BEVERLY HILLS, CALIF. — Harbor Group International LLC (HGI) has acquired 357 North Beverly Drive, a 14,144-square-foot urban retail property in Beverly Hills, for $40 million. The property is fully leased on a triple net basis to C.O.S., a subsidiary of H&M, on a long-term lease. HGI partnered with Image Capital on the transaction.
LAS VEGAS — NorthMarq Capital has arranged the $16.85 million refinance of Trop Dec Plaza, a 74,824-square-foot retail property located on Tropicana Avenue in Las Vegas. The transaction was structured with a 10-year term, and has a 30-year amortization schedule. Scott Monroe of NorthMarq arranged financing for the borrower with a CMBS lender.
IRVINE, CALIF. – Property Investment Co. has purchased the Landmark Building, an 89,041-square-foot office property in Irvine, for $27.4 million. The Class A space is located at 2100 Main Street, within the master-planned Irvine Concourse office park. The building was about 60 percent occupied at the time of closing. Property Investment Co. was represented by North American Commercial and Industrial Properties. The sellers, 2100 Main L.P. and Bethel Holdings LLC, were represented by Alan Pekarcik and Dan Vittone of Avison Young.
RENO, NEV. – Bi Nutraceutical has leased a 140,000-square-foot distribution space in the Reno submarket of McCarran. The space is located at 625 Waltham Way, within the Tahoe-Reno Industrial Center. Nutraceutical is the largest supplier of botanical ingredients in the U.S. The landlord, Global Logistic Properties, was represented by J. Michael Hoeck, Dave Simonsen, Steve Kucera and Michael Nevis of the NAI Alliance Industrial Properties Group.
SAN LEANDRO, CALIF. – Ferguson Enterprises has leased a 157,324-square-foot warehouse and distribution building in the Oakland submarket of San Leandro. The Class A facility is located at 1936 Fairway Drive. Ferguson has also leased a contiguous 5.8-acre parcel for its laydown yard. Once completed, it will be the residential plumbing supply company’s largest distribution hub in the region. The landlord is Prologis.
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.
