GREENWOOD VILLAGE, COLO. – Dayton Office Park, a 90,300-square-foot office park in the Denver submarket of Greenwood Village, has sold to an unnamed buyer for $6.6 million. The three-building complex is located at 6535-6565-6595 S. Dayton Street. The buildings were constructed between 1983 and 1985. The local seller was represented by Brandon Gouker of Pinnacle Real Estate Advisors.
PHOENIX – A 2,654-square-foot space in Phoenix that is leased to Jack in the Box has sold to JIB BIT LLC for $2.2 million. The fast food restaurant is located at 2113 W. Happy Valley Road. The LLC was represented by Jim Casale of Lee & Associates’ San Diego office. The seller, Stine Development, was represented by Joe Caputo of Trivanta.
DENVER — LaSalle Investment Management has purchased 16M, a mixed-use project in Downtown Denver’s LoDo (lower downtown) district, for an undisclosed sum. The Class AA property will be located at the southwest corner of the 16th Street Mall and Market Street. The 189,284-square-foot trophy property features ground-floor restaurant space, five stories of office space and 36 luxury apartments on the upper four floors. It also contains a rooftop terrace, fitness center and three levels of underground parking. The new development will serve as the regional headquarters of Morgan Stanley, D.A. Davidson and The ONE Group, which operates upscale restaurants and lounges. It will also be home to the first U.S. location of STK Rebel, an upscale, trendy steakhouse that is sister properties with the popular restaurant STK. 16M will also feature Panera Bread and Garbanzo Mediterranean Grill. This is the third property LaSalle has acquired within the LoDo market. It purchased Millennium Financial Center and Writer Square in September 2013.
DANA POINT, CALIF. — Zephyr has purchased a nine-acre parcel in the Orange County suburb of Dana Point for $50 million. The parcel is located at 34202 Del Obispo Street. The project will include 168 high-end townhomes and seven mixed-use structures adjacent to Doheny State Beach and Dana Point Harbor. The site is walking distance to the beach, with the harbor, golf, shopping and dining options just minutes away. Construction will commence next year. The project is slated for completion in 2019. The fully entitled site previously featured a mobile home park. The seller was AG/A&M Doheny LLC.
LOS ANGELES — A private investor has purchased the 20-unit Villa Montana apartment community in the Los Angeles submarket of Brentwood for $20 million. This equates to a price-per-unit of more than $1 million, the highest price per unit ever paid for a Los Angeles apartment building that was not adjacent to the ocean, according to Marcus & Millichap, which executed the sale. Villa Montana is located at 11611 Montana Ave. It is within walking distance of Brentwood Village. The new owner exchanged into Villa Montana after selling a property in New York City. The seller was Ken Kahan of California Landmark. Both parties were represented by Ron Harris, Greg Harris and Paul Darrow of Marcus & Millichap. Darrow notes that the sale points toward a larger trend in affluent submarkets like Brentwood.
LOS ANGELES – A 30-unit apartment community in Los Angeles has received a $3.9 million acquisition loan. The community is located at 1135 Grand View Street in the Westlake submarket. It was purchased by the Armor Family Trust. The five-year loan features a fixed interest rate of 3.2 percent. The loan was arranged by Dan Litman of Marcus & Millichap Capital Corporation’s West Los Angeles office. It was provided by Wayne D. McCoy of OneUnited Bank.
LOGAN, UTAH – A Maverik gas station and convenience store has opened on a 1.1-acre pad in Logan. The new spot is located at 300 South Main Street. Maverik is currently expanding in Logan. It has also secured stadium naming rights for Utah State University. Maverik contains more than 270 locations across 10 Western states.
LAS VEGAS – Las Palmas Village, a 109,838-square-foot retail center in Las Vegas, has sold to Citywest Investments Joint Venture for $23.4 million. The center is located at 415-535 E. Windmill Lane. It is anchored by Vons. The Australian-based real estate company was represented by Chris Emanuel and Jeff Mitchell of Virtus Commercial. The seller, Donahue Schriber Realty was represented by DTZ’s Michael Hackett and Ryan Schubert.
SANTA CLARITA, CALIF. — JSB Development has broken ground on the first phase of Vista Canyon, a 185-acre mixed-use development comprising close to 1 million square feet of retail, office, residential and hospitality space in Santa Clarita, 30 miles from Los Angeles. Phase I of development will be centered around the main retail street, and will include a Gensler-designed 56,000-square-foot office/retail building, an 18,000-square-foot retail store, a 614-space parking structure and 480 studio, one- and two-bedroom apartment homes. Internal bike and pedestrian paths will connect the community and link to trails throughout Santa Clarita Valley.
VICTORVILLE, CALIF. — Cambridge Realty Capital Companies has arranged a $12.3 million HUD Lean loan to refinance Knolls West Post Acute, a skilled care nursing facility located in Victorville. The fully amortized, 30-year loan was arranged for the owner, a California limited liability company, using the HUD Section 232 funding program. Cambridge Realty Capital Ltd. of Illinois underwrote the transaction.
