SAN DIEGO — Drawbridge Realty Trust has acquired the Discovery Corporate Center Building A in San Diego for $36.5 million. It is located at 16340 West Bernardo Drive in the Rancho Bernardo submarket. The 90,610-square-foot, Class A building is fully leased to Broadcom Corporation. Drawbridge now owns three of the four buildings that comprise the 318,235-square-foot Discovery campus. The company is focused on acquiring well-located properties leased to major corporations in markets with positive absorption and job growth. The seller was Menlo Equities.
PHOENIX — Mountain Vista Commerce Center in Phoenix has sold to Aspen Capital Partners for $11.3 million. The three-building, 134,713-square-foot industrial complex is located at 14647 S. 50th Street. It was built in 1999 and was 93 percent leased at the time of sale. Dan Calihan, Pat Feeney, Joe Porter and Rusty Kennedy of CBRE’s Phoenix office represented both the buyer and the seller, BSP Mountain Vista LLC, in this transaction.
PEORIA, ARIZ. — The 100-unit Sonoma Place in Peoria has sold to Investment Property Exchange Services for $6.5 million. The community is located at 11600 N. 75th Ave. in Greater Phoenix. It was built in 1985. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers’ HSK Multifamily team represented both the buyer and the seller, Mentor Properties, in this transaction.
COTTAGE GROVE, ORE. – A Walgreens in Cottage Grove has received a $4.1-million loan. The Walgreens is located at 1704 E. Main Street, south of Eugene. The fixed-rate, non-recourse loan carries a 10-year term and a 30-year amortization schedule. It was secured by Cathy Bronkema of Cohen Financial through a national bank. The transaction was part of a 1031 exchange.
FAIRFIELD, CALIF. – A 60,000-square-foot warehouse/distribution facility in Fairfield has sold to DBI Properties for an undisclosed sum. The building is located at 2449 S. Watney Way. DBI Properties is the real estate entity of DBI Beverage, Inc., a national beer distributor. The company plans to use this location for distribution. It was represented by Tim Schmid and Trevor Buck of Cassidy Turley. The seller, Watney D&S, was represented by Matt Bracco, Glen Dowling and Chris Neeb of Cushman & Wakefield’s Marin/North Bay & Walnut Creek offices.
AUGUSTA, GA. — Skanska USA has erected the last steel beam for the J. Harold Harrison, M.D. Education Commons building, a three-story, 172,000-square-foot building on Georgia Regents University’s campus in Augusta. The cost of construction was $76.5 million. The building will house two 300-seat auditoriums, a 26,620-square-foot simulation library, 13 learning communities, classrooms and Medical College of Georgia administrative offices. The new building, which Skanska USA will complete by fall 2014, will allow the university to increase the class size of the Medical College of Georgia from 230 to 300 students by 2020 and the College of Dental Medicine to increase its class size from 63 to 100 by 2016.
NORTH MIAMI, FLA. — ARA has arranged the sale of Berkshires at Walden Lake, a 400-unit apartment community located in North Miami. The asset sold for approximately $44.5 million. The apartment community, which was constructed in 1986, was 95 percent occupied at the time of the sale. Hampton Beebe, Avery Klann and Dick Donnellan of ARA’s Boca Raton, Fla., office represented Boston-based Berkshire Property Advisors in the sale. Advenir, a multifamily investor and operator based in Aventura, Fla., purchased Berkshires at Walden Lake.
HARRISONBURG, VA. – Vesper Holdings has acquired University Fields, a 1,152-bed student housing community approximately one-quarter of a mile from the James Madison University campus in Harrisonburg. The community is located across the street from the university’s newer athletic facility, University Park, which opened in 2012. Vesper, a private real estate investment firm based in New York City, purchased the non-performing note on University Fields on Oct. 28 for $19 million. The firm also says it will invest $5 million in capital expenditures to fully renovate University Fields. The community consists entirely of four-bedroom units that range in size from 1,100 to 1,200 square feet, which are housed in 22 three-story residential buildings spread across a 23.6-acre site.
WASHINGTON, D.C. — A group that includes Urban Investment Partners (UIP), PRP LLC and Perseus Realty has acquired Capitol Park Towers, a 289-unit apartment complex in southwest Washington, D.C., for $34 million. The apartment community is located at 301 G St. S.W. The new owners plan to invest in renovations for the apartment complex. UIP General Contracting Inc., a subsidiary of UIP, will perform the renovation work and UIP Property Management Inc. will manage Capitol Park Towers.
ROMEOVILLE, ILL. — The Chicago office of Berkadia Commercial Mortgage LLC has closed a $15.8 million loan through HUD’s 223(f) program for the refinancing of Serenity HighPoint Apartments in suburban Chicago. The 113,000-square-foot affordable housing complex, which is 98 percent occupied, is located in Romeoville. Paul Matusiak, vice president, and Len Deering and Tom Sigrist, senior vice presidents at Berkadia, originated the 35-year loan with a fixed interest rate for borrower Marquette Cos. The community features a 27,000-square-foot community center, operated by the Institute for Community. The center includes after-school daycare, summer day camps and numerous other activities designed to meet the residents’ needs.