ARLINGTON — John T. Evans Co. has arranged the sale of a 52,000-square-foot retail building, located at 4720 S. Cooper St. in Arlington. Mike Sandel of John T. Evans represented the seller, Zions First National Bank, in the transaction. The buyer was Marybe Investments.
Property Type
OKLAHOMA CITY, OKLA. — Resource Real Estate Opportunity REIT has purchased the 216-unit Park Forest Apartments, located in Oklahoma City, for $2.05 million. The REO property features a swimming pool, clubhouse, playground and fitness center. Resource plans to invest capital to upgrade the facilities in the near future.
AUSTIN — KW Commercial has arranged the purchase of an 11,395-square-foot, freestanding medical office building, located in south Austin. Nick Nelson and Jim Young of KW Commercial represented the buyer, an out-of-state investor, in the transaction.
LEHI, UTAH — Perry & Associates will develop Traverse Ridge Center I, a 70,000-square-foot office building in Lehi, in March 2013. The building will be built near the new Adobe Campus, Cabela's and the Outlets at Traverse Mountain as part of a 22-acre, mixed-use campus. Construction is scheduled for completion in May 2014. Eric Smith, Kreg Peterson, James Mecham and Jessmine Kim of CBRE will serve as the leasing agents.
OAKLAND, CALIF. – A 520,000-square-foot high rise office building in downtown Oakland that serves as the headquarters for Clorox has been purchased by Westcore Properties, dba Westcore City Center LLC. The purchase price was not disclosed. Clorox has occupied and owned the building since 1988. It is located at 1221 Broadway. Clorox has another 15 years remaining on its lease with options to renew for an additional 15 years. It occupies 57 percent of the building. The remaining space will be marketed by Cushman & Wakefield. The sales transaction was executed by Craig Zodikoff and Brad Metzger of Cresa and Brett Holden of Lee & Associates.
RIALTO, CALIF.– The Shoppes at Creekside, a 17,480-square-foot retail center that is anchored by Fresh & Easy and Walgreens, has sold to a private LLC for $5.1 million. It is located at 2019 North Riverside Ave. Other notable tenants include Fitness 19, Corky's Bakery and Sal y Limon. Rick Raymundo of Marcus & Millichap represented the buyer in this transaction.
PORTLAND, ORE. — A partnership between Wood Partners and Hoyt Street Properties will buid a new $80 million, high-rise residential tower in downtown Portland's Pearl District. The 250-unit, 21-story tower is tentatively scheduled to begin construction in fall 2013. Boora Architects is designing the tower, which will be built by a third-party general contractor.
DENVER — The 420-unit Advenir@Stapleton has sold to Advenir for $49.1 million. The community, formerly called Aero Flats at Stapleton, is located in the Denver submarket of Stapleton. Doug Andrews and Jeff Hawks of ARA represented the seller, Carmel Partners, while Advenir was represented in-house in the transaction.
CYPRESS, CALIF. — A 285,000-square-foot office/R&D building in Cypress has received $27 million in permanent financing. The non-recourse debt features an interest rate in the low 4 percent range and a 20-year term. The borrower, a privately held entity, used the funds to refinance the existing principal balance, as well as generate capital for its commercial real estate portfolio. Kevin Burkhalter of Johnson Capital's Los Angeles office arranged the loan.
ONTARIO, CALIF. — The Colony, a 160-unit apartment complex in Ontario, has sold to JH Real Estate Partners for $22.1 million. The Class A community is located within downtown Ontario's revitalization district. Joe Leon, Javier Rivera, Darcy Miramontes and Zach Rivas of Jones Lang LaSalle's capital markets team executed the sale. “[We were able to] locate a buyer who understood that this was an opportunity to acquire a Class A, newly constructed property at the beginning of the real estate cycle,” Leon says.