INDUSTRY, CALIF. — Masco Corp. has completed the disposition of an 871,024-square-foot industrial property, which is located at 825 S. Ajax Ave. in Industry. 82A Developments LLC purchased the property for $15 million. The buyer plans to demolish one of the existing buildings, which is approximately 10,000 square feet, and redevelop the land into an industrial park that will include small units for lease. Craig Phillips of Lee & Associates represented both parties in the transaction.
Western
WALLA WALLA, WASH. — Blue Mountain Plaza LLC has purchased Blue Mountain Mall, which is located at the corner of West Rose Street and Myra Road in Walla Walla, for $9.2 million. The 230,360-square-foot mall is anchored by Sears, Gottschalks and Shopko, which was not part of the sale. The sale also included an adjacent 22-acre parcel for expansion. Ron Allum of NAI Fuller Real Estate listed and marketed the property on behalf of the seller, Meyer Properties.
SAN DIEGO — Poway, Calif.-based Breshears & Ghianni Builders Corp. has developed Ruffin Road Business Plaza, a Class A two-story office building located at 5055 Ruffin Rd. in San Diego. Designed by Ware Malcomb’s San Diego office, the 48,000-square-foot property features an interior elevator, lobby and central staircase, and an exterior courtyard/plaza area with landscaping. Poway-based K.D. Stahl Construction Group served as general contractor for the project.
TIGARD, ORE. — Cohen Financial has secured a $12.5 million loan for the acquisition of Brightwaters at Redhawk Apartments, a 224-unit apartment community located at 16100 SW 108th Ave. in Tigard. Pringle Construction Co. acquired the 210,000-square-foot property, which features one- and two-bedroom apartments. Paul Schroeder and Michael Mason of Cohen Financial’s San Francisco office arranged the non-recourse, 50 percent loan-to-value, 10-year term loan through an undisclosed regional bank.
AURORA, CALIF. — Rob Edwards, Scott Wayne and Jason Ortiz of Marcus & Millichap have completed the sale and acquisition of Sunburst Center, a strip shopping center located at 16300 E. Quincy Ave. in Aurora. Johnson Investments Inc. sold the property to a Denver-based private investor for $2.6 million. At the time of acquisition, the property was fully occupied by multiple tenants.
EL CAJON, CALIF. — NewMark Merrill Cos. has acquired Town & Country Center, a 52,990-square-foot shopping center located at the corner of N. Second St. and Madison Ave. in El Cajon. The company purchased the property for just under $11 million. At the time of acquisition, the center was 90 percent occupied by a variety of tenants, including Rite Aid, Baskin Robbins and Everything $5.99. NewMark has an extensive renovation planned for the development. Peter Bethea of Cushman & Wakefield represented the seller in the transaction. Financing was provided by Wells Fargo Merchant Bank.
TEMPE, ARIZ. — Southfield. Mich.-based Signature Healthcare Services LLC has purchased a 51,200-square-foot building, which is located at 6350 S. Maple Ave. in Tempe, for $5.9 million. The company plans to use the property as a behavioral health facility. Judy Bluhm and Charlie Carson of Century 21 represented the buyer; Pat Harlan, Steve Sayre, Mike Sayre and Katy Boyd of Cushman & Wakefield of Arizona represented the seller, Portland, Ore.-based ScanlanKemperBard Companies, in the transaction.
HONOLULU — The two-level retail expansion has opened at Ala Moana Center, a shopping center located at 1450 Ala Moana Blvd. in Honolulu. The expansion offers more than 300,000 square feet of retail space, including Hawaii’s first full-line Nordstrom and 17 new tenants. New tenants include J. Crew-on-the-Island, Design Within Reach, Vera Bradley, Chico’s, Bare Escentuals and Blue Hawaii Lifestyle. The expansion grand opening coincides with the mall’s spring fashion show, which will feature spring trends and styles.
UPLAND, CALIF. — Two anchor tenants have recently opened at NewMark Merrill Cos.’s Upland Town Square, a 105,000-square-foot shopping center located at the intersection of Foothill Boulevard and San Antonio Avenue in Upland. The new tenants include a 24,400-square-foot OfficeMax featuring a new multi-purpose store layout and one of California’s first Fresh & Easy, a 14,241-square-foot grocery store. After purchasing the property in 2005, the company launched a $3.5 million remodel and re-tenanting project to transform the 1970s center into a contemporary shopping destination.
BELLEVUE, WASH. — Seattle-based Northwest Townhomes LLC has purchased Caribbean Apartments, a 20-unit apartment community located at 312 101st Ave. in Bellevue’s Meydenbauer neighborhood. Seattle-based Caribbean Alliance Investments sold the property for $5.3 million. The buyer plans to redevelop the 35,148-square-foot lot into 24 townhome units. Josh Blake of Hendricks & Partners’ Seattle office brokered the transaction.