SCOTTSDALE, ARIZ. — Phoenix-based De Rito Partners Development Inc. has acquired Scottsdale Pavilions, a 1.1 million-square-foot retail center located at the intersection of Indian Bend Road and Loop 101 freeway in Scottsdale, for $88 million. The company plans to invest more than $25 million in renovations, which includes an addition of 150,000 square feet of retail space, for the property. De Rito Partners also plans to initiate a community outreach program to elicit feedback from the community regarding the future plans of the development. Originally developed in 1989 and 1991, Scottsdale Pavilions is located on land that is owned by the Salt River Pima-Maricopa Indian community. Andy Kroot and Brian Gast of De Rito Partners Inc. brokered the transaction between the buyer and the sellers, Robb Horlacher of Spire North LLC and Spire South LLC. Scott McPherson and Eric Inabinet of Capital Advisory Group LC arranged the financing for the transaction through a senior loan from GE Capital and a mezzanine loan from Seattle-based The Wolff Company.
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FRESNO, CALIF. — G3 Development is developing North Pointe Business Park, a 230-acre master-planned industrial park in Fresno. Ware Malcomb Northern California has completed the architectural design services for three industrial buildings for the development. The planned buildings include two 65,454-square-foot facilities, which can be divided into six units, and an 86,000-square-foot property, which can be subdivided into four units. Each unit will feature truck docks and grade-level doors. Completion is slated for this spring. Pleasanton, Calif.-based ExTerra Realty Partners LLC is providing project management services for the project; Madera, Calif.-based Target Constructor Inc. is serving as general contractor.
SEATTLE — Strategic Capital Partners LLC through its fund, Strategic Partners Value Enhancement Fund, has acquired Newport Heights, an 80-unit apartment community in Seattle, through a partnership sponsored by Seattle-based Horizon Realty Advisors LLC. Built in 1985 and located in South King County, the property consists of 12 two-story buildings and is currently 99 percent occupied. Horizon plans to invest approximately $800,000 to renovate the property, including new exterior paint, new roofs, and interior upgrades including new flooring, appliances, lighting and counter tops.
SEATTLE — Strategic Capital Partners LLC through its fund, Strategic Partners Value Enhancement Fund, has acquired Newport Heights, an 80-unit apartment community in Seattle, through a partnership sponsored by Seattle-based Horizon Realty Advisors LLC. Built in 1985 and located in South King County, the property consists of 12 two-story buildings and is currently 99 percent occupied. Horizon plans to invest approximately $800,000 to renovate the property, including new exterior paint, new roofs, and interior upgrades including new flooring, appliances, lighting and counter tops.
TEMECULA, CALIF. — Rossi Concrete Inc. has acquired a 10,830-square-foot office property, which is located at 31565 Rancho Pueblo Rd. in Temecula, for $3.35 million. Located within The Rancho Pueblo project, the property features a business park environment with courtyards, a water feature, ample parking, two-story elevator service and easy access to Interstate 15. Jeff Givens of Coldwell Banker Commercial Almar Real Estate Group and Keren Calder of Southern California Investors represented the buyer; Tapley Commercial Real Estate represented the seller, Covenant Development Inc., in the transaction.
ENGLEWOOD, COLO. — Greg Price of Marcus & Millichap’s Denver office represented both parties in the sale and acquisition of two apartment buildings in Englewood. Located at 4090 and 4100 S. Bannock St., the 65-unit asset sold for $3.85 million or $59,230 per unit. The seller and buyer were not disclosed.
ALAMEDA, CALIF. — Titan Real Estate Investment Group Inc., in partnership with an institutional fund advised by Urdang Capital Management, has acquired a 121,216-square-foot office building in Alameda for an undisclosed price. Situated within the 2.9 million-square-foot Harbor Bay Business Park, the facility is 100 percent occupied by Abbott Laboratories and the Federal Aviation Administration. Michael Speers and Barry Cohn of NAI/BT Commercial represented both parties in the transaction.
FERNLEY, NEV. — Fernley Partners Retail LLC has completed the disposition of Chisholm Crossing, a 12,379-square-foot shopping center located 1201 Penny Lane in Fernley. An undisclosed buyer purchased the property for $4.8 million. Joel Grace, Mark Keyzers and Janna Page of NAI Alliance represented the seller in the transaction.
LAS VEGAS — Venture Development Group has closed escrow and will develop a 4.25-acre land parcel into 23,600 square feet of retail shops and pads at the Mosaic at West Village in Las Vegas. Located at the intersection of Durango Drive and Post Road within the 700-acre West Village community, the project will feature restaurant and retail space ranging from 1,200 to 17,000 square feet. Dunkin’ Donuts is currently committed to the project, which offers lease rates of $3.50 per square foot or $0.45 NNN. The retail portion of the development is slated to break ground in June, with completion expected in December.
SAN JOSE, CALIF. — Redback Networks, an Ericsson company, has signed a lease for 320,000 square feet of space at Corporate Technology Center in San Jose. The new lease doubles the company’s current holdings in San Jose and will be the R&D center for most of Ericsson’s fixed and mobile Internet infrastructure. Under the new lease, the company will occupy 100 Headquarters Way, 200 Holger Way, 250 Holger Way and 300 Holger Way. The buildings will primarily house Redback employees and a number of employees from Ericsson’s other acquisitions in Silicon Valley, including Entrisphere and Tandberg TV. Jeffrey Rodgers and Jeffrey Ramirez of Cornish & Carey’s Santa Clara, Calif., office represented Redback; The Staubach Company represented Ericsson; and the landlord, CarrAmerica, was self-represented in the transaction.