DENVER — A partnership between Investcorp and Griffin Partners has purchased a 10-building office/flex portfolio in Denver for $78.5 million. The portfolio includes 345 Inverness Drive S. and Arapahoe Business Park, comprising a total of 484,737 square feet. The Inverness property is a three-building, 175,287-square-foot complex that was built in 2001. Arapahoe Business Park is a seven-building complex that was completed in two phases from 1998 to 2001. The park contains a total of 309,450 rentable square feet and is situated at the entrance to Centennial Airport Center. Both projects sit east of Interstate 25. The assets are 95 percent leased to 15 tenants. The tenant roster is composed of companies within the technological, research and development, laboratory testing, light manufacturing, distribution and automotive fields. NGKF’s Dave Tilton, David Lee and Jason Addlesperger represented the seller, Hines REIT, in this transaction. The NGKF team was retained to lease and manage the portfolio.
ONTARIO, CALIF. — Marcus & Millichap has arranged a $7 million refinancing for Ontario Village, a shopping center located in Ontario. The loan was structured with a five-year term amortized over 25 years with an adjustable interest rate of 4.75 percent. The 97,384-square-foot property is 75 percent occupied. Sharone Sabar of Marcus & Millichap’s Encino, Calif., office secured the debt placement for the undisclosed borrower.
LOS ANGELES — Shammas Group is developing a new Toyota dealership at the corner of Figueroa Street and Washington Boulevard in downtown Los Angeles. The four-story, 290,000-square-foot facility will feature a 22,600-square-foot, two-story showroom with a vehicle display, a 40-bay below-grade service department, and a wholesale and retail parts boutique. The project is slated for completion in fall 2017. Trammell Crow Co. is developing the building, PDS Architects is serving as project architect, ConAm Building Co. is serving as the contractor and Ware Malcom is overseeing interior design and tenant improvement.
VALENCIA, CALIF. — NAI Capital has arranged the $3.6 million sale of a Red Lobster property located at 27524 The Old Road in Valencia. Simonian Family 2008 Trust acquired the 9,487-square-foot property as a single-tenant, net-leased, fee-interest investment from Marquis Valley View LLC. Situated on 1.1 acres, Red Lobster has occupied the property since 1986. Yair Haimoff, Randy Cude and Steve Body of NAI Capital represented the seller in the transaction.
ROLLING HILLS ESTATES, CALIF. — Two restaurants have joined Peninsula Shopping Center at 67 Peninsula Center in Rolling Hills Estates. Habit Burger Grill and Chipotle Mexican Grill both opened 2,500-square-foot restaurants across from the Pavilions. The fast-casual chain Habit Burger Grill focuses on its signature Charburgers, salads, sandwiches, shakes and french fries. Chipotle Mexican Grill specializes in Mission burritos, tacos, bowls and salads. Peninsula Shopping Center features more than 45 stores and eateries.
PHOENIX — Gardner Capital Development has announced plans for El Caro Seniors Residence, an $18 million, 102-unit affordable seniors housing property in Phoenix. The Arizona Department of Housing has reserved low-income housing tax credits (LIHTC) for the project. Construction of the five-acre development, named after the former golf course located at the site, is scheduled to begin in the first quarter of 2017, with completion expected 15 months later. All units will be leased to seniors earning generally between $18,000 and $34,000 per year, with a mix of apartments set aside at 40 to 60 percent of the Metro Phoenix median income. A quarter of the units will be reserved for seniors or family members with developmental disabilities. Gardner will serve as lead developer. Reid Butler and Scott Davis will serve as additional advisors to the project. The United Cerebral Palsy Association of Central Arizona will provide supportive services for the housing community when completed. Gardner Capital is an affordable housing and renewable energy tax credit development, syndication and investment company with offices located in St. Louis, Dallas, San Francisco, Atlanta and Springfield, Mo.
KENT, WASH. — Togo’s Eateries LLC is has opened the first of several locations planned in Washington State. The first restaurant is located at Kent Station in Kent, Wash. Togo’s Eateries was founded in 1971 by a college student, and now has more than 300 locations open and under development throughout the West.
GLENDALE, ARIZ. — Lee & Associates has arranged the $8.7 million sale of North Canyon Ranch, a 70,428-square-foot, Goodwill-anchored shopping center located in Glendale. Pat Dempsey and Jan Fincham of Lee & Associates represented the seller, PLC Pinnacle Peak LLC, in the transaction. First Ave/Wetmore Office Plaza LLC acquired the property through a 1031 exchange.
BOISE — Home furnishings retailer West Elm recently opened its first Idaho store in downtown Boise. The location is 14,158 square feet. West Elm incorporated wooden “Tater Blocks” salvaged from the renovation of Simplot’s Caldwell-based potato storage facility into the store’s custom interior design. The blocks, once used as industrial flooring for potato storage facilities, have been repurposed to create an art installation at the new store. Headquartered in Brooklyn, N.Y., West Elm opened its first store in 2003 in DUMBO, the neighborhood it still calls home. The brand operates 87 retail stores in the United States, Australia, Canada and the United Kingdom, and ships internationally. The company also operates stores in Mexico, the Middle East and Philippines through unaffiliated franchisees. West Elm is a member of the Williams-Sonoma Inc. portfolio of brands.
BROOKINGS, ORE. — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the $1 million sale of Macklyn Place, a 36-unit assisted living community in Brookings, located along the Pacific Coast near the California border. A regional operator and developer purchased the property from a national owner/operator looking to divest non-core assets. Sold as a value-add opportunity, the buyer plans to add memory care services at the property. The sales price equates to $30,000 per unit. Ben Firestone, Jacob Gehl and Trent Gherardini were lead advisors on this transaction.