SAN JOSE, CALIF. – ASML US has leased 92,842 square feet of creative office space at THE Campus in San Jose. The property is located at 399 Trimble Road. This building is also occupied by Verizon Corporate Services. ASML US was represented by Jeff Ramirez of Newmark Cornish & Carey. Bixby Land Company was represented by CBRE’s Christian Marent, Rob Shannon and Vincent Scott.
RENO, NEV. – Moldman Systems has leased 35,100 square feet of distribution space at Reno Aircenter. The space is located at 4649 Aircenter Circle in Reno. Moldman is a low-pressure injection molding machine developer and distributor. The landlord, IndCor Properties, was represented by J. Michael Hoeck, Dave Simonsen, Michael Nevis and Steve Kucera of The NAI Alliance Industrial Properties Group.
SPARKS, NEV. – The Villagio Apartments, a 40-unit multifamily property in Sparks, has sold to an unnamed buyer for $2.8 million. The community is located at 1850-1852 Merchant Street. It was built in 1979 and is fully occupied. The seller, a limited liability company, was represented by Kenneth N. Blomsterberg and Ryan Rife of Marcus & Millichap’s Reno office.
GLENDALE, CALIF. – LA Fitness and Buffalo Wild Wings have announced plans to open at Glendale Marketplace this year. The retail center is located at 106 South Brand Blvd. in the Los Angeles Tri-City submarket of Glendale. LA Fitness and Buffalo Wild Wings are both in expansion mode. They will be joined by AT&T, which also plans to open at the 153,000-square-foot marketplace this year. The center is owned by Cypress Equities.
LONG BEACH, CALIF. — Sares Regis has acquired the 158-unit Pine@Sixth apartment community in Long Beach for an undisclosed sum. The community is located at 595 Pine Ave. As its name suggests, Pine@Sixth is situated at the corner of Sixth Street and Pine Avenue in the North Pine district. It was built in 1986. The community also includes 8,661 square feet of ground-floor retail space. The property’s previous owner, UDR, originally acquired the asset with the intention of converting it into condos before the recession hit. Pine@Sixth will undergo a significant capital improvement program to improve its mechanical systems, as well as update the exterior and façades. The courtyard space will also be converted into an “entertainment and social space [that] will include a fire pit, water feature, landscaping improvements and expanded outdoor kitchen space,” according to Sares Regis. The leasing center will also be relocated, the fitness facility will be refurbished and one of the community’s laundry facilities will be converted into a dog-wash station. This is the ninth apartment community purchased by Sares Regis Multifamily Fund I. The fund deployed $114 million for a total capitalization of more than $329 million. The fund acquired properties in Seattle, Denver, …
SANTA ANA, CALIF. — Newport Asset Management Group has purchased McFadden Center, a 184,737-square-foot retail and office complex in Santa Ana, for $30.7 million. The center is located at 1714 East McFadden Ave. The center features 11 buildings occupied by 57 tenants. The buildings include two retail pads, one retail-in-line building with 18 suites and eight business park buildings with a total of 79 suites. McFadden Center is currently 98 percent occupied. Newport plans to renovate the center as part of its long-term hold strategy. The firm was represented by Ryan Swanson and Kurt Bruggeman of Lee & Associates Irvine. “McFadden Center was an attractive purchase because it offers excellent cash flow and diversified income stream from industrial, office and retail tenants alike in a central OC location,” Swanson says. The seller, Olen Properties, was represented by HFF’s Mike McCann, Ryan Gallagher and Dan Curtis.
BROOMFIELD, COLO. – Asher Investments has acquired the 297-unit Alta Harvest Station apartment community in Broomfield for an undisclosed sum. The community is located at the southeast corner of Wadsworth Boulevard and 118th Avenue. Alta Harvest was just completed in late 2014. It is currently 93 percent leased. The new development was modeled after the 280-unit Alta Aspen Grove in Littleton, which was also developed by Wood Partners. That property now operates as Berkshire Aspen Grove. Common-area amenities at Alta Harvest include a resort-style swimming pool, outdoor fireplace, lawn courtyard, dog park and wash, bicycle/ski repair shop, plaza with seating and water features, fitness center, yoga/serenity room and a business center. Wood Partners dedicated 1.4 acres of the site as public land. Part of this land was turned into a one-acre pocket park. A half-acre urban trail along the east and south edges of the development connects to the future light rail stop. It also created a pedestrian route that accesses the RTD Regional Transit Station at West 116th Avenue. Wood Partners acted as the general contractor on Alta Harvest, while Womack Hampton served as the architect.
SAN DIEGO — Buchanan Street Partners has acquired Cornerstone Heights Corporate Center, a 97,945-square-foot office property in the San Diego submarket of Sorrento Mesa, for $23.1 million. The two-building center is located at 5959 & 6059 Cornerstone West. The center is 91 percent leased to three tenants, including Konica Minolta, Verimatrix and Tillster. It was developed in 1987. Both buildings recently underwent significant renovations. The seller, a partnership between Lincoln Property Company and Artemis Real Estate Partners, was represented by DTZ’s Rick Reeder and Brad Tecca. The firm’s Brett Ward will lead the center’s leasing efforts.
TUCSON, ARIZ. — HSL Properties has acquired the 432-room Hilton El Conquistador Golf & Tennis Resort and the El Conquistador Country Club for a reported $15 million. The asset is situated on two separate parcels that total 383 acres. The resort was originally constructed in 1982 as a Sheraton hotel. The hotel was Tucson’s first major resort to include more than 250 rooms. It was repositioned as a Hilton hotel in 2003. The hotel features more than 100,000 square feet of indoor and outdoor event space, along with Tucson’s largest golf and tennis facility. The property contains 45 holes of golf and 31 hard-surface tennis courts. The transaction included 18 acres of developable land on Oracle Road. HSL plans to invest about $16 million to rehabilitate the hotel. This work should take about 12 to 18 months to complete. The majority of the rehabilitation will occur over the slower summer months, HSL says. The firm has also begun the process of splitting the resort’s country club and 45-hole golf course. The town of Oro Valley plans to purchase these assets in a sale that is expected to close March 1. The town will then turn the 31,475-square-foot club building into …
BOULDER, COLO. – The 140-unit Eastpointe Apartments in Boulder has sold to Apartment Investment and Management Company (AIMCO) for $18 million. The community is located at 1500-1590 Eisenhower Drive. It was built in 1974. AIMCO was represented by Jacob Steele and Nick Steele in Marcus & Millichap’s Denver office.
