GARDEN GROVE, CALIF. – Rachas Garden Grove LP, dba Chuze Fitness, has signed a 10-year lease for 36,000 square feet at Pavilion Plaza in Garden Grove. The plaza is located at 12145 Brookhurst Street. The lease is valued at nearly $5 million. Rachas was represented by Chad Iafrate of Cassidy Turley San Diego. The landlord, 12151 Brookhurst, LLC, was represented by Ross Melodia of Pride Property Services.
SANTA CLARA, CALIF. – A 4,926-square-foot retail building in Santa Clara has sold to an unnamed buyer for $2.1 million. It is located at 3180 El Camino Real. The property was initially built in 1969 to house a Carrows Restaurant. The restaurant held a net lease at the building through this past April. The seller, an individual/personal trust, was represented by David Ching of Marcus & Millichap’s Oakland office.
SANTA BARBARA, CALIF. – A 6,357-square-foot building that is known as the “Old Firehouse” in Santa Barbara has sold to US 3N LLC for $16 million. It is located at 1486 East Valley Road in the Santa Barbara submarket of Montecito. The building is occupied by Union Bank, which recently acquired Santa Barbara Bank & Trust (SBBT). SBBT held a 20-year master lease on the property that commenced in 2009. Bill Bauman, Kyle Miller and Marc Navarro of Studley’s National Retail Services Group represented both the buyer and the seller, 1486 East Valley Road, in this transaction.
TUCSON, ARIZ. – The 144-unit Oracle Village in Tucson has sold to an affiliate of Hamilton/Zanze for $9 million. The community is located at 5921 North Oracle Road. The seller was an affiliate of HSL Properties. The transaction was executed by Art Wadlund of Hendricks-Berkadia’s Tucson office.
PALM SPRINGS, CALIF. — North Village Center, a 93,529-square-foot industrial/retail park in Palm Springs, has sold to WLA Investments for $4.1 million. The three-building park is located at 19345-19465 North Indian Canyon Drive. It was 70 percent occupied at the time of sale. Both the buyer and the unnamed seller were represented by Dan Vittone and Alan Pekarcik of Avison Young’s Irvine office.
SAN DIEGO — Pathfinder Partners has acquired 16 of the unsold units within the Aragon townhome community, which resides within the San Diego submarket of La Mesa. The transaction included an adjacent land parcel that can hold an additional 10 townhomes. The community is located at 7705, 7715, 7725 and 7745 El Cajon Blvd. The 48-unit, attached-home community was developed by Barratt American in 2005. The company sold 32 units to individual homeowners between 2005 and 2007. Pathfinder represented itself in this transaction, while the seller was represented by Allen Chitayat and David Andrews at Hendricks and Partners.
ATLANTA — Venterra Realty has acquired Tuscany at Lindbergh, a 324-unit, Class A multifamily community located at 600 Garson Drive in Atlanta. Constructed in 2001, the property features one- through three-bedroom units averaging 1,034 square feet. Community amenities include a resort-style swimming pool, a fitness center, an executive center and a media room. Occupancy was 95 percent at the time of closing. Cortney Cole of Holliday Fenoglio led the team that represented Venterra in the deal. The buyer procured fixed-rate acquisition financing through MetLife.
DURHAM, N.C. — Multi Housing Advisors (MHA) has brokered the sake of 1520 Magnolia, a 280-unit apartment community located in Durham, for $31.6 million. Constructed in 2001 and located at 1101 Exchange Place, the Class A property features units with double crown molding, 9-foot ceilings, garden-style tubs, and built-in bookshelves and desks. Property amenities include a 24-hour fitness center, on-site laundry facilities, a pool with a sundeck, a 2-mile jogging trail and concierge services. Marc Robinson and Jordan McCarley of MHA’s Charlotte, N.C., office represented the seller, Columbia, S.C.-based Estates, Inc. Nashville, Tenn.-based Carter Haston is the buyer.
BELTSVILLE, MD. — Laurus Corp. has acquired the Sheraton Washington North Hotel in the Washington, D.C., suburb of Beltsville. The hotel is situated near the intersection of the Capital Beltway and Interstate 95. The nine-story hotel contains 207 guestrooms and features 5,410 square feet of meeting space, a restaurant and bar, a lounge, an outdoor swimming pool, a fitness center, and a business center. Laurus plans to renovate the property and bring in a new operator. The seller’s name and the purchase price were not disclosed.
GRETNA, LA. — Marcus & Millichap has completed the sale of Pine I and II, a 143-unit distressed multifamily property located in the New Orleans suburb of Gretna. The property is located at 112 and 250 Holmes Blvd. The two communities, which contain a total of 27 two- and three-story buildings, were constructed in 1968 and 1978. They were extensively renovated in 2006 following Hurricane Katrina. Boyan Radic and Mason Green of Marcus & Millichap’s Fort Worth, Texas, office represented the seller, B-G&G Investors LLC, and the note holder, Hudson Advisors. Radic and Green also selected the deal’s stalking horse bidder and eventual buyer, a Florida-based limited liability company.