Western

Swift Real Estate Partners Purchases HP Campus in San Diego

by Nellie Day November 9, 2016

SAN DIEGO — Swift Real Estate Partners has purchased HP’s 782,211-square-foot San Diego campus for an undisclosed sum. The campus is located at 16399 W. Bernardo Drive in the Rancho Bernardo submarket. The property contains seven office/R&D buildings and one Class A office building. HP has owned and occupied the campus since the first building was constructed in 1970. The information technology company will lease back 79 percent of the campus. CBRE’s Louay Alsadek, Alex Somerville, Hunter Rowe and Brad Black represented HP, while Swift represented itself in this transaction.

November 9, 2016

California Multifamily Western

TruAmerica Multifamily, Investcorp Buy The Highlands Apartments Near Loma Linda for $92M

by Nellie Day November 9, 2016

GRAND TERRACE, CALIF. — TruAmerica Multifamily and Investcorp have acquired The Highlands, a 556-unit garden-style apartment community near Loma Linda, for $92 million. The community is located at 11750 Mt. Vernon Ave. in Grand Terrace, about 60 miles east of downtown Los Angeles. The Highlands was built in two phases between 1986 and 1988. It features a mix of one- and two-bedroom floor plans, each with a patio or balcony. The new owners plan to upgrade the unit interiors, exteriors and common area amenities. HFF’s Charles Halladay and Mike Gigliotti arranged financing.

November 9, 2016

California Office Western

Tishman Speyer Buys Creative Office Campus in LA’s Arts District

by Nellie Day November 9, 2016

LOS ANGELES — Tishman Speyer has purchased a 1.7-acre creative office campus in downtown Los Angeles’ Arts District for an undisclosed sum. The campus is situated along the Los Angeles River at Bay and Sacramento streets. The site features the 38,000-square-foot world headquarters of transportation technology company Hyperloop One. The campus is near the new SoHo House location, just two blocks from Warner Music Group’s new West Coast headquarters at the Ford Factory. The seller was Lion Real Estate Group and the Borman Group.

November 9, 2016

California Retail Western

Long Market, Paragon Acquire Shops at Todos Santos in Concord

by Nellie Day November 9, 2016

CONCORD, CALIF. — A joint venture between Long Market Property Partners LLC and Paragon Commercial Group LLC has acquired Shops at Todos Santos, a full city block of retail located in downtown Concord, for an undisclosed price. The 40,000-square-foot property is fully occupied by tenants including Peet’s Coffee, The Old Spaghetti Factory, CREAM Inc., Capriotti’s, Bollinger Nail Salon, Naan ’n’ Curry, Half Price Books and Chevron. Forrest Gherlone, Mike Zylstra, Keith Marr and Zachary LeBeouf of Newmark Cornish & Carey handled the disposition on behalf of the seller, an undisclosed private family.

November 9, 2016

California Retail Western

NAI San Diego Negotiates $2.2M Sale of 10,000 SF Retail Property in San Diego

by Nellie Day November 9, 2016

SAN DIEGO — NAI San Diego has arranged the sale of a retail/office property located at 2176-2180 Chatsworth Blvd. in San Diego’s Ocean Beach/Point Loma neighborhood. Fig Tree LLC acquired the 10,000-square-foot property from Wilson Trust for $2.2 million. Built in 1943, the property is currently occupied by a gym/martial arts studio, an English-style tea shop, an acupuncturist, nail and hair salons, a real estate office and a residential unit on the upper floor. Michael Glickstein of NAI San Diego represented the seller in the transaction.

November 9, 2016

Colorado Multifamily Top Stories Western

Oak Coast Properties Acquires 959-Unit Apartment Complex in Denver for $129M

by Katie Sloan November 9, 2016

DENVER — Oak Coast Properties has acquired Pembrooke on the Green Apartments, a 959-unit multifamily community located in Denver, for $129 million. The 37-building property is located at 10700 E. Dartmouth Ave., close to the Denver Technological Center, downtown Denver, Fitzsimons Life Science District and Denver International Airport. The community was 95 percent occupied at the time of sale, and offers a mix of studio, one- and two-bedroom units with fireplaces, frost-free refrigerators and walk-in closets. Shared amenities at the complex include a barbecue and picnic area, a business center, carports, two clubhouses, community kitchen, dog park, fitness center, two heated swimming pools, sauna, laundry rooms, playground, soccer field, splash park and walking path. The company has set aside $1.9 million for capital improvements, which will include upgrades to landscaping and outdoor furniture; concrete and stair repairs; roof and gutter repairs; steel fixes; exterior upgrades to the leasing office, pools, clubhouses and laundry rooms; and mechanical work including electrical and plumbing. Renovations are scheduled to begin immediately. Charles Halladay, Lee Redmond and Brock Yaffe of HFF’s debt placement team assisted in securing a $103 million Freddie Mac loan for the acquisition of the property. Miami-based Pensam Residential provided a portion of the …

November 9, 2016

Arizona Multifamily Western

Broadstone Sixteen 75 Apartments in Phoenix Sells for $60M

by Nellie Day November 8, 2016

PHOENIX — ConAm Asset Management Corp. has acquired Broadstone Sixteen 75, a 225-unit apartment complex in Phoenix, for $60 million. The Class A community is located at 1675 E. Morten Ave. Broadstone Sixteen 75 was built in 2015. Amenities include a two-story fitness center with an indoor bike maintenance shop, private pool and spa with cabanas, outdoor gaming area, and direct-access podium-style parking garage. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, Alliance Residential, in this transaction.

November 8, 2016

Multifamily Oregon Western

Brookline Investment Group Acquires Sunfield Lakes Apartments Near Portland

by Nellie Day November 8, 2016

PORTLAND, ORE. — Brookline Investment Group has purchased the 200-unit Sunfield Lakes apartment community in the southwest Portland suburb of Sherwood for an undisclosed sum. The community is located at 16100 S.W. Century Drive. Notable employment hubs in the area include Tualatin/Sherwood industrial hub, Legacy Meridian Park Medical Center, LAM Research Corp. and the Wilsonville submarket. Sunfield Lakes features an outdoor pool, hot tub, 24-hour fitness center, lounge and business center. HFF’s Ira Virden and Carrie Kahn represented the seller, Berkshire Group, in this transaction.

November 8, 2016

Office Oregon Western

CBRE Global Investors Purchases the Park Square Office Campus in Portland

by Nellie Day November 8, 2016

PORTLAND, ORE. — CBRE Global Investors has purchased the Park Square Campus, a 295,767-square-foot office campus in downtown Portland, for an undisclosed sum. The Class A campus is located at 100 S.W. Market St. The property is 97.5 percent leased to investment-grade tenants with a weighted average lease term of 8.7 years. Park Square contains an 8,000-square-foot great room connecting the two buildings, a patio, onsite restaurant, updated lobby and secure bicycle parking with lockers, as well as 24-hour security and card key access. CBRE purchased the asset on behalf of a European separate account client.

November 8, 2016

Arizona Multifamily Western

FW Group Buys Dorinda Vista in Tucson for $27.9M

by Nellie Day November 8, 2016

TUCSON, ARIZ. — FW Group has purchased the 254-unit Dorinda Vista apartments in Tucson for $27.9 million. The community is located at 7596 N. Mona Lisa Road. Dorinda Vista was built in 1998. Major nearby attractions include Omni Tucson National Resort and the Foothills Mall. The top employers in the area include the Omni resort, the Tucson Mall and Northwest Hospital. Art and Clint Wadlund of Berkadia represented the seller, Prime Residential, in this transaction.

November 8, 2016

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