CHANDLER, ARIZ. — LNR Partners has completed the sale of Sun Village Fair, a shopping center in the Phoenix suburb of Chandler, to Arizona Partners (AZP) for $12.5 million. Situated on 20.46 acres at Alma School and Warner roads, Sun Village Fair consists of 189,022 square feet of existing retail space and six acres of slated for pad development. The redevelopment of the property will be aided by existing tenants, Walmart, First Bank and Wendy’s, that are still operating within the development but were not included in the sale. Darren Tappen, Nathan Thinnes, Peter Beauchamp, Trask Switzenberg and Matthew Ault of Kidder Mathews, along with Trevor Koskovich of Northmarq and Brett Rinehart of Land Advisors, represented the seller in the deal.
GLENDALE, CALIF. — NAI Capital Commercial has brokered the sale of a two-building retail and commercial asset in Glendale, just north of Los Angeles. The property traded for $3.2 million, or $468 per square foot. Guillermo Olaiz and John Archibald of NAI Capital Commercial represented the undisclosed seller in the transaction. The name of the buyer was not released. Located at 1212 S. Brand Blvd. within Brand Boulevard of Cars, a strip of 21 car dealerships, the asset includes 6,733 square feet of improvements.
DETROIT, LOS ANGELES, SAN ANTONIO AND TORONTO — The Home Depot Inc. (NYSE: HD) has announced plans for four new distribution centers in Detroit, Los Angeles, San Antonio and Toronto. The new facilities are a key component of the company’s efforts to cater to professional customers such as developers, general contractors, remodelers and property managers. The new distribution centers will stock large, bulky merchandise such as lumber, insulation and roofing shingles. The new distribution centers are expected to open in the first half of this year. Home Depot has opened similar hubs across the U.S. and expects to have 17 facilities equipped with new capabilities for pros by the end of 2024. In addition to the new distribution centers, Home Depot plans to expand its offerings to professional customers with localized product assortment tailored to each market, digital tools to manage complex orders, and special credits and pricing for professional customers. “Over the last several years, we have been investing to deliver a faster, more convenient, differentiated experience for our pros,” says Chip Devine, senior vice president of outside sales for Home Depot. “Our distribution network is one piece of the comprehensive pro ecosystem we’re building to better meet the needs …
— By Kyle Seeger, Vice President, JLL — Like office markets across the U.S., Phoenix continues to navigate its post-pandemic “normal.” But with red-hot population growth, a comparatively low cost of doing business, a dynamic office inventory and a stellar quality of life, it also remains a prime contender for new office locations, relocations and expansions. Metro Phoenix’s overall office vacancy rate had ticked up slightly to 25.6 percent at the close of 2023. Average annual rent growth had decelerated moderately to 0.8 percent year over year, but remained positive. The overall direct asking rent had stabilized at just over $29 per square foot. Although negative absorption remained markedly high at more than 3.5 million square feet through 2023, there was less quarterly loss in the fourth quarter compared to the third quarter. Amid all of this, Phoenix’s cost and demographic advantages — along with its ample inventory — pushed leasing momentum forward. In some cases, it even created positive net absorption, such as in prime office corridors and in newer, highly amenitized Class A projects. The Grove, a 180,000-square-foot, Class AA office building in the Camelback Corridor, is a prime example of this. Within 16 months of its mid-2021 …
ANAHEIM, CALIF. — Tourmaline Capital has acquired Anaheim Hills Shopping Village, a retail center at 6300 E. Santa Ana Canyon Road in Anaheim. A private family partnership sold the asset for $16.7 million. Originally developed in 1984, Anaheim Hills Shopping Village offers 67,528 square feet of retail space. At the time of sale, the property was 95 percent occupied with Big Lots as the anchor tenant. Daniel Tyner, Gleb Lvovich and Geoff Tranchina in JLL Capital Markets’ investment sales advisory team represented the seller and buyer in the transaction.
Sonny Brown Associates Negotiates Sale of 215,256 SF Industrial Property in Santa Teresa, New Mexico
SANTA TERESA, N.M. — Sonny Brown Associates has arranged the sale of an industrial building located at 465 Industrial Ave. in Santa Teresa, a suburb of El Paso, Texas. Dallas-based Hunt Southwest acquired the asset from Easton, Pa.-based MCS Industries for an undisclosed price. The 215,256-square-foot warehouse, distribution and manufacturing facility features 60-foot and 45-foot column spacing with staging bays at 40-foot deep, 32-foot clear heights, CTPAT capacity, 20 dock-high doors and one ramp door. The building features a 5,843-square-foot office space, 5,686-square-foot QC Lab space and 880-square-foot shipping/receiving office space. Additionally, the building is expandable by 45,900 square feet. Adin Brown of El Paso, Texas-based Sonny Brown Associates represented the seller and buyer in the deal.
SAN DIEGO — Drawbridge Realty has completed 16705 Via Del Campo Court, a speculative office and R&D property in Rancho Bernardo, a master-planned community in northern San Diego. The three-story, Class A building is the first speculative office building to be constructed in the Rancho Bernardo market in more than a decade. The three-story, 80,720-square-foot building features large, efficient floor plates with 15-foot floor-to-floor ceiling heights, expansive window lines, outdoor patios on the ground level and third floor, and surface parking for more than 300 vehicles. Netherlands-based semiconductor manufacturer ASML (NASDAQ: ASML) has leased the top two floors, totaling 55,227 square feet. The first floor, totaling 25,493 square feet, is currently available for lease and being marketed by Jay Alexander and Tim Olson of JLL.
SAN DIEGO — Lee & Associates has arranged the sale of 5052 Wightman Street, an apartment building in San Diego. The asset traded for $7.1 million. Built in 1963, the building features 44 apartments. The property was held by the same owners for multiple decades, but had deferred maintenance issues. The community features an affordable component for residents earning 50 to 60 percent of the area median income. Eric von Bluecher and Ivan Del Muro-Garcia of The Von Bluecher Group — the multifamily brokerage team of Lee & Associates North San Diego County — represented the undisclosed buyer and undisclosed seller in the deal.
SAN RAMON, CALIF. — PSRS has arranged $3.7 million in permanent financing for Pointe West Plaza, a retail property in San Ramon, east of the Bay Area. The firm previously arranged bridge acquisition financing for the property. Pointe West Plaza is a 16,921-square-foot building with a mix of tenants including a billiards venue, salon, bistro and Chinese restaurant. The property also features underground and surface parking, totaling 82 spaces. Jonny Soleimani and Matthew Farzinpour of PSRS secured the five-year loan with a 25-year amortization schedule through a correspondent life insurance company.
AURORA, COLO. — The Bascom Group and an affiliate of Oberndorf Real Estate Management, formerly known as The Axton Group, have acquired Hearthstone at City Center, a multifamily property in Aurora, for $74 million. The name of the seller was not released. Aurora is just east of Denver. Located at 932 South Helena Way, Hearthstone features 360 one-, two- and three-bedroom apartments spread across 41 buildings on 18.2 acres. Select units offer contemporary appliances, in-home washers/dryers, hardwood-style flooring, walk-in closets, fireplaces and private patios or balconies. Community amenities include a resort-style pool, outdoor grilling and picnic areas, a fitness center and sauna, pet park, playground, basketball court and on-site laundry. The buyers plan to implement an extensive value-add renovation program that includes upgraded appliances, countertops and lighting; additional in-unit washers/dryers; added kitchen backsplashes; new cabinets and fixtures; and wood plank flooring. Planned common area improvements include updating the fitness center, leasing center and pool, as well as a completely redesigning the multipurpose activity area, enhancing the façade and revamping landscaping.