WEST SPRINGFIELD, MASS. — Marcus & Millichap has arranged the sale of Toll House Apartments, a multifamily property located at 2024 Riverdale St. in West Springfield. A limited liability company purchased the 48-unit residential property for $1.7 million. The property was 98 percent occupied at the time of sale. Tim Thompson and John Slyman of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer in the deal.
LAS VEGAS — The 288-unit Villa Serena apartment complex in the Las Vegas submarket of Henderson has sold to a joint venture between the Bascom Group and funds managed by Oaktree Capital Management for an undisclosed sum. The community is located at 325 North Gibson Road. Villa Serena was built in 1996. It is located near Union Village, a 155-acre site that is classified as the first integrated health village in the world. Mesa West Capital provided financing to acquire the property. The debt financing was sourced by Brian Eisendrath and Brandon Smith of CBRE Capital Markets. Spencer Ballif and Jeffrey Swinger of CBRE represented the unnamed seller on the transaction.
SAN JOSE, CALIF. — The 86-unit Latitude 37 apartment building in San Jose has received $20.6 million in financing. The community is located at 1255 Babb Court. The seven-year loan carries a floating rate and a 30-year amortization schedule. It was arranged by Ory Schwartz of NorthMarq Capital’s Los Angeles office through the firm’s seller-servicer relationship with Freddie Mac.
TUCSON, ARIZ. – Sonora Quest Laboratories has renewed its lease for 2,393 square feet of office space in Tucson. The space is located at 1440 W. Valencia Road. The transaction was executed by Rick Kleiner and Tom Knox of Cushman & Wakefield | PICOR.
LOS ANGELES – The San Fernando Valley is set to receive its first Dunkin’ Donuts. The donut chain will open a new outpost at the corner of Ventura Boulevard at Balboa Boulevard in the Los Angeles submarket of Encino. The transaction was executed by Illi Commercial Real Estate.
PHOENIX — Palm Glen Shopping Center, a 175,686-square-foot shopping center in Phoenix, has sold to Primestor Development for $14.3 million. The center is located at 3500 W. Glendale Ave. It is anchored by Food City. Notable tenants include Wells Fargo, Dollar Tree and Title Max. The center is set to undergo a renovation this year. The property was listed by Jason Gribin of Wilson Retail Group.
PHOENIX – The 468-unit Willow Springs Apartments in Phoenix has sold to Resort on 27th LLC for $13.2 million. The Class C community is located at 4715 N. 27th Ave. It was built in 1986. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily Southwest Team represented both the buyer and seller, MLCFC 2007-7 North 27th Avenue LLC, in this transaction.
TEMPE, ARIZ. – A 350-unit self-storage facility in Tempe has sold to SmartStop Self Storage for $4.4 million. The facility is located at 3803 South Priest Drive. It is currently 89 percent leased. The property was built in 2005. It will be re-branded under the SmartStop Self Storage trade name.
SALT LAKE CITY – Spring Mobile has leased 21,538 square feet of office space at Gateway Tech Center in Salt Lake City. The space is located at 155 North 400 West. Spring Mobile was represented by Chris Falk of Newmark Grubb ACRES. The landlord, KBSIII, was represented by CBRE’s Nadia Letey.
AUSTIN, TEXAS — CBRE has arranged $16 million in acquisition financing for Southwest Medical Village, a fully occupied Class A medical office building in Austin. Working on behalf of an undisclosed borrower, CBRE Capital Markets secured a 10-year loan with eight years of interest-only payments and a 60 percent loan-to-value ratio. The loan was originated through CBRE Capital Markets’ relationship with PNC Bank. Built in January 2014, the fully leased asset includes 70,000 square feet of medical office space and offers a parking ratio of 5.1 per 1,000 net rentable square feet. The property, located at 5625 Eiger Road, is anchored by Premier Family Physicians, an independent, physician-owned family medicine practice, and also includes 18 other specialty practices. Kornberg, Doug Seylar, Scott Larson, Ben Bastian, Greg Greene, Scott Lewis and Taylor Pearce of CBRE arranged the loan for the borrower.
