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| July 20, 2012 |
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| DESERT VISTA COMMERCE CENTER RECEIVES $5M |
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TEMPE, ARIZ. -- Desert Vista Commerce Center, a 98,687-square-foot office and flex industrial building in Tempe, has received $5 million in first-mortgage refinancing. The building is located on South Hardy Drive. The 10-year, fixed-rate loan was arranged by Shari Stults of NorthMarq Capital’s Phoenix office through the firm’s relationship with a correspondent life insurance company.
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| CONSTRUCTION BEGINS ON EXPANSION OF SOCAL LOGISTICS CENTRE IN VICTORVILLE |
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VICTORVILLE, CALIF. -- Construction has commenced on a 176,800-square-foot expansion at the Southern California Logistics Centre (SCLC) in Victorville. This is a 2,500-acre industrial and commercial complex that is being expanded to accommodate the distribution needs of one of the center’s major tenants. That tenant recently signed a new 10-year lease extension at the center. Once completed, the 407,612-square-foot facility will expand to 584,412 square feet. The center is owned by Stirling Capital Investments, which was represented by CBRE’s Darla Longo, Barbara Emmons, Jay Dick and Mark Latimer in the lease transaction. The tenant was represented by Ralph Gilbertson and Erik Wanland, also of CBRE.
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| QUICK PICK EXPRESS LEASES 42,000-SF WAREHOUSE IN OAKLAND |
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OAKLAND, CALIF. -- Quik Pick Express has leased a 42,000-square-foot warehouse in Oakland. The facility is located within the Elmhurst Business Park at 745 85th Ave. The third-party logistics company plans to expand its operation at the new facility. Harvest Properties, the asset manager for owner Principal Real Estate Investors, was represented by John McManus and Andrew Briner of Cushman & Wakefield’s Oakland office.
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