DENVER – The Amherst Apartment Homes, an 81-unit multifamily property in Denver, has sold to a local buyer for $5.6 million. The community is located at 2775 S. Federal Blvd. It was built in 1973. The property was most recently renovated in 2010. The sale was executed by Josh Newell and Robert Lawson of Pinnacle Real Estate Advisors. The buyer assumed the unnamed seller’s current Fannie Mae loan.
RENO, NEV. – Accelerated Care Plus Corp. (ACP) has leased 66,000 square feet of space at the Reno Aircenter. The distribution space is located at 4999 Aircenter Circle. ACP provides “modality-based” clinical programs for post-acute and chronic rehabilitation. The landlord, IndCor Properties, was represented by J. Michael Hoeck, Dave Simonsen, Michael Nevis and Steve Kucera of The NAI Alliance Industrial Properties Group.
ALTADENA, CALIF. – Altadena Crossing, a 43,108-square-foot shopping center, has sold to a private family trust for an undisclosed sum. The fully leased center is located at 2230-2268 Lincoln Ave. in Altadena, just north of Pasadena. It was built in 2006. Notable tenants include Verizon Wireless, Panda Express, Bank of America, 24 Hour Fitness and Subway. The latter three tenants were not part of the sale. The trust was represented by Martin Agnew and Jessica Kelley of Marcus & Millichap’s Encino office. The seller was not named. The transaction’s financing was arranged by Sharone Sabar of MMCC’s Encino office.
PORTLAND, ORE. — M&C Properties has acquired the 324-unit Jory Trail at the Grove apartments in Portland for $59 million. The community is located at 8750 Southwest Ash Meadows Road. The property sits adjacent to Interstate 5 in the Wilsonville submarket, which is less than 20 miles south of Downtown Portland. It is situated within the Grove master-planned community. Notable employers in the area include Xerox, Mentor Graphics, Fir Systems and Rockwell Collins. Jory Trail was completed in 2012. It is currently 94 percent leased. Community amenities include walking trails, Wi-Fi access in all units and public spaces, a 24-hour fitness center, pool and sundeck with heated hydrotherapy spa. The seller, a partnership between Holland Partner Group and the Carlyle Group, was represented by HFF’s Ira Virden and Kerry Hughes. HFF also secured a $44.2-million, fixed-rate loan for M&C through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. The HFF debt placement team was led by Charles Halladay, Tom Wilson, Sebastian Trujillo and Charlie Watson.
PASADENA, CALIF. — Laurus Corp. has purchased a 163,194-square-foot office building in Pasadena for a reported $52.5 million. The Class A building is located at 199 S. Los Robles Ave. The property is situated between the cross streets of Cordova and El Dorado, just one block south of the Paseo Colorado lifestyle center. It sits adjacent to the Pasadena Convention Center, near Old Town Pasadena, the Lake Avenue Business and Shopping District and the Del Mar Metro Gold Line Station. Notable employers in the area include the California Institute of Technology, NASA’s Jet Propulsion Laboratory, the Art Center College of Design, Bank of America, OneWest Bank, Tokio Marine Insurance and Western Asset Management.
SACRAMENTO, CALIF. — Virtú Investments has purchased The Eleven Hundred Apartments, a 565-unit apartment community in Sacramento, for a reported $44 million. The garden-style community is located at 1100 Howe Ave., within the city’s Arden Arcade neighborhood. The property was built in 1962. It was 96 percent occupied at the time of sale. Mark Leary and Kyle Suryan of ARA Pacific represented both the buyer and seller, Acacia Capital, in this transaction.
TEMPE, ARIZ. – ConneXion, a 49,464-square-foot office building in Tempe, has sold to ViaWest Group for $5.2 million. The building is located at 7855 S. River Parkway in the ASU Research Park. The property was formerly known as Transamerica Research Center. The seller, Aegon USA, was represented by Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office, along with Andrew Cheney and Craig Coppola of Lee & Associates. ViaWest plans to hold the property. It will serve as the property manager and asset manager.
PHOENIX – Orsett Acquisitions LLC has purchased the Siete II building, a 54,072-square-foot office building in Phoenix, for $3.2 million. The Class B building is located at 3707 North 7th Street. It was built in 1988. Phil Breidenbach, Peter Nieman, Kathy Foster and Lindsey Carlson of Colliers Office Solutions Group represented both the buyer and seller, UFB Development Corporation, in this transaction.
PORTLAND, ORE. – A 165-room Embassy Suites has opened in Portland’s Silicon Forest neighborhood, which is known as a local tech hub. The hotel is located at 20001 NW Tanasbourne Drive. It is the first and only full-service hotel in the area. The Embassy Suites is owned by Hillsboro Hotel Partners II LLC, developed by Thackeray Garn Company LLC and managed by Western States Lodging and Management.
SAN LUIS OBISPO, CALIF. – University Square Plaza in San Luis Obispo has received seven new tenants. The new tenants include Rite Aid, Lassen’s Natural Food & Vitamin, Popeye’s Louisiana Kitchen, Domino’s Pizza, The Pita Pit, Supercuts and a 5,000-square-foot microbrewery/restaurant that has yet to be named. University Square Plaza is located on the corner of Santa Rosa Road and Foothill Boulevard. It is currently undergoing a remodel that should be complete this spring or summer. Clarice Clarke and Steve Leider of Lee & Associates – Central Coast handle the center’s leasing efforts.
