Property Type

Sagebrook Apartments in Colorado Springs Sells for $48.7M

by Nellie Day January 28, 2015

COLORADO SPRINGS, COLO. — Sagebrook Apartments LLC has acquired the 314-unit Sagebrook Apartments in Colorado Springs for $48.7 million. The community is located at 2555 Raywood View. This sale is the second-largest, single-property apartment transaction in the history of Colorado Springs, according to Marcus & Millichap, which represented the buyer. The property is situated near the Promenade Shops at Briargate, the Briargate business campus, the InterQuest business park, the Pine Creek Golf Club, the Air Force Academy, Memorial Hospital North and the new Penrose St. Francis Medical Center. Community amenities include a swimming pool, sun deck and all-season spa, 24-hour fitness center, clubroom with Wi-Fi, kitchen, fireplace area with a flat-screen television, outdoor picnic area with gas barbecues, a coffee bar and business center. The LLC was represented by Clayton Primm, Jacob Steele and Nick Steele of Marcus & Millichap’s Denver office. The seller was Griffis Residential. Marcus & Millichap Capital Corp. also arranged $32.3 million in acquisition financing for this transaction. The non-recourse debt placement was structured as a 30-year, fixed-rate, fully amortizing loan.

January 28, 2015

California Industrial Western

Keeco Leases 677,225-SF Industrial Facility in Rialto

by Nellie Day January 28, 2015

RIALTO, CALIF. — Keeco LLC has signed a 10-year lease for a 677,225-square-foot industrial facility in Rialto. The facility is located at 1420 N. Tamarind Ave., within the 2.6-million-square-foot ProLogis Park Rialto I-210 Distribution Center. Keeco pre-leased this facility before construction began this past November. The facility is expected to be complete this June. The industrial park is centrally located near Interstates 10, 15 and 210. Notable nearby tenants include Target, Solo Cup, UnderArmour, Black & Decker and OHL Logistics. The new space will allow Keeco to consolidate its 250,000-square-foot distribution center in Ontario, which will relocate to the new Rialto property upon its completion. The home textile supplier also operates a 445,000-square-foot distribution center in Hayward, about 20 minutes from the Port of Oakland. The new industrial space in Rialto will leave Keeco with a total of 1.1 million square feet in distribution operations throughout California. Keeco was represented by Michael Chavez and Craig Hagglund of Lee & Associates. The landlord, ProLogis, was represented by Paul Earnhart of the same firm. The value of the lease was not divulged.

January 28, 2015

New Mexico Retail Western

TKG Group Buys Albuquerque Retail Building for $6.3M

by Nellie Day January 28, 2015

ALBUQUERQUE, N. MEX. – TKG Group has acquired a 74,215-square-foot retail building in Albuquerque for $6.3 million. The space is located at 1100 West Main Street. TKG was represented by Joel Ledbetter of Hall and Hall. The seller, SW Juan Tabo LLC, was represented by Craig Spinks of Kidder Mathews.

January 28, 2015

California Industrial Western

Moreno Valley Industrial Facility Sells for $17M

by Nellie Day January 27, 2015

RIVERSIDE, CALIF. – A 260,000-square-foot industrial building in the Riverside submarket of Moreno Valley has sold to Westcore Properties for $17 million. The building is located at 17101 Heacock Street. It is situated on the March Air Reserve Base and sits adjacent to an Amazon Fulfillment Center. The facility was built in 2006. DHL Express holds a master lease on the property, though it is subleased to tenants like Amro Fabricating Corp. and Ross Dress for Less. The seller, a joint venture between Marhub LLC and Global Port Ramp Services, was represented by HFF’s Anthony Brent, Ryan Martin and Jeremy Womack.

January 27, 2015

California Multifamily Western

Ocean Plaza Apartments in Long Beach Sells for $6.2M

by Nellie Day January 27, 2015

LONG BEACH, CALIF. – The 44-unit Ocean Plaza Apartments in Long Beach has sold to Joda Investments for $6.2 million. The community is located at 633 E. 1st Street in Downtown’s East Village Arts District. It was built in 1956. Robert Stepp of Stepp Commercial represented both the buyer and seller, Luna Bear Investments, in this transaction.

January 27, 2015

California Retail Western

Fontana Retail Center Sells for $2.6M

by Nellie Day January 27, 2015

FONTANA, CALIF. – A 7,194 square-foot retail center in Fontana has sold to a private Riverside investor for $2.6 million. The center is located at 17218 Foothill Blvd. It is shadow-anchored by Brunswick Foothill Bowling Center. The property, which was built in 2008, is situated across from a Walmart-anchored shopping center. The buyer was represented by Janet Valentin of VRE Commercial. The seller, a private, Los Angeles-based trust, was represented by Brad Umansky, Frank Vora and Greg Bedell of Progressive Real Estate Partners.

January 27, 2015

California Multifamily Western

Fallbrook Apartment Community Sells for $2M

by Nellie Day January 27, 2015

SAN DIEGO – An 18-unit apartment community in the San Diego submarket of Fallbrook has sold to the Wood Family Trust for $2 million. The community is located at 1133 Old Stage Road. It was built in 1987. The trust was represented by Peter Scepanovic and Corey McHenry of Colliers International. The seller, Lucy Nannizzi Living Trust, was represented by CBRE’s Merrick Matricardi.

January 27, 2015

Connecticut Multifamily Northeast Seniors Housing

EPOCH Senior Living, National Development to Build Memory Care Community in Connecticut

by Amy Works January 27, 2015

TRUMBULL, CONN. — Massachusetts-based National Development, in partnership with EPOCH Senior Living, has begun construction on Bridges by EPOCH at Trumbull, a state-of-the-art memory community in Trumbull. Located at 2415 Reservoir Ave., the 64-unit apartment complex is slated to open in summer 2015. Bridges by EPOCH will feature a 24-hour specially-trained health care staff. The project team includes Boston-based CBT as architect; Portsmouth, N.H.-based JSA Inc. as interior designer; and Middletown, Conn.-based C.E. Floyd Company as general contractor.

January 27, 2015

Multifamily New York Northeast Seniors Housing

IPA Arranges $16M Sale of Skilled Nursing Facility in New York

by Amy Works January 27, 2015

DUNKIRK, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the sale Chautauqua County Home, a 133-room skilled nursing facility located near Lake Erie in Dunkirk. The asset sold for $16 million, or $74,000 per bed. The buyer has upgrades planned for the 216-bed facility that will improve operations and profitability. Joshua Jandris and Mark Myers of IPA Marcus & Millichap’s Manhattan office represented the seller, Chautauqua County, and procured the buyer, a regional provider.

January 27, 2015

Civic New York Northeast

$14.1M Riverhead Charter School Opens in New York

by Amy Works January 27, 2015

CALVERTON, N.Y. — Riverhead Charter School (RCS), a $14.1 million charter school, has opened in Calverton. Situated on 5.8 acres at 3685 Middle Country Road, the 50,000-square-foot school features a two-story classroom wing with 16 classrooms, an auditorium/gymnasium, a library, an administration wing and a kitchen wing. The new school building was financed through two bonds totaling $21.3 million. Capital Markets Advisors served as RCS’s independent financial advisor for the transaction. RCS is the only K-8 charter school in New York’s Suffolk County. The project team includes Stalco Construction as general contractor; BBS Architects, Landscape Architects and Engineers as architect, interior designer, site designer, and mechanical, electrical and plumbing engineer; SCC as construction manager; and PW Grosser Consulting as civil engineer.

January 27, 2015

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