PHOENIX — An unnamed buyer has purchased the 74-unit Cabana on Seventh apartment community in Phoenix for $5 million. The community is located at 5615 North 7th St. It was built in 1972. Steve Gebing of Institutional Property Advisors and Cliff David and Trevor Hardy of Marcus & Millichap represented both the buyer and seller in this transaction.
OLYMPIA, WASH. — Preservation Partners Development III LLC has acquired The Olympian Apartments, a 50-unit apartment community in Olympia, for $3.1 million. The affordable housing community is located at 116 Legion Way Southeast. It was built in 1919. Robert DiPietrae of Berkadia represented the seller, Olympian Investors Limited Partnership.
GILBERT, ARIZ. — IPF Rancho Solano has purchased Rancho Solano Gilbert Campus, a 33,265-square-foot building in Gilbert, for $4.5 million. The building operated as a preschool through fifth grade until it closed at the end of the 2014 school year. The new tenant, Lauren’s Institute For Education (L.I.F.E.), is a nonprofit organization that provides programs for developmentally disabled children through a variety of therapies. Jim Wilson and Scott Shelbourne of Cushman & Wakefield represented the seller, Arizona Prep Real Estate.
LOS ANGELES — The Honest Company has relocated its headquarters to a Class A office complex in Playa Vista. The new space is located at 12130 Millennium Drive. The company will occupy 83,000 square feet of space at the property. It will relocate from nearby Santa Monica early next year. David Toomey and Matthew Miller of Cresa and Marc Bretter of Travers Cresa represented The Honest Company. The landlord is Clarion Partners.
CUPERTINO, CALIF. — Sand Hill Property Co. has announced plans to transform Vallco Shopping Mall into The Hills at Vallco, a mixed-use town center. The $3 billion redevelopment will completely transform the property into 2 million square feet of office space and mixed-use buildings, including 680 market-rate apartments, 80 affordable housing units and 40 apartments for seniors. The development will also be home to a 3.8-mile trail network for jogging and walking, vineyards, orchards, organic gardens and an amphitheater. Retail, restaurants and entertainment, including an AMC Theater, bowling, ice-skating, and fitness and banquet facilities will be part of the project. The Hills at Vallco will also feature a 30-acre rooftop community park with a nature preserve.
NEWCASTLE, WASH. — RPAI has acquired Coal Creek Marketplace, a 56,000-square-foot grocery-anchored neighborhood center located in the Seattle suburb of Newcastle, for $17.6 million. The center is currently 95 percent occupied and anchored by Quality Food Centers, a subsidiary of Kroger. Shane Garrison and Michael Hazinski represented RPAI in-house in the off-market transaction.
SAN DIEGO — Carlsbad, Calif.-based Capstone Advisors has acquired a retail center located at 10155-10195 Rancho Carmel Dr. in San Diego’s Carmel Mountain Ranch submarket. American Assets Trust sold the 30,421-square-foot property for $12.7 million. Built in 1993, the property is 96 percent leased by tenants, including US Credit Union, Starbucks Coffee, and Oggi’s Pizza and Brewing. Capstone plans to enhance the property by upgrading tenant signage and developing the landscape. Capstone Advisors was represented in-house, while Philip Voorhees of CB Richard Ellis represented American Assets Trust in the transaction.
LAS VEGAS — NorthMarq Capital has arranged the $5.4 million refinance of Jones & 95, a 109,303-square-foot retail property located in Las Vegas. The transaction was structured with a 10-year term and 30-year amortization schedule through a CMBS lender. Scott Monroe of NorthMarq Capital arranged the financing.
SAN DIEGO — The Tides Apartments, a 30-unit apartment community in the San Diego submarket of La Jolla, has sold to LJ Tides LLC for $8.5 million. The community is located at 7431 La Jolla Blvd. It was built in 1968. The buyer plans to renovate the property. Peter Scepanovic, Corey McHenry and Victor Krebs of Colliers represented the seller, Zwack Trust.
SAN FRANCISCO — A New York-based fund has acquired the Crossings @ 880, a 700,000-square-foot industrial project in San Francisco. The development is located near Interstate 880 and Dixon Landing Road in the Fremont submarket. The price was not disclosed. Construction commenced on the Crossings @ 880 last year. It was completed in the first quarter of this year. Notable tenants include Apple and Living Spaces. CBRE’s Rob Shannon, Darla Longo, Joe Kelly and Bob Ferraro represented the seller, Overton Moore Properties (OMP). OMP’s legal advisor was Elkins Kalt Weintraub Reuben Gartside LLP.
