LOS ANGELES — Peninsula Center, a 300,000-square-foot retail center located in the Los Angeles submarket of Rolling Hills Estates, has sold to a joint venture between Vestar and a fund advised by UBS Global Asset Management for $87.3 million. The center resides on the Palos Verdes Peninsula. It is 88 percent leased. Notable tenants include Vons Pavilions, Rite Aid, TJ Maxx, Spectrum Health Club, Pier 1 Imports and Petco. Vestar represented itself in this all-cash transaction, while the seller, Principal Real Estate Investors, was represented by Christopher Hoffman, Rikki Keating and Thao Tran of Eastdil Secured.
VICTORVILLE, CALIF. – The 220-unit Riverton of the High Desert in Victorville has sold to a private investor for $19 million. The community is located at 14374 Borego Road. It was built in 2008. The buyer was represented by Alexander Garcia, Jr., Shane McConnell and Ron Harris of Marcus & Millichap. Garcia and McConnell also represented the seller, a developer, in this transaction.
DENVER – A 248-unit multifamily community has commenced construction at the Denver Tech Center. The community is scheduled to open in spring 2014 and resides within the Cherry Creek School District. It is being developed by the Picerne Group in partnership with Grand Peaks Properties. It will be built by Colorado Structures and designed by KTGY Group.
LOS ANGELES — Water's Edge, a 6.5-acre creative office campus in the Los Angeles submarket of Playa Vista, has received a $105-million recapitalization loan. The funds will be used for tenant improvements and leasing commissions for the remaining space.Water's Edge currently includes two buildings totalling 260,000 square feet. It is also entitled for an additional 180,000-square-foot Phase II building, which will commence construction once preleasing is completed. A full-court basketball, sand volleyball court and outdoor swimming pool will open on the campus this summer. Financing was arranged by Rob Verrone of Iron Hound Management on behalf of Maguire Investments. Leasing efforts will be handled by Chris Strickfaden,Anthony Gatti,Brian NiehausandJaclyn Ward of Jones Lang LaSalle.
TRACY, CALIF. – The 156-unit Waterstone Apartment Homes in Tracy has sold to MG Properties Group for $25.2 million. The community is located at 1951 West Middlefield Drive. It was built in 2007. The seller, Fairfield Edgewood Station LP, was represented by Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of IPA, a multifamily brokerage division of Marcus & Millichap.
ALISO VIEJO, CALIF. – A two-story, 16,840-square-foot retail building in Aliso Viejo has sold to Aliso Viejo Town Center, LLC for $6.7 million. The free-standing building is located at 26731 Aliso Creek Road within the Aliso Viejo Town Center. It is 93 percent occupied by tenants like Stadium Brewing Company. Dennis Vaccaro and Christopher Tramontano of Faris Lee Investments represented both the buyer and the seller, Aliso Viejo Investors, LLC, in this transaction.
BALTIMORE, MD. — Laurus Corp. has completed its acquisition of the Baltimore Hunt Valley Inn, located at 245 Shawan Road in Baltimore. After a $9.5 million renovation, the hotel will become part of the Wyndham Grand Collection and feature 393 guestrooms, 33,000 square feet of meeting space, a fitness center, indoor/outdoor pool, business center and gift shop. The property is surrounded by Class A office parks and several national corporations including BD Diagnostic Systems, Bank of America and PHH Corp.
WASHINGTON, D.C. — Winn Development has completed its historic renovation of the Samuel Kelsey Apartments, a 125,000-square-foot property at 3322 14th St. N.W. in Washington, D.C. The property, built circa 1920, features 24,000 square feet of retail space and 150 units of affordable housing for elderly or disabled tenants. Some of the renovations included replacement of the kitchens, bathrooms, elevators, as well as new landscaping.
OCALA, FLA. — Marcus & Millichap has arranged the $1.3 million sale of Magnolia Trace Apartments, a 48-unit property at 2952 N.E. 14th St. in Ocala. Built in 1972, Magnolia Trace consists of 48 units within three buildings and one office building. Joe LaFleur and Nathan Pealer of Marcus & Millichap represented the seller, a financial institution, in the transaction.
COLUMBUS, OHIO — Construction of 801 Polaris, a $25 million, 270-unit apartment community in Columbus, will begin April 1. The community is scheduled for completion in October 2014. Terre Haute, Ind.-based Thompson Thrift Construction is the project’s general contractor. Kaufman Development is the developer. The four-story apartment building includes one-, two- and three-bedroom units and 378 parking spaces.