FAIRFIELD, CALIF.— Sterling Organization has acquired Raley’s Plaza, a 95,441-square-foot shopping center located approximately 40 miles northeast of downtown San Francisco in Fairfield, for $22.8 million. Raley’s anchors the 94 percent occupied center, which is also home to tenants including JP Morgan Chase Bank, Starbucks, Round Table Pizza and Panda Express. A subsidiary of San Diego-based Gerrity Group sold the property.
LOS ANGELES — NorthMarq Capital has arranged the refinancing of two retail properties in Los Angeles. David Blum of NorthMarq arranged a $4.4 million loan for Atlanthub, a 32,768-square-foot retail property anchored by Kipp LA Schools; and a $2.5 million loan for Broadmark, a 14,331-square-foot retail property anchored by AutoZone. Both transactions were structured with a 20-year term and a 30-year amortization schedule. A life insurance company provided the capital for Broadmark.
BRUSH, COLO. — Eben Ezer Lutheran Care Center has selected OZ Architecture, a Denver-based firm, to redesign the assisted living and memory care community, located in Brush, approximately 90 miles northeast of Denver. Eben Ezer currently offers 54 assisted living units and 18 memory care units. The improvements will span 54,000 square feet, with the goal of increasing capacity and improving the campus. The community is over 100 years old and features a historic church at the heart of the campus. OZ’s design will build upon the previously developed master plan for the campus. Construction is slated to begin this month.
TUCSON, ARIZ. — Monarch Investment & Management Group has purchased a five-property multifamily portfolio in Tucson for an undisclosed sum. The communities contain 1,004 units totaling 686,314 square feet. The transaction includes the 160-unit Hampton Park, the 254-unit San Mateo, the 152-unit Solano Springs, the 310-unit Lakeside Apartments and the 128-unit Highland Apartments. The latter property is situated in Sierra Vista, while the rest are located in Tucson. The portfolio features an average occupancy rate of 94 percent. The properties were all constructed between 1973 and 1985. This is Monarch’s first purchase in Arizona. Cindy Cooke and Brad Cooke of Colliers International represented the seller, Hamilton Zanze, in this transaction.
BALDWIN HILLS, CALIF. — Vista Investment Group has purchased the 276-unit Woodlake Manor Apartments in the Los Angeles submarket of Baldwin Hills for $44 million. The community is located at 4555 W. Martin Luther King Jr. Blvd. Woodlake Manor is one mile from both the Farmdale and Ethel Bradley Metro Expo line stations, which provide access to key Los Angeles employment hubs, including downtown, Culver City, Santa Monica and the South Bay. The University of Southern California (USC) is a 10-minute train ride away. This was the first time Woodlake Manor Apartments had been on the market in more than 34 years. Select units were upgraded to a mid-luxury standard last year. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and seller, Jones & Jones Management Group, in this transaction.
PASADENA, CALIF. — An unnamed buyer has purchased a 62,286-square-foot boutique office building in the Old Town section of Pasadena for $30 million. The building is located at 150 E. Colorado Blvd. The building is 89.3 percent leased to tenants in the healthcare, insurance, technology and professional service industries. Notable tenants include OpTerra Energy Services, Companion Hospice, Intelecom Intelligent and American Postal Workers. The property is situated near the 210 and 134 freeways, within walking distance of more than 20 million square feet of retail amenities. Long Dragon Realty represented the buyer, while HFF’s Ryan Gallagher and Andrew Harper represented the seller, Equity Office, in this transaction.
BUCKEYE, ARIZ. — Cardinal IG Cos. has purchased 77 acres of land in Buckeye, where it plans to develop a 250,000-square-foot advanced glass manufacturing facility. The build-to-suit facility will be situated just south of the southeast corner of Apache Road and Southern Avenue. The purchase price was not disclosed. The space is about three miles south of Interstate 10 and three miles east of Highway 85. Buckeye is a suburb just west of Phoenix. Cardinal IG is a wholly owned subsidiary of Cardinal Glass Industries, a glass manufacturer with more than 6,000 employees and 37 manufacturing locations across the U.S. Its new manufacturing facility will produce high-quality, energy-efficient insulating glass for residential window and door companies across the globe. The site is part of 152 acres controlled by Evergreen Devco Inc. and Evergreen-Apache & Southern LLC. JLL’s Anthony Lydon and Marc Hertzberg represented Evergreen in this transaction. The firm is also marketing the remaining 75 acres on the direct southeast corner of Apache and Southern, situated just north of the Cardinal IG site.
DENVER — A joint venture between HLC Equity and Hampshire Companies has purchased the 216-unit Sage Brook apartments in Denver for $26.3 million. The Class B community is located at 7201 Leetsdale Drive. Sage Brook is situated three miles from the Cherry Creek neighborhood near three of the region’s largest employment centers, including Downtown Denver, Denver Tech Corridor and the Fitzsimons Innovation Campus. HLC Equity’s management arm will operate the community. The company plans to improve the property and upgrade the general common areas and unit interiors.
SAN FRANCISCO — Kilroy Realty LP, the operating arm of Kilroy Realty Corp. (NYSE: KRC), has agreed to sell minority interests in two Class A office towers in San Francisco to Norges Bank Real Estate Management for $452.9 million. Norges Bank is the real estate investment arm of the government pension fund of Norway. Under the terms of the agreement, Norges Bank will invest in a 44 percent common equity interest in two existing companies that own the towers, which are located at 100 First St. and 303 Second St. in San Francisco’s SOMA district. The sales price is based on an appraisal value of $1.16 billion for both assets and includes Norges Bank’s proportionate assumption of the existing mortgage debt, or $55.3 million. Kilroy will remain the majority owner of the two office towers and will continue to provide property management, leasing and construction management services for the properties. The two office towers span approximately 1.2 million square feet combined. The assets were 96.4 percent leased as of July 31. The transaction was structured with a staggered closing, whereby the 100 First St. venture closed on Aug. 30 with a contribution by Norges Bank of $191.4 million. The 303 …
LOS ANGELES — A 1031 exchange investor has acquired the 253-unit IMT Westlake Village in Los Angeles for $88.2 million. The community is located at 603 Hampshire Road in the Westlake Village submarket. IMT Westlake Village was built in 1971. Notable employers in the area include Amgen, the Dole Food Co., Kythera Biopharmaceuticals, General Dynamics Corp., J.D. Power & Associates, Teledyne Technologies Inc., ValueClick, Verizon and Volkswagen. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and seller, IMT Capital LLC, in this transaction.
