SPARKS, NEV. — Brennan Investment Group has purchased a seven-building industrial portfolio in Sparks for an undisclosed sum. The portfolio contains a total of 584,866 square feet. Sparks is the largest industrial submarket in the Reno metropolitan area, according to the firm.
VISTA, CALIF. — La Mirada Drive LLC has acquired Thibodo Ranch Business Center, a 53,572-square-foot industrial business park in the San Diego submarket of Vista, for $7.5 million. The park is located at 2330, 2332, 2336 La Mirada Drive. The LLC plans to stabilize the project and hold as a long-term investment property. Isaac Little, Marko Dragovic, Matt Weaver and Al Apuzzo of Lee & Associates – North San Diego County represented the buyer. Little, Dragovic and Larry Strickland represented the seller, Thibodo Ranch LLC, in this transaction.
CHANDLER, ARIZ. — VenSure Employer Services has leased 25,000 square feet at Chandler Freeway Crossing. The Class A office space is located in Building One at the intersection of the Loop 101 and Loop 202 freeways in Chandler. All three buildings at Chandler Freeway Crossing are now fully occupied. VenSure will relocate from Mesa to the new space this September. Hani Aldulaimi of KW Commercial represented the firm. JLL’s Dave Seeger, Karsten Peterson, Mark Gustin and Elizabeth Collins are the exclusive leasing brokers for Chandler Freeway Crossing and represented Mark IV Capital in the lease transaction.
ARVADA, COLO. — An unnamed buyer has purchased a 20-unit apartment building in Arvada for $2.4 million. The community is located at 5351-5361 Everett St. It was originally built in 1961 and renovated in 2014. The building is just off West 52nd Avenue near Olde Town Arvada. Josh Newell of Pinnacle Real Estate Advisors’ The Newell Team represented the buyer. The firm’s Jeff Johnson and Matt Ritter of the Johnson Ritter Team represented the seller in this transaction.
ONTARIO, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Terracina Apartment Homes for $142.1 million or $193,000 per unit. Terracina Apartment Homes a 736-unit garden-style apartment community located in Ontario, approximately 40 miles east of Los Angeles. A joint venture partnership between MG Properties Group and Rockwood Capital sold the property, which is located on two parcels totaling 41.3 acres. The complex, located at 3303 S. Archibald Ave., is situated within Ontario Ranch, an 8,200-acre master-planned community. Terracina Apartment Homes was built in 1988 and features amenities such as a resort-style pool, spa, lounge and fitness center. A team comprised of Greg Harris, Stewart Weston, Kevin Green, Alexander Garcia Jr., Joseph Grabiec, Christopher Zorbas, David Sperling and John Montakab of IPA represented the seller. MG Properties Group is a privately owned West Coast real estate owner and operator specializing in multifamily assets. Rockwood Capital LLC is a real estate investment management firm that provides equity capital combined with real estate operating expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research throughout the United States.
FORT COLLINS, COLO. — Ft. Collins Multifamily III DST has acquired The Preserve at the Meadows, a 220-unit apartment complex in Fort Collins, for $46.1 million. The community is located at 350 Riva Ridge Drive, adjacent to the MAX bus rapid transit line. Jeff Slinde and Bert Slinde of Slinde Realty represented the buyer. Jake Hallauer and Ryan Schaefer of Chrisland Real Estate Companies represented the sellers, The Preserve at the Meadows Ltd., SC Residential LLC and multiple other entities, in this transaction.
REDMOND, WASH. — Ascentis Real Estate Partners has acquired the Redmond Technology Center, a 101,855-square-foot creative office building in Redmond, for an undisclosed sum. The Class A building is located at 18300 Redmond Way, 15 miles east of downtown Seattle. Redmond Technology Center is situated within walking distance of Whole Foods, Peet’s Coffee, Jimmy John’s and Chipotle Mexican Grill. It was built in 2008. The transaction was completed through the company’s equity fund, Diversified International Partners.
NEWBURY PARK, CALIF. — CBRE has arranged the $15.3 million sale of the Terrace, a two-level, 39,634-square-foot shopping center located in Newbury Park. Tenants at the fully occupied property include Orangetheory Fitness, Hot Yoga 1000, Road Runner Sports and Bottle and Pint. Philip Voorhees, Jimmy Slusher, Megan Wood, Matt Burson, Todd Goodman, John Read and Preston Fetrow of CBRE represented the seller, a Los Angeles-based private investor, in the transaction. A Los Angeles-based private investor partnership acquired The Terrace with funds from the refinancing on a long-held multifamily property in the nearby San Fernando Valley.
RENO, NEV. — The Bendetti Company has purchased a 631,115-square-foot industrial campus in Reno for an undisclosed sum. The Class B property contains three single-tenant and three multi-tenant buildings for a total of nine fully occupied units. The units range from 12,220 to 149,600 square feet. The property also contains a 12,220-square-foot cold-storage unit. Bendetti was able to complete the all-cash transaction using short-term financing from its partner, JCR Capital. The project was then recapitalized for a longer hold period with Reinsurance Group of America acting as the equity provider. Wells Fargo financed the debt. Both RGA and Wells Fargo were sourced through HFF. Bendetti also recently purchased the 165,000-square-foot Spice Island multi-tenant industrial building in Sparks for an undisclosed sum.
WEST LOS ANGELES — Hudson Pacific Properties Inc. has agreed to acquire a 500,475-square-foot office tower in West Los Angeles for $311 million. A fund managed by Blackstone is selling the Class A property, known as the Brentwood Center or Wells Fargo Center, which is located at 11601 Willshire Blvd. The building, which is currently 83 percent occupied, has served as Hudson Pacific’s corporate headquarters since 2010. Hudson leases 20,000 square feet in the building, which also includes tenants First Pacific Advisors and Genter Capital, according to CoStar. The office tower was built in 1983 and features a travel agency, Trimana Café, on-site property management and full service gym, according to Loopnet. Hudson Pacific recently sold One Bay Plaza in Burlingame, Calif. for $53.4 million and plans to use the proceeds to help pay for the acquisition. The company also expects to be repaid on a $28.5 million note for the Broadway Trade Center. The company expects to fund the remaining balance with a combination of funds from its revolving credit facility, project financing and private placement proceeds. “Our team’s long history of occupancy and prior ownership of 11601 Wilshire Blvd. provided a competitive edge to understanding the value creation potential for …