EUGENE, ORE. — Green Leaf Riverwalk has acquired the 272-unit Riverwalk Apartments in Eugene for $43.1 million. The community is located at 470 Alexander Loop. BPM Real Estate Group developed Riverwalk Apartments. The complex was completed in 2015 and fully leased by 2016. The seller, Alexander Loop LLC, is owned by a partnership managed by Walter C. Bowen. HFO Investment Real Estate executed the transaction.
LAS VEGAS — Beverly Hills-based BIG Shopping Centers USA has sold Sahara Pavilion South, a 158,394-square-foot shopping center located in Las Vegas, to 3D Investments for $20.5 million. The center, located approximately 1.5 miles west of Las Vegas Boulevard, is home to tenants including Chipotle Mexican Grill, JP Morgan Chase, Einstein Bros. Bagels, Metro PCS, AT&T and Starbucks Coffee.
FRESNO, CALIF. — Newmark Grubb Pearson Commercial, a division of Pearson Realty, has arranged two retail leases in Fresno totaling 3,142 square feet. In the first transaction, Christopher Islas leased 912 square feet of space at 7723-B First St. from J&D Properties. The tenant plans to use the space for a barber shop. In the second deal, Fresno Ultimate Martial Arts leased 2,230 square feet of space at 7731 N. First St. from J&D Properties. Troy McKenney and Craig Holdener of Newmark Grubb Pearson Commercial brokered both transactions.
MENLO PARK, CALIF. — ING Capital LLC has provided a $148.6 million secured term loan to a joint venture between Maximus Real Estate Partners and Deutsche Asset Management. The money will be used to acquire and renovate Sharon Green Apartments, a 296-unit luxury multifamily complex in Silicon Valley. The seller, Essex Property Trust (NYSE: ESS), is a publicly traded REIT. The property is located in Menlo Park, along the San Francisco Bay midway between San Francisco and San Jose. The senior loan is secured by a first mortgage on the 328,024-square-foot apartment complex. A majority of the loan proceeds will go towards the acquisition of the property, with the rest earmarked for renovations over a three-year period. “Sharon Green Apartments is the top-located garden apartment complex in the country for offering tenants unparalleled education, employment and transportation opportunities within walking distance and centrally located in the heart of Silicon Valley,” says Craig Bender, managing director of ING Capital LLC. The asset is located on 17 acres of land near Stanford University at 350 Sharon Park Drive. The property offers one-, two- and three-bedroom units. Community amenities include a clubhouse with billiards, two pools and spas, a fitness center, two tennis …
ST. GEORGE, UTAH — Vintage Capital Partners LLC is set to begin construction on a 265-bed student housing community near Dixie State University in St. George. The property, to be named Vintage at Tabernacle, will offer three levels of four- and five-bedroom residential units above an underground parking garage. The project, which shares a property line with the school, is walking distance to campus. Community amenities will include a fitness center, clubhouse, hot tub, swimming pool and numerous study areas. Construction is expected to begin this spring, with completion scheduled for fall 2017. Redstone Residential will manage the community.
BELLFLOWER, CALIF. — Charles Dunn Co. has arranged the $3.2 million sale of a 5,000-square-foot, single-tenant, triple-net-leased property occupied by Union Bank in the Los Angeles suburb of Bellflower. Kyle Gulock and Jason Cope of Charles Dunn represented both the seller, a private investor from Orange County, and the buyer, a Chinese investor, in the transaction.
VICTORVILLE, CALIF. — Marcus & Millichap has arranged the sale of Bear Valley Road Center, a retail property located at 15610 Bear Valley Road in Victorville. The 9,998-square-foot property sold for $1.6 million. Constructed in 2007, the property comprises two buildings on separate parcels totaling 1.2 acres and 58 parking spaces. Kevin Le and Chuck Shillington of Marcus & Millichap’s Ontario, Calif., office represented the seller, a private investor, in the transaction.
SAN DIEGO — Dickey’s Barbecue Pit recently signed a 12-store development agreement with owner/operator Michael Tucker. Already the owner of the La Quinta Dickey’s location, Tucker’s agreement originally contained four stores, which are slated to open in Indio, Moreno Valley and Redlands, Calif. The new agreement adds eight stores to the existing deal. Tucker has extended the agreement with the barbecue brand to encompass the northern part of San Diego County, starting in Mira Mesa and extending north. He will also open a new location as far south as National City. Dickey’s Barbecue Pit now has more than 100 stores in California. The new stores will all be opened using Dickey’s new store model, complete with sustainable elements such as reclaimed wood throughout the dining room.
LOS ANGELES — California Realty Group has arranged the lease of 6,756 square feet of retail space at 5100 Wilshire Blvd. in the Hancock Park neighborhood of Los Angeles. Automobile Club of Southern California signed a 10-year deal for the space located within The Mansfield mixed-use project. The new location is slated to open in third quarter 2017. Keith Kleinman and Mark Esses of California Realty Group represented the tenant, while Tim Bower and Gabrielle Lardiere of CBRE represented the undisclosed landlord in the transaction.
SAN DIEGO — The Richman Group has received joint venture equity for its $100 million, 221-unit residential tower project in the downtown San Diego submarket of East Village. The newly approved project will be located at its namesake, 330 Thirteenth. The Class A+ building, also known as Library Tower, will stand 23 stories tall. It is scheduled for completion in 2018. The project is situated adjacent to the new $184 million San Diego Central Library. It will also feature 7,521 square feet of ground-floor retail and six floors of subterranean and above-ground parking. DesignARC and Rob Wellington Quigley are designing the building. HFF’s Aldon Cole, Tim Wright and Hunter Combs arranged the joint venture equity partnership with American Realty Advisors.
