ST. GEORGE, UTAH — Redstone Residential has been awarded management of two new communities comprised of 1,084 beds. The two communities are Gateway at Lubbock, a 748-bed community that serves students at Texas Tech University in Lubbock, Texas, as well as Canyonlands Apartments, a 336-bed project adjacent to Dixie State University in St. George.
PARKER, COLO. — Pinnacle Real Estate Advisors has arranged the $5 million sale of 12311 Pine Bluffs Way, a 20,230-square-foot retail building located in Parker. Pete Foster of Pinnacle represented the buyer, The SmartCap Group Inc., in the transaction.
SANTA MONICA, CALIF. — Santa Monica-based brokerage firm Main + Main has named Mike Clark as its executive director. Prior to joining Main + Main, Clark spent 20 years with Cushman & Wakefield. Clark will be based in the company’s San Diego office, and will specialize in shopping centers, retail strip centers and freestanding retail buildings in the San Diego area.
PHOENIX — REIT Industrial Property Trust has purchased a five-building industrial portfolio based in northwest Phoenix for $38 million. The transaction comprises the Lincoln Deer Valley and Lincoln Pinnacle Park assets. The Lincoln Deer Valley project is located at 21420 and 21430 N. 15th Lane in Phoenix. Lincoln Pinnacle Park is located at 23040 N. 11th Ave., also in Phoenix. They total 340,646 square feet. The two parks were constructed between 2005 and 2006. They are 97 percent leased with staggered triple-net lease expirations. Notable tenants include Petsmart, Alstom, Reynaer’s, US Air Conditioning Distribution and California Closets. The seller was Lincoln Property Company (LPC). The company will continue to serve as property manager for both assets. CBRE’s Darla Longo, Barbara Emmons, Dan Calihan and Pat Feeney represented LPC in this transaction.
DENVER — An unnamed buyer has purchased the 60-unit Stratford Plaza Apartments in Denver for $5 million. The community is located at 2005-2095 South Depew St. It was built in 1971. Joe Hornstein and Scott Fetter of Pinnacle Real Estate Advisors represented both the buyer and seller in this transaction.
ALAMO, CALIF. — Donahue Schriber Realty Group has acquired Alamo Plaza, a 195,147-square-foot shopping center located in Alamo, from Investco Advisors Inc. for an undisclosed price. Safeway anchors the center, which is also home to tenants including Rite-Aid, 24 Hour Fitness, Richards Arts and Crafts, Peet’s Coffee & Tea and Panera Bread.
ELK GROVE, CALIF. — NorthMarq Capital has arranged a $4.2 million refinancing for Laguna Palms, a retail property located at 9105 Bruceville Road in Elk Grove. The 15-year loan features a 25-year amortization schedule. Tenants at the 23,869-square-foot property include U.S. Post Office and Goodwill. Blake Melstrom of NorthMarq Capital’s Los Angeles office secured the financing for the undisclosed borrower.
GLENDALE, CALIF. — Stevenson Real Estate Services has arranged the sale of a retail building located at 601 S. Glendale Ave. in Glendale. Emad and Caroline Salama acquired the property from Robert Morris for $1.4 million. Built in 1961, the 1,568-square-foot building is situated on 11,500 square feet of land. Michael Maniscalchi and Tony Maniscalchi of Stevenson Real Estate Services represented the seller, while Sameh Nicola of California Prime Realty represented the buyer in the transaction.
PORTLAND, ORE. — Urban Renaissance Group (URG) has purchased a four-asset office portfolio based in Portland for an undisclosed sum. The acquisition brings URG’s portfolio to more than 10 million square feet throughout the Portland, Seattle and Colorado areas. The new assets include the 522,000-square-foot Pacwest Center; the 277,000-square-foot Liberty Centre; the 398,000-square-foot Moda Tower; and the 240,000-square-foot One Pacific Square. The seller was Langley Investment Properties (LIP). LIP plans to refocus its efforts on new investment and development opportunities, in addition to related portfolio asset management.
SAN DIEGO — Swift Real Estate Partners has purchased a three-property office portfolio in the San Diego submarket of Carlsbad for $30.4 million. The acquisition includes the 61,578-square-foot Carlsbad Airport Plaza; the 53,982-square-foot Camino West Corporate Park; and the 80,506-square-foot La Place Court. The portfolio was about 65 percent leased at the time of sale. Swift represented itself in this transaction, while CBRE’s Louay Alsadek, Hunter Rowe, Andrew Taylor, Roger Carlson and Larry Cambra represented the seller, Brandywine Realty Trust. Carlson and Cambra were retained by Swift to handle the leasing for Camino West Corporate Park.