SAN FRANCISCO — Wells Real Estate Investment Trust II has purchased a Class A office tower in San Francisco’s Financial District for an undisclosed sum. The 657,000-square-foot tower is located at 333 Market Street. The building is fully leased to Wells Fargo Bank. It has undergone more than $80 million in tenant and capital improvements over the past eight years. The REIT was represented in-house by Keith Willby. The seller was Korean Federation of Community Credit Cooperatives.
Property Type
LONG BEACH, CALIF. — The Landing at Long Beach has sold to Western National Realty Advisors for $46 million. The firm purchased the 206-unit apartment community, which it then dubbed The Landing at Long Beach, through its Western National Realty Fund II, L.P. The community is 98 percent occupied. Western National plans to modernize and reposition the property. The seller was represented by Greg Campbell of Archstone.
PORTLAND, ORE. — Progress Ridge Townsquare, a 213,809-square-foot retail community center in Portland, has received $42 million in financing. The center is located at 14805 SW Barrows Road. The 10-year, 3.7 percent fixed-rate loan will replace a construction loan on the property. Progress Ridge is 86.5 percent leased to New Seasons, Cinetopia, Ace Hardware, Play Boutique, Fuddruckers, Umpqua Bank and Gentle Dental. The loan was arranged by HFF’s Casey Davidson and Lloyd Minten on behalf of Gramor Development. HFF will also service the loan.
SEATTLE – The eight-unit Leschi Flats apartment building in Seattle has sold to a private investor for $2.1 million. It is located at 109-115 30th Ave. The investor was represented by Dan Swanson of Marcus & Millichap’s Seattle office.
SAN DIEGO — Cornerstone Heights Corporate Center in San Diego has sold to a joint venture between Lincoln Property Company and Artemis Real Estate Partners for $14.1 million. It is located at 5959 & 6059 Cornerstone Court West. The center contains twin buildings that total 97,945 square feet. Lincoln Property represented itself in this transaction, while the seller, The Realty Associates Fund VI, L.P., was represented by Rick Reeder and Brad Tecca of Cassidy Turley San Diego.
SAN PEDRO, CALIF. — Pacific Place, a 292,540-square-foot, Class A office tower in San Pedro, has sold to Jupiter Holdings LLC for an undisclosed sum. It is located at 222 West 6thStreet. The building was previously occupied by Northrop Grumman. The seller, Pacific Place Associates, was represented by CBRE’s Kevin Shannon, Dave Smith and Scott Schumacher.
PICO RIVERA, CALIF. – An industrial property in Pico Rivera that contains 9,840 square feet of office space and 57,635 square feet of dock area has sold to Beverly Pico, LLC for $11.5 million. It is located at 9933 Beverly Blvd. The seller, NRC Realty & Capital Advisors, LLC, worked in cooperation with brokers from Burr & Temkin and Grubb & Ellis on this transaction.
WEST COVINA, CALIF. — A single-tenant restaurant space that sits adjacent to the West Covina Mall has sold to Olympic Harbor Investment Corporation for $4.2 million. It resides at 1360 W. Garvey Ave. in West Covina. The unnamed seller was represented by Patrick Barnes and Peter Spragg of Colliers International.
CHARLESTON, S.C. — Love Funding, a provider of FHA multifamily and healthcare financing, has closed a $361.4 million loan modification for the Medical University Hospital Authority (MUHA) in Charleston. MUHA, a division of the state of South Carolina, owns and operates the Medical Center of the Medical University of South Carolina (MUSC Health). The transaction, which was secured through the U.S. Department of Housing and Urban Development’s Section 242 loan insurance program, is the third-largest hospital loan in the agency’s history. Steven Hunt of Love Funding secured the loan, which was underwritten by Matthew Andrea of Love Funding. MUSC Health is a 696-bed teaching hospital and was recognized in 2012 by U.S. News & World Report as “One of America’s Best Hospitals.”
WOODBRIDGE, VA. — A joint venture between The Donaldson Group (TDG) and Angelo, Gordon & Co. (AG) has acquired Rolling Brook Village, a 732-unit multifamily in Woodbridge, for approximately $107.5 million. The partnership plans to invest $5 million in upgrades and renovations to the buildings, common areas and apartment units, including new kitchens in all units. Walker & Dunlop assisted the partnership in obtaining acquisition financing through Freddie Mac. Miles Spencer of Eastdil Secured represented the unlisted seller. Rolling Brook Village is situated on approximately 55 acres and 24 miles south of Washington, D.C. It includes 53 garden-style apartment buildings that were constructed in two phases in 1988 and 1990. The one- and two-bedroom units range from 644 to 1,038 square feet in size.