RENO, NEV. — A joint venture between ProEquity Realty Partners and CRG LLC has acquired a 76,800-square-foot-office building in Reno for $12.4 million. The building is located at 885 Trademark Drive and is fully leased by Mitel Communications. The JV plans to reposition the property. Morrissey Realty represented the seller, Dermondy Property Investments, in this transaction.
PHOENIX — Yotam Shochat at NOY Investments LLC has purchased the 38-unit West Glen apartment complex in Phoenix for $2.7 million. The community is located at 911 and 917 W. Glendale Ave. It was built in three phases in 1954, 1959 and 1963. Zack Mishkin of Orion Investment Real Estate represented the buyer. Bill Hahn of Colliers HSK Multifamily represented the seller, Cal DeSouza at Sonoma West Villas LLLP.
COLORADO SPRINGS, COLO. — Marcus & Millichap has arranged the $35 million sale of Woodmen Commons, a 156,010-square-foot regional power center in Colorado Springs. Garrette Matlock of Marcus & Millichap and Ryan Bowlby of The Matlock Group represented the seller, Rosenbaum-Dean, and procured the buyer, a private investor, in the transaction. The property is home to tenants including Sam’s Club, Bed Bath & Beyond, Marshalls, Dressbarn, Jared, Kirkland’s and Sketchers.
AURORA, COLO. — Jackson Square Properties has acquired the 220-unit Center Pointe East Apartments in Aurora for $31.1 million. The community is located at 15490 East Center Ave. It was built in 1999. Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Newmark represented the seller, Lynd Company, in this transaction.
OAKLEY, CALIF. — The 80-room Comfort Suites in the San Francisco Bay Area submarket of Oakley has sold to an unnamed buyer for an undisclosed sum. The hotel is located at 5549 Bridgehead Road. The new owner plans to convert the hotel to a Best Western. The Ehmer Group, a San Francisco-based member of Hotel Brokers International, represented the seller.
SALT LAKE CITY — Standard Industries has purchased the former Corsicana Bedding Building, a 155,106-square-foot office and manufacturing facility in Salt Lake City, for an undisclosed sum. The building is located at 879 South 4400 West. This is the restaurant supply company’s second distribution center in Salt Lake City. Bryce Blanchard and Kelsie Akiyama of Newmark Grubb ACRES represented the landlord, BH Properties, in this transaction.
PASADENA, CALIF. — Social Vocational Services (SVS) has leased 7,847 square feet of office space in downtown Pasadena. The space is located at 595 E. Colorado Blvd. The property was built in 1928. SVS is a nonprofit that provides services to individuals with intellectual and developmental disabilities throughout California. The landlord is the Swig Company.
LOS ANGELES — Phoenix Realty Group (PRG) and Blackstone Real Estate Partners VIII have acquired a 16-property multifamily portfolio for $570 million. The portfolio contains a total of 3,800 units. Properties within the portfolio are located in Los Angeles, San Diego, Denver and South Florida. The assets were acquired from two closed-end private equity funds managed by PRG. The portfolio was listed once the funds reached the end of their intended investment period.
DENVER — Jackson Square Properties has acquired The Bluffs at Castle Rock, a 220-unit apartment property in the Denver submarket of Castle Rock, for $37.2 million. The Class B community is located at 483 Scott Blvd. It was built in 1998. Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Newmark represented the seller, Lynd Company, in this transaction.
PHOENIX — CBRE has arranged the $24.8 million sale of Village Center, a 171,129-square-foot shopping center located in Phoenix. Jesse Goldsmith, Steve Julius, George Good and Christian Williams of CBRE negotiated the sale. Camino Verde Center LLC acquired the property from an undisclosed seller.