ARVADA, COLO. – An 80,640-square-foot industrial building in Arvada has sold to an unnamed buyer for $5.1 million. The building is located at 5861 Tennyson Street. It is fully occupied by Priority Plastics. The buyer was represented by Pinnacle Real Estate Advisors.
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CARMEL, CALIF. — The 165-room Carmel Mission Inn has sold to LoganView Capital for an undisclosed sum. The hotel is located at 3665 Rio Road in Carmel on the Monterey Peninsula. The new owner plans to renovate and reposition the property. The seller, a private, regional real estate firm, was represented by CBRE’s Henry Bose and Mark McDermott.
PLEASANTON, CALIF. –Stoneridge Creek Pleasanton retirement community has debuted in San Francisco’s East Bay. It is located at 3300 Stoneridge Creek Way in Pleasanton. Phase I of the project spans 46 acres and cost more than $100 million to build. It will eventually include up to 635 residences. The community includes a performing arts center, library, movie theater, wine room, pool, fitness center, salon, spa, short-game golf course, tennis courts, outdoor fireplace lounge, gardens and dog park, among other amenities. Construction on Stoneridge originally commenced in summer 2011. It is designed for residents ages 60 and older. The retirement community will soon sit adjacent to Creekview Health Center, which is scheduled for completion next year. The health center will provide skilled nursing, assisted living and dementia care services for residents.
SEATTLE — Invesco Real Estate has purchased 206 Bell, a new 122-unit apartment community in Seattle’s Belltown neighborhood, for an undisclosed sum. The community is located near the offices of Amazon, Twitter, Facebook, Google and the Bill and Melinda Gates Foundation. It was developed by HB Management. The transaction was executed by David Young,Corey MarxandSeth Heikkilaof Jones Lang LaSalle Capital Markets.
SAN JOSE, CALIF. — TruAmerica Multifamilyhas purchased the 168-unit Avenel Apartments in San Jose for $38 million. The Class B community is located at 750 N. King Road near the offices of Cisco Systems, eBay, Adobe and Intel. TruAmerica plans to execute an extensive renovation at the property. This acquisition was completed in partnership with Vista Investment Group and Western Investments Capital. TruAmerica Multifamilyis led by Robert E. Hart and The Guardian Life Insurance Company of America. This is the investment firm’s second acquisition in two weeks. It also recently purchased Piazza D’Oro in Oceanside for $81 million. The seller, Fairfield Mabury Village LLC, was represented by Stanford Jones, Salvatore Saglimbeni and Philip Saglimbeni of Institutional Property Advisors.
CARLSBAD, CALIF. — Palomar Commons, a 184,896-square-foot retail complex in Carlsbad, has received $25 million in refinancing. The property is located at the southwest cornerofPalomar Airport Road and El Camino Real. The center’s two major tenants include Lowe’s and California Bank & Trust. The fixed-rate loan features a 10-year term with two years interest-only and a 25-year amortization schedule. It was arranged by Mike Dobbins of NorthMarq Capital’s San Diego regional office. The loan was placed wth a major life insurance company. Palomar Commons is owned by CSDI, LLC.
HOUMA, LA. — Greystone has provided $24.3 million in HUD financing for the Belmere Luxury Apartments, a 249-unit multifamily complex in Houma, about 60 miles southwest of New Orleans. The gated community features a resort-style pool, Jacuzzi, fitness center, jogging trail, barbecue area and a dog park. Nathan Schuss of Greystone’s New York office arranged the 40-year, fully amortizing HUD 223(a)7 loan on behalf of Robert Aiello, the borrower of record in partnership with Ronald Turner.
RICHMOND, VA. — The Hampshire Cos., a private real estate investment firm, has sold a 317,400-square-foot warehouse, located at 5700 Audubon Drive in Richmond, to Easton & Associates. The warehouse has 26-foot clear ceiling heights, 15 dock overhead doors and one grade-level door. CBRE represented The Hampshire Cos. in the transaction.
HOLLY HILL, FLA. — The Jaffe Corp., a shopping center owner and developer based in Ormond Beach, Fla., has purchased Holly Hill Plaza in Holly Hill, a suburb of Daytona Beach. Holly Hill Plaza is a 116,096-square-foot shopping center anchored by a 50,068-square-foot Winn Dixie grocery store. The asset sold for approximately $8.9 million, according to The Daytona Beach News Journal. The shopping center is located at the intersection of Nova Road and LPGA Boulevard and is 93 percent leased to tenants such as Woody’s BBQ, Family Dollar and Goodwill Industries. The Jaffe Corp. purchased the shopping center from Cincinnati-based Phillips Edison & Co. CBRE represented both parties in the transaction, and The Ackman Ziff Real Estate Group LLP arranged the acquisition financing through Bancorp Bank.
FREDERICKSBURG, VA. — The Boulder Group, a net leased investment brokerage firm based in Northbrook, Ill., has arranged the sale of a Best Buy property located at 1541 Carl D. Silver Parkway in Fredericksburg, part of the Washington, D.C. MSA. The single-tenant, 46,457-square-foot asset sold for $6.3 million. Best Buy has 3.5 years remaining on its lease agreement, which has three five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer, an investment firm based in the Southwest, and the seller, a Chicago-based private real estate firm, in the transaction.