MILPITAS, CALIF. — San Jose, Calif.-based Lap Tang Development Co. has acquired Serra Center, a 16.4-acre mixed-use center located in Milpitas, for $43.9 million. Located at 200 Serra Way, the site includes a 42-year-old shopping center plus 3 acres of vacant land. The buyer plans to level part of the existing site and redevelop it into a mixed-use project consisting of 375 luxury condominiums and 135,000 square feet of for-sale retail shops. The eventual build-out is estimated to cost as much as $200 million. Michael Federle, Nicholas Bicardo and Colin Federle of Grubb & Ellis’ San Francisco office represented the seller, Piedmont, Calif.-based Donovan Trust, in the transaction; Brian Phumg of AMB Commercial Brokerage represented the buyer.
Western
NATIONAL CITY, CALIF. — Broadway/Sweetwater Square LLC has purchased Sweetwater Square Shopping Center in National City from Sweetwater Square LLC for $21.4 million. Located at 3003-3009 Highland Ave., the 124,457-square-foot center was built in 1989. Current tenants include Mervyns, Blockbuster, Evans Tire and Point Loma Credit Union. Stan Tomer and Mike Moser of CB Richard Ellis represented both parties in the transaction.
MESA, ARIZ. — Diversified Partners Development Co. is developing Mesa Ranch Plaza, a regional shopping center located at the northwest corner of Southern Avenue and Stapley Drive in Mesa. The 18-acre project will feature eight buildings totaling 214,000 square feet. Retail anchors include La Curacao, a California-based chain of department stores, and Pro’s Ranch Market. The first phase, which is expected to be complete by this fall, included off-site improvements, on-site improvements and construction of six retail buildings. The Weitz Company is serving as general contractor; Robert Kubicek Architects & Associates is providing architectural services for the project.
CORONA, CALIF. — Fleetwood Aluminum Products Inc. has acquired a 207,400-square-foot industrial building in Corona for $21.5 million. The buyer plans to use the building, which is located at 395 Smitty Way, for corporate office and the manufacturing of aluminum products. The buyer was formerly located in four separate buildings in Corona. Walter Frome and Bill Livesay of Voit Commercial Brokerage’s Irvine, Calif., office represented the buyer; Paul Earnhardt of Lee & Associates represented the seller, Cusumano Smitty Way LLC, in the transaction.
NEW YORK — BPG Properties Ltd., on behalf of BPG Investment Partnership VIII & VIIIA L.P., has acquired Boston Capital REIT, an 11-property multifamily portfolio, for $185 million. Deutsche Bank Berkshire Mortgage provided the 7-year fixed-rate plus 1-year variable-rate Freddie Mac loan for the buyer. The portfolio includes the 188-unit Alderwood Park, the 153-unit Ridgegate property, the 221-unit Ridgetop property and the 240-unit Wellington community in Seattle; the 296-unit Boulder Creek community and the 315 Bridge Creek property in Portland, Ore.; and the 416-unit Settler’s Point property in Salt Lake City, as well as three properties in Jacksonville, Fla.
PHOENIX — Parkway Properties, on behalf of Parkway Properties Office Fund L.P., has purchased Desert Ridge Corporate Center, a three-building corporate center located in Phoenix, for $81.6 million. Located on 14.8 acres in the North Central submarket of Phoenix, the property consists of two four-story Class A office buildings totaling 275,000 square feet and one 18,000-square-foot multi-tenant specialty retail building. At the time of acquisition, the property was 89.2 percent leased to 39 tenants. The company plans to invest an additional $2.25 million for closing costs, building improvements, leasing costs and tenant improvements during the first 2 years of ownership. Concurrent with the purchase, a $49.2 million first mortgage was funded through Babson Capital Management LLC with a fixed interest rate of 5.77 percent, an initial 36-month interest-only period and a maturity date of January 2016.
TAHOE-RENO, NEV. — The McShane Corp. and MetLife Real Estate Investments’ industrial alliance is developing Eagle Valley Industrial Center, a 1.3 million-square-foot speculative industrial project located at 555 Milan Dr. in Tahoe-Reno. Designed by Ware Malcomb Northern California, the development features two 566,875-square-foot buildings, which are divisible to 125,000 square feet. The buildings feature typical bays, speed bays, dock-high doors and drive-in doors. The Irvine, Calif., office of McShane Corp. is providing design/build services for the project, which is slated for completion in June.
SPANAWAY, WASH. — San Francisco-based Dunhill Partners West has acquired Pacific Commons, a 151,233-square-foot retail center located at 17821 Pacific Ave. in Spanaway. PK Sale LLL sold the property for $20.2 million. Located in Pierce County, the center is anchored by Saar’s Marketplace and K-mart. Paul Sleeth of Colliers International’s Seattle office represented the seller in the transaction.
TUCSON, ARIZ. — Arbor Properties has acquired as 25,256-square-foot office building, which is located within the Swan Corporate Center at 4703 E. Camp Lowell in Tucson, for $6.37 million or $252 per square foot. Built in 2003, the property is 100 percent leased to Alliance Bank of Arizona and Research Corporation. Bob Kivel of Commercial Retail Advisors represented the buyer; PICOR Commercial Real Estate represented the undisclosed seller in the transaction.
REDLANDS, CALIF. — The McShane Corp./MetLife Real Estate Investments industrial alliance has acquired an 84-acre land parcel, which is located within the Redlands Business Center in Redlands, from Long Beach, Calif.-based Bixby Land Co. for an undisclosed price. Located within the 227-acre master-planned business park, the center will be developed in two phases. The first phase will feature six industrial facilities totaling 612,000 square feet ranging in building size from 70,000 to 150,000 square feet. Slated to break ground third quarter, the first building will comprise 131,510 square feet of office/warehouse space and feature 30-foot clear heights, a two-story executive office component, up to 20 dock-high truck doors, two ground-level loading doors, a 180-foot secured truck court and 3,000 amp electrical capacity. McShane Construction Corp. and RKZ Inc. are providing design/build services for the development.