PHOENIX – A limited partnership formed by the Sheiner Group has acquired the 384-unit Colter Park apartment complex in Phoenix for an undisclosed sum. The community is located at 909 West Colter Street, near the Melrose District/7th Avenue/Camelback Valley Metro light rail station. The community was built in 1972. It also enjoys easy access to the Uptown/Midtown office corridor, Downtown Phoenix and the Biltmore area of the Camelback Corridor. The seller, an institutional pension fund advisor, was represented by Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap.
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FORT COLLINS, COLO. — Mountain View Capital has acquired the 240-unit Terra Vida apartment complex in Fort Collins for $39 million. The community is located at 3707 Precision Drive, just west of Interstate 25 near East Harmony Road. Terra Vida is situated near Colorado State University, in addition to major employers like Agilent Technologies, HP, Intel, Poudre Valley Health Systems and Wolf Robotics. The community was 96 percent occupied at the time of sale. It was built in 2012. The sellers, Milestone Development Group LLC and partner Les Kaplan, were represented by ARA Colorado’s Doug Andrews, Jeff Hawks, Terrance Hunt and Shane Ozment.
TUCSON, ARIZ. — Villas at Roger Road, a 232-unit apartment complex in Tucson, has sold to Equilibrium Villas LLC for $5.6 million. The community is located at 3985 N. Stone Ave. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers HSK Multifamily represented both the buyer and the seller, Blue Valley Apartments, in this transaction.
PHOENIX – The 200-unit Camelback Vista apartment community in Phoenix has sold to La Fuente de la Comunidad LLC for $5.1 million. The community is located at 2930 W. Camelback Road, near Grand Canyon University. La Fuente was represented by Todd Noel of Colliers International in Phoenix. The seller, a Texas-based private investor, was represented by Rich Butler, Brian Tranetzki, Cliff David and Steve Gebin of Marcus & Millichap’s Phoenix office.
LONE TREE, COLO. — Lone Tree Town Center, a 14,408-square-foot retail property, has sold to an unnamed buyer for $2.8 million. The center is located at 7824 Park Meadows Drive in Lone Tree. It is fully occupied by five tenants. The buyer was represented by Matt Ritter, Cody Stambaugh and Peter Sengelmann of Pinnacle Real Estate Advisor. The seller was based out of state.
SAN DIEGO – A 14,045-square-foot industrial building in San Diego has sold to Highland Medical Packaging LLC for $2.2 million. The building is located at 4653 Mercury Street. Highland Medical was represented by Brant Aberg and Bryce Aberg of Cassidy Turley. The seller, Mercury Street Property LLC, was represented by Randy LaChance and Glen Volk of Voit Real Estate Services.
SANTA CLARA, CALIF. – A 25,545-square-foot Sprouts Farmers Market has opened at the Santa Clara Town Centre. Sprouts is located at 2060 El Camino Real. Fellow tenants at the center include Target, Peet’s Coffee & Tea, Panera Bread, Chipotle, Peninsula Beauty Supply, Footwear, Etc., and The Habit Burger Grill. The supermarket was represented by Bob Berndt and Sarah Edwards of SRS Real Estate Partners. The landlord, Byer Properties, L.P., was represented by Mike Messinger and David Taxin of Meacham and Oppenheimer.
The Downtown Seattle office leasing market continues to be led by growing tech firms, especially Amazon.com. Amazon recently signed leases for 5th & Bell (125,000 square feet), 635 Elliott (180,000 square feet) and Blanchard Plaza (125,000 square feet with the possibility to take down the entire 250,000-square-foot property). The online retailer is also moving forward with the development of three high-rise buildings totaling 3.3 million square feet. Amazon owns additional lots for more projects in the future as needed. Other tech firms, including Zulily, Twitter, Tableau Software, Nuance Communications, Avalara, Acucela and Simply Measured, are either opening new offices or expanding rapidly. Developers are responding to this demand by moving fast to bring new projects to market. These projects include Dexter Station, 400 Fairview, Hill7 and Troy Block, which are all under construction. Trammell Crow recently announced its 1007 Stewart project, while Holland Partners is developing buildings sites one through three at Westlake Steps, and Schnitzer’s ready to begin construction on its Urban Union development. These development sites are all located in the South Lake Union area in and around the Amazon projects. This addresses the demand seen from other tech firms that want to be near Amazon and the …
SACRAMENTO, CALIF. — Jackson Properties has acquired University Office Park, a 130,000-square-foot office campus in Sacramento, for nearly $20 million, according to reports. The six-building campus is located at 777 Campus Commons Drive in the master-planned community of Campus Commons. The campus is situated on 12 acres next to two fully leased office buildings that Jackson recently developed. The transaction includes additional land for future development. The property is flanked by Fair Oaks Boulevard, as well as University and Howe avenues.
LOS ANGELES – NationBuilder has signed a 10-year lease for 54,780 square feet of space in Biltmore Court at the Millennium Biltmore Hotel Los Angeles in Downtown. The property is located at 520 South Grand Ave. The community-building software technology company will occupy the entire second floor of the historic building, which spans from Grand Avenue to Olive Street, overlooking Pershing Square. Renovations to convert this space into a creative office will commence immediately. The Biltmore’s second floor hasn’t been occupied for several decades. This is the largest lease executed in the Biltmore’s history, and the largest office lease by a local technology start-up in Downtown Los Angeles, according to CBRE Research. NationBuilder was represented by Dennis Smith and Griffin Farriss of Travers Realty. The landlord, WHB Biltmore LLC, was represented by CBRE’s Andrew Tashjian.