HIGHLAND, CALIF. — CBRE has facilitated the sale of a retail property located at 27550 Base Line St. in Highland. A Los Angeles-based private buyer acquired the property for $9.5 million. Discount grocer Smart & Final occupies the retail building, which opened in December 2017. Matt LoPiccolo of CBRE and John Glass of Marcus & Millichap represented the seller, Smart & Final, in the sale of the lot. The seller will continue to occupy the property.
PHOENIX — Wabash National Trailer Center has completed the disposition of an industrial property located at 2830 S. 51st Ave. in Phoenix. An undisclosed buyer acquired the property for $6.9 million. The property features 50,000 square feet of industrial space, which the seller used as a tractor trailer repair and maintenance facility. Isy Sonabend of NAI Horizon handled the transaction.
LAS VEGAS — SDS Realty Corp. has purchased Fremont Palms Apartments, a multifamily property located at 2540 Fremont St. in Las Vegas. Sackley Family Management 2540 LLC sold the building for $3.2 million. The property features 53 apartment units, resulting in a price of $60,377 per unit. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Multifamily represented the seller, while Blake Leavitt of Wardley Real Estate represented the buyer in the off-market transaction.
PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant retail property located at 51 E. Ramona Expressway in Perris. An Orange County, Calif.-based developer sold the property to a Los Angeles-based private investor for $2.8 million, or $1,364 per square foot. Del Taco occupies the 2,060-square-foot property, which was built in 2016, on a triple-net lease with more than 18 years remaining on its 20-year initial term. Eric Vu, Bill Asher and Ed Hanley of Hanley Investment Group represented the seller, while Paul Bahk of Realtex Properties represented the buyer in the transaction.
TIGARD, ORE. — Trion Properties has acquired Pacific Crest Apartments, a multifamily community located at 10695 SW Murdock St. in Tigard. A private seller sold the property for $28 million. Gail Neuburg and Samuel Lawhead of ARA Newmark represented both parties in the transaction. Continental Partners arranged a $18.4 million acquisition loan for the buyer. Built in 1974, the property features 156 apartments in a mix of studio, one-, two- and three-bedroom floorplans with in-unit washers/dryers. The buyer plans to renovate the units, including the installation of quartz countertops, stainless steel appliances, new cabinets, vinyl floor and Kevo door locks.
LOS ANGELES — Rexford Industrial Realty has acquired a single-tenant industrial property located at 12154 Montague St. in the Pacoima neighborhood of the Los Angeles-San Fernando Valley submarket. An undisclosed seller sold the property for $22.5 million, or $183 per square foot, in an off-market transaction. Situated on 4.9 acres, the fully occupied property features 122,868 square feet of industrial space.
FIFE, WASH. — Pathfinder Partners has purchased Astoria Apartments, a 125-unit multifamily community located at 5700 23rd St. in Fife, a city in the Seattle-Tacoma metro area, for $18 million. Built in 1982, the property features 12 two-story residential buildings comprising 68 one-bedroom/one-bath units, 53 two-bedroom/one-bath units and four three-bedroom/two-bath units. Each unit has a private entry, fully equipped kitchen, fireplace and a patio or balcony. On-site amenities include a leasing office, resident clubhouse, fitness center, children’s playground area, outdoor patio seating, dog park, indoor pet wash station and covered parking. Pathfinder plans to implement an interior renovation program on the un-renovated units, as well as the enhancement of currently renovated units, the addition of washers/dryers to all units and upgrades to the landscape, hardscape and common-area amenities. Giovanni Napoli and Phil Assouad of Kidder Mathews represented the buyer and undisclosed seller in the transaction.
SAN DIEGO — JLL has arranged the sale of two light industrial buildings located within Scripps Ranch Business park in San Diego. Carroll Canyon Properties acquired the properties, located at 9965 Carroll Canyon Road and 9850 Businesspark Ave., from Hill Properties for an undisclosed price in an off-market transaction. At the time of sale, the buildings were fully leased to Kone and Foresight Sports. The two-building asset consists of 27,801 square feet on a 2.1-acre corner lot. Sach Kirpalani, Bob Prendergast and Lynn LaChapelle of JLL represented the seller in the deal.
EL CAJON, CALIF. — Brixton Capital has acquired the former El Cajon Police Station, located at 100 Fletcher Parkway in El Cajon, for $4.2 million. The seller was the City of El Cajon. The buyer plans to transform the 4.1-acre site in Fletcher Marketplace, a mixed-use project comprising approximately 16,000 square feet of retail space and a 60,000-square-foot hotel. Brixton will sell 1.4 acres of the site to Excel Hotel Group, which will handle the hotel development portion of the project. The retail center is 99 percent pre-leased to a variety of tenants, including In-and-Out, Blaze Pizza, California Fish Grill, Urbane Café and Mattress Firm. Dempsey Construction is serving as contractor for the retail development. Don Moser and Matt Moser of Retail Insite represented the buyer and seller in the transaction.
LOS ANGELES — Strategic Legacy Investment Group (SLIG), a Los Angeles-based private placement investment firm, has broken ground for La Mirada @ Central Park Smart Apartment, located at 5608 La Mirada Ave. in Hollywood. The 13,018-square-foot apartment building will consist of 13 units on a 7,500-square-foot R-3-zoned lot with mix of affordable and market-rate housing. The property will feature seven one-bedroom/one-bath units, six two-bedroom/two-bath units, smart home technology, a WiFi lounge and game room, modern European finishes, a pet-friendly community and a rooftop lounge with views of Hollywood. SLIG’s subsidiary, Strategic Legacy Management Corp., will handle the marketing and leasing of the property, which will be available for lease in December 2019. The project team includes Acraforma as architect and ESAB Construction for construction management.
