LOS ANGELES — A local buyer has purchased a 30-unit apartment building in Santa Monica for $23.8 million. The community is located at 153 San Vincente Blvd. The asset was built in 1967. It was sold at auction after several months in bankruptcy court. Bidding began at $21 million. The building will begin a remodeling process, during which time current tenants in the 13 occupied units will be relocated. The buyer has plans to rehab all of the units, upgrade electrical and plumbing, construct a new rooftop observation deck, install a new pool and boost overall curb appeal. Shiva Monify of SVN- Rich Investment Real Estate Partners represented the buyer.
ESCONDIDO, CALIF. — Badiee Development and Exeter Property Group have partnered to develop a 10.9-acre industrial campus in Escondido. The campus will be located at 1925 and 2005 Harmony Grove Road. Construction on the campus is set to commence in the fourth quarter of 2017 with a completion date of summer 2018. Badiee sold the two industrial land parcels to Exeter Property Group. The group plans to develop a 200,000-square-foot industrial distribution building on the site in conjunction with Badiee as the project developer. Mike Erwin of Colliers International represented Badiee Development, while the firm’s Chris Holder and Mark Lewkowitz represented Exeter Property Group in this transaction.
CARSON CITY, NEV. — A limited liability company has acquired the 130-unit Tanglewood Village Apartments in Carson City for an undisclosed sum. The community is located at 919 S. Roop St. It is situated near Interstate 580 and U.S. Route 50. Amenities include a swimming pool, sundeck, tennis courts and a fitness center. It was built in 1978 to condominium specifications. Kenneth Blomsterberg, Ryan Rife and Benjamin Nelson of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction.
CARLSBAD, CALIF. — RAF Pacifica Group has announced plans to develop an 83,000-square-foot distribution facility in Carlsbad. The San Diego Hat Co. acquired the 7.5-acre site for $5.8 million. The headwear and accessories brand has an agreement in place for RAF to develop the building with TFW Construction as the general contractor. It is scheduled for completion in the second quarter of 2018. Aric Starck of Cushman & Wakefield represented RAF Pacifica Group in all real estate negotiations affiliated with this site. Brokers Rich Porreco and Glenn Friedrich of Cresa represented San Diego Hat Co.
SEATTLE AND AUSTIN, TEXAS — Amazon (NASDAQ: AMZN) has officially closed its $13.7 billion acquisition of Whole Foods Market. The first order of business for the e-commerce giant is making the Austin-based grocer’s high-quality and organic food more affordable for its shoppers. Beginning yesterday, Whole Foods Market now offers lower prices on selected grocery staples across its stores, with more to come. These include fair-trade bananas, organic avocados, organic large brown eggs, organic salmon and tilapia, organic baby kale and baby lettuce, animal-welfare-rated 85 percent lean ground beef, creamy and crunchy almond butter, organic Gala and Fuji apples, organic rotisserie chicken and organic butter. “We’re determined to make healthy and organic food affordable for everyone,” said Jeff Wilke, CEO of AmazonWorldwide Consumer, in a statement. “We will lower prices without compromising Whole Foods Market’s long-held commitment to the highest standards.” Due to Amazon’s reputation and ability to deliver on its promises, other grocers are watching closely as Whole Foods transitions to the new model, according to Rick Scardino, principal of Lee & Associates’ Chicago office. “Most grocers will be concerned for obvious reasons as to Amazon’s plan to lower pricing because that will shrink already tight margins in the grocery …
RIVERSIDE, CALIF. — MAT Holdings Inc. has purchased a 303,100-square-foot industrial building in Riverside for $28.2 million. The Class A facility is located at 6975 Sycamore Canyon Blvd. The company plans to use the building as its West Coast distribution center. The seller was Investment Building Group.
PORTLAND, ORE. — Bentall Kennedy has purchased the Oregon Clinic Gateway Medical Office Building in Portland for an undisclosed sum. The 101,299-square-foot building is located at 1111 N.E. 99th Ave. It was built in 2006. The facility is fully leased as medical offices, day surgery, on-site diagnostic imaging and laboratory centers. This is the firm’s first medical office building investment in Portland.
PEORIA, ARIZ. — A joint venture between Henley USA and Modern Residential Co. has purchased the 216-unit Sonoma Pines apartments in Peoria for $19 million. The community is located at 8650 W. Peoria Ave. It was built in 1984. David and Steve Gebing of Institutional Property Advisors represented the buyer and seller, Mentor Properties, in this transaction.
POMONA, CALIF. — Integrity Housing has opened Olivera Senior Apartments, an 84-unit affordable seniors housing community in the Los Angeles suburb of Pomona. The property is already fully leased. Residents must be seniors making between 30 percent and 60 percent of the area median income. Five units are reserved for veterans using Veterans Affairs Supportive Housing (VASH) vouchers. Integrity financed Olivera using 9 percent Low Income Housing Tax Credits and funding from the Federal Home Loan Bank Affordable Housing Program. US Bank provided the construction loan, California Community Reinvestment Corporation provided the permanent loan and City Real Estate Advisors is the tax credit equity partner. Integrity Housing developed the property in partnership with Mayans Housing Corp. KTGY Architecture + Planning and MJS Landscape Architecture designed the property. FPI Property Management operates the property, and has partnered with EngAGE to provide arts and wellness programming for residents.
LAS VEGAS — The Greater Las Vegas Association of Realtors (GLVAR) has sold its local headquarters for $2.7 million. The office is located at 1750 E. Sahara Ave. GLVAR has leased the space back from the new owner, Laborers’ International Union North America (LIUNA), until its new facility is built on Rainbow Boulevard, just north of Sunset Road. David R. Scherer of Newmark Grubb Knight Frank represented GLVAR, while Peter Guzman represented LIUNA.