MORENO VALLEY, CALIF. — Principal Real Estate Investors has purchased March Business Center, a 1.3-million-square-foot industrial portfolio in Moreno Valley, for $93 million. The portfolio includes a recently developed 1.1-million-square-foot industrial distribution facility at 24101 Iris Ave. that is leased to Floor and Décor. The portfolio also includes a newly constructed 277,243-square-foot industrial distribution building at 16415 Cosmos Ave. that is currently available for lease. Both buildings provide easy access to Interstate 215 and neighbor many major industrial corporate users. Chuck Belden, Kyle Kehner and Tim Pimentel of Cushman & Wakefield’s Inland Empire office represented the seller, a joint venture between Penwood Real Estate Capital Management and Western Realco. The team also represented Principal Real Estate Investors in the subsequent lease transaction. CBRE’s Tres Reid and Jay Dick represented Floor and Décor.
SANTA ROSA, CALIF. — Bridge Partners has purchased the 180-unit Sonoma Ridge Apartments in Santa Rosa for $44.6 million. The community is located at 2900 St. Paul Drive. Sonoma Ridge was built in 1974. The property is adjacent to the Bennett Valley Golf Course and Annadel State Park. Stan Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors represented both the buyer and the seller, CORE Realty Holdings Management, in this transaction.
SHAFTER, CALIF. — Distribution and Marking Services Inc. has leased 350,000 square feet of industrial space at Wonderful Industrial Park, a 1,625-acre, rail-served industrial development in Shafter. The park is located at 5000 Capital Road, just north of Bakersfield. The outsourced supply chain management solutions provider will use this facility to provide warehouse and distribution services. JLL’s Mike McCrary, Peter McWilliams, Mac Hewett and Nicole Welch represented the landlord, Wonderful Real Estate, in this transaction.
PHOENIX — Columbia Sussex Corp. has acquired the 353-room Phoenix Marriott Tempe at the Buttes hotel for an undisclosed sum. The recently renovated hotel is located at 2000 W. Westcourt Way. The property contains four dining facilities and 40,000 square feet of indoor meeting space, including a 25,000 square-foot conference space. The complex also includes a resort-style pool, lighted tennis courts, spa, fitness center, volleyball court and helipad. Mark Elliott and Bill Hodges of Hodges Ward Elliott represented the seller in this transaction.
MOUNTAIN VIEW, CALIF. — ROEM Development Corp. has opened the 116-unit Evelyn Family Apartments in Mountain View. The $64 million affordable housing community is located at the southwest intersection of East Evelyn and South Bernardo avenues. The property was built using 4 percent low-income housing tax credits. Citi Community Capital provided $32 million in tax-exempt construction financing. AEGON provided investment support, with the City of Mountain View providing an additional $22.3 million. The architect is Withee Malcolm Architects. The nonprofit partner is Pacific Housing. The general contractor is ROEM Builders.
ATLANTA — A partnership between Banyan Street Capital and funds managed by Oaktree Capital Management has purchased 191 Peachtree Tower from Cousins Properties in downtown Atlanta. The partnership bought the 50-story office tower for $268 million. The 1.2 million-square-foot office tower was 93 percent leased at the time of sale to tenants such as the Robert W. Woodruff Foundation, Deloitte, Cooper Carry, Hall Booth Smith and The Commerce Club. The Metro Atlanta Chamber is also relocating to the LEED Silver-certified building later this year. “Downtown Atlanta is a premier destination for business and commerce, and 191 Peachtree is the market’s landmark office building,” says Rudy Touzet, CEO of Banyan Street Capital. “This acquisition is an important expansion of our Atlanta portfolio and demonstrates the demand for Class A office located within walkable urban centers.” 191 Peachtree offers direct access to the Ritz-Carlton Hotel, which features retail and restaurant tenants such as Alma Cucina, Bistro 191, The Bean Counter and Jos. A Bank. It is also located directly across from a MARTA transit station. The new ownership has selected Cushman & Wakefield to lease the office tower and plans to initiate select upgrades to 191 Peachtree in the near future. “191 …
CHICAGO — Mesa West Capital has provided a joint venture led by local development firm Sterling Bay with $82.6 million in debt to recapitalize 121 West Wacker Drive, a 41-story office building in downtown Chicago’s Central Loop. The financing included a first mortgage loan originated out of Mesa West’s open-ended Mesa West Core Lending Fund, and mezzanine debt provided by Pearlmark Real Estate on behalf of Pearlmark Mezzanine Realty Partners, IV, LP. The office tower recently underwent an extensive renovation, including a new lobby and retail level, updated building systems and a new tenant amenity floor overlooking the Chicago River.
SCHAUMBURG, ILL. — Ryan Companies US, Inc. is converting a former Dominick’s grocery store into an Art Van Furniture store in Schaumburg, a northwest suburb of Chicago. Dominick’s closed its operations in the Chicago area in 2013. The facility has been vacant since then. Ryan is undertaking a comprehensive renovation and modernization of the 72,000-square-foot facility, located at 1293 E. Higgins Road. The new Art Van Furniture store, the tenth in metro Chicago, will open later this fall.
BIG RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of Sattler Square, a 95,000-square-foot shopping center in Big Rapids, to a Cincinnati-based buyer. Sattler Square is located at 754 Perry Ave., between U.S. 131 and the campus of Ferris State University. The center, which is currently 96 percent occupied, is anchored by Tractor Supply and Big Lots and includes well-known brands such as Maurice’s, GNC, rue21 and H&R Block. NAI brokers Russ Bono and Cameron Timmer represented both the seller and buyer in the transaction.
AUBURN HILLS, MICH. — Colliers International has arranged a 35,000-square-foot industrial lease for Faurecia Interior Systems in Auburn Hills, about 33 miles north of Detroit. The manufacturing facility, located at 2325 Featherstone Road, will serve as a “pilot plant” for Faurecia, a Tier 1 automotive supplier whose North American headquarters is nearby. The property was previously occupied by Martinrea International Inc. as a warehouse for the manufacturing of automotive parts. Broker Michael Bennett of Colliers represented the tenant in the transaction.