VICTORVILLE, CALIF. — Stirling Capital Investments has completed construction on Global Access Business Centre, a two-building Class A industrial complex located at the company’s Southern California Logistics Centre (SCLC) in Victorville. The 223,773-square-foot center offers industrial suites ranging in size from 3,500 to more than 60,000 square feet. In addition to completing the project, the company signed five leases totaling 49,050 square feet for the center. The new tenants include Sequoia Lighting, Prego Inc., PTL Electric, Stoody Industrial and Welding Supplies, and Product System Engineering.
Western
Pico Rivera, Calif. — Seal Beach, Calif.-based Heslin Becker Properties LLC has completion the construction of Pico Plaza, a 30,000-square-foot retail center located at 9317 and 9321 Whittier Blvd. in the heart of Pico Rivera. Tenants of the shopping center include Rite Aid, Subway and Starbucks Coffee. Prior to redevelopment, Pico Plaza comprised two separate land parcels that featured a vacant Albertsons and a 90-percent vacant strip center. The company acquired the smaller parcel from an undisclosed seller. The owner of the larger parcel retained residual interest and partnered with Heslin Becker to redevelop the property.
PORTLAND, ORE. — Jennifer Medak, John Medak and Tom Dechenne of NAI Norris, Beggs & Simpson represented the undisclosed seller in the disposition of the 501 Hood Building in Portland. A private local investor acquired the property for $3.4 million. At the time of acquisition, the three-story, 22,926-square-foot office was 98 percent leased by medical and legal professionals.
Stockton, Calif. –— An undisclosed buyer has purchased a Days Inn hotel, which is located at 550 W. Charter Way in Stockton, for approximately $3.1 million. The transaction includes the 70-room hotel, a 10-year, triple-net leased Quiznos Sub restaurant and a vacant office/retail space. Taylor Flynn of Marcus & Millichap’s Oakland, Calif., office represented the undisclosed seller in the transaction.
TEMPE, ARIZ. — All City Towing has acquired a 16,766-square-foot industrial facility, which is located at 2031 W. 1st St. in Tempe. Jack Berg Family L.P. sold the property for $2.7 million. Mike Parker of Colliers International and John Soldo of CC Partners LLC represented the buyer; Bob Broyles of Coldwell Banker Commercial NRT represented the seller in the transaction.
CHULA VISTA, CALIF. — Aliso Viejo, Calif.-based Shea Properties is developing The Marketplace at Windingwalk, an approximately 104,000-square-foot neighborhood retail center located at the corner of EastLake Parkway and Birch Road in the Otay Ranch community of Chula Vista. The company recently signed five major leases for the center with a total consideration of approximately $45 million. The leases include a 55,985-square-foot Vons Supermarket, a 35,000-square-foot In-N-Out Burger, a 5,000-square-foot Bank of America location, a 4,500-square-foot Wells Fargo Bank, and a 5,109-square-foot Oggi’s Pizza & Brewing Co. Completion for the center is slated for this summer. The center is located at the gateway to the village of Windingwalk, a 2,300-unit residential community being developed by Brookfield Homes and Shea Homes.
CHANDLER, ARIZ.-Desert Viking Cos. is currently developing San Marcos Commons, a $100 million mixed-use development located in Chandler’s historic district. The company recently completed the project’s first phase, The Villas at San Marcos, which features 79 two- and three-story townhomes. The residential portion offers for-sale units featuring granite countertops, ceramic tile floors, 10-foot ceilings, patios and balconies, and two-car private garages, as well as an amenity set, including multiple courtyard areas, a swimming pool/spa and barbecue areas. Current commercial tenants of the completed residential component include Sushi Eye in Motion, LaStalla Cucina Rustica, San Tan Brewing Company and El Zocalo’s Mexican Grille, as well as other independent restaurants and salons. Additional phases of the 15-acre San Marcos Commons project will add more than 150,000 square feet of retail, restaurants and office space.
PHOENIX — Flagstaff, Ariz.-based Krista R. Corp. has purchased Park Plaza Hotel, a hotel located at 2641 W. Union Hills Dr. in northwest Phoenix, for $8 million. Built in 1988 as a prototype Wyndham Garden Inn, the hotel underwent a $3 million renovation in 2005. The property features 166 rooms, including 16 suites, a 6,800-square-foot meeting space, an on-site restaurant and lounge, a fitness center and an outdoor heated swimming pool. Steve Chylko of Phoenix-based Arizona Real Estate Group represented the buyer; Jeff Cunningham and Tim Ives of CB Richard Ellis (CBRE) represented the seller, a joint venture between Minnetonka, Minn.-based Carlson Hotels and Newton, Mass.-based HPT SPES II, in the transaction.
LAS VEGAS — Nevada Power Company has signed a long-term lease to occupy Building 5 at Beltway Business Park, a 400-acre business park in Las Vegas, from City of Industry, Calif.-based Majestic Realty Co. for an undisclosed price. Located at 7155 Lindell Rd., the facility offers 288,000 square feet, including more than 135,000 square feet of tenant-improved mezzanine office space. Nevada Power is expected to take occupancy in third quarter. Developed by Majestic and Thomas & Mack Co., the Beltway Business Park is slated to consist of 55 buildings and total nearly 6 million square feet when completed in 2012.
LAMESA, CALIF. — Vickie Winters of Dwinn-Shaffer & Co. represented the company in arranging $7.5 million in first mortgage financing and a $1 million accounts receivable line of credit for Community Convalescent Hospital of LaMesa, an assisted-living facility in LaMesa. The 119-bed skilled-care facility is located at 8665 LaMesa Blvd. The permanent loan represents 75 percent of value, and was financed for 5 years at a fixed rate based on a 25-year amortization.