OXNARD, CALIF. – The 18-unit Oxnard Art Lofts has sold to 2201 Statham LLC for $2.9 million. The live-work complex is located at 2201 Statham Blvd. The project was 90 percent vacant at the time of sale. The project was an adaptive reuse of an old industrial building. The 25,610-square-foot complex contains units ranging from 978 square feet to 1,615 square feet.
ANAHEIM, CALIF. – Power Edge Solutions has purchased a 12,000-square-foot industrial building in Anaheim for $2.1 million. The building is located at 1910 East Via Burton. This is the highest price paid per square foot within this building size range since 2008, according to CBRE, which represented the seller, the Huber Family Trust. The trust was represented by the firm’s Steve Young and Tom Dorman. Gibson Company also provided advisory services to the trust.
PHOENIX – BH Properties has acquired a three-property office and industrial portfolio in the Phoenix area for $22.8 million. The portfolio, known as DMC Portfolio, contains two office buildings and an industrial park that total 230,524 square feet. The 65,857-square-foot Tempe Commerce Park is located at 7420 S. Kyrene Road in Tempe. The 62,115-square-foot ADP Building is located at 7474 W. Chandler Blvd. in Chandler. The 102,552-square-foot Ocotillo Business Center is located at 7910, 7970 and 8060 S. Kyrene Road in Tempe. The portfolio was 72.2 percent occupied at the time of sale. The seller, Buchanan Street Partners, was represented by DTZ’s Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan.
OXNARD, CALIF. — Champion Real Estate has acquired the Vines, a 164-unit apartment community in Oxnard, for $55.5 million. The community is located at 3040 N. Oxnard Blvd., within the master-planned community of RiverPark. The acquisition represents a per-unit price of $338,628. This is the highest per-unit price paid in Ventura County for a multifamily community with 100 or more units over the past 10 years, according to Berkadia, which executed the transaction. The Vines was built in two phases in 2013 and 2014. It offers two- and three-bedroom units. The property features seven different parks with playgrounds, basketball and tennis courts, picnic areas with barbecues and water fountains. The community was 95 percent leased at the time of sale. Notable employers in the area include St. John’s Regional Medical Center, Boskovich Farms Inc., Ventura Superior Municipal Court and Walmart Supercenter. Champion Real Estate is led by Bob and Parker Champion. The sellers, Corona Riverpark Promenade LLC and Corona Riverpark Luminaria LLC, were represented by Tony Koeijmans of RSF Partners. The transaction was negotiated by Adrienne Barr of Berkadia.
KIRKLAND, WASH. — The Village at Totem Lake LLC, a joint venture between CenterCal and PCCP, has acquired Totem Lake Mall in Kirkland for $35.5 million. The 290,000-square-foot mall is located at 12601 120 Ave. The JV plans to redevelop the 40-year-old mall into a modern center with a “village feel.” The new iteration will be a mixed-use grocery and theater-anchored center with retail, residential, entertainment, office and other components. The renovation will begin in about one year. Current tenants at the center include KeyBank, AutoZone and Ross Dress for Less. The sellers were Developers Diversified Realty and Coventry Real Estate Advisors.
LOS ANGELES — JH Real Estate Partners has purchased Hawaiian Gardens Town Center, a 124,645-square-foot retail center in the Los Angeles submarket of Hawaiian Gardens, for $33 million. The center is located at 12090-12144 Carson Street. Hawaiian Gardens Town Center is situated off the 605 freeway, within walking distance of the city’s largest employer, the Hawaiian Gardens Casino. The center is 95 percent occupied. It is anchored by Walmart Neighborhood Market. Other notable tenants include O’Reilly Auto Parts, Sally Beauty Supply, MetroPCS, Hertz Rent-a-Car and Rent-a-Center. The seller, an affiliate of HP Investors LLC, was represented by HFF’s CJ Osbrink, Ryan Gallagher and Bryan Ley.
PHOENIX — The 382-unit Cabana on Thomas apartment community in Phoenix has sold for $24.3 million. The buyer was not named. The community is located at 1645 East Thomas Road. Cabana on Thomas is situated a half-mile west of State Route 51, also known as the Piestewa Freeway, which provides access to Downtown Phoenix and Sky Harbor International Airport. Nearby employers include public entities like the City of Phoenix, Maricopa County and the State of Arizona, as well as companies like Wells Fargo, Bank of America, JPMorgan Chase, Freeport McMoRan Copper & Gold Inc., Ernst & Young, United Healthcare and Cigna Healthcare. Common-area amenities include a clubhouse, four resort-style pools, a fitness center, electric vehicle charging stations, a bike storage room and a dog park. It offers studios to three-bedroom units. The seller, Deco Communities, was represented by Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap.
PORTLAND, ORE. – The 46-unit Clinton Court apartments in Portland has sold to Clinton Properties LLC for $6 million. The community is located at 2725 SE 29th Street. The seller repositioned the property in 2013. Kirk Ward of Norris & Stevens represented both the buyer and seller, CCA LLC, in this transaction.
SAN DIEGO – A 76,495-square-foot industrial/flex building in the San Diego submarket of Escondido has sold to SR Commercial for $8.3 million. The building is located at 298-304 Enterprise Street within the Escondido Business Park. The space, known as Enterprise Heights Industrial Centre, is fully leased. Tucker Hohenstein, Mike Erwin and Conor Boyle of Colliers International represented both the buyer and seller, Enterprise Heights Industrial Centre Associates, in this transaction.
DEER VALLEY, ARIZ. – ViaWest has acquired nine acres of land in Deer Valley for $3.2 million. The land is located at 50 and 100 E. Pinnacle Peak Road in the Phoenix submarket. It is currently leased to Cemex, a global building materials company that provides high-quality products and services. ViaWest Group was represented by John Pompay and Gary Anderson of DTZ. The seller, Luke Land 80 LLC, was represented by Luke Lewis of Luke Land Realty.