RIVERSIDE, CALIF. – Westcore Properties has acquired a 260,000-square-foot ground and air industrial facility at March Air Reserve Base near Riverside for an undisclosed sum. The facility is located at 17101 Heacock Street. The property is currently occupied by AMRO Fabricating Corporation and Ross Dress for Less. HFF’s Anthony Brent, Ryan Martin and Jeremy Womack represented both the buyer and seller, a joint venture between Marhub, LLC and Global Port Ramp Services, in this transaction.
LOS ALAMITOS, CALIF. – Katella Property Owner has purchased a 149,326-square-foot office building in Los Alamitos for an undisclosed sum. The building is located at 3131 Katella Ave. Katella Property Owner was represented by Shaun R. McCullough of Lee & Associates–Long Beach. The seller, Supermedia Services, was represented by Case Commercial. McCullough and Jeff Coburn will serve as the new owner’s exclusive leasing agents.
SAN FRANCISCO – A 12-unit apartment building in San Francisco has sold to a limited liability company for $3.6 million. The community is located at 312 Baker Street. It was built in 1905. The buyer and seller, private investors, were represented by Clinton Textor and Marques Fields of Marcus & Millichap’s San Francisco office.
LOS ANGELES – A 37,962-square-foot office building in Los Angeles has sold to a medical group. The price was not disclosed. The nine-story building is located at 8436 West 3rd Street. It is situated a half-block east of La Cienega. The medical group intends to occupy a portion of the property. The seller, CIM Group, was represented by Lynwood Fields and Bob Safai of Madison Partners.
LAS VEGAS – Flip N Tag has leased 41,500 square feet at The Mall at Grand Canyon in Las Vegas. The family fun center will be located at 4245 S. Grand Canyon Drive. The 120-month lease is valued at $3.3 million. The landlord, E-Grand Ventures LLC, was represented by Nelson Tressler and Michael Zobrist of Newmark Grubb Knight Frank.
MINNEAPOLIS — Carey Watermark Investors Inc. has acquired the Westin Minneapolis hotel for $66.4 million. The full-service hotel includes 214 guestrooms and is located in downtown Minneapolis. The acquisition was financed with $43.5 million of debt. The Westin Minneapolis, originally built as the Farmers & Mechanics Bank building in 1942, formerly served as a bank hall and was repurposed in 2007 as the hotel’s lobby. The hotel features 34-foot vaulted ceilings, a marble staircase and wood-carved emblems signifying the leading industries of the World War II era. As part of the 2007 redevelopment, the adjoining office building was fully reconfigured to house the hotel’s guestrooms and meeting space. The hotel will continue to be managed by HEI Hotels & Resorts, a hospitality owner/operator that owns and manages 41 full-service, upper-upscale, luxury and premium select-service hotels and resorts throughout the U.S.
INDIANAPOLIS — Baceline Investments LLC has acquired Madison & Edgewood Shoppes, a 48,716-square-foot retail center in Indianapolis, for $2.5 million. The property is located at 5855 Madison Ave. Baceline Investments acquired the property from Florida-based HPH FUND I D4 LLC, an affiliate of HPH Capital Management LLC. The property was 68 percent occupied at the time of sale. Tenants include Great Clips, Edward Jones, Hallmark and Edgewood Family Dental. The retail center’s anchor tenant, Kroger, is not part of the acquisition.
SPRINGFIELD, MO. — Chambers Real Estate Services LLC has arranged the sale of a 112,000-square-foot shopping center in Springfield. A local investor purchased the property for an undisclosed price. Brentwood Center is located at 2620-2752 S. Glenstone Ave. and is across the street from Battlefield Mall, the area’s sole regional mall. Chambers Real Estate Services represented the seller, a fourth generation family who originally developed the property.
FOREST PARK, OHIO — Brennan Investment Group has sold a 149,760-square-foot industrial facility in Forest Park, a suburb of Cincinnati. The Class A industrial facility is fully leased to National Bedding Co. (NBC) under a long-term net lease. The property, located at 1680 Carillon Blvd., was built for NBC in 2004. NBC uses the facility to assemble and distribute Serta mattresses. The acquisition also included additional land for future expansion of the building. Ted Staszak and Mike Caprile, of CBRE, represented Brennan in the transaction.
AUSTIN — ARA has arranged the sale of Bluffs at Townlake, a 300-unit apartment community in Austin. Andrew Shih of ARA Austin represented the seller, The Lighthouse Group, which is based out of Pacific Palisades, Calif. Austin-based Thrive FP, a real estate investment firm specializing in debt and equity transactions, was the buyer. The property was acquired through a Wells Fargo/Fannie Mae loan assumption led by Sheri Stettner of Wells Fargo. Thrive FP was able to add a sizeable supplemental loan at closing. Built in 1974, Bluffs at Townlake is a garden-style apartment community that includes efficiency, one- and two-bedroom units. Amenities include a sand volleyball court, indoor basketball court, a health and fitness center, a dog park and an urban oasis pool. The property is also within walking distance of Lady Bird Lake as well as the Roy Butler hike and bike trail. Occupancy was 97 percent at the time of sale.