LEHI, UTAH – Hales Engineering has purchased 5,400 square feet of office space in Lehi for an undisclosed sum. The space is located at 1220 North 500 West. The new location will be used for the civil engineering company’s headquarters and main offices. Preston Davis and Kevin Ford of Newmark Grubb ACRES represented both the buyer and seller, Wells Fargo Bank, in this transaction.
SAN JOSE, CALIF. — Donahue Schriber Realty Group has acquired Village Oaks, a 320,000-square-foot shopping center in San Jose, for a reported $111 million. The center is located at the intersection of Cottle Road and Great Oaks Parkway, between Highway 101 and State Route 85. Village Oaks was built in 2014 as part of the city’s master-planned Hitachi Transit Village, which is the largest infill development project in the region, according to Donahue Schriber. Notable tenants at the center include Target, Safeway, Marshalls, Party City, Petco, ULTA, Chase Bank, Bank of America, Panera Bread, MOD Pizza, Five Guys Burgers & Fries and Chipotle Mexican Grill.
SAN BERNARDINO, CALIF. — Realterm/NAT has purchased YRC Bloomington Truck Terminal, a 51.4-acre industrial site near San Bernardino, for $58.1 million. The site is located at 18298 Slover Ave., off Interstate 10 at Cedar Street. The property is 12 miles east of Ontario International Airport. The site contains two truck terminals with 325 loading doors that total 165,141 square feet, in addition to a 32,630-square-foot shop building. The terminal is fully leased to YRC, Inc. through January 2019. The company is a subsidiary of YRC Worldwide, one of the world’s largest transportation service providers. CBRE’s Darla Longo, Barbara Emmons, Mike Caprile, Rebecca Perlmutter Finkel and Grant Ross represented both the buyer and the seller, Pacific Industrial and institutional investors advised by J.P. Morgan Asset Management, in this transaction. The team was supported by Steve Sprenger of Newmark Grubb Knight Frank.
COLORADO SPRINGS, COLO. — Sagebrook Apartments LLC has acquired the 314-unit Sagebrook Apartments in Colorado Springs for $48.7 million. The community is located at 2555 Raywood View. This sale is the second-largest, single-property apartment transaction in the history of Colorado Springs, according to Marcus & Millichap, which represented the buyer. The property is situated near the Promenade Shops at Briargate, the Briargate business campus, the InterQuest business park, the Pine Creek Golf Club, the Air Force Academy, Memorial Hospital North and the new Penrose St. Francis Medical Center. Community amenities include a swimming pool, sun deck and all-season spa, 24-hour fitness center, clubroom with Wi-Fi, kitchen, fireplace area with a flat-screen television, outdoor picnic area with gas barbecues, a coffee bar and business center. The LLC was represented by Clayton Primm, Jacob Steele and Nick Steele of Marcus & Millichap’s Denver office. The seller was Griffis Residential. Marcus & Millichap Capital Corp. also arranged $32.3 million in acquisition financing for this transaction. The non-recourse debt placement was structured as a 30-year, fixed-rate, fully amortizing loan.
RIALTO, CALIF. — Keeco LLC has signed a 10-year lease for a 677,225-square-foot industrial facility in Rialto. The facility is located at 1420 N. Tamarind Ave., within the 2.6-million-square-foot ProLogis Park Rialto I-210 Distribution Center. Keeco pre-leased this facility before construction began this past November. The facility is expected to be complete this June. The industrial park is centrally located near Interstates 10, 15 and 210. Notable nearby tenants include Target, Solo Cup, UnderArmour, Black & Decker and OHL Logistics. The new space will allow Keeco to consolidate its 250,000-square-foot distribution center in Ontario, which will relocate to the new Rialto property upon its completion. The home textile supplier also operates a 445,000-square-foot distribution center in Hayward, about 20 minutes from the Port of Oakland. The new industrial space in Rialto will leave Keeco with a total of 1.1 million square feet in distribution operations throughout California. Keeco was represented by Michael Chavez and Craig Hagglund of Lee & Associates. The landlord, ProLogis, was represented by Paul Earnhart of the same firm. The value of the lease was not divulged.
ALBUQUERQUE, N. MEX. – TKG Group has acquired a 74,215-square-foot retail building in Albuquerque for $6.3 million. The space is located at 1100 West Main Street. TKG was represented by Joel Ledbetter of Hall and Hall. The seller, SW Juan Tabo LLC, was represented by Craig Spinks of Kidder Mathews.
RIVERSIDE, CALIF. – A 260,000-square-foot industrial building in the Riverside submarket of Moreno Valley has sold to Westcore Properties for $17 million. The building is located at 17101 Heacock Street. It is situated on the March Air Reserve Base and sits adjacent to an Amazon Fulfillment Center. The facility was built in 2006. DHL Express holds a master lease on the property, though it is subleased to tenants like Amro Fabricating Corp. and Ross Dress for Less. The seller, a joint venture between Marhub LLC and Global Port Ramp Services, was represented by HFF’s Anthony Brent, Ryan Martin and Jeremy Womack.
LONG BEACH, CALIF. – The 44-unit Ocean Plaza Apartments in Long Beach has sold to Joda Investments for $6.2 million. The community is located at 633 E. 1st Street in Downtown’s East Village Arts District. It was built in 1956. Robert Stepp of Stepp Commercial represented both the buyer and seller, Luna Bear Investments, in this transaction.
FONTANA, CALIF. – A 7,194 square-foot retail center in Fontana has sold to a private Riverside investor for $2.6 million. The center is located at 17218 Foothill Blvd. It is shadow-anchored by Brunswick Foothill Bowling Center. The property, which was built in 2008, is situated across from a Walmart-anchored shopping center. The buyer was represented by Janet Valentin of VRE Commercial. The seller, a private, Los Angeles-based trust, was represented by Brad Umansky, Frank Vora and Greg Bedell of Progressive Real Estate Partners.
SAN DIEGO – An 18-unit apartment community in the San Diego submarket of Fallbrook has sold to the Wood Family Trust for $2 million. The community is located at 1133 Old Stage Road. It was built in 1987. The trust was represented by Peter Scepanovic and Corey McHenry of Colliers International. The seller, Lucy Nannizzi Living Trust, was represented by CBRE’s Merrick Matricardi.