PHOENIX — Bridge Investment Group has purchased the 856-unit Saratoga Ridge apartment complex in Phoenix for $75.5 million. The community is located at 1450 E. Bell Road in the Deer Valley submarket. It was built in 1984 and is currently 95 percent occupied. Jim Crews and Brett Polachek of Cushman & Wakefield represented the seller, the Variable Annuity of Life Insurance Company (AIG Asset Management LLC), in this transaction.
PHOENIX – The 312-unit Arboretum at South Mountain apartment complex in Phoenix has sold to an unnamed buyer for $45.5 million. The community is located at 15251 S. 50th St. in Ahwatukee Foothills, an urban village adjacent to South Mountain Park in Phoenix. Arboretum at South Mountain is situated near Interstate 10, U.S. Route 60, Loop 101 and the upcoming Loop 202 expansion. Notable employers in the area include Intel, Verizon Wireless, Honeywell, Avnet and Insight. Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap’s National Multi Housing Group represented the unnamed seller and procured the buyer.
IRVINE, CALIF. — Olen Properties Corp. has acquired Main & Redhill Business Center, a 203,946-square-foot, low-rise office campus in Irvine, for $44.8 million. The 15-building campus is situated on 17 acres adjacent to the Interstate 405/State Route 55 Freeway interchange in Orange County’s airport area submarket. It is 97 percent leased. HFF’s Ryan Gallagher, Mike McCann, Tim Geiman and Derreck Barker represented the seller, a global real estate investment management firm, in this transaction.
SAN BERNARDINO, CALIF. — The Rockefeller Group has purchased 19 acres in San Bernardino for an undisclosed sum. The acquisition includes a 225,000-square-foot industrial building located at 1333 S. Tippecanoe Ave. The company plans to redevelop this space into a modern distribution space. Rockefeller is planning two industrial distribution buildings totaling about 415,000 square feet. The first building will be a 333,170-square-foot, cross-dock distribution facility. The second is an 81,730-square-foot, front-loading building for storage and distribution. CBRE’s Darla Longo, Barbara Emmons, Rebecca Perlmutter Finkel, Michael Kendall and Andrew Briner represented the seller, CT Realty, in this transaction.
MESA and APACHE JUNCTION, Ariz. — Lancaster Pollard has advised on the sale of two American Orchards Senior Living communities in Arizona for an undisclosed price. Madison Realty Cos. purchased the communities, both located in the Phoenix suburbs and offering assisted living and memory care. The Mesa location was built in 2010 and the Apache Junction location was built in 2012. American Orchards plans to focus its efforts on its newest development in nearby Gilbert. Lancaster Pollard managing directors Jason Dopoulos and Chad Elliott led the transaction.
NEW YORK CITY — ING Capital LLC, part of Dutch global financial institution ING Group (NYSE: ING), has originated a $570 million bridge loan for the acquisition a 37-story skyscraper located at 550 Madison Ave. in Manhattan. ING Capital provided the financing to Olayan America, the U.S. investment arm of The Olayan Group, an international real estate investor based in Saudi Arabia. Olayan America will purchase the office tower, also known as the Sony Building, from The Chetrit Group for $1.3 billion, according to The Real Deal. Ron Cohen of JLL represented Olayan America in the transaction, and Doug Harmon of Eastdil Secured represented The Chetrit Group. Located within the Plaza District of Manhattan, the tower features 852,830 square feet of rentable mixed-use space, including approximately 776,000 square feet of office space, retail frontage on Madison Avenue, and exhibition and museum space. One restaurant tenant currently occupies 5,000 square feet at the tower, which is nearly 100 percent vacant, according to ING Capital. “The property has been maintained to a high standard and has never previously been available to the open market for office leasing,” says Tony Fusco, head of real estate at Olayan America. According to The Real Deal, …
LOS ANGELES — Micropolitan has purchased a half-acre site in Los Angeles for $11.1 million. The plot will house the new SixThirtyNine apartment project located at 639-645 N. Fairfax Ave. in the city’s Fairfax Village District. HFF’s Blake Rogers represented the seller, Ness Holdings, in this transaction.
SUNNYVALE, CALIF. — GI Partners has acquired a 75,000-square-foot data center in Sunnyvale for an undisclosed sum. The facility is located at 825 Stewart Drive. The acquisition was made through DataCore, a $500 million real estate fund GI Partners manages on behalf of the California State Teachers’ Retirement System (CalSTRS). The Class A office and R&D property was developed in 1968. It was repositioned in 2002 and 2015. The property is fully leased to a prominent technology company.
SAN DIEGO — Cross Development has purchased a 29,477-square-foot manufacturing facility in the San Diego submarket of San Marcos for $3.5 million. The facility is located at 185 Vallecitos De Oro. Caliber Collision, a collision repair provider, will occupy the property. CBRE’s Jason Reed and Jeff Drew of Retail Insite represented Cross Development. Trent France, Isaac Little, Marko Dragovic and John Perrillo of Lee & Associates – North San Diego County and Don Grant of Cushman & Wakefield represented the seller, Nelson Family Trust, in this transaction.
SAN DIEGO – Santa Margarita Properties I LLC has purchased a six-unit apartment complex in the San Diego submarket of Pacific Beach for $2.3 million. The community is located at 2009-2013 Oliver Ave. The space was renovated in 2015. The sale was completed as part of a 1031 exchange. Terry Moore of ACI Apartments represented the buyer. Chris Robinson, Ken Herskind and Dylan Wright of ACRE Commercial represented the seller, 2009 Oliver Avenue LLC, in this transaction.
