LAS VEGAS — Harsch Investment Properties has purchased Patrick Airport Center, a 57,838-square-foot industrial property in Las Vegas, for an undisclosed sum. The business park is located at 2900 E. Patrick Lane, on the edge of McCarron International Airport. Joe Leavitt and Chris Lexis of Avison Young represented the undisclosed seller.
SAN DIEGO — Norm Blumenthal has purchased a seven-unit apartment complex in the San Diego submarket of Pacific Beach for $2.3 million. The community is located at 835-41 Agate St. Gary Urtiaga of Apartment Realty Group and Dylan Wright of ACRE represented Blumenthal. Dennis Leslie of ACI represented the seller, Stevens Family Trust – care of Elizabeth Dunn, in this transaction.
LAKEWOOD, CALIF. — Advanced Real Estate Services (ARES) has purchased the 149-unit Olivewood Apartments in Lakewood for $30.9 million. The community is located at 5800 South St. Olivewood Apartments was built in 1976. The property has never undergone a renovation. ARES plans to completely renovate and rebrand the community as The 5800 Apartment Homes. ARES assumed a loan worth approximately $16 million. The company plans to add $6 million in improvements to the property. Dean Zander of Berkadia executed the sale. The seller was Interstate Equities Corp.
SAN FRANCISCO — Dougherty Funding LLC has provided $22.8 million in financing for a 169-room Comfort Inn & Suites Hotel in San Francisco. The hotel is situated in south San Francisco, about three miles north of San Francisco International Airport. It was built in 1986 and was renovated last in 2010. About $2.4 million of the loan proceeds will be used to renovate the hotel. Dougherty Funding served as lead lender and servicer for the loan.
IRVINE, CALIF. — Saint Marina Coptic Church has purchased an 11,500-square-foot industrial property in Irvine for $2.8 million. The property is located at 3 Wrigley, within the Irvine Spectrum. Saint Marina Coptic Church will use the building for its administration operations. The church occupies space in an adjacent building as well. NGKF’s David Kluver represented the seller, Hunter Julian Properties, which was previously the owner-occupier.
COLTON, CALIF. — Progressive Real Estate Partners has arranged the $1.9 million sale of Bluffs Crossing, a 6,167-square-foot retail property located at 1231 E. Washington St. in Colton, Calif. Greg Bedell of Progressive represented the seller, a Sherman Oaks-based private investor, in the transaction. Fred Furey, an independent Huntington Beach-based broker, represented the buyer, a Chino Hills-based private investor. Tenants at the center include Premier Insurance, U-Haul and Pizza Q.
LAS VEGAS — In-N-Out Burger will open a new location in The LINQ Promenade, Caesars Entertainment’s open-air shopping, dining and entertainment district located at the center of the Las Vegas Strip. It will be the fast-food company’s first location on the strip. The LINQ Promenade was the first open-air space in Las Vegas that offered a shopping, dining and entertainment district to guests with many first-to-the-market outlets, according to the developer.
LOS ANGELES — The developers of The Bloc, a 1.1 million-square-foot office, retail and hospitality redevelopment in downtown Los Angeles, have received a $225 million permanent loan to finance the project. The Bloc is located at 700 S. Flower Street. The site was originally built in 1973 as a traditional mall. The redevelopment will transform the space into an open-air urban complex. It will be the largest mixed-use property in Los Angeles, according to developers The Ratkovich Company, National Real Estate Advisors and Blue Vista Capital. The Bloc is scheduled to open this summer. A renovated flagship Macy’s will anchor the center. The Bloc will also offer a variety of artisanal retailers and restaurants, as well as creative-leaning office space and a newly renovated, 496-room Sheraton Los Angeles Downtown. The new loan replaces an existing CMBS loan inherited when the property was purchased in 2013, with a final payoff amount of about $121.6 million. It also provides additional proceeds to finalize the redevelopment and fund leasing costs at the property. “This financial commitment lends further credence to the vibrant revitalization underway in downtown and lays the foundation for continued growth in the decades ahead,” says Jeff Kanne, president of National …
LAS VEGAS — The University of Nevada Las Vegas (UNLV) and The Midby Cos. have begun construction on a three-phased redevelopment of the University Park Apartments, a garden style apartment community located at the north end of campus. UNLV purchased the property, which will be converted into on-campus student housing, in 2015 and The Midby Cos. have entered into a 40-year ground lease to redevelop and operate the property. The Midby Cos. will invest $76 million into creating the community, called U District. Phase I of development, which is currently underway, includes the demolition of existing structures and the construction of The Degree, a 758-bed housing community expected for completion in fall 2017. The Degree will offer fully furnished two-bedroom double occupancy, two-bedroom single occupancy and four-bedroom single occupancy units with private bathrooms. Each unit features a washer and dryer, kitchen, balconies and air conditioning. Community amenities include fitness centers, study and team rooms, media and social lounges and a 2,000-square-foot resort-style pool with lounge areas, cabanas and grill stations. Within the next 10 years, the remainder of U District will be redeveloped in two more phases. The remaining units for Phase II and III are currently being renovated and …
PHOENIX — AFS Technologies has renewed its lease for office space at Park One in Phoenix. The Class A space is located at 2141 E. Highland Ave., within the Camelback Corridor. It was built in 1982 and renovated in 2014. The retail and supply chain solutions company uses this space as its corporate headquarters. It has occupied the building since 2007. Craig Coppola and Bill Blake of Lee & Associates represented AFS. Matthew Kaufold of the same firm represented the landlord, McCarthy Cook & Co., in this transaction.
