SAN DIEGO — SERCO Inc.has signed a five-year lease for 28,535 square feet of office space at Mesa View Plaza in San Diego. The space is located at 9350 Waxie Way. The lease is valued at $4.8 million. The professional, technology and management services provider was represented by JLL’s Randall Wood and Shawn Lorentzen. The landlord, SCG Mesa View Plaza LLC, was represented by Duncan Dodd, Bill Cavanagh and Mike Novkov of Cassidy Turley.
Western
CARLSBAD, CALIF. – A seven-unit apartment complex in the San Diego submarket of Carlsbad has sold to an individual/personal trust for $1.8 million. The community is located at 3044 State Street in the Downtown Village district. The site is approved for an additional mixed-use building with ground-floor retail and nine townhouse-style condominiums. The property can also remain as the seven-unit complex, which can function as vacation rentals. Aaron Bove and Aaron Wilkinson of Marcus & Millichap’s San Diego office represented both the buyer and seller, another individual/personal trust, in this transaction.
LAS VEGAS – A 13,500-square-foot medical office building in Las Vegas has sold to Scenic Vistas East LLC for $1.5 million. The building is located at 1569 E. Flamingo Road, near Desert Springs Hospital. The space formerly functioned as a surgery center and clinic. The new owner plans to re-open the facility under the same use. Scenic Vistas was represented by Michael McLeod of Albright Callister & Associates LLC. The seller, Chang Hop LLC, was represented by Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski of CBRE Las Vegas.
DENVER – The 49-unit Athenia Apartments in Denver has sold to a private local investment group for $7.8 million. The community is located at 1412 Steele Street. It is situated near City Park, Congress Park and Chessman Park. The buyer plans to carry out a major improvement project at the property. This will include improvements to all common areas and complete rehabs of the unit interiors. The investment group was represented by Adam Riddle and Kevin Higgins of Unique Properties’ Unique Apartment Group. The seller was not named.
LOS ANGELES – A 55,381-square-foot, mixed-use redevelopment property in East Los Angeles has sold to Primestor for $5.5 million. The three-building property is located at 4571-4591 Whittier Blvd., 760 S. McBride Ave. and 755 S. McDonnell. Primestor represented itself in this transaction, while the sellers, JB Realty LLC and Barsky, Barsky, & Rickey LLC, were represented by Scott Burns, Jason Gribin, Shauna Mattis and Geoff Tranchina of Wilson Commercial Real Estate.
SAN DIEGO – A 26,000-square-foot office building in the San Diego submarket of Governor Park has sold to Locale Advisors Inc. for $3.9 million. The vacant building is located at 5015 Shoreham Place. The buyer plans to transform the space into a creative office building. Patrick Rohan of Cushman & Wakefield represented both the buyer and the seller, Cliffwood California LLC, in this transaction. Wells Fargo provided financing for the acquisition and subsequent project redevelopment.
ESCONDIDO, CALIF. – A 4,000-square-foot retail building in Escondido that is currently occupied by 7-Eleven has sold to Marc Fanticola for $2.1 million. The building is located at 620 N. Ash Street. Fanticola was represented by Shaun Riley of Faris Lee Investments. The seller, 620 Ash Street LLC c/o Torrey Realty Holdings Inc., was represented by Chuck Klein, Kevin Held and Andrew Peterson of Cassidy Turley.
PARK CITY, UTAH – An 8,775-square-foot retail condo at the Park City Mountain Resort has received a $2-million refinance. The condo is situated at the base of the resort, which is located at 1345 Lowell Ave. in Park City. The condo features commercial units on its ground floor and seasonal residential units on its upper level. It is occupied by four long-term tenants. The loan features a 10-year fixed term, 25-year amortization schedule and 4.85 percent interest rate. It was arranged by Jeff Meierhofer of the Madison Group.
PHOENIX — The P.B. Bell Companies has acquired a seven-property multifamily portfolio in Phoenix for $168.5 million. The portfolio contains 2,759 units. The transaction included Tela Verde in Glendale; Sienna Springs in Central Phoenix; Tuscany Palms and Whispering Meadows in Mesa; and Alante at the Islands, Crosswinds and Laguna Village in Chandler. The firm plans to cosmetically upgrade the properties in the coming months. P.B. Bell also notes it has an “aggressive acquisition strategy for 2014 and beyond.” The seller was Standard Fund. The transaction was executed by Cindy and Brad Cooke of Colliers International in Phoenix. Equity was provided by Stonecutter Capital Management. Prime Finance Partners and Seth Grossman and Ryan Gandel of Meridian Capital Group were also involved in this transaction.
SEATTLE — Kennedy Wilson has purchased a three-property multifamily portfolio in South Seattle for $127 million. The portfolio contains a total of 1,212 units. The transaction includes the 396-unit Montair at Somerset Hill in the Tumwater area of Olympia; the 576-unit Rock Creek Landing in Kent; and the 240-unit Stone Pointe in University Place. Notable employers in the area include Boeing, the Port of Tacoma, the State of Washington, Evergreen College and St. Peter’s Hospital. The firm invested $45 million of equity in the transaction and assumed $85 million of Freddie Mac financing, which has a fixed interest rate of 4.25 percent.