Western

Talmadge Gateway Buys Retail Center in San Diego for Conversion to Seniors Housing

by Nellie Day March 23, 2016

SAN DIEGO — Talmadge Gateway LP has acquired a 35,183-square-foot retail center in the San Diego submarket of Talmadge for $2.5 million. Wakeland Housing and Development Corp. will redevelop the site to incorporate a mix of retail and affordable residential units for disabled seniors. Alessio Leasing Corp. sold the property, which includes three parcels. Ricardo Lopez and Keith Courtney of San Diego-based brokerage firm ACI Apartments represented both the buyer and the seller in the transaction. The property was acquired with a mix of public and private financing, including a loan from the San Diego Housing Commission and Wells Fargo bank. Renee Marshal of Chicago Title Co. handled escrow. Chris Ghio of Chicago Title handled the title insurance.

March 23, 2016

Multifamily Oregon Western

Park Place Apartments in Eugene Sells for $4.2M

by Nellie Day March 23, 2016

EUGENE, ORE. — Park Place Eugene LLC has purchased the 24-unit Park Place Apartments in Eugene for $4.2 million. The community is located at 877 E. Park St. It is situated less than two miles from the University of Oregon campus.

March 23, 2016

Arizona Office Western

Robert C. Penney Buys Parkwood Professional Plaza in Phoenix for $3.2M

by Nellie Day March 23, 2016

PHOENIX — Robert C. Penney has acquired Parkwood Professional Plaza, a 73,514-square-foot medical office plaza in Phoenix, for $3.2 million. The plaza is located at the intersection of 19th Avenue and Missouri Avenue. The property was 40 percent occupied at the time of sale. The new owner plans to implement a capital improvement program before flipping the asset. Nick Miner of ORION Investment Real Estate represented the seller, Parkwood Commercial Properties LLC.

March 23, 2016

California Industrial Western

LAU Enterprises Relocates to Warehouse in Los Angeles

by Nellie Day March 23, 2016

LOS ANGELES — LAU Enterprises has relocated to a 32,356-square-foot warehouse distribution space in the Los Angeles submarket of North Hills. The new space is located at 8321 DeCelis Place. The wholesale picture frame distributor was previously located at Mission Industrial Park in Van Nuys. The new space will serve as the company’s warehouse and corporate headquarters. Matt Ehrlich of NAI Capital represented LAU Enterprises in this transaction.

March 23, 2016

California Western

Coldwell Banker Commercial Sudweeks Group Merges with Coldwell Banker Commercial Inland Empire

by Nellie Day March 23, 2016

ONTARIO, CALIF. — Coldwell Banker Commercial Sudweeks Group has completed its merger with Coldwell Banker Commercial Inland Empire. The combined entities will now operate as Coldwell Banker Commercial SC (CBC SC). The new company claims it will be one of the largest commercial real estate firms in Southern California, with offices in San Diego, Ontario, Temecula and Redlands. CBC SC currently houses 40 full-time commercial real estate advisors specializing in industrial, office, retail, multifamily, land and investments. CBC SC plans to expand its market share and recruit heavily in the Southern California markets in the next few years. Dan Richards, the company’s chairman of the board, will help train and recruit new agents.

March 23, 2016

California Office Western

Lincoln Property Company Reacquires Office Tower in Los Angeles

by Nellie Day March 22, 2016

LOS ANGELES — Lincoln Property Company has purchased a 22-story office tower in Downtown Los Angeles that it had previously sold in 2007. The latest purchase price was not disclosed. The Class A asset is located at 915 Wilshire Blvd. It is situated across the street from the 73-story Wilshire Grand Center. Lincoln plans to renovate 915 Wilshire by updating the ground-floor lobby and valet area. It will also redesign the outdoor patio space, as well as replace elevators and dated building systems. Though the firm previously sold the 390,312-square-foot property to Brickman Associates, it stayed on as the tower’s property manager and leasing agent. The tower was built in 1980. It is currently 88 percent leased. Kevin Shannon of Newmark Grubb Knight Frank executed the deal.

March 22, 2016

California Office Western

JOSS Realty Partners Acquires Napa Square in Downtown Napa for $39.3M

by Nellie Day March 22, 2016

NAPA, CALIF. — JOSS Realty Partners has acquired Napa Square, a 65,848-square-foot mixed-use asset in downtown Napa, for $39.3 million. Originally built in 1957 and redeveloped in 2009, Napa Square is LEED Gold certified and features 41,010 square feet of office space and 24,848 square feet of ground-floor retail. Wells Fargo, Charles Schwab, U.S. Bank and UPS occupy the 92 percent leased center along with anchor tenants Oenotri, a southern Italian restaurant, and The Norman Rose Tavern, a neighborhood pub. Nicholas Bicardo, Scott Pertel, Danny Reddin and Brandon Rogoff of HFF represented the seller, CDI Companies, in the transaction. Jordan Angel of HFF secured a $22.3 million acquisition loan with J.P. Morgan Asset Management on behalf of JOSS.

March 22, 2016

Colorado Loans Multifamily Western

Mountain View at Palisade Park in Denver Receives $30.5M in Construction Financing

by Nellie Day March 22, 2016

DENVER — HFF has arranged $30.5 million in financing for construction of the 216-unit Mountain View at Palisade Park in the Denver submarket of Broomfield. The community will be located at the southwest corner of 169th Avenue and Huron Street. The property will contain eight residential buildings with one-, two- and three-bedroom units averaging 909 square feet once it’s completed in 2017. HFF’s Josh Simon and Kristian Lichtenfels placed the construction loan with a regional bank on behalf of MountainView Capital.

March 22, 2016

Hospitality Idaho Loans Western

PMZ Arranges $27M Refinancing for Boise Airport Hotel Portfolio

by Nellie Day March 22, 2016

BOISE, IDAHO — PMZ Realty Capital has arranged a $27 million refinancing for a four-property hotel portfolio in Boise. The Boise Airport Hotel Portfolio includes the Fairfield Inn by Marriott Boise, Hampton Inn Boise – Airport, Holiday Inn Boise Airport and the La Quinta Inn & Suites Boise Airport. The portfolio contains more than 300 hotel rooms.

March 22, 2016

California Retail Western

Progressive Real Estate Negotiates $5.8M Sale of Retail Center in Moreno Valley

by Nellie Day March 22, 2016

MORENO VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of Plaza De Majorca, a shopping center located at 12220 Pigeon Pass Road in Moreno Valley. A Gardena, Calif.-based private investor acquired the asset from Continental Investment Group for $5.8 million. Circle K and Farmer Boys anchor the 38,872-square-foot retail center. Greg Bedell , Paul Su and Brad Umansky of Progressive Real Estate Partners represented the seller, while William Larson of Sonnocco Real Estate Group represented the buyer in the transaction.

March 22, 2016

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