ARVADA, COLO. — A local buyer has purchased the 26-unit Wadsworth Arms apartment complex in Arvada for $3.1 million. The community is located at 6700 Wadsworth Arms. It was built in 1957. Josh Newell of Pinnacle Real Estate Advisors represented both the buyer and seller in this transaction.
SAN BERNARDINO, CALIF. — Marcus & Millichap has arranged the sale of Club Business Park, a 51,010-square-foot retail property located at 164-194 W. Club Center Drive and 2211 S. Hunt in San Bernardino. The asset sold for $2.8 million. Drew Wetherholt of Marcus & Millichap represented the seller and the buyer in the transaction.
DANVILLE, CALIF. — ROIC, a publicly traded REIT, has acquired Iron Horse Plaza, a grocery-anchored shopping center located at 345 Railroad Ave. in Danville. Alamo Group Iron Horse LLC sold the property for $44.5 million. The 62,000-square-foot property is occupied by Lunardi’s, Jos. A. Banks, Peet’s, Chow, Panda Express, Supercuts and Verizon. Pedro Arroyo and David Kram of Arroyo procured the buyer and represented the seller in the transaction.
SAN BERNARDINO, CALIF. — CBRE Group Inc. has brokered the sale of San Bernardino Marketplace at 263-275 E. Ninth St. in San Bernardino. A Los Angeles-based 1031 exchange buyer acquired the 58,740-square-foot neighborhood shopping center from an undisclosed Orange County, Calif.-based family partnership for $12.3 million. Built in 1983, the property was 96 percent occupied and anchored by El Super, a specialty grocer, at the time of sale. Arthur Flores of CBRE Group Inc. represented the seller and buyer in the transaction.
VICTORVILLE, CALIF. — Faris Lee Investments has brokered the sale of The Shops at Bear Valley in Victorville. A Beverly Hills, Calif.-based investment company purchased the property from Santa Barbara-based Invest West Financial for $9.8 million. Situated on 5.81 acres, the 32,023-square-foot four-building property was 95 percent occupied at the time of sale. Tenants include McDonald’s, Fitness 19, Schools First Credit Union, KinderCare and others. Shaun Riley of Faris Lee Investments represented the buyer and seller in the transaction.
SAN DIEGO — NorthMarq Capital has negotiated $6.7 million in refinancing for a portfolio of Pearl Car Washes in California. The 17,329 square-foot portfolio includes 600-602 Pearl Street in La Jolla; 215 Woodlawn Ave. in Chula Vista; 823 N. Broadway in Escondido; and 322 E. Mission Road and 2189 E. Valley Parkway in Fallbrook. The transaction was structured with a 15-year fully amortizing term. Daniel McCarthy of NorthMarq arranged the financing for the undisclosed borrower through NorthMarq’s correspondent relationship with a life insurance company.
SAN FRANCISCO — HFF has arranged $144.3 million in financing for Centennial Towers, a 340,000-square-foot office building in South San Francisco. The 12-story tower is located at 1 Tower Place. The loan will be used to finance the Class A property’s acquisition and repositioning. Phase 3 Real Estate Partners will develop the project, converting the space into a science facility rebranded as Genesis. Centennial Towers is located within a one-mile radius of major biotech and life sciences companies like Genentech and Amgen. It offers easy access to Highway 101, which links downtown San Francisco to Silicon Valley. HFF’s Tim Wright, Todd Sugimoto and Zack Holderman originated the loan.
FULLERTON, CALIF. — Evans Senior Investments has arranged the sale of Sunnycrest, a private-pay assisted living community in Fullerton in northern Orange County, for $37 million. The community was recently remodeled and includes 130 units, resulting in a price per unit of $284,615. The buyer and seller were not disclosed. Orange County experienced 45 percent growth in the 85+ age demographic between 2000 and 2010, according to the U.S. census. Evans Senior Investments is an investment-banking firm exclusively serving the seniors housing industry.
TUCSON, ARIZ. — An unnamed buyer has acquired a 320-unit apartment complex in Tucson for $33.6 million. The community was built in 1995. The seller was Independence Realty Trust (IRT). The firm will utilize the net cash proceeds to reduce its outstanding debt and for general corporate purposes. The firm is currently in the process of selling properties that fall outside its geographic focus.
SAN DIEGO — Extra Space Storage has purchased the 1,300-unit Del Sol Self Storage in San Diego for $9.5 million. The space is located at 3055 Del St. The property features nearly 60,000 square feet of self-storage space, as well as 73 RV and boat storage spaces. The seller was M4 Management. Stephen Grossman of NAI Capital executed the transaction.
