PORTLAND, ORE. – The 72-unit Connery Place apartment community in Portland has sold to a private investor for $7 million. The community is located at 8110 SE Mill Street in the southeast Montavilla neighborhood. It is 97 percent occupied. The property features a renovated clubhouse and outdoor pool. About 30 percent of the units have been renovated. HFF’s Nick Klein and Tyler Linn represented both the buyer and seller, Cumberland Holdings, in this transaction.
POMONA, CALIF. – Buchanan Street Partners has purchased University Tech Center, a 100,360-square-foot suburban office complex in Pomona, for an undisclosed sum. The building is located at 3179 and 3191 West Temple Ave. Buchanan plans to complete significant improvements to the property over the next year. The building is 91 percent leased, with the County of Los Angeles occupying one of the buildings. Buchanan represented itself, while the seller, Invesco, was represented by CBRE’s Kevin Shannon and Mike Kendall.
LOS ANGELES – A 40,738-square-foot building in the Los Angeles submarket of La Mirada that is leased to 24 Hour Fitness has sold to a local private investor for $13.9 million. The building is located at 13395 Beach Blvd. It is occupied by a 24 Hour Fitness Sport facility. The space was built in 2002. It is the anchor tenant in a shopping center that also contains CVS, Jack in the Box, Max Muscle and Electric Tan. The gym has eight years remaining on its double-net lease. The buyer is expected to hold the asset long term for passive income. It also assumed existing CMBS debt that was in place at the property. The unnamed seller was represented by Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County.
LOS ANGELES – Bellflower Plaza, a 41,720-square-foot neighborhood retail center in the Los Angeles submarket of Bellflower, has sold to local private investment group for $9.2 million. The center is located at 17600 – 17620 Bellflower Blvd. It was built in 1991. Bellflower Plaza is anchored by Jack in the Box and 7-Eleven. This acquisition marks the fifth highest shopping center purchase per square foot in the Mid-Cities submarket since 2009, according to Joe Penich of Sperry Van Ness Rich Investment Real Estate Partners, who represented the buyer. The unnamed seller was represented by Andrew Awaida of Remax Optima.
LOS ANGELES – A private investor has purchased the 30-unit Trojan Palms Apartments near the University of Southern California (USC) campus in Los Angeles for $8.9 million. The community is located at 1115 W. 30th Street, half a block from USC. It was built in 1957 and remodeled in 2007. The 67-bedroom student housing property is generally fully occupied. Ron Harris, Michael DiSimone and Garrett Nichols of Marcus & Millichap’s Los Angles office represented both the buyer and seller, another private investor, in this transaction.
LAKE FOREST, CALIF. – An affiliate of Menlo Equities LLC has purchased a 76,841-square-foot office building in Lake Forest for an undisclosed sum. The building is located at 26250 Enterprise. It is situated near the 241 toll road and Interstate 5 via Bake Parkway.. The building is 87 percent occupied by four tenants, with a majority of the space occupied by Panasonic Avionics Corporation. The seller, Bixby Land Company, was represented by Jeffrey Cole, Jeffrey Chiate, David Dowd and Ed Hernandez of Cushman & Wakefield’s Irvine office.
LOS ANGELES — Essex Property Trust has acquired 8th+Hope, a 290-unit high-rise apartment complex in Downtown Los Angeles, for $200 million. The luxury community is located at 801 S. Hope Street, at the intersection of its namesake, 8th and Hope streets. The glass complex is one of the first high-rise apartment buildings to be built and listed for sale in Downtown Los Angeles since the recession, according to the seller, Wood Partners. The company also notes 8th+Hope sold for a higher price per square foot than any previous multifamily project in Downtown Los Angeles. 8th+Hope opened last summer. It is currently 55 percent occupied. The community is anticipated to reach stabilized occupancy by the third quarter of 2015. Common-area amenities include a 10,000-square-foot rooftop deck and club room with retractable glass walls that lead to an outdoor social/dining area, spa, fire pit and garden. It also includes a private film theater, guest suites, in-unit salon and spa services, 24/7 concierge service, car sharing and covered parking. Housecleaning, pet care, grocery delivery and porter services are also available. Units feature floor-to-ceiling glass, expansive balconies, and high-end interior finishes like wood flooring, granite countertops and stainless steel appliances.
SAN DIEGO — Brookwood Financial Partners has received an $89.9-million loan to acquire a 484,573-square-foot office portfolio in San Diego. The portfolio contains three properties in seven Class A and B buildings. The Newport National Portfolio includes Civic View Corporate Centre at 300 Rancheros Blvd. in San Marcos; Ventana Real at 2173, 2175 and 2177 Salk Ave. in Carlsbad; and The Campus at 5962, 5964 and 5966 La Place Court, also in Carlsbad. Acquisition financing was arranged by CBRE’s Charles Foschini, Christian Lee and Christopher Apone. Blackstone provided the two-year, interest-only loan.
SCOTTSDALE, ARIZ. — Velocis Partners has purchased Camelback Square, a 174,917-square-foot office building in Scottsdale, for $42.3 million. The center is located at 6991 East Camelback Road. The three-story office building was 92 percent occupied at the time of sale. Notable tenants at the building include ZocDoc, Regus, Ashton Woods, Echo Global Logistics, Digital Airstrike and Mastro’s City Hall Steakhouse. The property is situated near Scottsdale Fashion Square and the Scottsdale Waterfront. This is Velocis’ first Phoenix-based acquisition. Velocis also received an acquisition loan totaling $26.5 million. The loan was arranged by Bruce Francis, Dana Summers, Bob Ybarra and Shaun Moothart of CBRE’s Capital Markets’ Debt and Structured Finance team. It was provided by JP Morgan Chase. CBRE’s Barry Gabel, Chris Marchildon, Kevin Shannon, Ken White and Paul Jones represented Velocis and the seller, a joint venture between Lincoln Property Company and Oaktree Capital, in this transaction.
BELLEVUE, WASH. — Wig Properties has acquired the 181-room Red Lion Hotel Bellevue for $35.4 million. The five-building hotel is located at 11211 Main Street. Red Lion Hotel Bellevue was built in 1969 and contains 5,700 square feet of meeting space. The hotel is situated in the planned East Main light rail station’s transit-oriented development overlay. It includes more than six acres of land, with Interstate 405 to the east and the Bellevue CBD to the north. The seller, Red Lion Hotels Corporation, was represented by Jason Rosauer, Gary Guenther and Rob Anderson of Kidder Mathews.
