PHOENIX – Select Income REIT has purchased the Farmers Insurance Building, a 106,397-square-foot office building in Phoenix, for $16.8 million. The building is located at 16001 N. 28th Ave. in the Arizona Business Park. The property will be managed by Reit Management & Research LLC. The seller, Sabal Financial Group, was represented by CBRE’s Barry Gabel, Chris Marchildon, Ashley Brooks, Jim Bayless and Jenny Aust. Sabal purchased the property through its Granite Twenty Eighth Holdings entity.
SAN JOSE, CALIF. – A 160,000-square-foot office and R&D campus in Silicon Valley has sold to Drawbridge Realty for an undisclosed sum. The campus contains two office and R&D buildings that were fully leased to Cobham Electronic Solutions. The buildings are located at 5300 and 5350 Hellyer Ave. in San Jose. It was constructed in 2000. The seller, Hellyer Avenue Limited Partnership, is a partnership lead by affiliates of Berg & Berg and Republic Properties Corporation. It was represented by CBRE’s Joseph Moriarty, Russell Ingrum, Sean Sullivan, Brad Zampa, Tyler Meyerdirk and Bob Steinbock.
LOS ANGELES – A 16-unit apartment complex in the Los Angeles submarket of Glendale has sold to a private family trust for $4.1 million. The community is located at 1323 N. Columbus Ave. It was built in 1927. The trust was represented by Salleh Beitollahi and Rick Raymundo of Marcus & Millichap Real Estate Investment Services.
LOS ANGELES – A 12,453-square-foot office building in Los Angeles has sold to 3211 Cahuenga LLC for $3.8 million. The building is located at 3211 Cahuenga Blvd. West. It is fully occupied. The LLC was represented by Roger L. Beck of Charles Dunn Company. The seller, a local private investor, was represented by Stacy Vierheilig-Fraser of the same firm.
LOVELAND, COLO. – Glowgolf has opened a 36-hole miniature golf course at the Promenade Shops at Centerra in Loveland. The indoor, glow-in-the-dark course also has an area for birthday parties and group events. The Promenade is located at 5971 Sky Pond Drive. It is managed by Poag Shopping Centers LLC.
WESTMINSTER, COLO. — InvenTrust Properties Corp. has purchased the Shops at Walnut Creek, a 216,325-square-foot shopping center in Westminster, for $57.1 million. The center is located at W 104th Circle. It is situated off US Highway 36, about 15 miles northwest of Downtown Denver. The Shops at Walnut Creek is anchored by T.J. Maxx/HomeGoods, Petsmart, Dollar Tree and Michaels. Most of the anchor tenants have eight years remaining on their leases. The center is currently 93 percent occupied. InventTrust also owns and manages three other retail properties in central Colorado. They include Cheyenne Meadows in Colorado Springs; Quebec Square Shopping Center in Denver; and Centerplace of Greeley in Greeley.
OAKLAND, CALIF. — Vertical Ventures has acquired the 525,864-square-foot office portion of Eastmont Town Center in Oakland for a reported $54.5 million. The Class B space is located at 7200 Bancroft Ave. Eastmont Town Center is currently 80 percent occupied by 31 tenants, including agencies from Alameda County and the City of Oakland. Less than 20 percent of the leased space is scheduled to expire within the next five years. There are also multiple long-term leases that will run through 2028. The center originally operated as a mall until it was converted into a government services center in the ‘90s. A second building containing retail space is still on the market. Argosy Real Estate Partners III L.P. and its parallel funds partnered with Vertical Ventures on the transaction. Cushman & Wakefield represented both the buyer and the seller on this transaction. The firm will also provide on-site property management services, while CBRE will handle leasing.
AURORA, COLO. — Majestic Realty Co. has announced plans to build an additional 452,400-square-foot speculative industrial warehouse and distribution facility at its Majestic Commercenter in Aurora. The center is located at the intersection of I-70 and Tower Road. The Class A industrial property is scheduled for completion in November. Majestic notes favorable market conditions, historically low industrial vacancy rates and recent lease agreements motivated the company to move forward on a sister property to its most recent 500,000-square-foot Building #28. Majestic recently signed long-term lease agreements with Fresca Foods for 158,000 square feet and Niagara Bottling for 132,000 square feet at Building #28. The new building will be constructed and designed by Commerce Construction Co.
SCOTTSDALE, ARIZ. — Hilton Worldwide has acquired the 150-room Boulders Resort & Spa near Scottsdale for an undisclosed sum. The 1,300-acre resort is located at 34631 N. Tom Darlington Drive in the Sonoran Desert foothill town of Carefree, just north of Scottsdale. The property will soon undergo a significant remodel and upgrade. Hilton announced the hotel will now operate under the “Curio – A Collection by Hilton” portfolio. Curio is a global brand of upper-upscale and luxury hotels that focus on delivering travel experiences tailored to the local attractions and culture. Boulders Resort & Spa offers one-, two- and three-bedroom guest casitas, or small houses, in addition to a five-bedroom, 5,000-square-foot villa retreat. The resort also features two 18-hole, Jay Morrish-designed championship golf courses, a terraced tennis garden, four swimming pools, six restaurants, a 33,000-square-foot spa, a fitness center and a variety of outdoor adventure activities. The renovation will upgrade the casitas. The lobby bar, front desk and Palo Verde restaurant will also be remodeled. The redesign will be carried out by DiLEONARDO. The seller, an affiliate of Blackstone Group, was represented by Hodges Ward Elliott in this transaction. There are six hotels currently under the Curio brand, including the …
LAKEWOOD, COLO. — Easterly Government Properties Inc. has purchased a 115,650-square-foot office building in Lakewood for $20.2 million. The building is located at 12155 West Alameda Parkway in Lakewood’s Union Square office area. The structure is occupied by the Western Area Power Administration (WAPA). It is leased to the General Services Administration, on behalf of the Department of Energy, until 2029. The property was built in 1999. Easterly was represented by Richard Bird of Marcus & Millichap. The seller, a private investor, was represented by Tammy Saia of the same firm.
