NEWPORT BEACH, CALIF. — Manouch and Mark Moshayedi have purchased three parcels of land in Newport Beach for $71.7 million. The parcels are located at 2101, 2201 and 2200 West Coast Highway. Two of the parcels are situated along the waterfront, while one is inland. The land contains existing retail buildings that are fully leased. The seller, Ardell Investment Company, will lease back four buildings, along with several boat slips. The buyers participated in a 1031 exchange under the name Chino Hills LLC. John Martin and David Romero of Lee & Associates Newport Beach represented the LLC. The seller represented itself in this transaction.
SAN FRANCISCO — Kennedy Wilson and its equity partners have sold a 159-unit multifamily property in the San Francisco Bay Area to an unnamed buyer for $55 million. Kennedy Wilson acquired the property in 2013. It then undertook a value-add asset management program and grew the property’s net operating income by 20 percent prior to the sale. The company and its partners have sold six multifamily properties totaling 1,997 units throughout the Western U.S. since Sept. 30, 2015. The gross proceeds from these sales total $479 million.
LOS ANGELES — A joint venture between Intercontinental Real Estate Corporation and MG Properties Group has purchased the 350-unit Carmel Hacienda Heights Apartments in the Los Angeles submarket of Hacienda Heights for an undisclosed sum. The community is located at 2401 S. Hacienda Blvd. The property will be rebranded as the Hills at Hacienda Heights. It will also undergo a significant renovation, including improvements to the unit interiors, common areas and property exterior. The acquisition was financed with a 10-year, fixed-rate mortgage from Freddie Mac. CBRE’s Brian Eisendrath arranged the loan. The JV represented itself in transaction, while HFF’s Sean Deasy and Mark Petersen represented the unnamed seller.
ONTARIO, CALIF. — NorthMarq Capital has arranged a $29 million refinancing for Airport Center, a 600,000-square-foot industrial property in Ontario. The property is located at 1460 S. Archibald Ave. Financing featured a six-month forward rate lock, along with a 10-year term and 25-year amortization schedule. Robert R. Hervey and Joe Giordani of NorthMarq Capital’s Los Angeles regional office arranged the loan.
AURORA, COLO. — A private investor has purchased Iliff Office Park, an 89,384-square-foot office campus in Aurora, for $2.4 million. The park is located at 2323 South Troy St., about 10 miles southwest of downtown Denver. The Class B property contains six buildings connected through a second-story, concourse-style floor. It also contains a common-area courtyard, as well as a newly completed tenant monument sign. Clayton Primm of Marcus & Millichap represented the buyer. Brian C. Smith of the same firm represented the seller, another private investor, in this transaction.
SAN FRANCISCO — A joint venture between Ivanhoé Cambridge and Veritas Investments has purchased 16 apartment communities in San Francisco for about $200 million. The communities were not named. The properties are located in some of San Francisco’s most prominent communities, including Russian Hill, NOPA, Noe Valley, Duboce Triangle, Alamo Square, Mission Dolores and North Panhandle, and Lower and Upper Nob Hill. The JV now owns 45 multifamily properties, with an average of 30 residential units per building. Many communities also feature ground-floor retail space.
SACRAMENTO, CALIF. — Oakmont Properties has received more than $100 million in senior loans to acquire to two apartment communities in the Sacramento area. The properties include The Preserve at Roseville, a 336-unit community, as well as the 304-unit Oak Brook Apartments. The Preserve is located at 1299 Antelope Creek Drive in Roseville. It was 97 percent occupied at the time of sale. The Class A property was built in 1999. Oak Brook is located at 12499 Folsom Blvd. in Rancho Cordova. It was also 97 percent occupied. This Class A property was built in 2001. PCCP provided the loans, which are cross-collateralized with each other.
VAIL, COLO. — Ethika Investments has funded the acquisition and repositioning of the 292-room Vail Cascade Resort and Spa. The resort is located at 1300 Westhaven Drive in Vail, approximately 90 miles west of Denver. Vail Cascade is one of the city’s only true ski-in/ski-out hotels. Ethika has also allocated additional capital for a $35 million property repositioning. This project will commence in the second quarter of 2016. The renovations will completely redesign the resort, including upgrades to the ski valet, enhanced outfitting services, refreshed culinary alternatives, and updates to the resort’s 45,000 square feet of meeting space and 78,000-square-foot athletic club. Amenity upgrades will include luxury bedding, new four- and five-fixture bathrooms and a new on-site spa. This project represents the 17th investment from Ethika’s Diversified Opportunity Real Estate Fund and the fund’s first investment in Colorado.
AURORA, COLO. — Braddock & Logan has purchased the 263-unit Canyons at Saddle Rock apartment community in Aurora for $56.7 million. The Class A community is located at 6850 South Versailles Way, about 25 miles southeast of downtown Denver. The property was 95 percent occupied at the time of sale. This property was Braddock & Logan’s first acquisition in metro Denver. Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment of ARA Newmark represented the seller, Inland Private Capital Corporation, in this transaction.
LOS ANGELES — Bolour Associates has purchased a 113,606-square-foot creative office building in the Los Angeles submarket of El Segundo for $49 million. The property is located at 2101 El Segundo Blvd. The space underwent a comprehensive redesign that commenced in 2013. The seller, a joint venture between Bixby Land Company and Cornerstone Real Estate Advisers, invested about $25 million in acquisition, development and leasing costs to reposition the building. The space is now fully occupied to notable tenants like Sanrio, Exponential Interactive, Cove Street Capital, AMA Consulting Engineers, Specialty’s Café & Bakery and Peet’s Coffee. Bolour was represented by Bob Safai of Madison Partners. Bixby represented itself in the transaction, while CBRE’s (at the time of sale) Kevin Shannon and Ken White represented Cornerstone.