HESPERIA, CALIF. — Newcastle Partners has broken ground on an industrial development located at 9260 Mesa Linda St. in Hesperia. Situated on 18.3 acres with immediate access to I-15, the project will offer 406,138 square feet of Class A industrial space. Ryan Lal and Dante Borruso of Voit Real Estate Services are overseeing all marketing, sales and leasing efforts for the property.
GLENDALE, CALIF. — Marcus & Millichap has arranged the sale of a vacant retail building located on 2.4 acres at South Central Avenue and Chevy Chase Drive in Glendale. Aria Investments LLC sold the asset to the City of Glendale for $24 million. The city plans to develop a park and recreation center on the site, which includes a 33,818-square-foot retail building formerly occupied by JoAnn Fabrics. Sheila Alimadadian of Marcus & Millichap represented the seller and procured the buyer in the deal.
SAN DIEGO — Pacific Coast Commercial Real Estate has negotiated the sale of Del Oro Apartments, a value-add multifamily property in San Diego’s Hillcrest neighborhood. John Lopez and Cheryl Lopez acquired the asset from an undisclosed seller for $4.5 million. Citizens Private Bank provided acquisition financing for the buyers. Located at 3748-3772 Tenth Ave. and 918 Robinson Ave., Del Oro Apartments consists of an 18-unit apartment building and an adjacent duplex. The properties offers 15 studios averaging 326 square feet and five one-bedroom/one-bath units averaging 447 square feet. Zoned RM-3-9, the property also features nine garages. Ken Robak and David Dilday of Pacific Coast Commercial represented the seller, while Patti McKelvey of Coldwell Bank West represented the buyers in the transaction. Chicago Title Co. managed escrow and title services.
DENVER — Pinnacle Real Estate Advisors has directed the $2.9 million sale of an industrial building located at 4571 Ivy St. in Denver. Mark Alley of Pinnacle handled the transaction. The names of the buyer and seller were not released. The 15,500-square-foot building features a secure yard for outdoor storage.
MOUNTAIN HOUSE, CALIF. — Brixton Capital has purchased The Market Mountain House, a neighborhood shopping center in Mountain House, from Shea Properties for $32 million. The fully leased property offers 86,872 square feet of retail space spread across five buildings. Current tenants include Safeway and its affiliated fuel station, Starbucks Coffee, The UPS Store, Great Clips and Haagen-Dazs. Rob Ippolito, Pete Bethea, Glenn Rudy, Nicholas Ricardo and Warren McClean of Newmark represented the Aliso Viejo, Calif.-based seller, while Brixton was self-represented in the transaction.
BROOMFIELD, COLO. — SRS Real Estate Partners has brokered the sale of a newly developed flex building located at 1101 Spring Place in Broomfield. A Denver-based private developer sold the property to a Kansas City-based private investor for $9.3 million. Ryan Tomkins of SRS Capital Markets represented the seller in the transaction. Portland, Ore.-based KinderCare occupies the 12,000-square-foot property under a 15-year corporate-guaranteed, triple-net lease. KinderCare operates more than 2,400 locations in 40 states.
TEMPE, ARIZ. — Cushman & Wakefield has directed the sale of a flex office building situated on ground leased land within the Arizona State University Research Park in Tempe. LNR Partners sold the property to David McHenry for $7.3 million. Situated on 9.6 acres at 8700 S. Price Road, the two-story building offers 132,070 square feet of office space that is fully available for new tenancy. Eric Wichterman, Chris Toci and Mike Coover of Cushman & Wakefield represented the seller. Charles Miscio and Luke Waller of CBRE assisted in the transaction.
PALM DESERT, CALIF. — Irvine, California-based Faris Lee Investments has brokered the $6.1 million sale of a two-tenant retail property located at the corner of Highway 111 and Fred Waring Drive in Palm Desert. SchoolsFirst Federal Credit Union and T-Mobile occupy the 7,400-square-foot building. Chris DePierro, Jeff Conover, Don MacLellan, Scott DeYoung and Greg Lukosky of Faris Lee represented the seller, Sage Investments, in the transaction. The all-cash, 1031 exchange buyer was a Southern California-based private investor. This deal marks the 25th property Faris Lee Investments has sold in the Palm Desert, Palm Springs, La Quinta and Indio markets.
SAN DIEGO — PSRS has arranged the $3.2 million owner-user purchase of an industrial property located on Custer Street in San Diego. The 15,000-square-foot property is situated on two adjacent parcels and consists of metal-construction warehouse buildings. The deal was financed with a private lender and an SBA 504 loan, featuring a 91 percent loan-to-value ratio, a 25-year term and a 25-year amortization. Jen Mustard of PSRS arranged the transaction.
PHOENIX — Lena Centers, a subsidiary of Longpoint Partners, has purchased Stetson Village, a grocery-anchored shopping center at 3780-3890 W. Happy Valley Road in Phoenix, from Pederson Group for $71 million. Ryan Schubert, Michael Hackett and Zach Aulick of CBRE represented the seller and buyer in the transaction. Built in 2007, the 144,192-square-foot Stetson Village is fully occupied by a variety of tenants, including Capriott’s, Nekter Juice Bar, UPS Store, First Watch and Great Clips.
