PRICE, UTAH – The Price Human Services Building, a 37,829-square-foot office building in Utah, has sold to an unnamed buyer. The price was not disclosed. The space is located at 475 West Price River Drive in Price. It is fully leased to tenants like the Utah Attorney General, the Utah Department of Workforce Services, the Utah Department of Family and Child Services, and the Utah Department of Rehabilitation Services. The seller, Fairbridge Properties, purchased the asset in 2013.
PASADENA, CALIF. — Meridian has purchased a 115,000-square-foot medical office complex in Pasadena for $37.5 million. The complex is located at 50 Bellefontaine St. near Huntington Memorial Hospital. The 2.8-acre property contains a 52,000-square-foot building, a 63,000-square-foot building and an adjacent subterranean parking garage. Meridian plans to invest an additional $5 million to modernize and upgrade the space. John Erickson and Brent Weirick of Colliers represented Meridian in the deal. Fred Cordova, Ryan Eddy and Michael Puleo of Kennedy Wilson Brokerage Group, along with William Boyd, Linda Lee and Scott Unger of Charles Dunn, represented the seller, Cotton Medical Center.
THOUSAND OAKS, CALIF. — Colliers International has brokered the sale of a single-tenant retail property located at 550 N. Ventu Park Road in Thousand Oaks. NewMark Merrill Cos. sold the property to a Los Angeles-based private investor for $15.6 million. The property is triple-net leased to Walgreens with 19 years left on the term. Eric Carlton and Jereme Snyder of Colliers represented the seller in the transaction.
LOS ANGELES — Forest City Realty Trust Inc. has started Phase II of the redevelopment, preservation and adaptive re-use of the Subway Terminal Building, originally built in 1925 by Pacific Electric Railroad in downtown Los Angeles. Renamed Metro 417, Phase I consisted of the development of 277 loft-style apartment homes. For phase two, Forest City will redevelop and transform the ground floor and two subterranean floors into approximately 133,000 square feet of multi-tenant retail space. Lorena Tomb and Danielle Cornwell of Jones Lang LaSalle are marketing the retail space for lease on behalf of Forest City. Metro 417 is located in the Bunker Hill area of Los Angeles adjacent to a station for the Metro Red Line subway. Amenities for the property will include on-site parking, in-unit laundry facilities, a rooftop garden, gym, business center and 24-hour security.
CORONA, CALIF. — Progressive Real Estate Partners has brokered the sale of an 8,000-square-foot retail property located at 4180 Green River Road in Corona. A private investor purchased the property from Olympic Barrington Partnership for $2.1 million, or $263 per square foot. As part of the 120,000-square-foot Green River Promenade, the property is fully leased to St. Christopher Adult Health Care Center. Greg Bedell and Pablo Velasco of Progressive Real Estate Partners represented the seller, while Keith Wichner of Star Real Estate represented the buyer in the 1031 exchange.
SAN MATEO, CALIF. — A joint venture between Seagate Properties and RGA Real Estate Investments has purchased The Atrium, a 163,791-square-foot office building in Silicon Valley, for $61.6 million. The Class A property is located at the intersection of Highway 101 and 92. It is situated 20 miles south of Downtown San Francisco and 15 miles north of Stanford University. The Atrium is currently 90 percent occupied. The largest tenant at the site is Prometheus Real Estate Group. The building was constructed in 1983. It recently underwent a $300,000 renovation. Steven Hinds and Peter Ryan of George Elkins Mortgage Bank helped facilitate the joint venture between Seagate and RGA. Steve Herman, Eric Fox and Bob Gilley of Cushman & Wakefield represented the seller, Prometheus, in this transaction.
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.