SACRAMENTO, CALIF. — Irvine, Calif.-based Pacific Castle Management has completed the sale of Strawberry Creek, a shopping center in Sacramento. A local private investment group acquired the property for $20.9 million. Constructed in 2007 on 7.4 acres, the four-building property features 57,373 square feet of retail space. Edward Nelson and Nicholas Scelsa of Marcus & Millichap represented the seller and procured the buyer in the deal.
PENDLETON, ORE. — Crystal Investment Property has brokered the sale of The Marigold Hotel in Pendleton. The two-story property sold for an undisclosed price. Completely updated in 2018, the 47-key hotel features more than $560,000 in capital improvements and a mix of guestrooms. The Marigold Hotel also features close proximity to downtown restaurants and highway access, a designated parking garage, owner’s quarters and an on-site commercial kitchen. Joseph Kennedy of Crystal Investment Property represented the undisclosed seller and buyer in the deal.
SURPRISE, ARIZ. — Cushman & Wakefield has arranged the sale of Mountain Vista Plaza, a retail center located in Surprise. An entity formed by Boarder Capital sold the asset to Canada-based MIRAJH LLP for $14.1 million. Located at the southwest corner of Bell and Reems roads in Surprise, Mountain Vista Plaza features 64,071 square feet of retail space. Built in 2006, the fully redeveloped property is 93.5 percent occupied. Planet Fitness is the anchor tenant. Ryan Schubert and Michael Hackett of Cushman & Wakefield handled the transaction.
TEMPE, ARIZ. — Dixxon Flannel Co. has purchased a 48,000-square-foot industrial and retail warehouse located at 7200 S. Priest Drive in Tempe. A furniture store sold the asset for $4.5 million. Situated on 2.6 acres, the two-story property features a 13,000-square-foot showroom and office space. The first floor includes four office spaces, a showroom, kitchen, shower and two bathrooms, while the second floor features six office spaces, a storage area and conference room. Additionally, the building features 24-foot clear heights, four dock-high loading doors and a full sprinkler system. Ryan Reisman, Chris Rogers, Trevor McKendry and Steve McKendry of DAUM Commercial Real Estate Services represented the seller in the deal.
PASADENA, CALIF. — JLL has brokered the $193 million sale and secured $160 million in financing for The Pasadena Collection, an institutional-quality office portfolio in Pasadena. Swift Real Estate Partners acquired the asset from a global investment manager. Totaling 516,890 square feet, the portfolio includes a 146,313-square-foot building at 790 E. Colorado Blvd., a 211,792-square-foot building at 155 N. Lake Ave. and a 158,785-square-foot building at 35 N. Lake Ave. At the time of sale, the portfolio was 68 percent occupied. Michael Leggett, Andrew Harper and Matt McRoskey of JLL Capital Markets represented the seller, while Paul Brindley, Todd Sugimoto, Jeff Sause and Steven Paskover of JLL Capital Market secured acquisition financing for the buyer.
BREA, CALIF. — Rexford Industrial Realty has acquired an industrial property, located at 404-407 Berry Way in Brea, for $27.6 million, or $53.72 per land square foot. Situated on 11.8 acres, the 120,250-square-foot asset was fully leased at the time of sale. The low-coverage site comprises three industrial buildings with excess paved land. The name of the seller was not released. Rexford funded the acquisition using cash on hand and the re-investment of proceeds from a previously announced disposition through a tax-deferred 1031 exchange.
HENDERSON, NEV. — PREH Paseo Verde LLC has purchased 2200 Paseo Verde, a Class A office building located at 2200 Paseo Verde Parkway in Henderson. Pacific Oak SOR II sold the asset for $19.4 million. Situated within The District at Green Valley Ranch, the 60,499-square-foot property features 24-hour access, a courtyard, balcony and on-site property management. At the time of sale, the building was 94 percent leased to a variety of tenants, including Berkadia Real Estate Advisors, Ticor Title, Umpqua Bank, Michaelson & Assoc. LTD and Ford & Friedman. Charles Moore, Marlene Fujita and Hunter Bradshaw of Cushman & Wakefield brokered the transaction. Cushman & Wakefield also handles leasing and property management for the building.
LAS VEGAS — EastGroup Properties has acquired a Southwest Commerce Center, a newly constructed industrial asset in Las Vegas, for $25.5 million. Brass Cap Development and LM Construction Co. collaborated on the project. The property consists of three concrete tilt-up buildings offering a total of 195,947 square feet of industrial space. Situated on 11 acres at the northwest corner of Russell Road and Decatur Boulevard, the asset’s three buildings range from 23,000 square feet to 101,000 square feet. Two of the buildings were pre-leased during construction. Rentex, an audio visual and computer rentals company, will occupy the 71,000-square-foot Building B. Ghost, a sports supplement company, will occupy the 23,546-square-foot Building C for its West Coast manufacturing and distribution facility. Dan Doherty, Chris Lane and Jerry Doty of Colliers International | Las Vegas represented the buyer in the deal. This is EastGroup Properties’ third industrial asset in Las Vegas.
EVERETT AND EDMONDS, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two multifamily properties in metro Seattle. Hacienda Apartments in Everett sold for $5.3 million and North Haven Manor in Edmonds sold for $5.2 million. A private investor sold the assets to Curtis Capital Group. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the seller in the deal. Additionally, Ray Allen and Seth Heikkila of IPA secured acquisition financing for both acquisitions. Built in 1979, Hacienda Apartments features three buildings and offers a total of 36 apartments. North Haven Manor was built in 1977 and features 32 apartments.
SEATTLE — Seattle-based Urban Renaissance Group (URG) has purchased Park Place, an office building located in Seattle. An affiliate of Washington Holdings sold the asset for $177 million. Located at 1200 Sixth Ave, the 21-story tower features 317,000 square feet of commercial office space. At the time of sale, the property was more than 95 percent leased with multiple long-term tenants. The building was built in the 1970s. Gensler, an international architect and a tenant in the tower, fully renovated the property in 2012 with contemporary finishes, a dedicated fitness center, secured bike storage and 181 parking stalls. Additionally, the building features a green roof, rain catchment system, water efficient fixtures, systems to measure air flow, a green cleaning program, satellite-controlled irrigation and a LEED-EB Platinum designation. Eastdil Secured represented the seller in the deal.
