LITTLETON, COLO. — An unidentified, out-of-state buyer has purchased the 54-unit Broadridge Apartments in Littleton for $8.3 million. The community is located at 6900 S. Bannock St. It was built in 1965. Jeff Johnson and Matt Ritter of Pinnacle’s Johnson Ritter Team represented the buyer, while the firm’s Josh Newell represented the seller in this transaction.
LAS VEGAS — AW Family Trust has acquired Durango Springs Plaza, a 15,800-square-foot retail center in Las Vegas, for $8.3 million. The center is located at 8520, 8530, 8550 W. Warm Springs Road. Chris Emanuel and John Blommer of Virtus Commercial represented the seller, DSP 1 LLC, in this transaction.
LOS ANGELES — Timberlane Partners has acquired a 24-unit apartment building in Los Angeles for $6.4 million. The vintage, 1920’s community is located at 425 S. Detroit St., in the Miracle Mile area of Mid-Wilshire. Ron Harris, Paul Darrow and Michael DiSimone of Marcus & Millichap’s Los Angeles office represented both the buyer and seller, a private investor, in this transaction.
PHOENIX — Scooter’s Coffee has announced plans to add new coffee shops to four states, which includes Phoenix, Ariz. Other states receiving outposts include Florida, Oklahoma and Arkansas. Once these locations are open, Scooter’s will have more than 130 stores in 14 states. It plans to open 25 new locations in the first half of 2016.
SEATTLE — Seattle-based Schnitzer West LLC has landed a joint venture partner for the development of Madison Centre, a 36-story office tower in Seattle. Cornerstone Real Estate Advisers LLC has formed the joint venture with Schnitzer West on behalf of an unnamed institutional client. The equity contribution for this project totaled $150 million. Simultaneously with the joint venture formation, Cornerstone and Schnitzer West closed a construction loan with Blackstone Real Estate Debt Strategies and Bank of the Ozarks. The 754,000-square-foot, LEED Gold certified tower is situated on a 0.7-acre site in the central business district of Seattle. It will feature 746,000 square feet of office space and 7,800 square feet of ground-floor retail atop a seven-story subterranean parking garage. Construction on the project started in third quarter 2014, and is slated for completion during the second quarter of 2017. The building will feature an exterior façade utilizing high-performance glass and an aluminum curtain wall system, a ‘great room’ concept in the lobby, a 30-foot-tall glass rotunda with a suspended spiral staircase and a three-story, plant-covered “living wall.” Hartford, Conn.-based Cornerstone Real Estate Advisers LLC is a global real estate investment manager, providing core and value-added investment and advisory services to institutional and …
WAHIAWA, HAWAII — CBRE has arranged $19.7 million in acquisition financing for the 106-unit Palms of Kilani apartment complex in Wahiawa. The community is located at 1060 Kilani Ave. It was built in 1972 and renovated in 2005. The 10-year, floating rate loan was provided to DiNapoli Capital Partners. The company purchased the asset for $26 million. DiNapoli plans to invest an additional $450,000 to renovate the property. CBRE’s Andrew Behrens and Jesse Weber secured the loan.
VAN NUYS, CALIF. — REX Investment has purchased a 54,597-square-foot industrial facility in the Los Angeles submarket of Van Nuys for $8.7 million. The four-building facility is located at 7730-7750 Gloria Ave. and 7739-7751 Densmore Ave. It is situated two blocks from Van Nuys Airport. Yair Haimoff of NAI Capital represented REX Investment. The seller was Camillus and Phyllis Decinces.
SACRAMENTO, CALIF. — Sacramento-based Armstrong Development Properties Inc. is developing a retail center at the former Hubacher Cadillac dealership, located at 1 Cadillac Drive in Sacramento. Situated on 6.4 acres at the corner of Howe Avenue and Fair Oaks Boulevard, the site will be redeveloped into a multi-tenant retail center, including a 16,900-square-foot CVS/pharmacy, 8,900 square feet of restaurant and shop space, and a 36,144-square-foot Raley’s grocery store. Demolition on the existing car dealership began in 2015, and the new center is slated for completion in spring 2017.
COSTA MESA, CALIF. — Room & Board has signed an eight-year, 12,000-square-foot lease for retail space within South Coast Collection (SOCO), located at 3303-3323 Hyland Ave. in Costa Mesa. The Minneapolis-based modern furniture and home furnishings retailer is relocating to SOCO from South Coast Plaza where it had occupied 36,000 square feet for 15 years. SOCO features more than 300,000 square feet of showrooms, restaurants, artisan food purveyors, boutiques and creative studios. Myron Sokolsky of NAI Capital represented the tenant in the lease transaction. Terms of the transaction were not released.
SAN DIEGO — Union Cowork has signed a 10-year lease for the Unicorn Building in downtown San Diego. The historic space is located at 704 J St. This will be the cowork space’s fifth location in Southern California, which includes two additional outposts in the San Diego submarket of North Park. David Maxwell and Bill Shrader of Colliers International represented both Union Cowork and the landlord, PREF Unicorn, an affiliate of Paragon Real Estate Investments, in this transaction.
