THORNTON, COLO. — Newmark Knight Frank (NKF) has arranged the sale of an office building located at 9351 Grant St. in Thornton. Horizon Terrace sold the property to 1641 California LLC for $9.1 million. The property features 90,094 square feet of office space. Riki Hashimoto and Daniel Grooters of NKF represented the seller in the transaction.
LOS ANGELES — De Venture Building LLC has acquired a retail property located at 19216 Ventura Blvd. in the Tarzana neighborhood of Los Angeles. An individual/personal trust sold the property for $4.1 million. The building features 8,807 square feet of retail space. Brandon Michaels of Marcus & Millichap represented the seller and buyer in the deal.
LAKE ELSINORE, CALIF. — Avison Young has brokered the acquisition of a newly constructed industrial building located at 470 Third St. in Lake Elsinore. An entity of San Diego Ice Co. purchased the property from TOLD Properties for $3.7 million. The ice manufacturer and distributor will occupy the 24,026-square-foot building. Situated on 1.4 acres, the property features 2,800 square feet of office space, 1,400 square feet of mezzanine space, skylights, two dock-high loading doors, two grade-level loading doors and 59 parking spaces. Stan Nowak and Cody Lerner of Avison Young represented the buyer, while Lee & Associates represented the seller in the deal.
ORANGE, CALIF. — A local dentist practice has purchased a single-tenant retail property located at 1936 E. Katella Ave. in Orange. A local private investor sold the property for $2.3 million. The buyer plans to convert the 3,600-square-foot space, which is currently a Japanese restaurant, into a dental office. Jones Real Estate represented the buyer, while Thomas Chichester, Joseph Chichester and Matt Brooks of Faris Lee represented the seller in the deal.
COMMERCE, ANAHEIM AND ONTARIO, CALIF. — Rexford Industrial Realty has acquired two industrial properties in Southern California for a total investment of $127.1 million. The company also sold two industrial assets in the Inland Empire for $9.1 million. In an off-market transaction, Rexford Industrial purchased 5300 Sheila St. in Commerce for $121 million, or $174 per square foot. Situated on 35.8 acres, the 695,120-square-foot property features 36-foot clear heights, 118 cross-dock loading positions and nearly 4 acres of excess land accommodating storage of up to 435 trailer/containers. At the time of sale, the property was fully occupied by a credit tenant on a long-term, triple-net lease. Rexford also acquired 1190 E. Stanford Court in Anaheim for $6.1 million, or $176 per square foot. Situated on 1.4 acres, the 34,494-square-foot property features 24-foot clear heights, dock-high loading and a large fenced yard. The property was 100 percent leased to a single tenant at the time of acquisition. Additionally, the company sold 1910 and 1920 S. Archibald Ave. in Ontario for $9 million, or $116 per square foot. Originally purchased as a part of a three-building portfolio, the sale represents a planned disposition as these two 69 percent-occupied flex buildings are not …
PARK CITY, UTAH — Security Properties has purchased Elk Meadows, an affordable multifamily property located at 2627 Kilby Road in Park City, for an undisclosed price. The garden-style community comprises 96 units that are income restricted. The property was originally developed in 1993 utilizing Low-Income Housing Tax Credits from the Utah Housing Corp. A regulatory agreement tied to that original source of financing restricts the property to affordable housing through 2023. KeyBank provided a five-year, floating-rate loan for the property. Security Properties Residential, an affiliate of Security Properties, will manage the property. This acquisition is Security Properties’ first purchase in Utah.
PEORIA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Plaza Del Rio, a 128-bed skilled nursing and long-term acute care facility in the Phoenix suburb of Peoria. The seller is a Florida-based philanthropist and senior living developer that held the asset in a charitable remainder trust. The buyer is The Ensign Group, which already owned a seniors housing portfolio in the region. At the time of the sale, Plaza Del Rio was 80 percent occupied. The price was not disclosed. Amy Sitzman and Jacob Gehl led the transaction for Blueprint.
GREELEY, COLO. — ARA, A Newmark Co., has brokered the sale of University Flats, a multifamily property located at 1758 Sixth Ave. in Greeley. Greeley Flat DTS and Greeley Land LLC acquired the property from Greeley Realty Investors for $21.2 million, or $227,946 per unit. The property features 93 apartments. Andrew Hellman and Justin Hunt of ARA Newmark represented the seller in the transaction.
SACRAMENTO, CALIF. — Money360 has arranged a $5 million bridge loan for a manufactured housing community in San Francisco. The non-recourse, three-year loan features an interest-only amortization and a 46 percent loan-to-value ratio. The borrower was not disclosed.
BEVERLY HILLS, CALIF. — A joint venture between Cruzan and Cigna Investment Management has purchased an office building located at 9171 Wilshire Drive in Beverly Hills. An undisclosed seller sold the property for $69.2 million. At the time of sale, the six-story, 106,890-square-foot building was 83 percent occupied. Current tenants include Avalon Holdings, Kaplan Perrone Entertainment and Mejia & Kaplan. The buyer plans to renovate the building. Andrew Harper, Matthew Fisher and Ryan Gallagher of HFF represented the seller and procured the buyer in the deal. Additionally, Paul Brindley, Todd Sugimoto, Steven Paskover and Ryan Ashe, also of HFF, arranged a $51.5 million acquisition loan through Mesa West Capital for the buyer.