SAN DIEGO – A 22,000-square-foot property in San Diego that is triple-net leased to Rite Aid Pharmacy has sold to an unnamed buyer for $7.1 million. The building is located at 13167 Black Mountain Road in the Rancho Penasquitos neighborhood. It sits adjacent to a Vons-anchored shopping center. The private seller was represented by CBRE’s Ian Schroeder and Maurice Nieman.
Western
DENVER – A 41-unit apartment building in Denver has sold to 2920 W 32nd LLC for $4.1 million. The community is located at 2920 West 32nd Ave. It was built in 1963. The LLC plans to renovate the property to capitalize on the strong rental market in central Denver. It was represented by Jim Knowlton of Pinnacle Real Estate Advisors. The seller, RHSW LLC, was represented by the Calame Lewallen Team of the same firm.
CHINO, CALIF. — Clark’s Nutrition and Natural Food Market has signed on to lease 46,134 square feet at Mountain Village Plaza in Chino. It will serve as the plaza’s anchor. Mountain Village is located at 12835 Mountain Ave. Other notable tenants at the plaza include Fitness 19, Starbucks, Round Table Pizza and Mobil Oil. Clark’s Nutrition is scheduled to open this fall. Brad Umansky and Paul Galmarini of Progressive Real Estate Partners represented both the landlord and Clark’s Nutrition in this transaction.
PHOENIX — Anixter International has leased 63,000 square feet of space at Airport I-10 Business Park in Phoenix. The global distributor of enterprise cabling and security solutions will occupy almost half of the park’s “Building E.” The business park is located at the northwest corner of 24th Street and Rio Salado. Airport I-10 Business Park is the last large, developable parcel remaining in the Sky Harbor International Airport submarket. It is one of the largest speculative industrial developments in Phoenix’s Sky Harbor Airport-area. Building E’s shell is expected to be complete in the next few months. Anixter was represented by CBRE’s John Werstler, Jerry McCormick and Cooper Fratt. The landlord, Wentworth Property Company/Clarion Partners, was represented by JLL’s Pat Harlan, Steve Sayre and Kyle Westfall.
TACOMA, WASH. – The 35-unit Hannah Heights condominium development in Tacoma has sold to Pathfinder Partners LLC for an undisclosed sum. The building is located at 415 6th Ave. in the city’s downtown area. It was built in 2007 and is fully leased. Hannah Heights will continue to operate as a rental community for the immediate future while Pathfinder completes several common-area improvements. The company acquired the property through a court-appointed receivership sale from a regional bank.
SAN FRANCISCO – A 305,260-square-foot office building in San Francisco has received $120 million in financing. The waterfront building is located at 500 Terry A. Francois Blvd. in Mission Bay. It is situated near the 3rd Street Light Rail, and sits adjacent to the site of the future arena for the NBA’s Golden State Warriors. Major tenants at the building include Cisco, Wix and Cengage. An affiliate of the Sobrato Organization acquired the building in May 2011. The loan features a 15-year term and 30-year amortization schedule. It was arranged by Jeffrey Weidell, Nathan Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco regional office through the firm’s correspondent relationship with Allianz Real Estate of America LLC.
FREMONT, CALIF. — Ashford Hospitality Trust has acquired the 357-room Fremont Marriott Silicon Valley hotel for a reported $50 million. The hotel is located at 46100 Landing Parkway in the Silicon Valley submarket of Fremont. The hotel also contains 15,000 square feet of meeting space spread throughout 19 flexible meeting rooms. It will be managed by Remington Lodging. Cushman & Wakefield Global Hospitality served as the exclusive advisor to AIG. The team also served as exclusive advisor to AHT in arranging the $37.5-million financing for the hotel’s acquisition. The floating-rate loan was provided by a money center bank. Daniel MacDonnell, James Escarzega and Steve Michels served as advisors to AIG in the sale. MacDonnell and Michels also served as advisors to AHT in the acquisition’s financing.
PALO ALTO, CALIF. – Pacific Urban Residential has received $31 million in acquisition financing for the 90-unit Park Towers apartment complex in Palo Alto. The community is located at 535 Everett. It is walking distance to University Avenue and Stanford University. The six-story apartment building was originally developed in 1964. Park Towers’ amenities include subterranean parking, pool and a fully equipped gym. The first-mortgage financing was provided by Mesa West Capital. Mesa West also provided a $20.4-million, first-mortgage loan to California Landmark Group for the acquisition and repositioning of the 80-unit Woodlark Apartments in Larkspur. The 11-building complex is located at 965 Magnolia Ave. It was built in 1962. The sponsor plans to utilize a portion of the loan proceeds on renovations and improvements. This will include new appliances, cabinets, laminate flooring, paint, stone countertops, and the installation of washers and dryers in each unit, as well as a new gym and leasing office.
LOS ANGELES – A local private investor has acquired a 186,000-square-foot creative office building in Downtown Los Angeles for $19 million. The 12-story building is located at 155 W. Washington Blvd. The structure was originally built in 1927. It was renovated in 2010. The building currently boasts a 97 percent occupancy rate. It enjoys high visibility from the 110 and 10 freeways. The buyer was represented by Emil Golub of Fortune Investments. The seller, West Washington Properties LLC, was represented by John Anthony and Christopher Steck of Charles Dunn Company.
LAS VEGAS — Escondido Industrial Park, a 153,000-square-foot distribution and warehouse facility in Las Vegas, has sold to a private partnership for $7.3 million. The facility is located south of McCarran International Airport. Notable tenants at the park include Konami Gaming, G-Tech and Absolute Exhibits. The facility recently underwent a major renovation. The buyer was represented by Las Vegas Realty. The seller, CIP Real Estate, was represented by Brian Riffel of Colliers International.