RIVERSIDE, CALIF. — The Paseos at Magnolia Luxury Apartment Community will soon debut in Riverside. The $30-million project features 168 residential units located at 11520 Magnolia Ave. The first group of residents will move in this July. The project’s ultimate completion is scheduled for fall 2013. It was developed by Hutton Companies and designed by KTGY Group.
PALM SPRINGS, CALIF. – The 175-unit Andalucia Apartments in Palm Springs has sold to the Bascom Group for an undisclosed sum. The community is located at 311 S. Sunrise Way. This is Bascom’s 16th acquisition in the past 12 months. Financing was arranged by CBRE’s Brian Eisendrath.
KETTLEMAN CITY, CALIF. – An 89,880-square-foot freight terminal in Kettleman City that is triple-net leased to FedEx Corporation has sold to a buyer that was completing a 1031 Exchange for $21.4 million. The freestanding terminal is located at 33104 25th Ave. about halfway between Los Angeles and San Francisco. The facility was completed earlier this year. It carries a 29-year absolute triple-net lease that is guaranteed by FedEx. The unnamed seller was represented by John Glass of Marcus & Millichap’s San Francisco office.
SEATTLE — Queen Anne Marketplace, a 70,000-square-foot shopping center in Seattle, has sold to a joint venture between Weingarten Realty Investors and Bouwinvest for an undisclosed sum. The center is located at 604 1st Ave. North. It is anchored by Metropolitan Market. The joint venture is hoping to invest about $275 million in high-quality community and neighborhood shopping centers that are anchored by market-dominant retailers. This is the joint venture’s first acquisition.
SCOTTSDALE, ARIZ. — Spirit Realty Capital will soon merge with Cole Credit Property Trust II after the firm’s shareholders approved the move in a special meeting held yesterday. Once the merger is complete, the combined company will formone of the largest publicly traded triple-net-lease REITs in the U.S. It will own a total of about 1,900 properties in 48 states. Spirit shareholders will receive a fixed exchange ratio of 1.9048 shares of common stock of the combined company for each Spirit share previously owned. The new company will retain the Spirit Realty Capital name. It will trade on the New York Stock Exchange under the ticker symbol “SRC.” Spirit’s current management team will lead the new company. Spirit Realty Capital was formed in 2003 to invest in single-tenant operationally essential real estate. It has invested more than $4.3 billion in more than 1,200 properties across 47 states. Cole Credit Property Trust II invests primarily in high-quality, freestanding, single-tenant buildings that are net leased to investment-grade or other creditworthy tenants throughout the U.S.
IRVINE, CALIF. – WNC has closed WNC Institutional Tax Credit Fund X, California Series 11. This is a $46-million institutional low-income housing tax credit (LIHTC) fund that will be used to acquire 10 properties throughout five California counties. The acquisition will include senior and family housing. It will fund the development of two new affordable housing projects, as well as the rehabilitation of eight existing communities. This is the Irvine-based company's 11th institutional fund since 2001 that has focused exclusively on California.
HERMOSA BEACH, CALIF. — The Strand in Hermosa Beach has sold to a syndicated equity group for $19.5 million. The group is led by a local private investor. The site includes four parcels that total 25,392 square feet. It directly faces the Pacific Ocean and is located in the Hermosa Beach Pier Avenue Plaza retail complex. It had been under the same family ownership for generations. The buyer was represented by Mike Grannis and Brent Cunningham of Highland Partners Corporation. The seller was represented by CBRE’s Bob Healey, Kevin Shannon, Scott Schumacher and Dan Riley.
CITY OF INDUSTRY, CALIF. – A 7.7-acre infill redevelopment site in the City of Industry has sold to CT Realty Investors for $6.2 million. The site is located at 13110 Louden Lane. A 121,000-square-foot, vacant manufacturing facility currently resides on the site, though it will soon be demolished. CT plans to replace it with a 168,000-square-foot, Class A warehouse/distribution building. C.E.G. Construction Co. will oversee construction. CT was represented by Denis Keane of Voit Real Estate Services’ Ontario office. The seller, McConnell Cabinets, was represented by Barbara Emmons and Cameron Merrill of CBRE Los Angeles.
METAIRIE, LA. — Holliday Fenoglio Fowler has brokered the sale of Lakeway Center, a three-building, 1.2 million-square-foot office complex located in the New Orleans suburb of Metairie. Lakeway Center comprises three Class-A buildings situated on the shore of Lake Pontchartrain. The complex is 90.5 percent occupied by a tenant roster that includes People’s Health Network, Drug Enforcement Administration, EDG and Fresenius Medical Care. Holliday Fenoglio Fowler represented the seller, Equity Office Properties. The buyer was The Feil Organization. The acquisition price was undisclosed.
MIAMI — Terra Group has broken ground for the development of the Grove at Grand Bay luxury residential condominium project. Located at 2675 S. Bayshore Drive in Miami’s Coconut Grove submarket, the project consists of two 20-story towers containing 98 units. Resident balconies are each 12 feet tall and 12 feet deep with hurricane-proof sliders. Building amenities include a multi-lingual butler, on-site chef, curator-maintained art gallery, a gym, a spa, a pet spa and four swimming pools. Units are priced from $3 million. Terra Group is the developer of Grove at Grand Bay. Bjarke Ingels Group is the project architect. More than 90 percent of the units in the North Tower have already been sold.