RENO, NEV. – A 206-unit apartment building in Reno has sold to M3 Multifamily LLC for $15 million. The Element Apartments is located near Meadowood Regional Mall. It is also near notable employers like Nevada Energy, Microsoft Licensing and Intuit Reno. The seller, FPA Multifamily, was represented by CBRE’s Aiman Noursoultanova.
SAN DIEGO – Poway Valley Center, a 25,754-square-foot retail shopping center in the San Diego submarket of Poway, has sold to Capstone Advisors for $6.2 million. The center is located at the corner of Poway and Community roads. Capstone plans to make capital improvements to the storefronts, landscaping and parking lot, among other things. John Jennings and Rob Ippolito of Cushman and Wakefield represented both Capstone and the unnamed seller in this transaction.
TUCSON, ARIZ. – Shops at Desert Springs, a 20,485-square-foot neighborhood retail center in Tucson, has sold to Bastion Investments for $5.3 million. The center is located at 7250 N. La Cholla Blvd. It is shadowed anchored by Albertsons. Other notable tenants include Christie’s Appliance, Edward Jones, L’Amour Nails, Great Clips, H&R Block, Casey’s Hallmark, Edmund Marquez Insurance, Papa Murphey’s Pizza and the Arizona National Guard. The seller was La Cholla Retail II LLC. The transaction was executed by CBRE’s Pete Villaescusa, Mike Sandahl, Jesse Peron, Wyatt Campbell, Phil Voorhees and Brad Rable.
LOS ANGELES – Business management and accounting firm Wasserman Grossman & Sloan LLP has renewed at One Westwood in the Los Angeles submarket of Westwood. The building is located at 10990 Wilshire Blvd. The firm initially subleased the building’s entire eighth floor in 2010. Its new five-year lease will take Wasserman through 2020. The lease is valued at $2.8 million. The firm was represented by Mitchell Stokes of Madison Partners. The landlord, Douglas Emmett, was represented in-house by Rob Zaas.
DENVER — Invesco Real Estate has acquired a 306,791-square-foot office building in Denver’s Lower Downtown (LoDo) neighborhood for a reported $170 million. The building is located at 1515 Wynkoop Street. The Class AA asset is fully leased to notable tenants like Maximus, Black Hills Corporation and Polsinelli. It sits adjacent to Union Station, which recently underwent a redevelopment. The building has received LEED-Gold certification. It also received the Most Efficient Building in Denver award in 2013. The seller was American Realty Advisors.
TACOMA, WASH., AND SAN JOSE, CALIF. — Donahue Schriber Realty Group has picked up two retail assets in Washington for a total of $67 million. The buy includes Lakeland Town Center, a 125,142-square-foot neighborhood shopping center in Auburn, a suburb just northeast of Tacoma, and Westgate North, a 128,630-square-foot shopping center in Tacoma. Lakeland Town Center is occupied by notable tenants like Haggen Northwest Fresh, Starbucks, McDonald’s, Subway and Verizon. It is situated along Lake Tapps Parkway. Westgate North is anchored by Safeway and Ace Hardware. Additional tenants like Chase Bank, Round Table Pizza, KeyBank and Anytime Fitness round out the roster. These acquisitions follow on the heels of two additional retail purchases in California. Donahue also recently acquired Village Oaks Shopping Center, a 320,000-square-foot center in San Jose that is anchored by Target and Safeway, and Gilman District, a 91,300-square-foot center in Berkeley that is anchored by Whole Foods Market.
PHOENIX — The P.B. Bell Companies has acquired The Boulevard, a 294-unit apartment community in north Phoenix, for $33.5 million. The community is located near Bell Road and 7th Street. The Boulevard was built in 1994. P.B. Bell plans to invest about $2 million in improvements to the property, which will include updates to the interior living areas and exterior common areas, as well as to the clubhouse, pool area, leasing office and outdoor common areas. Enhancements will also be made to the unit’s cabinets, lighting, flooring and countertops. The seller was Slavin Residential. The transaction was executed by CBRE’s Sean Cunningham and Tyler Anderson. Jim Pierson and Keaton Merrell of Legacy Capital Advisors also arranged a $26.8-million, non-recourse acquisition loan with Freddie Mac.
EL SEGUNDO, CALIF. – Cherryman Industries has leased 17,223 square feet at Campus 2100 in El Segundo. The three-building campus is the former home of Rhythm & Hues Studios. The furniture manufacturing company signed a 10-year lease at the property. It will serve as the firm’s corporate headquarters. Cherryman was represented by Wes Honeycutt and Matt Moore of Newmark Grubb Knight Frank. Tom Sheets and Chris Sinfield of Cushman & Wakefield represented the landlords, Rockwood Capital, LLC (Rockwood) and Marshall Property & Development, in this transaction.
SAN DIEGO – Sabre Springs Plaza, a 15,038-square-foot retail center in San Diego, has sold to Capstone Advisors for $4.5 million. The center is located at the intersection of Poway Road and Springbrook Drive. The core-plus asset is anchored by 7-Eleven. Capstone plans to make capital improvements to the landscaping and parking lot, among other things. The unnamed seller was represented by Pat Toomey and Kyle Mathews of Colliers International. Financing was provided by Silvergate Bank.
VISALIA, CALIF. – Stihl Inc. has acquired a 139,655-square-foot industrial building in Visalia for nearly $6 million. The building is located at 9810 Ferguson Ave. It was built in 2008. Stihl, a chainsaw manufacturing company, will occupy 67 percent of the building. It will share the space with Sorma USA LLC, a produce packaging company that occupies 45,967 square feet. Stihl was represented by Craig “Cap” Caprioffi of Fortune Associates. Westcore Properties was represented by Doug Burr of Burr Commercial.