FOUNTAIN VALLEY, CALIF. — MemorialCare Health System has agreed to buy Fountain Valley City Center, a 300,000-square-foot health system property, for an undisclosed sum. The site is located near Brookhurst and the 405 Freeway in Fountain Valley. The center is already home to MemorialCare Health System and its shared services, which fully occupy one of the three modular buildings on the property.MemorialCare is also in the process of acquiring an adjacent property for additional parking. MemorialCare was represented by Tim Helgeson of Newmark Grubb Knight Frank in this transaction.
SACRAMENTO, CALIF. – A 170,000-square-foot office building in downtown Sacramento has sold to an institutional investor for $29.4 million. The acquisition was made as an investment through a separate account managed by CenterSquare Investment Management, the real estate manager for BNY Mellon. The Class A building is located at 770 L Street. The seller was 770 L Street Investment Group Inc.
SALT LAKE CITY — South Temple Tower, a 216,976-square-foot, high-rise tower in Salt Lake City, has sold to Maier Siebel Baber (MSB) for an undisclosed sum. The tower is located at 136 East South Temple in the city’s Central Business District. MSB plans to retrofit, renovate and refurbish the office building. These improvements will be carried out by Architecture Design. The seller was represented by Craig Thomas, Eric Gustafson and Eric Smith of CBRE’s Salt Lake City office. CBRE will continue to manage and lease the asset.
SPOKANE VALLEY, WASH. – A 120-unit apartment complex in Spokane Valley has received $9.7 million in permanent financing. The total take-out loan contains a 10-year term, 30-year amortization schedule and an 80 percent loan-to-value. It was arranged by Demetri Koston of Newmark Realty Capital in Spokane.
SAN DIMAS, CALIF. — TP-Link USA Corporation has signed a 38-month lease at a 52,000-square-foot industrial warehouse in San Dimas. The company will be relocating from its current 15,000-square-foot space in City of Industry. The new facility is located at 975 Overland Court. TP-Link was represented by CBRE’s Jason Chao. The landlord, , PEER Properties-2 and RDS Investment Holdings, was represented by Lynn Knox and Kent Stalwick, also of CBRE.
PHOENIX – A 9.4-acre plot of land in Deer Valley has sold to the Mack Company for $2.6 million. The company plans to build a 169,000-square-foot, Class A industrial development on the site, which is located near the southwest corner of Pinnacle Peak Road and 7th Street in north Phoenix. It is scheduled for completion in May 2014. Mack was represented by Steve Sayre, Pat Harlan, Kyle Westfall, Mark Detmer and Bo Mills of Jones Lang LaSalle. The seller, 7th Street & Airport Drive II, LLC, was represented by Luke Lewis of Luke Land Realty.
ATHENS, GA. — Benning Construction Co., a regional general contractor, has broken ground on Epps Bridge Centre, a 68-acre retail and entertainment project located in Oconee County, minutes away from the University of Georgia in Athens. The project is located at the intersection of Paul Broun Parkway and the Oconee Connector. Epps Bridge Centre is the largest retail development begun in Georgia in nearly a decade, according to Benning Construction. The project's developer is Atlanta-based The Bishop Co. Several retailers have agreed to anchor the development, including Dick's Sporting Goods, Marshalls, PetSmart, Old Navy, Gap, Banana Republic, Ulta and Georgia Theatre Co.'s new flagship theater — the 16-screen GTC University 16 Cinemas.
DURHAM, N.C. — ARA has arranged the sale of the 328-unit Artisan at Brightleaf apartment community in Durham. Boston-based AEW Capital Management purchased the property on behalf of one of its institutional clients for $43.8 million. Greystar, a Charleston, S.C.-based apartment owner, developer and manager, developed the property in 2012 through a partnership with Prudential. Sean Wood, Blake Okland, Dean Smith and John Heimburger of ARA represented Greystar in the transaction.
KISSIMMEE, FLA. —CBRE has arranged the sale of 210 units at Legacy Parc in Kissimmee for $16 million. The community was built in 1990 and was purchased for condominium conversion in 2005. A majority of the units were reverted to rentals, and the current buyer purchased 210 of the 320 units at the community. The 210 units were 98 percent occupied at the time of sale. Legacy Parc offers one-, two- and three-bedroom units averaging 1,001 square feet. The community's amenities include a swimming pool, fitness center, children's playground, two tennis courts and a sand volleyball court. Luke Wickham, Shelton Granade and Justin Basquill of CBRE's Orlando office represented the seller in the transaction.
CHARLOTTE, N.C. — Cassidy Turley has arranged the sale of a Class A, 58,445-square-foot office building, located at 4500 Cameron Valley Parkway in Charlotte. The building is fully leased to several tenants, including Merrill Lynch, Grubb Properties, Yadkin Valley Bank and Trust Co., Lincoln National Life Insurance Co. and Scott & Stringfellow LLC. Rob Cochran, David Finger, Addison Montague and Jared Londry of Cassidy Turley represented the seller, a local investment group, in the transaction. The buyer was an affiliate of The Keith Corp.