Western

SAN BERNARDINO, CALIF. — SRS Real Estate Partners has arranged the sale of a newly constructed, single-tenant retail property located at the intersection of University Parkway and North State Street in San Bernardino. A local private 1031 exchange buyer purchased the property from an Orange County, Calif.-based real estate investment and development firm for $5.3 million. Built in 2017 on 1.15 acres, Starbucks Coffee occupies the 3,000-square-foot drive-thru property. Michael Walseth of SRS represented the seller, while Chris Nikchevich of TNG Real Estate Services represented the buyer in the deal.

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AVONDALE, ARIZ. — Brixton Capital has purchased Palmilla Center, a grocery-anchored shopping center located at S.E. Dysart and McDowell roads in Avondale, a suburb of Phoenix. Weingarten Realty sold the property for an undisclosed price. Fry’s Food & Drug, PetSmart, OfficeMax, Dollar Tree, Ono Hawaiian BBQ and H&R Block occupy the 103,568-square-foot property, which was fully leased at the time of sale. Additionally, the acquisition included the Chase Bank and Arizona Federal Credit Union pad buildings at the site. Bryan Ley of HFF represented the seller, while Brixton represented itself in the transaction.

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FAIRFIELD, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a two-property multifamily portfolio located in Fairfield. Jackson Square Properties purchased the portfolio from Fairfield Quail Terrace and Fairfield Sheffield Greens for $50 million, or $185,450 per unit. The 268-unit portfolio consists of Avery Park Apartments and Bennington Apartments. Constructed in 1986, both properties feature park-like settings with landscaped greenbelts. Avery Park Apartments and Bennington Apartments offer one- and two-bedroom floor plans with average unit sizes of 884 square feet and 864 square feet, respectively. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of IPA represented the sellers in the transaction.

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SOUTH SAN FRANCISCO, CALIF. — The City Council of South San Francisco has approved SummerHill Apartment Communities’ plans for a mixed-use community at 988 El Camino Real in South San Francisco. Serving as the gateway to the city’s El Camino Real/Chestnut Area, the development is located across from the future site of the Community Civic Campus, adjacent to Centennial Way Trail and near the Bay Area Rapid Transit station. KTGY Architecture + Planning designed the six-story project featuring 172 apartments ranging in size from studios to two-bedroom units and 11,000 square feet of ground-floor retail space. On-site amenities will include a lounge, fitness studio, bike hub, dog park, club room, two resort-style courtyards with spa, fire pits, outdoor kitchen and dining areas, lounge areas, and spur trail connecting to Centennial Way Trail. Additionally, the project will feature commercial and visitor parking at the ground level, a 212-space underground parking garage for residents, 130 bike parking spaces and electric vehicle charging stations.

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BOULDER, CO. — HFF has secured a $48 million refinancing for a three-property office portfolio along Walnut Street in downtown Boulder. Leon McBroom of HFF arranged the 12-year, fixed-rate loan through MetLife Real Estate Investments for the borrower, The W.W. Reynolds Cos. The portfolio comprises two historic buildings, Colorado (1919 14th St.) and James (1916-1922 16th St.), and the Wencel Building (1301 Walnut St.), which was completed in 2016. At the time of financing, the portfolio was 96 percent occupied to a variety of tenants, including companies in the technology, consulting, financial services and food and beverage industries.

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4200-Bonita-Place-Fullerton-CA

FULLERTON, CALIF. — Guthrie Development has completed the disposition of an industrial property located at 4200 Bonita Place in Fullerton. An undisclosed owner-user purchased the single-tenant property for $12.5 million. Guthrie originally acquired the 67,950-square-foot building in 2016 and renovated it into a high-end multipurpose industrial building positioned for an owner-user. Zach Niles, Louis Tomaselli and Steve Wagner of JLL represented the seller, while Steve Schloemer of Colliers International and Gordon Henry of HOM Sotheby’s International represented the buyer in the deal.

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ORANGE, CALIF. — NKF Capital Markets has brokered the sale of City Tower, a 20-story office building located at 333 City Blvd. West in Orange, about 35 miles southeast of Los Angeles. KSB Capital Advisors purchased the property from Torchlight Investors for $147.2 million. Built in 1988, the building features 435,177 square feet of Class A office space. Situated on 4.9 acres, the building offers an on-site cafe and an adjacent, six-level parking structure. The building is also located within walking distance of Outlets at Orange, an 806,000-square-foot shopping and dining destination. At the time of sale, the property was 78 percent leased to a roster of tenants including UC Irvine Medical Center, Enterprise Rent-A-Car, Travelers Insurance and York Risk Services Group. In addition, the property recently underwent a $3 million renovation that included upgrading the lobby, corridors, restrooms and elevator cab interiors. Kevin Shannon, Paul Jones, Sean Fulp and Blake Bokosky of NKF Capital Markets represented the seller. The buyer in the transaction was self-represented. “Central Orange County has been seeing an increase in tenant demand, yet no new office construction, which bodes well for rent growth and asset appreciation,” said Jones. “Our NKF Capital Markets team secured a strong …

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LOS ANGELES — Penwood Real Estate Investment Management has acquired a 347,119-square-foot industrial building in the Los Angeles submarket of Thousand Oaks for $44 million. The building is located at 1461 to 1475 Lawrence Drive in the master-planned Conejo Spectrum Business Park. The asset was built in 1962 and renovated in 2000. It is fully occupied by four tenants, including Sensata Technologies, LAC Group, Kanner Corp. and MB2 Raceway. NKF represented the seller, while Penwood represented itself in this transaction.

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SOUTH LAKE TAHOE, CALIF. — DiamondRock Hospitality Company has purchased the 77-room Landing Tahoe Resort & Spa in South Lake Tahoe for $42 million. The hotel is located at 4101 Lakeshore Blvd. just steps from the lake. The luxury hotel underwent a multi-million-dollar redevelopment and rebranding by the seller and reopened as The Landing Resort & Spa in December 2013. The hotel features 10,300 square feet of indoor and outdoor function space; Jimmy’s Restaurant; a wine cellar and lounge; full-service spa; heated outdoor pool and hot tub; lakeview patio with fire pits; rooftop deck with fireplace; and fitness center with sauna. HFF’s represented the seller, an affiliate of Kairos Ventures, in this transaction.

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SAN DIEGO — MBRE Healthcare has acquired Excel Centre, an 83,213-square-foot medical office building in San Diego, for $37.1 million. The building is located at 17140 Bernardo Center. Kaiser Permanente anchors the property. MBRE plans to convert the remaining third-floor balance of the building, which is currently vacant, to medical office use. Excel Centre is part of the larger Park Terrace, a walkable mixed-use development featuring offices, hotels, restaurants and fitness, in addition to Interstate 15 access. Rick Reeder, Brad Tecca and Travis Ives of Cushman & Wakefield represented the seller, an institutional investor, in this transaction.

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