LAS VEGAS — Partners Capital has acquired Crossroads at Sunset ShoppingCenter, a 165,000-square-foot retail center in the Las Vegas submarket of Henderson, for an undisclosed sum. The center is located at the southwestern intersection of Sunset Road and Stephanie Street. Crossroads is anchored by Sports Authority, Toys R Us, O'Reilly Auto Parts and Wells Fargo. It is situated near the Galleria at Sunset mall and Sunset Station casino. Partners Capital and its affiliates took possession of the center after purchasing its debt from a special servicer in an all-cash, 10-day transaction. In the past five years, Partners has also acquired Charleston Festival, Stone Canyon Professional Park, Bonita Plaza and Mall Ring, an outparcel of the Galleria at Sunset, all in the Las Vegas area.
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CORONA, CALIF. – A joint venture between the Bascom Group and funds managed by Oaktree Capital Management has acquired the Springs Apartments, a 320-unit apartment complex in Corona, for $43.2 million. The garden-style community is located at 650 Ebbcreek Drive. The Springs contains 20 buildings that were constructed in 1987. The joint venture is looking to acquire $250 million in value-added multifamily properties throughout the U.S. Debt for the Springs was arranged by CBRE’s Brian Eisendrath through OneWest Bank.
LOS ANGELES — MacFarlane Partners has acquired Park Fifth, a 2.2-acre development site in Downtown Los Angeles, for nearly $40 million. The site is located on the corner of Fifth and Olive streets. MacFarlane plans to develop mid- and high-rise residential properties on the site, in addition to retail. The Fifth and Olive intersection has been a popular one with developers as of late. Aside from Park Fifth, new developments at this juncture include Metropolis, G12 and the Rosslyn Hotel. The seller of Park Fifth was Africa-Israel USA (AFI-USA). The sale was executed by Jimmy Kuhn, Chris Cooney, Josh Levy and Matt Dobso of Newmark Grubb Knight Frank.
LOS ANGELES – A pair of Marriott hotels have made their debut at LA Live in Downtown Los Angeles. The $172-million project includes the 174-room Courtyard and 219-suite Residence Inn LA Live. Today’s grand opening marks the West Coast debut of a Residence Inn and Courtyard by Marriott in one building – a joint development that offered substantial savings on land, staff and amenities. The project was funded by 320 immigrant investors from 14 different countries. The hotels are located at the corner of Olympic Boulevard and Francisco Street. They are situated adjacent to LA Live on an entitled site that was acquired from AEG, which owns and operates the 4-million-square-foot sports, residential and entertainment hub. The hotels share a lobby, as well as 11,754 square feet of meeting facilities and 5,100 square feet of restaurant space. The guest rooms feature the first roll out of Samsung Smart TVs on the West Coast, in addition to fully integrated wireless connectivity for the TVs and PDA devices. The 371,000-square-foot project was built by SODO Builders, American Life’s in-house construction company. It was designed by GBD Architects. Construction was completed in two years, both on time and on budget. The hotels were …
PITTSBURG, CALIF. — Kennedy Wilson Europe Real Estate plc has acquired the 542-unit Kirker Creek Apartments in the San Francisco East Bay submarket of Pittsburg for $96.5 million. The gated community is located at 1000 Pheasant Drive. Kirker Creek was built in 1987. It is only minutes from the BART. Kennedy Wilson invested $21.2 million of equity in the transaction, including closings costs and the initial capital expenditure budget. It also secured a $77.2-million, 10-year loan from Fannie Mae at 3.78 percent with interest-only for five years.
EVERETT, WASH. – The 344-unit Millington at Merrill Creek apartment complex in Everett has received $43.5 million in acquisition financing. The 18-building community is located at 1401 Merrill Creek Parkway. The building’s amenities include a business center, 24-hour fitness center, clubhouse, pool, spa, basketball court and playground. The seven-year, interest-only loan was arranged for Security Properties by NorthMarq Capital’s Denver regional office. The firm secured the financing through its seller/servicer relationship with Freddie Mac.
NORTHGLENN, COLO. — BMC Investments has acquired the 388-unit Aspen Park apartment community in Northglenn for $32 million. The community is located at 301 Malley Drive, just north of Denver. BMC plans to invest $1.4 million to upgrade the property.
GLENDALE, ARIZ. – Rance King Properties Inc. has acquired the 420-unit Northern Greens apartment complex in Glendale for $21 million. The Class B community is located at 8150 N. 61st Ave. It was built in 1988 and remodeled in 2007. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers HSK Multifamily represented both the buyer and the seller, GA Northern Greens LLC, in this transaction.
LOS ANGELES – A 17-unit apartment building in the Faircrest Heights neighborhood of Los Angeles has sold to a local private investor for $7.8 million. The community is located at 1520-1522 South Hayworth Ave. It was built in 1990 and fully renovated in 2013. The seller, SHI Properties, was represented by Albert Shilton and Blake Rogers of Charles Dunn Company. SHI is an LLC owned by Oak Coast Properties.
COLORADO SPRINGS, COLO. – A 6,166-square-foot retail property in Colorado Springs has sold to Bahia Cypress Properties LLC for $4 million. The property is located at 1520 Briargate Blvd. It is an outparcel property of Chapel Hills Mall that is currently occupied by US Bank. The bank has 10 years remaining on the lease. Bahia was represented by Rick Puttkammer of Colliers International. The seller, W&G Company, was represented by Sam Zaitz of Legend Retail.