SACRAMENTO, CALIF. — A limited liability company has acquired the 60-unit Red Robin Apartments in Sacramento for $3.9 million. The community is located at 2080 Red Robin Lane. It features four studios, 26 one-bedroom units, 26 two-bedroom units and four two-bedroom townhomes. Steve Nelson and Dusty Haeling of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction.
PASADENA, CALIF. — Anda Realty Capital has purchased a 54,961-square-foot office building in Pasadena for an undisclosed sum. The seven-story building is located at 225 E. Colorado Blvd. It is situated across the street from the Paseo Colorado mixed-use development and less than two blocks from Old Town Pasadena. The property was originally built in 1912 for Citizens Savings Bank. The building’s original marble walls, wood paneling and brass finishes have been completely restored in recent years. JLL’s Tom Bohlinger and Jon Lange represented both the buyer and seller, Barker Pacific Group, in this transaction. The firm’s Brian Halpern and Alex Kane secured a bridge loan for the buyer.
SAN FRANCISCO — TH Real Estate has purchased a 59,868-square-foot creative office building in the South of Market (SoMa) neighborhood of San Francisco for an undisclosed price. The building is located at 539 Bryant St. The property was originally built in 1912 as a warehouse facility. It was converted to creative office space in 1983. The building is fully occupied by tenants like HoneyBook, Life360, Sauce Labs, HKS Architects and Gigwalk. TH Real Estate is an affiliate of Nuveen, the investment management arm of TIAA.
PUEBLO, COLO. — Hutton has started construction of a new phase of Pueblo Crossing, a shopping center just south of Colorado Springs. The center is situated on North Elizabeth Street. A 35,000-square-foot Dick’s Sporting Goods will anchor the center, which will also feature a 10,000-square-foot Ulta store, a 5,000-square-foot Maurice’s clothing store and an outparcel building with additional retailers that haven’t yet been announced. The newest phase of Pueblo Crossing will be situated on 8.2 acres. It will sit adjacent to the newly opened Dillon Drive Interstate interchange and the Colorado Department of Transportation office, which is currently under construction. Hutton plans to deliver the first phase of the project early this spring.
CHULA VISTA, CALIF. — SCA Architecture (formerly known as Smith Consulting Architects), a San Diego-based architectural firm, has completed the planning, design and construction of a repositioning at Gateway Marketplace, located at Fourth Avenue and C Street in Chula Vista. Brixton Capital is the developer of the $9.3 million remodeling project. Situated on an 8.8-acre lot, the project consisted of renovating an abandoned Target building in an existing neighborhood. The former Target store was divided into three tenant spaces. The front of the building was set back ten feet to allow for new, distinct tenant entries. Quick-serve grocery store and restaurant spaces were added to the center as well. Updated architecture and color schemes were used to update the center’s look. The existing site was enhanced with new landscaping, lighting, pedestrian walkways and a new gateway plaza. New tenants at the center include Party City, Smart & Final, Hobby Lobby and Aldi. AT&T, Little Caesar’s Pizza, Pho Hung Cali, iNails & Spa and other tenants are slated to open later this year. Scott Cairns served as principal-in-charge for SCA Architecture, with Norman Barrett as project designer and Dennis Seguban serving as project manager. Consultants included GSSI Structural Engineers as structural …
ONTARIO, CALIF. — Progressive Real Estate Partners has arranged a 15-year lease with Golden Corral for a 12,936-square-foot restaurant at 1640 E. 4th St. in Ontario. Construction is slated to begin in April and the restaurant is projected to open in late 2017. Located in the Kmart-anchored Vineyard Freeway Center, the project is located near I-10, with an average daily traffic count of 237,000 cars passing by the location. Progressive Real Estate Partners’ Paul Su marketed the property and represented both Golden Corral and the lessor in the transaction. In addition to Kmart, the 163,000-square-foot center is also home to tenants including RadioShack and Domino’s Pizza. Coupled with the new Golden Corral, the landlord is embarking upon a renovation of the 60,000 square feet of shop space that will include enhanced facades, a new color scheme and parking lot renovations.
LAS VEGAS — GTM Architects has completed design work with Sugar Factory American Brasserie at six new locations across the U.S., including its largest restaurant in Las Vegas. At 17,700 square feet on two levels, the Las Vegas location includes an indoor dining room plus two outdoor patios on both levels, a 14-seat mini-carousel leading to a private gazebo, a full service café, a bulk candy selection in the confectionary shop, and an upscale Chocolate Lounge spanning more than 3,000 square feet.
SAN DIEGO — MetroGroup Realty Finance has secured $34.3 million in acquisition financing for a 132,695 square-foot office/flex campus in the Kearney Mesa submarket of San Diego. The complex is located at 9404 Chesapeake Drive and 5775, 5785 & 5788 Roscoe Court. The borrower was Klein Investment Family Limited Partnership, which was involved in a 1031 exchange. The financing included permanent financing for a seven-year term and 25-year amortization schedule and an interest-only bridge loan floating over LIBOR for a one-year term. The campus is fully leased to Cobham Advanced Electronic Solutions, a subsidiary of UK-based Cobham PLC, a technology company for the aerospace and defense industries.
SAN FRANCISCO — A local unidentified private investor has purchased the 22-unit Mallard Pointe apartment complex in the San Francisco submarket of Belvedere has sold to a for $18.2 million. The community is located at 1-22 Mallard Drive. Mallard Pointe was built in 1951 and has been renovated several times during the past five decades. The property is situated on Belvedere Lagoon, directly across from Angel Island, a California state park. Ryan Wagner of Colliers International and Matt Wagner of Paragon Commercial represented both parties in the transaction. The seller was a local private investor who owned the property for almost 80 years.
SAN JOSE, CALIF. — DivcoWest has acquired 2 West Santa Clara, an 83,896-square-foot historic office building in downtown San Jose, for an undisclosed sum. The building is situated at the corner of West Santa Clara and North First streets. The property was built in 1910 and expanded in 1927 with the addition of a nine-story annex. The asset has been extensively renovated within the past few years. DivcoWest plans to carry out a full rehabilitation to provide smaller tenants with the opportunity to have a full-floor presence. The space served as one of the first examples of steel-framed office construction in California. It was originally the home of First National Bank. The property was also the headquarters for Bank of the West and, later, lumber company Pacific States Industries. Ritchie Commercial represented the buyer and seller in this transaction. The acquisition is part of a joint venture with an investment group led by Gary Dillabough.
