Here's a look at the latest news, announcements and deals that you may have missed in Southern California, Nevada, Arizona and Utah.

NEW & NOTABLE

LA PUENTE—Brandywine Homes has broken ground at Bradbury, a new infill community located at 747 Del Valle Avenue in La Puente that will offer 45 single-family detached homes on 3.87 acres. Model construction is expected to begin in late fall. La Puente, with a population of about 40,000, is an urbanized city with limited housing stock and excellent access to the Greater Los Angeles job market. Currently, there are no newly constructed homes for sale according to the online real estate databases Zillow and Trulia.

DEALTRACKER

LOS ANGELES—Bagley Avenue Apartments has traded hands for $3.83 million between an LLC and a private investor. The property is a fully occupied, 10-unit apartment property in Los Angeles near downtown Culver City. Kimberly R. Stepp, principal with Stepp Commercial, represented the seller, Los Angeles-based 3200 Bagley Avenue, LLC. The buyer was a Los Angeles-based private investor. The cap rate was 4.2%. Built in 1966 and located at 3200 Bagley Avenue, the two-story property includes four two-bedroom units and six one-bedroom units. It features spacious floor plans, hardwood floors, stainless steel appliances, granite countertops and private balconies and patios.

PHOENIX—The Phoenix office of JLL has completed four new retail leases at Hurley Plaza. The deals bring the center to 100% occupied. JLL associate Tim Hurley and SVP Tyson Switzenberg represented the Hurley Plaza owner, an affiliate of Carlsbad, California-based Capstone Advisors. The new tenants include: Bodystreet Training, a technology-based fitness and strength training, represented by John Quatrini of Shell Commercial Real Estate; Pop 'N Tea, a full-service boba tea and snack bar, represented by Lucky Espiritu of DPR Commercial; The Joint, a chiropractic and wellness center, represented by Dan Smith of Arizona Elite Commercial. Bishop's Barbershop, a full-service barbershop, represented by Brian Gausden of Western Retail Advisors. Hurley Plaza is located at 540 W. McDowell Rd., on the northeast corner of 7th Avenue and McDowell Road, at the border of Phoenix's downtown and midtown submarkets.

LOS ANGELES— Harrison Nichols Company has sold an 8.9-acre land site in Irwindale, California to CenterPoint Properties. The parcel is one of just a few of its size in the Los Angeles Basin region, according to Dennis Sandoval, EVP at DAUM Commercial, who represented the seller in the deal. The buyer will benefit from the site's existing lease with UPS, as well as its potential for future development. The land, which housed the seller's operations for more than 40 years, is currently leased to United Parcel Service (UPS) for vehicle storage. DAUM assisted in negotiating the lease with UPS in 2015.

PHOENIX—Cohen Asset Management has sold an 188,142-square-foot industrial building located at 7822 S. 46th Street in Phoenix to Bailard of Foster City, CA, for $16.1 million. Will Strong of Cushman & Wakefield, along with Rick Lee and Conner Lee of Lee & Associates, represented both parties in the deal. The state-of-the-art industrial/flex building, situated on approximately 11.3 acres, is 100% leased to BAE Systems. Located in the highly desirable Phoenix Sky Harbor Airport submarket, this is one of the most recognizable assets in the area due to its long-term credit tenancy, high-profile location, quality high-tech interior improvements and proximity to major freeways.

LOS ANGELES—A retail property in Downtown Fullerton in Southern California has traded hands between Condon Family Trust and a private investor for approximately $11.8 million. CBRE's Nathan Holthouser and James Lehigh represented the buyer, McFadden Place, in the 1031 exchange. Dana Clor of Clor Realty represented the seller. Located at 102 N. Harbor Blvd & 109 Commonwealth Avenue, the mixed-use property known as Condon Plaza consists of two parcels of land totaling 37,982 square feet with two 33,250 square-foot buildings. The site currently houses 14 different tenants, including ground floor storefront retailers and second-story office users.

POMONA, CA—A Jack-in-the-Box in Pomona, CA has traded hands for $3.55 million between 6814 Lankershim Associates LP and a private investor. Ash Joshi, principal of San Fernando CA-based Capital Realty Solutions, brokered the transaction. Joshi revealed that the triple net lease terms include four five-year options for Jack in the Box, including 12% rent increases every five years. Joshi represented the seller.

Instant Insights /

Middle Market Digest: Southwest

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