calif.-based buyer was Jorge Molina and Maria A. Molina, trustees of the Jorge Molina and Maria A. Molina Revocable Trust U/T/A January 9, 2004.