COLORADO SPRINGS, COLO. – The 220-unit Cheyenne Crossing apartment complex in Colorado Springs has sold to OP Cheyenne LLC for $25 million. The Class B+ community is located at 640 Wycliffe Drive. The deal was organized and sponsored by OpenPath Investments LLC (OPI). The firm identifies workforce housing properties with more than 100 units that offer value-add or operational upside opportunities within the Western States.
LIVERMORE, CALIF. – Industrial Property Trust has acquired Greenville Business Center, a 266,825-square-foot warehouse/distribution building in Livermore for an undisclosed sum. The property is located at 7501-7551 Las Positas Road. The center is fully leased to Performance Food Group (Vistar), Transwestern Polymers Inc. and Topp Shelf (dba UNITS). Michael Lloyd and Greig Lagomarsino of Colliers International represented both the buyer and seller, Alere Property Group, in this transaction.
WEST COVINA, CALIF. – A 37,500-square-foot retail building in West Covina that is leased to 24 Hour Fitness USA has sold to Capital Square Realty Advisors for an undisclosed sum. The building is located at 1530 W. Covina Parkway. The 1.6-acre property includes a three-level, free-standing parking garage. It is designed as a 24 Hour Fitness “Sport” facility. Amenities include cardio equipment, circuit training, a kids club, sauna, steam room and lap pool. Capital Square was represented by TFS Properties, doing business as TaxGuard1031.
DENVER – Lincoln Meadows, a 10,010-square-foot retail property in the Denver submarket of Parker, has sold to Prime Management LLC for $2.1 million. The center is located at 18366 Lincoln Ave. The four-tenant community shopping center is part of a retail development anchored by Lowe’s. Its current tenants include Sports Clips, Jersey Mike’s, Opa Grill and Pho Vy. Cory Gross of Marcus & Millichap’s Denver office represented both the buyer and the seller, Lee & Park, in this transaction.
OAKLAND, CALIF. — DiNapoli Capital Partners has acquired the 489-room Marriott City Center in downtown Oakland for a reported $84 million. The hotel is located at 1001 Broadway. The property is attached to the Oakland Convention Center. It is one block from a BART station. The seller, CIM Group, renovated the hotel in 2011, modernizing all common areas and guest rooms. It also partnered with the City of Oakland to renovate the hotel and convention center’s combined 89,000 square feet of meeting space. CIM acquired the Oakland Marriott in 2007. It was the company’s first asset in downtown Oakland. The firm currently maintains a Bay Area portfolio of about 3 million square feet of Class A space. CIM has disposed of a total of 570 residential units, 908 hotel rooms and about 1,420,000 square feet of retail space, including this latest sale, since the beginning of the year.
MESA, ARIZ. — The 392-unit Stone Canyon apartments in Mesa has sold to Olen Residential Realty Corp. for $47 million. The community is located at 5210 E. Hampton Ave. Stone Canyon was built in 2000. Community amenities include two resort-style pools, a fitness center, clubhouse and resident lounge, outdoor fire pit with cushioned seating, barbecue grilling stations with entertainment areas, nine-hole putting green, an outdoor water feature, mountain views and gated entrance. Notable employers near the complex include Banner Gateway Hospital, Banner Baywood Hospital and the Boeing Company. Stone Canyon is situated near US-60. The sellers, a group of tenant-in-common co-owners, were represented by CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch. The co-owners were supported throughout their hold period and the sales process by National Asset Services.
SANTA BARBARA, CALIF. — Kennedy Wilson has acquired the 208-unit Montiavo at Bradley Square apartment complex in the Santa Barbara submarket of Santa Maria for $47 million. The community is located at 2460 S. Rubel Way in the master-planned community of Bradley Square. Montiavo offers two- and three-bedroom townhome-style units. Common-area amenities include a grand lobby, fitness center, pool and sundeck, business center and a clubhouse/lounge. The community was built in 2004. Kennedy Wilson will implement a strategic interior renovation plan. The seller, AEW Capital Management/Holland Partners, was represented by Ron Harris, Greg Harris, Kevin Green, Joseph Grabiec, Paul Darrow and Michael DiSimone of Institutional Property Advisors.
LOS ANGELES — JLL has acquired Wilson Retail Group, a Los Angeles-based independent retail brokerage and capital markets firm, for an undisclosed sum. The merger will bring 16 Wilson associates to JLL. It will allow JLL to provide a broader range of brokerage and investment sales services to retailers and investors in a core urban gateway. Chris Wilson will now serve as executive vice president, Southwest brokerage lead at JLL Retail; Scott Burns will serve as executive vice president, retail brokerage lead for JLL’s Los Angeles office; and Geoff Tranchina will serve as executive vice president of investment sales. The new Wilson executive team will report to Peter Belisle, market director for JLL’s Southwest region. They will work closely with Naveen Jaggi, president of JLL’s Americas Retail Brokerage business. JLL’s Retail Group is the largest third-party retail property manager in the United States. JLL’s retail portfolio has more than 500 centers totaling 69 million square feet under management. The portfolio includes regional malls, lifestyle centers, grocery-anchored centers, power centers, central business districts, transportation facilities and mixed-use projects.
OLYMPIA AND LYNWOOD, WASH. – A two-property multifamily portfolio in Washington has received $19.4 million in financing. The portfolio includes the 181-unit Westlakes Apartments in Olympia and the 110-unit Poplar Lanes Apartments in Lynnwood. The 12-year loan featured a 30-year amortization schedule, a 75 percent loan to value and a sub-4 percent interest rate. Financing was arranged by Mike Wood and Austin Johnson of NBS Financial Services. The loan was provided by Fannie Mae through the firm’s correspondent relationship with Walker Dunlop.
SAN DIEGO – The 12-unit Village North Senior Garden Apartments in San Diego has sold to the San Diego Housing Commission (SDHC) for $14.7 million. The affordable seniors housing community is located at 7720-7780 Belden Street. SDHC was represented by CBRE’s Jim Neil, Eric Comer and Merrick Matricardi. The sellers, Village North LLC and Belden Village LLC, were self-represented in this transaction.