GARDEN GROVE, CALIF. — CapRock Partners has purchased two industrial properties in Garden Grove for a total of $9.4 million. The assets are located at 7180 Lampson Ave. and 12570 Industry St. The two properties occupy one parcel and comprise a total of 76,888 square feet. CapRock plans to refurbish both the occupied 39,200-square-foot building on Lampson and the vacant 37,688 square-foot property on Industry. CBRE’s Steve Young, Bob Goodmanson and Brad Schneider represented both CapRock Partners and the seller, a local investor, in this transaction.
LOS ANGELES — MWest Holdings has purchased the Park Wilshire Apartments in Los Angeles for an undisclosed sum. The community is located at 2424 Wilshire Blvd. Park Wilshire originally opened in 1924 as a residential hotel. MWest plans to renovate the space. Greg Harris, Ronald Harris, Paul Darrow and Joseph Grabiec of Marcus & Millichap’s Institutional Property Advisors represented the buyer.
LAKEWOOD, COLO. — An unnamed buyer has acquired the 12-unit Cedar Creek apartments in Lakewood for $2.3 million. The community is located at 8721- 8761 W. Hampden Ave. Cedar Creek was built in 2007 and 2008. The acquisition equates to $193,833 per unit and $135.29 per square foot. Josh Newell and Connor Knutson represented both the buyer and local seller in this transaction.
REDMOND, WASH. — Hayman Advisors has purchased Redmond Woods, a Microsoft-anchored, 145,221-square-foot office complex in Redmond, for $37 million. The complex is located at 5000, 5010 and 5020 148th Ave. NE. It includes three buildings that are fully occupied by seven tenants, including Microsoft Corp. The property is also adjacent to Microsoft’s world headquarters. NGKF’s Kevin Shannon and Michael Moll, with the assistance of CBRE’s Lou Senini and Tom Pehl, represented the seller, Clarion Partners, in this transaction.
NEWPORT BEACH, CALIF. — R.D. Olson Construction has started construction of the 130-room Lido House Hotel in Newport Beach. It will be situated next to Lido Marina Village at the gateway to the Balboa Peninsula. The property will be part of Marriott International’s Autograph Collection. The hotel will feature 4,000 square feet of meeting rooms, a ballroom, events lawn, saltwater pool with television- and data-equipped private cabanas and a brick monument fireplace, high-end fitness center, and Boost, the hotel’s luxury spa. Lido House Hotel’s exterior amenities will also include an exterior courtyard along Newport Boulevard. The hotel will feature upscale called Mayor’s Table, and a rooftop deck and lounge named Top Side. Construction on the hotel should be complete in summer 2017.
PHOENIX — Benjamin Covaciu has acquired the 115-unit Lincoln Village apartments in Phoenix for $6.1 million. The community is located at 2211 W. Campbell Ave., within the Black Canyon Corridor. It was built in 1980. The seller was Arie de Jong. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers executed the transaction.
LOS ANGELES — A private partnership has purchased a 22-unit apartment building in East Hollywood for $4.2 million. The community is located at 3933 Marathon St. It was built in 1990. The fully occupied complex is not rent controlled. Bryan Glenn of Charles Dunn Co. represented both the buyer and seller, a local private investment company in a 1031 exchange, in this transaction.
NAPA, CALIF. — An unnamed buyer has acquired Greenwood Business Center, a 226,044-square-foot distribution warehouse building in Napa, for an undisclosed sum. The Class A warehouse was fully leased to Adams Wine Group. It was built on spec in December 2015. New York Life Real Estate Investors sold the property on behalf of McMorgan Northern California Value Add/Development Fund.
SAN FRANCISCO — NorthMarq Capital has arranged a $70 million refinancing for an apartment project in Silicon Valley. The recently completed property required a short-term bridge loan structured with an interest-only feature. NorthMarq’s John Kerslake arranged financing for the borrower through a life insurance company relationship.
CERRITOS, CALIF. — HFF has secured a $66 million refinancing for Plaza 183, a 360,875-square-foot, open-air retail center located in the Los Angeles suburb of Cerritos. The property began an extensive renovation in 2014, most of which was completed in 2015, with more renovations scheduled to begin later this year. The center is over 97 percent leased to tenants including Burlington Coat Factory, Nordstrom Rack, Saks Off Fifth, T.J. Maxx, Buffalo Wild Wings, Guitar Center, Olive Garden, Old Navy, Off Broadway, Jersey Mike’s, Lane Bryant and 24-hour Fitness. Paul Brindley, Eric Tupler and Steven Paskover of HFF worked on behalf of the borrower, Cerritos Retail CenterCal LLC, to secure the 10-year, fixed-rate loan with Principal Life Insurance Co. Principal Real Estate Investors advised the lender in the transaction. Loan proceeds are being used to refinance the original acquisition and renovation financing.