GLENDALE, ARIZ. – The 138-unit Glendale Shadows Apartments has sold to Terra Vista Investments USA for $4.9 million. The community is located at 5902 W. Royal Palm Road. It was built in 1975 and boasts a current occupancy rate of 93 percent. The seller, Monterey Group, was represented by Brett Polachek and Jim Crews of Cushman & Wakefield.
CHANDLER, ARIZ. – Zounds has leased 11,639 square feet of office space at Galveston Tech Center in Chandler. The Class A office-flex building is located at 6825 W. Galveston. The current lease brings the center’s occupancy rate to 92 percent. Zounds will be relocating its engineering, office and warehouse/shipping departments to this location to accommodate the company’s growth. Zounds was represented by Cory Sposi of Commercial Properties. The landlord, ViaWest Group, was represented by DTZ’s Mike Heanel, Andy Markham and Will Strong.
LOS ANGELES — A joint venture between AWH Partners and Starr Companies has acquired the 488-room Los Angeles Marriott Burbank Airport for reported purchase price north of $100 million. The full-service hotel is located at 2500 North Hollywood Way, adjacent to Bob Hope Airport and Amtrak-Burbank Airport train terminal, in the Los Angeles submarket of Burbank. The Marriott-branded hotel recently underwent a $10-million renovation. It includes two towers, along with an adjacent conference center that features nearly 46,000 square feet of indoor/outdoor function space. Amenities include a fully equipped fitness center, business center, two heated outdoor pools, spa, a concierge lounge, and a restaurant with dine-in and in-room dining options. The seller, Westbrook Partners, was represented by HFF’s Scott Hall.
MOUNTAIN VIEW, CALIF. — Decron Properties Corp. has purchased the 187-unit Highland Gardens apartment community in the Silicon Valley submarket of Mountain View for $86 million. The community is located at 222 and 234 Escuela. Highland Gardens was built in 1964 and recently underwent a renovation. Common-area amenities include a resort-style swimming pool, fitness center, recreation areas and covered parking. Decron plans to further upgrade the community. They will include a relocation and expansion of the fitness center, the creation of a Wi-Fi lounge, a new Jacuzzi/spa and enhanced landscaping with outdoor fire pits. This acquisition is Decron’s first in the Bay Area. The firm has an additional $63-million worth of assets under contract that are set to close by the end of the month. Decron is the development arm of the Nagel Family Trust, which owns and manages more than 5,000 multifamily units, primarily in Southern California. The firm plans to invest up to $350 million in the San Francisco Bay Area and Silicon Valley submarkets this year, according to David Nagel, Decron’s president and CEO. The seller was a joint venture between Maximus Real Estate Partners and Rockpoint Group LLC. The transaction was executed by Stan Jones, Phil …
SAN FRANCISCO — Jamestown has acquired a 92,023-square-foot office building in San Francisco for a reported $65.2 million. The historic creative office property is located at 731 Market Street. The building is situated on the south side of Market Street, between Third and Fourth streets, near the convergence of the SOMA, Mid-Market, Union Square and Financial District neighborhoods. The six-story property is fully leased to eight tenants, including Stitch Fix, ConnectSolutions and Liftopia. It also contains 12,067 square feet of ground-floor retail that is occupied by CVS. The building was constructed in 1908, when it was known as the Bancroft Building. It recently received an extensive renovation that included upgrades to the building systems and lobby. The asset was acquired by the Jamestown Premier Property Fund, the firm’s flagship core and core-plus investment vehicle for institutional investors. The fund also owns 799 Market Street, a neighboring creative office and retail asset that is fully occupied by technology tenants, in addition to Ghirardelli Square, Waterfront Plaza and Alameda South Shore Center. The seller, Harvest Properties, was represented by JLL.
PHOENIX — FPA Multifamily has purchased the 552-unit Pinnacle South Mountain apartment community in Phoenix for $63 million. The community is located at 5151 E. Guadalupe Road. Pinnacle is situated near the 16,000-acre South Mountain Park, which offers hiking and biking trails. It is also near the Ahwatukee Foothills Town Center. The community was developed in two phases in 1995 and 1997. Common-area amenities include four resort-style swimming pools with spas and poolside cabanas, two 24-hour fitness centers, a resident business center with conference room, sport courts, and barbecue and picnic areas. The seller was Essex Property Trust. The transaction was executed by Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch of CBRE’s Phoenix office.
PASADENA, CALIF. – The South Orange Grove Apartments have sold to a Unison Investment Co. for $9.5 million. The 20-unit community is located at 164, 168, 172, 176 and 180 S. Orange Grove Blvd. It was the first multifamily structure to be built on South Orange Grove Boulevard, following a zoning change in 1948. The seller, an entity of City Ventures, was represented by Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura.
MESA, ARIZ. – The Brittany apartment complex, a 92-unit multifamily property in Mesa, has sold to 29SC Brittany LLC for $3.1 million. The complex is located at 708 North Country Club. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both the buyer and seller, Pristine Estates LLC, in this transaction.
GARDEN GROVE, CALIF. – Rescare Workforce Services has leased 19,718 square feet of office space in Garden Grove. The space is located at 7077 Orangewood Ave. Rescare was represented by CBRE. The landlord, Burke Investment Grove LP, was represented by Shaun McCullough and Say Jeon of Lee & Associates.
SALT LAKE CITY – Precision Heating and Cooling has leased a 15,000-square-foot manufacturing warehouse in Salt Lake City. The building formerly served as the headquarters of Neilco. It is located at 5780 South 300 West. The commercial heating and cooling contractor plans to use the space as its main Utah headquarters. Robert Kingsford of Newmark Grubb ACRES represented both the tenant and unnamed landlord in this transaction.
