IRVINE, CALIF. – Freedom National Insurance has acquired a 9,900-square-foot office/R&D building at the Irvine Spectrum for an undisclosed sum. The building is located at 8855 Research Drive. Freedom National plans to use the property to house its technology research and development division. The company was represented by Cushman & Wakefield’s Blake Garrett. The seller, Research Property LLC, was represented by Bob Reiden of Lee & Associates.
SAN FRANCISCO — Ivanhoé Cambridge and partner Veritas Investments have acquired 11 multifamily properties in San Francisco for a total of $190 million. These acquisitions are part of Ivanhoé’s ongoing residential property aggregation strategy in San Francisco through the exclusive partnership it created with Veritas in 2014. Though the addresses were not divulged, Ivanhoé says the properties are located “in some of the most favorable neighborhoods in the center of San Francisco, ranging from the traditional exclusive districts of Lower and Upper Nob Hill and Russian Hill, to the trend-setting lifestyle neighborhoods of NOPA, Noe Valley and the Mission.” The partnership now owns 20 properties in San Francisco, for a total of 580 housing units. The initial nine properties the partnership had previously acquired are valued at nearly $50 million. Ivanhoé cites the demand for space among technology and creative companies as the driving force behind its strategy to snatch up multifamily properties in the city’s favorable neighborhoods.
LOS ANGELES — The 299-unit Sunset and Gordon apartment community has debuted in Los Angeles. The luxury high-rise community is located at the northeast corner of Sunset Boulevard and Gordon Street in Hollywood. In addition to the residential units, the $76.2-million project contains 36,688 square feet of office space, 12,229 square feet of retail and restaurant space and a 523-space parking garage. The 547,500-square-foot tower features office space on the third and fourth floors, with rental units on floors five through 22. Residential amenities include a pool deck, media room and fitness center. Sunset and Gordon was developed by CIM Group, built by Balfour Beatty Construction and designed by GBD Architects. The project came in about $21 million under budget, which was largely attributed to a complete re-design of the structure’s mechanical, electrical and plumbing (MEP) systems. Its reconfiguration will save CIM more than 500,000 gallons of water a year, on average. The cast-in-place structures also allowed the team to reduce construction cycle times and accelerate project delivery by several months. The 1.7-acre site has been home to many legendary establishments, including the Peerless Motor Car Showroom and The Motion Picture Hall of Fame in the 1920s; KNX Radio and …
WALNUT CREEK, CALIF. — Decron Properties has acquired a two-property multifamily portfolio in the San Francisco Bay Area submarket of Walnut Creek for a total of $63 million. The portfolio includes the 152-unit Creekside Glen complex and the 99-unit Cypress Creek complex, which are both located in the city’s downtown area. Decron plans to invest up to $16 million to upgrade the properties, which were built in the early ‘60s. The Walnut Creek portfolio is in keeping with Decron’s strategy of acquiring assets that have upside potential in attractive suburban areas near markets with strong job growth. Decron plans to renovate the interiors with luxury finishes, providing full-size washers and dryers to each unit, enhancing community facilities and modernizing the exterior. The upgrades will include the installation of high-quality flooring, new cabinets, stone countertops, stainless steel appliances and six-panel doors, creating a resort-style swimming pool and barbecue areas and adding resident lounges and leasing offices. The Walnut Creek purchase falls on the heels of Decron’s recent acquisition of a 187-unit, garden-style apartment community in nearby Mountain View for $86 million. The company also just announced its disposition of a Southern California-based shopping center portfolio for $108.5 million. Decron says it’s …
ROSEVILLE, CALIF. — A joint venture between SyRES Properties and ConAm Properties has received $52 million in acquisition financing to purchase the 465-unit Rosemeade at Olympus Pointe apartment community in Roseville. The community is located at 1451 Rocky Ridge Drive. The loan features a 20-year term with three years interest only and a 25-year amortization schedule. It was arranged for the JV by Dennis Sidbury of NorthMarq Capital’s San Francisco office through the firm’s correspondent relationship with a life insurance company. The unnamed seller will still serve as property manager. It will also carry a minority interest in the new borrowing entity, Rosemeade Residential Holdings LLC. SyRES Properties is a Syufy Enterprises company.
SALEM, ORE. – The 60-unit Catron Place apartment community near Salem has sold to a private investor for $6.4 million. The community is located at 515 North Catron Street in Monmouth, just west of Salem. It is situated a few blocks from Western Oregon University. The buyer was represented by Scott Logan of Marcus & Millichap’s Portland office. The seller, a developer, was represented by Georgie Christensen of the same office.
PHOENIX – Washington Business Park, a 139,196-square-foot business park in Phoenix, has sold to CAM-10 LLC for $11.1 million. The four-building park is located at 5324-5330 E. Washington Street. It was built in 1985. Washington Business Park is currently 72 percent leased. Tenants include Walgreens Drug Co., Arizona Department of Revenue and Quality Care Network, Inc. CAM-10 is an affiliate of Covington Asset Managemen LLC. The seller, BREOF AIP Phoenix, was represented by CBRE’s Barry Gabel and Chris Marchildon.
PHOENIX – The 280-unit Bella Place apartments in Phoenix has sold to an individual/personal trust for $7.7 million. The community is located at 2025 West Indian School Road. It was developed in 1973 by Lincoln Property Co. Community amenities include two swimming pools, a spa, two common barbecue areas and two on-site coin operated laundry facilities with new laundry equipment. The buyer was represented by Pete Te Kampe of Marcus & Millichap. The seller, Mentor Properties Inc., was represented by Cliff David and Steve Gebing of the same firm.
SAN DIEGO – Medical Realty Group has acquired an 8,500-square-foot medical office building in the San Diego submarket of El Centro for $2.5 million. The building is located at 1410 South La Brucherie Road. It is fully occupied by Vantage Oncology Treatment Centers. The property also underwent a recent renovation and expansion. The seller, the Scott Family Trust, was represented by Paul Lafrenz of Colliers International.
SCOTTSDALE, ARIZ. – Soilworks has signed a lease for Class A office space in Scottsdale. The dust control and soil stabilization provider plans to relocate its new world headquarters inside the space. The office will be located at 7580 N. Dobson Road. It is situated just east of the Loop 101 freeway, within Riverwalk Arizona. Soilworks was represented by JLL’s John Pierson and Trevor Pratt. The landlord, the Alter Group, was represented in-house by Justin Miller.