MESA and APACHE JUNCTION, Ariz. — Lancaster Pollard has advised on the sale of two American Orchards Senior Living communities in Arizona for an undisclosed price. Madison Realty Cos. purchased the communities, both located in the Phoenix suburbs and offering assisted living and memory care. The Mesa location was built in 2010 and the Apache Junction location was built in 2012. American Orchards plans to focus its efforts on its newest development in nearby Gilbert. Lancaster Pollard managing directors Jason Dopoulos and Chad Elliott led the transaction.
LOS ANGELES — Micropolitan has purchased a half-acre site in Los Angeles for $11.1 million. The plot will house the new SixThirtyNine apartment project located at 639-645 N. Fairfax Ave. in the city’s Fairfax Village District. HFF’s Blake Rogers represented the seller, Ness Holdings, in this transaction.
SUNNYVALE, CALIF. — GI Partners has acquired a 75,000-square-foot data center in Sunnyvale for an undisclosed sum. The facility is located at 825 Stewart Drive. The acquisition was made through DataCore, a $500 million real estate fund GI Partners manages on behalf of the California State Teachers’ Retirement System (CalSTRS). The Class A office and R&D property was developed in 1968. It was repositioned in 2002 and 2015. The property is fully leased to a prominent technology company.
SAN DIEGO — Cross Development has purchased a 29,477-square-foot manufacturing facility in the San Diego submarket of San Marcos for $3.5 million. The facility is located at 185 Vallecitos De Oro. Caliber Collision, a collision repair provider, will occupy the property. CBRE’s Jason Reed and Jeff Drew of Retail Insite represented Cross Development. Trent France, Isaac Little, Marko Dragovic and John Perrillo of Lee & Associates – North San Diego County and Don Grant of Cushman & Wakefield represented the seller, Nelson Family Trust, in this transaction.
SAN DIEGO – Santa Margarita Properties I LLC has purchased a six-unit apartment complex in the San Diego submarket of Pacific Beach for $2.3 million. The community is located at 2009-2013 Oliver Ave. The space was renovated in 2015. The sale was completed as part of a 1031 exchange. Terry Moore of ACI Apartments represented the buyer. Chris Robinson, Ken Herskind and Dylan Wright of ACRE Commercial represented the seller, 2009 Oliver Avenue LLC, in this transaction.
TEMECULA, CALIF. — The University of Redlands has signed a 66-month lease for 9,561 square feet of office space at Garrett Corporate Center in Temecula. The Class A building is located at 1 Betterworld Circle. The university will open its new space on July 1. Corey Martin and Matt Shaw of Legacy Properties Group represented the landlord.
GLENDALE, ARIZ. — CBRE has arranged a $19.7 million loan for the acquisition of MorningStar at Arrowhead, an 85-unit assisted living and memory care community in the Phoenix submarket of Glendale. The borrower is a joint venture between MorningStar Senior Living, Oakwood Real Estate Partners and Confluent. MorningStar developed the property, which opened in September 2015. The company will continue to operate the community after the transaction. The non-recourse, floating-rate loan features a three-year term, 36 months of interest-only payments and an all-in rate below 3 percent. A national bank provided the capital. Aron Will, vice president of CBRE National Senior Housing, arranged the financing. Oakwood is a commercial real estate private equity firm located in Denver. Confluent is a full-service real estate investment and development company, also based in Denver.
PHOENIX — Curtis Capital Group has purchased the 124-unit Barrington Regent apartment complex in Phoenix for $11 million. The community is located at 825 W. Osborn Road. It is less than a mile from the Metro Light Rail and about one mile from the Downtown Phoenix Corridor. Top employers in the area include both city and state governments, as well as TGEN Bioscience Research. Barrington Regent was built in 1980. The seller was Su Casa properties. Mark Forrester, Ric Holway, Dan Cheyne and Tom Wolff of Berkadia executed the transaction.
DEER VALLEY, UTAH — ValueRock Realty Partners has obtained all the entitlements and approvals for the 87-acre Deer Cove Master Plan, one of the largest planned mixed-use communities in the Deer Valley/Park City region. The development will be situated adjacent to U.S. 40, within walking distance of the Jordanelle Express Gondola at Deer Crest and Jordanelle recreational lake. ValueRock and its affiliates acquired the infill parcel in 2001. Since that time, the team has invested about $20 million in planning, engineering, infrastructure and water reservation fees to secure full entitlement approvals. The project will eventually include more than 1,000 residential units, a hotel, retail and open space in a master-planned community. There are a number of on-mountain adjacent developments planned for the area, including a 800- to 1,000-acre ski terrain expansion of Deer Valley Resort; development of a new on-mountain, four-star hotel at Pioche; proposed on-mountain luxury hotel and residential development at Blue Ledge by Extell Development; and progression of Mayflower, another development that encompasses about 4,000 acres of land.
GARDEN GROVE, CALIF. — King Shocks has acquired a 55,576-square-foot industrial building in Garden Grove for $9.4 million. The facility is located at 12472 Edison Way. The American manufacturer of off-road automotive parts will use the space for its corporate headquarters. Isuzu formerly occupied the property. Mike Bouma, Paul Caputo and Eric Smith of Voit’s Anaheim office represented the seller, LBA RIV-COMPANY XXVII LLC, in this transaction.