CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors has brokered the sale of a multi-tenant office building located at 1189 S. Perry St. in Castle Rock, a suburb of Denver. An undisclosed buyer acquired the property for $3.4 million, or $269.51 per square foot. Built in 2005, the property features approximately 12,801 square feet of office space. Corey Sandberg and Jeff Johnson of Pinnacle represented the undisclosed seller in the transaction.
PORTLAND, ORE. — Madison Park Financial Corp. has purchased Bridgetown Lofts, a mid-rise apartment community located along the Williamette River in Portland’s Pearl District. Portland Guild Loft Partners sold the property for $55 million. The waterfront community features 149 units with modern finishes, including stainless steel appliances, Euro-style cabinetry, quartz countertops and oversized windows with waterfront views. On-site community amenities include a fitness center, community lounge and courtyard with fire pit, gas grills and a putting green. Joe Nydahl, Phil Oester and Josh McDonald of CBRE represented the seller in the transaction. Additionally, Brian Eisendrath with CBRE Capital Markets’ Debt & Structured Finance arranged a seven-year, fixed-rate loan with three years of interest-only payments through Freddie Mac for the buyer.
SAN DIEGO — Murphy Development Co. (MDC) has completed the disposition of Siempre Viva Business Park Building 16, a 165,763-square-foot industrial facility located at 8411 Siempre Viva Road in San Diego. Ajinomoto Windsor acquired the property for $26.5 million. MDC originally developed the facility as a build-to-suit for Circle Foods, a subsidiary of Stephan Bronfman’s Claridge Inc. Tyson Foods acquired Circle Foods in 2013, assuming the long-term lease with MDC. Ajinomoto Windsor simultaneously purchased both Circle Foods from Tyson and Building 16 from MDC. Tyson Foods is scheduled to cease operations in April 2018. After food processing renovations and new equipment installation, Ajinomoto Windsor plans to expand food-processing operations at the facility. The building features a 32-foot minimum clear height, 8,000 amps of 277/480 volt power, ESFR sprinklers, manufacturing sewer and water capacity, concrete truck courts, wide column spacing and high dock door ratios.
GLENDALE, ARIZ. — Colliers International has arranged the sale of Summerhill Place, a multifamily property located at 6801 W. Ocotillo Road in Glendale. Maesag Properties LLC, an entity formed by Shon and Karah Brown, purchased the property from Trimark-Summerhill Place LLC, an entity formed by Trimark Property Group, for $19.8 million. Situated on 8.5 acres, the 189,050-square-foot property consists of 13 buildings featuring a total of 232 apartments in one- and two-bedroom layouts. At the time of sale, the property was 96 percent occupied. Bill Hahn, Trevor Koskovich and Jesse Hudson of Colliers’ Phoenix office represented the seller and buyer in the deal.
LA HABRA, CALIF. — Marcus & Millichap has brokered the sale of Harbor Hills Shopping Center, a retail property located at 1450-1460 S. Harbor Blvd. in the Orange County city of La Habra. Los Angeles-based DMI Real Estate Group LLC acquired the property from Harbor Hills LP for $5.7 million. The 27,080-square-foot property was mostly vacant at the time of sale. Joseph Lising and Mitchell Neff of Marcus & Millichap represented the seller in the transaction.
UPLAND, CALIF. — US Storage Centers has acquired a self-storage facility located at 1808 W. Foothill Blvd. in Upland. Foothill You-Stor sold the property for an undisclosed price. The 45,452-square-foot property features 483 self-storage units with drive-up access, video monitoring, gated access and RV/boat/auto storage. US Storage Centers currently owns and operates 43 self-storage facilities in Southern California. Garrett Sholer of Lee & Associates represented the buyer, while Travis Allan, also of Lee & Associates, represented the seller in the deal.
COLTON, CALIF. — Black Creek Group has purchased a three-building industrial portfolio totaling 743,381 square feet in Colton for an undisclosed price. The portfolio includes a 121,196-square-foot property located at 2036 Miguel Bustamante Parkway, a 174,995-square-foot building located at 2053 Miguel Bustamante Parkway and a 447,190-square-foot property located at 2163 S. Riverside Ave. The adjacent properties feature dock-high loading, ESFR sprinkler systems, minimum clear heights ranging from 32 feet to 36 feet, and state-of-the-art office space. Ken Anderson and Rick John of DAUM Commercial Real Estate Services, along with Barbara Emmons Perrier and Darla Longo of CBRE, represented the buyer and seller in the deal. The seller was an undisclosed REIT.
SEATTLE — Newmark has secured $25.5 million in financing for 1111 East Olive Apartments in Seattle. Meriwether Partners developed the property for the longtime land owners. The property features 80 apartments above ground-floor retail space, which will be occupied by a coffee shop and Richard Hugo House, a non-profit center for supporting writers. Residential amenities include a rooftop deck, conference room, gym, secured bicycle storage and parking for 69 vehicles. Michael Taylor and Patrick Taylor of Newmark’s Seattle office arranged the 15-year term financing through Aegon Real Assets US. The loan will be used to refinance the construction loan.
SAN DIEGO, CALIF. — MetroGroup Realty Finance has provided $21.9 million permanent acquisition financing for a R&D/flex corporate campus located at 10307 and 10309 Pacific Center Court in San Diego. The seven-year loan features a 30-year amortization, fixed interest rest and a loan-to-purchase-price ratio of 69 percent. Colony Northstar sold the property to a Newport Beach, Calif.-based private investor for an undisclosed price. Quantum Design International, a global scientific instrumentation manufacturer and distributor, occupies the 103,830-square-foot property. Michael Hartel of Colliers International represented the buyer in the acquisition transaction.
TUCSON, ARIZ. — Cushman & Wakefield has arranged two sales totaling $7.7 million in Tucson. In the first deal, Pelican 9th LLC acquired Sonoran on 9th Apartments, a multifamily property located at 814 and 838 E. 9th St. in Tucson. SVP Holdings sold the 26-unit property for $4.6 million. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield | PICOR brokered the deal. In the second transaction, West Ina Center Marana Arizona LLC purchased a commercial building located at 3662 W. Ina Road in Tucson. Ina Meredith LLC sold the 8,917-square-foot asset for $3.1 million. Rob Tomlinson of Cushman & Wakefield | PICOR represented the buyer. Rick Volk of Volk Co. and Pete Villaescusa of CBRE represented the seller in the deal.
