TUSTIN, CA-Strocher Heritage Plaza LLC has sold Heritage Plaza, a 14,622-square-foot retail center at 135, 137 and 139 W. 1st St. in the historic Old Town District here, to AMDG Alliance for $5.5 million. The center is 92% occupied by a diverse mix of nine neighborhood tenants. Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, and Matthew Mousavi, senior managing director with Faris Lee, represented the buyer. The closing cap rate was 6%, and the price per square foot amounted to $376.
LAS VEGAS-MVP REIT Inc. has acquired an approximately 47,500-square-foot multi-tenant office building at 8880 W. Sunset Rd. here for $15 million from an unnamed seller. The acquisition is part of a five-property, $48.6-million portfolio being acquired by the REIT. Located on 3.18 acres of land, the three-story building is 100% occupied by a mix of medical and professional tenants, including the corporate headquarters for MVP REIT, which occupies 4,190 square feet. All tenant contracts are under triple-net leases. The property is situated directly off Interstate 215, in close proximity to McCarran International Airport and the Las Vegas Strip. The buyer financed the acquisition through the assumption of approximately $10.2 million in existing debt and the transfer of approximately 547,368 shares of the company's common stock at $8.775 per share.
CONCORD, CA-Pacific Urban Residential has acquired the 84-unit Vista Del Lago apartments at 1841 Laguna St. here for an undisclosed price. Anthony Pappageorge and Richard Knutson of Cornish & Carey Commercial Newmark Knight Frank represented the private seller in the transaction. The asset was acquired by PUR principals for all cash, closing 30 days from contract execution. Vista Del Lago marks PUR's second East Bay acquisition in less than 12 months.
DENVER-Cassidy Turley is representing an unnamed owner in offering for sale a single-tenant class-B office building in the Denver West submarket at the junction of Interstate 70 and Highway 470. The property is 100% leased to the US government and is occupied by the US Department of Veterans Affairs. The building has an investment-grade credit rating by Moody's Investor Services of “AAA” and con
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
