SAN DIEGO — CBRE has arranged a $65 million loan for the refinance of The Village at Pacific Highlands Ranch, a 147,716-square-foot shopping center located in the Pacific Highlands Ranch community of San Diego. Bill Chiles, Scott Peterson and Brian Cruz of CBRE secured the 11-year, fixed-rate loan. Tenants at the center include Trader Joe’s, Starbucks Coffee, Panera Bread, Crunch Fitness and Wells Fargo.
NORTHRIDGE, CALIF. — Charles Dunn Co. has arranged the $3.9 million sale of a 6,000-square-foot, single-tenant, triple-net-leased property occupied by Chase Bank in Northridge. Kyle Gulock and Jason Cope of Charles Dunn Co. represented the seller, Balboa Plaza Investments LLC, in the sale of the property to RBS Investments LLC. The transaction closed at a capitalization rate of 4.7 percent.
AURORA, COLO. — Wood Partners has purchased the Grove at City Center, a 420-unit apartment complex in Aurora, for an undisclosed sum. The community is located at 14304 E. Tennessee Ave., about 20 miles east of Denver. Wood Partners plans to continue the renovation efforts that were initially started by the unnamed seller. The Grove is less than half a mile from the Aurora Metro Center Rail Station, which will open mid-year. It is also situated near employment centers like the Anschutz Medical Campus, Fitzsimons Innovation District, Denver Tech Center and Denver International Airport.
IRVINE, CALIF. — A real estate fund managed by Ares has made a strategic investment in Montage Hotels & Resorts. The partnership will allow Ares to purchase a minority stake of up to 20 percent in Montage. Ares will also provide up to $200 million in future growth capital to Montage. The funds will focus on the continued expansion of the Montage- and Pendry-branded hotels and resorts portfolio. Jay Glaubach, a managing director at Ares Management and co-portfolio manager of Ares’ opportunistic real estate funds, will join Montage’s Board of Directors. Dentons served as counsel to Montage Hotels & Resorts. This is Ares’ second investment with Irvine-based Montage. It had previously made an investment in Pendry San Diego. This property is part of the company’s new luxury lifestyle brand, Pendry Hotels. The new hotel will debut this fall in San Diego’s Gaslamp District.
PHOENIX — Cushman & Wakefield has arranged the sale of the former Giant Industries corporate headquarters office building in Phoenix for $8.5 million. United Insurance Co. of America sold the asset to Generations at Pinnacle Peak LLC, a Michigan-based investor that plans to convert the office property into an assisted living community. The two-story building was constructed in 1989 and contains approximately 66,283 square feet of space. The structure is situated on four acres of land. Larry Downey, vice chairman for Cushman & Wakefield, represented the seller in the transaction.
LITTLETON, COLO. — A 54-unit apartment building in Littleton has sold to an out-of-state buyer for $8.3 million. The community, called Broadridge Apartments, is located at 6900 S. Bannock St. It was built in 1965. Jeff Johnson and Matt Ritter, with the Johnson Ritter Team of Pinnacle Real Estate Advisors represented the buyer. Josh Newell of the same firm represented the seller.
PHOENIX — Gabriel Partners has signed a long-term agreement for 19,202 square feet of office space in downtown Phoenix. The space is located at 40 North Central Ave. The technology-based, anti-money-laundering company will occupy the entire 22nd floor. Ryan Bartos and Matthew Coxhead of Savills Studley represented Gabriel Partners in the transaction. Pat Divine of Cushman and Wakefield represented the landlord.
WEST VALLEY CITY, UTAH — Land Advisors has purchased the 61,630-square-foot Honeyville Grain Building in West Valley City for an undisclosed sum. The property is located at 1811 W. Alexander St., within the Decker Lake Business Complex. The seller, Intercon, formerly occupied the building. The company was represented by Luke Burbank of Newmark Grubb ACRES.
LINCOLN CITY, ORE. — The 54-room Edgecliff Motel in Lincoln City has sold to an unnamed buyer for $1.6 million. The hotel is located at 3733 Highway 101. It overlooks the Pacific Ocean, and is about one mile south of the Tanger Outlet Mall. The hotel will undergo a $1 million remodel. Joseph P. Kennedy of Crystal Investment Property represented the seller in this transaction.
PHOENIX — The Opus Group has commenced construction on a 393,300-square-foot speculative warehouse and distribution building in Phoenix. The Opus Airport Industrial will be situated on 23 acres of land at the northeast corner of 7th and Elwood streets, near Phoenix Sky Harbor International Airport. Opus Airport Industrial will be the largest available industrial space in the submarket once it’s completed in September, according to the developer. It will also be able to accommodate single- or multi-tenant occupants looking for manufacturing, distribution and light assembly uses, among others. Opus Development Company LLC is developing the project. Opus Design Build LLC is the design-builder, while Opus AE Group LLC is the architect and structural engineer of record. Ware Malcomb is the design architect. CBRE’s John Werstler, Cooper Fratt and Jerry McCormick will market the property for lease. The team also executed the land sale between Opus and the seller, 7th Street Industrial LLC.
