EL MONTE, CALIF. — Vibe Base has signed a five-year lease renewal for its 60,000-square-foot facility in the San Gabriel Valley submarket of El Monte. The lease is valued at $2 million. The space is located at 9328 Telstar Ave. Barry Saywitz of the Saywitz Company represented the international designer, manufacturer and importer of clothing product. Mickey Isen of Kennedy Wilson Properties represented the landlord, KW Telstar, in this transaction.
CHANDLER, ARIZ. — CSW Land Co Riggs has purchased a 25,234-square-foot office and warehouse property in Chandler for $3.1 million. The asset is located at 11237 E. Riggs Road. It was formerly home to telecommunications contractor Stewart Electric & Communications. CSW Contractors plans to relocate to the space. CBRE’s John Werstler represented the buyer. Gail Brown of GPE represented Stewart Electric.
PASADENA, TEXAS — California-based Plastic Express has pre-leased 394,489 square feet in Phase II at Port 225 in Pasadena, near the Port of Houston. Phase II consists of three buildings under construction with expected completion in the second quarter of 2016. Totaling 753,864 square feet, the project is now 65 percent pre-leased. Completed in 2008, Phase I consists of three buildings totaling 697,000 square feet and is 100 percent leased. At completion, Port 225 will consist of six distribution buildings totaling 1.45 million square feet. Plastic Express was founded in 1970 and provides custom-tailored and logistical solutions for the plastics industry, as well as non-plastic materials including steel, paper, lumber and other products. Transwestern’s Brian Gammill and Darryl Noon represented the building owner, Clarion Partners, in the lease transaction. Jeff Huberman, Mike Spears and Robert McGee of Lee & Associates represented Plastic Express. Houston-based Transwestern Development Co. is providing development and construction management services.
GLENWOOD SPRINGS, COLO. — NorthMarq has arranged the $28 million refinance of Glenwood Meadows, a 145,000-square-foot shopping center located in Glenwood Springs, approximately 150 miles west of Denver. Tenants at the center include Chili’s, Petco, Vitamin Cottage, Bed Bath & Beyond and Ulta Beauty. Target and Lowe’s anchor the center, neither of which are part of the subject collateral. Paul Bruder and Conor McCahill of NorthMarq arranged the refinancing for the borrower through a life insurance company.
PHOENIX — WLA Realty Group has purchased Roosevelt Business Park, a 223,257-square-foot industrial campus in Phoenix, for $14.9 million. The park is located at 7150 W. Roosevelt St. It was 75 percent leased at the time of sale. Gary Anderson, Paul Boyle, Rick Danis and Mike Gilbert of Cushman & Wakefield executed the transaction. The seller was Pearlman Property Management. The Cushman & Wakefield team was also retained to lease the business park.
LANCASTER, CALIF. — Strategic Storage Trust II has acquired a 550-unit self-storage facility in Lancaster for $4.7 million. The 10-building facility, located at 43707 North Sierra Highway, was built in 1991. It was 88 percent occupied at the time of sale. SmartStop Asset Management LLC sponsors the Strategic Storage Trust II fund.
DENVER — An unnamed buyer has purchased a 17-unit apartment complex in Denver for $2.8 million. The community is located at 2441 S. York St. It underwent a renovation prior to sale. Mark Goodman and Paul Schneider of Pinnacle Real Estate Advisors represented the buyer. Kevin Calame and Matt Lewallen of the same firm represented the seller.
PORT ST. LUCIE, FLA. — An affiliate of Delray Beach, Fla.-based Menin Development has sold Shoppes at St. Lucie West, a 265,000-square-foot shopping center in Port St. Lucie, to an institutional investor group for $77 million. The center’s anchor tenants include Publix, LA Fitness, Home Goods and Burlington Coat Factory. In addition to the retail space, the sale includes 13 acres of undeveloped land that is entitled for 120,000 square feet of retail space. Menin has now sold more than $300 million of its shopping center portfolio over the past 14 months, shifting its focus toward acquiring single-tenant and high-street retail and mixed-use properties across South Florida and the West Coast.
PLAINFIELD, IND. — HSA Commercial Real Estate has arranged a 100,335-square-foot industrial lease in Plainfield, a southwestern suburb of Indianapolis. Kuehne + Nagel, a Switzerland-based global logistics service provider, will be expanding its lease at Gateway Industrial III, bringing the building to full occupancy. The 220,000-square-foot distribution center is located at 1025 S. Columbia Road. Kuehne + Nagel currently occupies 59,895 square feet at the facility. A partnership between HSA Commercial Real Estate and Great Point Investors LLC developed the building in 2014. HSA Commercial expects to break ground on a new 150,000-square-foot distribution center within the Gateway Business Park this summer. Located on a nine-acre site at the intersection of Columbia and Midfield roads, the proposed facility will feature 32-foot clear heights, 32 truck docks, four drive-in doors and parking for 156 vehicles. Terry Busch and John Hanley of CBRE represented the ownership in the lease transaction.
CULVER CITY, CALIF. — Charles Dunn Co. has brokered the sale of a single-tenant retail property located at 5400 Sepulveda Blvd. in Culver City. A partnership of two family trusts and two charitable organizations sold the property to Jack in the Box for $2.1 million. Jack in the Box has occupied the 9,309-square-foot property since it was built in 1963. Justin Mendelson and Ashley Saye of Charles Dunn Co. represented the seller in the transaction.
