COLORADO SPRINGS, COLO. — Hamilton Zanze has purchased the 364-unit Bella Springs apartments in Colorado Springs for $71 million. The community is located at 1050 Milano Point in the northern part of the city. The garden-style asset was built in 2001. It offers a mix of one-, two- and three-bedroom floor plans with an average apartment size of 855 square feet. On-site amenities include covered parking, two swimming pools, a fitness center and clubhouse/coffee lounge. CBRE’s Dan Woodward, David Potarf, Matt Barnett and Jake Young represented the seller, Praedium Group, in this transaction.
PARK CITY, UTAH — Sonnenblick-Eichner Co. has arranged $60 million in financing for the 177-room St. Regis Deer Valley resort in Park City. The resort is located at 2300 Deer Valley Drive E. The St. Regis Deer Valley offers 67 hotel condominium suites divisible into 177 hotel keys and 25 private whole-ownership residences. The ski-in, ski-out resort includes amenities like the 14,000-square-foot Remède Spa, fitness facilities, a Jean-Georges Vongerichten signature restaurant (J&G Grill) and the Deer Crest Club, a private club. A domestic life insurance company funded the loan in a highly structured transaction. Proceeds of this non-recourse financing were used to refinance existing debt with a new long-term, fixed-rate loan. The proceeds will also fund the next phase of the resort’s development, which will include additional condominium and hotel units, a destination restaurant and other amenities. Construction on the next phase is scheduled to begin in late 2018 or early 2019. This is the third financing Sonnenblick-Eichner has arranged for the ownership. This includes a $212.5 million construction loan and a subsequent permanent loan.
FULLERTON, CALIF. — Western Realco has sold a 181,069-square-foot industrial building in Fullerton. Brad Rambo and Associates purchased the Class A property for $32.5 million. The building is located at 4150 W. Palm St. Western Realco developed the property on a speculative basis after purchasing the site from LBA in 2017 and razing a vacant 88,000-square-foot office building. CBRE’s Sean Ward, Ben Seybold and Keith Greer represented Realco, while Casey Mungo of Daum Commercial represented the buyer.
PLEASANTON, CALIF. — Westcore Properties has purchased a 98,000-square-foot cold storage facility in Pleasanton for $12.7 million. The facility is located at 5675 Sunol Blvd. Westcore will invest in upgrades throughout the Pleasanton property, including refurbishing the office space interiors and improving buildings systems, prior to leasing efforts. The firm acquired another East Bay property in Antioch in late 2017. Mike Quint of Jackson & Cooksey and Mark Pleis of Lee & Associates represented the seller, JDS Properties, while Westcore represented itself in this transaction.
DENVER — Red Robin International has renewed its office lease for 65,000 square feet of space at Tuscany Plaza in the Denver submarket of Greenwood Village. The plaza is located at 6312 S. Fiddler’s Green Circle. The casual dining restaurant chain has been headquartered at Tuscany Plaza since 2000. NKF’s Jim McGrath and Tom Pappas represented Red Robin in the lease renewal.
FARMERS BRANCH, TEXAS — JPI will develop Jefferson East Branch, a 741-unit multifamily community that will be located in the northern Dallas metro of Farmers Branch. The property will be situated near Addison Circle, a development that spans 500,000 square feet of office space and 120,000 square feet of retail space. Construction of Phase I, which will deliver 390 units, is slated to begin in late 2019, with the first occupancy scheduled for summer 2020. Construction of Phase II, which will deliver 351 units, is expected to begin during the spring of 2020.
MOORE, OKLA. — KeyBank Real Estate Capital has secured $22.5 million in acquisition financing for The Villas at Countryside, a 360-unit multifamily community in Moore, a southern suburb of Oklahoma City. The property was built in 2002 and consists of 21 three-story buildings situated on 18.6 acres. Chris Black and Caleb Marten of KeyBank secured the Fannie Mae loan, which features a five-year term, two years of interest-only payments and a 30-year amortization schedule.
HOUSTON — The Richland Cos. has acquired 8100 Westpark, a 74,462-square-foot industrial property situated on 3.9 acres in Houston. The property offers access to the Sam Houston Tollway and Southwest Freeway, and features 18-foot clear heights, nine rear-load, dock-high doors and semi-dock and grade-level loading bays. The property, which marks Richland’s 15th acquisition in Houston, was 100 percent leased at the time of sale to tenants such as Hoffer Furniture, Pak Man Supply and DragoArt Tattoo Supply.
ARLINGTON, TEXAS — Lee & Associates has negotiated a 49,280-square-foot industrial lease at 2023 Exchange Drive in Arlington. Mark Graybill and Colton Rhodes of Lee & Associates represented the landlord, GLP, a provider of global logistics solutions, in the lease negotiations. Conrad Madsen and Greg Nelson of Paladin Partners represented the tenant, Prestige Autotech Corp. a California-based provider of automotive wheels.
AUSTIN, TEXAS — TREK Investment Group has brokered the sale of Tech Ridge Center, an 8,200-square-foot retail center in north Austin. Built in 2017, the Class A center was 100 percent leased at the time of sale to Orangetheory Fitness, Smoothie King and Mattress One. Parker Carroll of TREK represented the undisclosed buyer in the transaction. Other terms of sale were not released.