LOS ANGELES – The 33-unit El Dorado Villas in the Los Angeles submarket of Sherman Oaks has sold to an international buyer for $19.5 million. The community is located at 4510 Murietta Ave. The community contains individually deeded condos that can be sold separately in the future. The buyer owns other properties in the area and wanted to expand his portfolio with this purchase. The Florida-based seller built the property in 2008. It was represented by Brent Sprenkle of Berkadia.
EL SEGUNDO, CALIF. – A 119,484-square-foot office building in El Segundo has sold to a partnership between Roxborough Fund I and Montana Avenue Capital Partners for an undisclosed sum. The property is located at 1700 East Walnut Ave. It is 99 percent leased. The partners plan to reposition the property. It is their first acquisition.
SCOTTSDALE, ARIZ. — A joint venture between Security Properties and Intercontinental Real Estate has acquired the 539-unit Pillar at Scottsdale apartment community for $95.8M. The property is located at 17212 North Scottsdale Road in Scottsdale. The community was built in 1999. It is situated across from TPC Scottsdale, home of the PGA’s Waste Management Phoenix Open, as well as from the Fairmount Princess Resort. Pillar at Scottsdale was 96 percent occupied at the time of sale. The seller was Private Portfolio Group. The transaction was executed by CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch.
ENGLEWOOD, COLO. — CH2M has renewed its lease for a 370,485-square-foot office facility in the Denver submarket of Englewood. The space is located at 9191 S. Jamaica Street. The global engineering and project delivery company has leased the three-building property since 2007. This represented the largest office lease in Denver so far this year, according to Savills Studley, which represented CH2M. Monty Harris and Rob Link worked on behalf of the firm. The landlord, Columbia Property Trust, was represented by Jamie Gard and Jeff Castleton of Newmark Grubb Knight Frank.
WESTMINSTER, COLO. — The 444-unit Cascade Village apartment complex in Westminster has sold to a joint venture between Phoenix Realty Group and Real Estate Corporation for an undisclosed sum. The community is located at 6880 W. 91st Court. Cascade Village is situated just half a mile from the 105-acre Westminster Mall master-plan redevelopment that will add 1 million square feet of commercial office space to the area, along with 1.1 million square feet of retail and entertainment venues, and high-density multifamily and residential properties. The unnamed seller was represented by Shane Ozment, Terrance Hunt, Doug Andrews and Jeff Hawks of ARA Newmark.
PERRIS, CALIF. — IDI Gazeley has leased more than 1 million square feet at the Stratford Ranch development in Perris. The international home improvement retailer will occupy Building A of the development. The new space will serve as a storage, warehousing and distribution center for IDI Gazeley’s products. The firm was represented by Bill Heim and Michael Chavez of Lee & Associates. The landlord was represented by CBRE’s Joey Sugar.
HIGHLANDS RANCH, COLO. — Pinnacle Real Estate Advisors LLC has arranged the $2.6 million sale of a newly constructed 3,798-square-foot Kneaders Bakery and Café in Highlands Ranch. Tom Ethington and Rob Edwards of Pinnacle represented the seller in the transaction.
SAN FRANCISCO — Romel Enterprises has purchased the 85-unit Burlingame Towers apartment building in the San Francisco submarket of Burlingame for an undisclosed sum. The property is located at 1469 Bellevue Ave. Romel Enterprises purchased the property after defeasing the existing loan. HFF’s Scott Bales and Adam Simon represented the seller, Mayfield Companies.
TUCSON, ARIZ. — A private investor from Texas has purchased the 267-room Hotel Tucson City Center Inn Suites in Tucson for $9.6 million. The hotel is located at 475 North Granada Ave. in the city’s historic downtown Presidio Arts District. Lisa Estrada of Marcus & Millichap represented the buyer. James I. Meng and Jon R. Grantham of the same firm represented the seller, a publicly traded REIT.
RANCHO CUCAMONGA, CALIF. — Tekton Hospitality has signed a seven-year lease for 118,615 square feet of industrial space in Rancho Cucamonga. The property is located at 10955 Arrow Route. Tekton is an American custom furniture manufacturing company that processes single- and high-volume units. Randy Lockhart of NGKF represented the company. Lee & Associates represented the landlord, 10955 Arrow LP.