LOS ANGELES — CBRE has brokered the sale of LC by CLG, an apartment property located in the Larchmont Village neighborhood of Los Angeles. California Landmark Group sold the asset to a private partnership formed by Harrison Yale Hurst and Richard Rosin of H&R Investments for $46.5 million. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction. Located adjacent to Paramount Studios, LC by CLG features 84 apartments, a rooftop deck with a pool, barbecues, firepits, seating areas and views of the Hollywood Hills. Residences offer large floor plans and windows, in-unit washers/dryers, central air conditioning, stainless steel appliances and exposed ceilings.
THORNTON, COLO. — Denver-based Avanti Residential has partnered with Texas-based Trinity Investments in the $45 million purchase and recapitalization of Sunset Peak Apartment Homes in Thornton. The partnership plans to invest an additional $5.3 million in apartment interiors, new amenities and exterior improvements. Located at 475 Russell Blvd., Sunset Peak Apartment Homes features 184 residences in a mix of two- and three-bedroom townhomes on a 12-acre site. Community amenities include a swimming pool and splash pad, grilling station and dog park. The planned renovations include a new fitness center and upgrades to the pool and playground areas. Approximately $3 million of the renovation budget will be invested in apartment interiors, where Avanti will modernize 147 units ($16,433 per unit) with new lighting fixtures and cabinet fronts, new appliances, luxury vinyl tile flooring and other enhancements. The company will also resurface the parking areas and install new roofs on three buildings.
CHERRY VALLEY, CALIF. — Shopoff Realty Investments and Artemis Real Estate Partners have completed the disposition of the I-10 Logistics Center to a Brookfield Asset Management real estate fund. Situated in the Inland Empire East, the newly completed 1.8 million-square-foot logistics center is located at 36500 Cherry Valley Blvd. in Cherry Valley. Spanning 115 acres, I-10 Logistics Center (also known as Cherry Valley Logistics Center) includes two high-cube logistics/warehouse buildings that have been designed for LEED Silver certification. Building I features 814,822 square feet and Building II features 1 million square feet of space. The buildings offer 40-foot clear heights, 665 employee parking spots, 585 trailer parking spots and 296 dock-high doors. Brookfield Properties leased the building to a global e-commerce retailer with plans to employ nearly 1,000 employees at the logistics center. Barbara Perrier, Eloy Covarrubias, Joe Werdein and Darla Longo of CBRE represented Shopoff Realty Investments and Brookfield Properties in the transaction. The price was not disclosed.
AVILA BEACH, PISMO BEACH AND PASO ROBLES, CALIF. — An affiliate of KSL Capital has purchased the Martin Resorts Collection of five independent boutique hotels located along California’s Central Coast, midway between Los Angeles and San Francisco. Terms of the transaction were not disclosed. Totaling 346 rooms, the collection includes the 54-suite oceanfront Avila Lighthouse Suites in Avila Beach; the 70-suite oceanfront Pismo Lighthouse Suites and 100-room oceanfront Shore Cliff Hotel in Pismo Beach; and 89-room Paso Robles Inn and the 24-room The Piccolo in Paso Robles. KSL will invest in improvements across the collection, providing a greater suite of amenities and more ways to engage with the local communities. KSL Resort will manage each of the hotels.
FARGO, N.D. — Hyde Development has acquired 111 acres in Fargo with plans to build Dakota Commerce Center North, a 1.4 million-square-foot speculative industrial project. Hyde will offer users the flexibility of build-to-suit footprints ranging from 20,000 to 500,000 square feet. The development will feature convenient access to I-29 and Hector International Airport. Chance Lindsey and Kyle Ferderer of CBRE represented Hyde in the land purchase. The brokers have also been retained as the leasing agents for the project. Hyde is also the developer behind Dakota Commerce Center, a four-building project totaling 633,200 square feet. To date, two buildings have been completed and fully leased. Building 3 is slated for completion this August.
CHICAGO — Baird & Warner has brokered the sale of a nearly 29,000-square-foot office and retail building in Chicago’s Streeterville neighborhood for $6.2 million. Located at 212 E. Ohio St., the property is one block east of the city’s Magnificent Mile. Originally constructed in 1965, the five-story building is fully leased to tenants such as @properties Christie’s International Real Estate and Central City Productions. Brant Sichko of Baird & Warner represented the undisclosed buyer. Mike Rourke and Dan Stratis of @properties represented the sellers, Theus Property Holdings LLC and Miden Property Holdings LLC.
HOUSTON — Marcus & Millichap has brokered the sale of Greenkey Storage — Pasadena, a 63-unit self-storage facility located near Gulf Freeway and the Sam Houston Tollway on the east side of Houston. The facility spans 18,060 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were Houston-based limited liability companies that requested anonymity.
PHOENIX — Phoenix-based Wentworth Property Co., in a joint venture with an institutional equity investor, has completed the disposition of a portfolio of 18 self-storage properties across Arizona, Texas, Colorado, Utah and Idaho. A New York-based investment management company acquired the portfolio for $266.2 million. In total, the portfolio includes 9,600 storage units and 1.3 million square feet of rentable space. Six properties are in the greater Phoenix area, four facilities are in the Dallas/Fort Worth area, two assets are in El Paso, Texas, three properties are in Salt Lake City, two properties are in Denver and one asset is in Boise, Idaho. John Smeck and Alix Hanna of Colliers Arizona, along with Grant Frankel, Adam Licari, John Caraviello and Lucas Blumenfeld of Eastdil Secured’s New York City office, arranged $160 million in non-recourse, fixed-rate financing for the buyer. Tom Gustafson of Colliers’ National Self Storage team in Cleveland, Ohio, procured the buyer for the off-market transaction.
BEAVERTON, ORE. — Hyperion Realty Capital, formerly Portal Investment Management, has acquired Beaverton Town Square, a shopping center located at 11635-11763 SW Beaverton Hillsdale Highway in Beaverton. A private family sold the asset for an undisclosed price. Totaling 103,000 square feet, Beaverton Town Square consists of multiple buildings on nearly 12 acres. Trader Joe’s anchors the retail center. Kevin Adatto and Sean Tufts of CPX handled the transaction.
FOUNTAIN VALLEY, CALIF. — Manhattan West Real Estate has purchased Talbert-Mount Washington Industrial Park, a multi-tenant industrial park in Fountain Valley. DDK Investments Ltd. sold the asset for $16.5 million. Situated on 2.9 acres, the park includes a 28,754-square-foot building at 18071 Mt. Washington St. and a 31,000-square-foot building at 11190-11240 Talbert Ave. Six tenants, including OC Art & Home, Harwood Galleria, The Drawer Shop and RADCO, fully occupy the property. Both two-story buildings feature outdoor storage yards, 18-foot to 23-foot clear heights, fire protection, oversized ground-level doors and HVAC. Additionally, the property offers 113 parking spaces. Joseph Harmon and Charles Johnson of DAUM Commercial Real Estate Services represented the buyer, while Devin Ray and Mike Barreiro of DAUM represented the seller in the deal.