TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willow Creek, a value-add multifamily asset located in Tempe. Acacia Capital sold the property to JB Partners for $60.5 million, or $150,498 per unit. Constructed in 1984, the property features 402 apartment units, three swimming pools and a recently renovated clubhouse. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.
STOCKTON, CALIF. — Newport Beach-based CT has completed the sale of two newly constructed industrial buildings within its NorCal Logistics Center in Stockton. Prologis acquired the properties for $47 million. Totaling 575,127 square feet, the assets mark the initial completion of CT’s three-building Phase I development of the larger 4.4 million-square-foot NorCal Logistics Center. Prologis paid approximately $82 per square feet for the buildings, which were unleased and in shell condition at closing. Cushman & Wakefield’s Kevin Dal Porto, Blake Rasmussen and John McManus represented CT, while Prologis was self-represented in the deal. Situated on a 345-acre site, NorCal Logistics Center is home to General Mills, KeHE Foods, Allen Distributors and Fox Head.
ELK GROVE, CALIF. — Mi Rancho, a California-based tortilla maker, has acquired the former Bimbo Bakeries property, located at 10115 Iron Rock Way in Elk Grove, a southern suburb of Sacramento. An undisclosed seller sold the property for $8.1 million. San Leandro-based Mi Rancho plans to invest $25 million to retrofit the facility to Safe Quality Food Institute standards. The company’s expansion plans include state-of-the-art manufacturing operations to support its growing business. Mi Rancho plans to commence local operations within the next 90 days and fully retrofit and occupy the building within 24 months. When fully operational, the company will employ approximately 250 people in Elk Grove.
TUCSON, ARIZ. — HSL Properties has purchased two multifamily properties in Tucson from California-based MG Properties for $37.4 million. The company acquired Casas Lindas Apartment Homes, located at 699 W. Magee Road, for $17.6 million. The property features one- and two-bedroom floor plans with in-unit washers and dryers, wood-burning fireplaces and patios or balconies. On-site amenities include a basketball court, pool, fitness center, clubhouse and covered parking. HSL Properties also purchased Springhill Apartment Homes, located at 8030 E. Lakeside Parkway, for $19.8 million. The community features one- and two-bedroom units with full-size washers and dryers, oversized closets, ceiling fans and balconies. Community amenities include a fitness facility, covered parking, pool and barbecue grills.
BEND, ORE. — Compass Commercial has brokered the sale of an office building located on 0.4 acres at 40 NW Greenwood Ave. in Bend. Howard Friedman, Jay Lyons and Grant Schultz of Compass Commercial Real Estate Services represented the undisclosed buyer and undisclosed seller in deal. The transaction was valued at $1.6 million.
PORTLAND, ORE. — NKF Capital Markets has arranged a $75.5 million loan to refinance The Douglas, a multifamily property located at 2083 SW River Drive along the Willamette River in Portland. ACORE Capital provided the financing for the borrowers, NBP Capital and Berggruen Holdings. Jordan Roeschlaub, Dustin Stolly, Chris Kramer and Nick Scribani of NKF Capital Markets arranged the financing. The property features 290 apartment units and 17,000 square feet of retail space, occupied by a spa, sports bar, property management services and restaurants. The property also features townhome-style units with private garages, backyard space and large unit sizes.
SEATTLE — A joint venture between Brickman and GreenOak has acquired Central Building, an eight-story historic office property located at 810 Third Ave. in Seattle’s central business district. KBS Strategic Opportunity REIT sold the property for $67.5 million. Originally built in 1907, the 192,176-square-foot building was 81 percent leased at the time of sale. Dave Otis, Michael Leggett, Logan Greer and Kevin Freels of HFF represented the seller and procured the buyer in the deal. Additionally, Casey Davidson and Peter Smyslowski of HFF arranged $55.4 million in acquisition financing through Invesco Real Estate for the buyer.
CITY OF INDUSTRY, CALIF. — DAUM Commercial Real Estate Services has brokered the individual sales of seven buildings that comprise Echelon Business Park, a newly constructed industrial campus in City of Industry. Los Angeles-based Dedeaux Properties sold the assets for a total of $50 million. Located at 801-821 Echelon Court, the freestanding buildings range in size from 27,438 square feet to 43,166 square feet. The properties feature ample dock-high and ground-level loading, large truck courts, ESFR sprinklers, high-speed fiber optic cabling and two-story office space. Dennis Sandoval, Robert Dipre, Bryan Sandoval and Kurt Yacko of DAUM represented the seller in the transactions. The names of the buyers were not released.
BEND, ORE. — Security Properties and a university endowment have purchased Seasons at Farmington, a multifamily community located in Bend’s Old Farm District. An undisclosed seller sold the property for $45.5 million. The property features 228 apartments in a mix of one- and two-bedroom layouts, swimming pool, clubhouse with lounging areas and a fitness center, dog park, and outdoor fire pit. This transaction is Security Properties’ first acquisition in Bend. Security Properties Residential, an affiliate of the buyer, will manage the community.
WESTMINSTER, COLO. — Legend Investment Group (LIG), a division of Legend Partners, and Hanley Investment Group Real Estate Advisors have arranged the sale of a retail strip center located at 13591 Huron St. in Westminster, a northwest suburb of Denver. An East Coast-based private investor acquired the property from Redlands, Calif.-based Mark Development for $3.2 million, or $603 per square foot. At the time of sale, the 5,389-square-foot property was fully occupied by Dunkin’ Donuts, Bank of America and Huron Liquor. Built in 2016, the retail center is situated on 1.1 acres within the Quail Crossing Commercial subdivision. LIG and Peter Peluso of Legend Partners represented the buyer in the deal, while Jeff Lefko, Bill Asher and Jeremy McChesney of Hanley Investment Group Real Estate Advisors represented the seller.
