LAKEWOOD, COLO. — The Radco Companies has acquired the 512-unit Parc Belmar apartment community in Lakewood for $95.3 million. The community is located at 7301 W. Ohio Ave. in the southwestern suburb of Denver. It sits adjacent to the Downtown Belmar district, a 22-block retail and entertainment destination. This is the largest multifamily transaction in Colorado so far this year, according to Radco. It is also the real estate opportunistic investment firm’s first acquisition in Colorado. Radco plans to reposition the property. The efforts would include renovating the 27,000-square-foot clubhouse and leasing center, as well as upgrading the unit interiors with high-end finishes. The company also plans to rebrand the property as Ashford Belmar. Radco’s portfolio now includes more than 6,500 multifamily units in five cities across the Southeast and the Midwest. This latest acquisition was financed through a mixture of Freddie Mac debt, preferred equity from the Related Companies and Radco’s own privately funded equity.
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SALT LAKE CITY – A joint venture between Grey Oak LLC and Wasatch Advantage has acquired six parcels totaling 1.5 acres in Downtown Salt Lake City. The purchase price was not disclosed. The JV will use the land to develop Encore, a 189-unit apartment community. The new Class A community will be located on the north side of 400 South between Denver Street and 500 East. The transaction was executed by Mark Jensen and Greg Ratliff of Newmark Grubb ACRES. The seller was not named.
MESA, ARIZ. — Buchanan Street Partners has acquired Stapley Corporate Center, a 180,000-square-foot office property in the Phoenix suburb of Mesa, for $32.5 million. The two-building, Class A center is located at 1840 and 1910 South Stapley Drive, near the border of Mesa and Gilbert. Stapley is 90 percent occupied. Tenants with long-term leases include Cigna Healthcare and Wells Fargo. Chris Toci and Chad Little of Cushman & Wakefield of Arizona represented the seller and original developer, the DESCO Group, in this transaction. Buchanan was self-represented. JLL’s Mark Gustin will handle the center’s leasing. Buchanan is targeting value-add investment properties within the Phoenix market. It currently owns 1.4 million square feet of properties in this market, including Mesa Corporate Center and the 260-unit Vue Park West in Peoria, which closed earlier this year.
ONTARIO, CALIF. — Rexford Industrial Realty has acquired Dupont Business Center, a 110,890-square-foot industrial complex in Ontario, for $10.2 million. The two-building facility is situated on 5.7 acres within a Foreign Trade Zone near Ontario Airport in the Inland Empire West submarket. This region boasts 250.8 million square feet of industrial space. Dupont is fully occupied by five tenants. Rexford plans to divide the larger space over time to accommodate more tenants. The transaction was executed by JLL’s Bo Mills, Mark Detmer, Peter McWilliams, Mike McCrary, Ruben Goodsell, Jeff Bellitti and Nicole Welch.
SANTA ANA, CALIF. — Cabrillo Park Shopping Center, a 72,500-square-foot, grocery-anchored center in Santa Ana, has sold to Palmdale Avenue S LLC for $12.2 million. The center is located at 1710-1730 E. 17th Street. It is 95 percent occupied and anchored by Superior Grocers. Other tenants include T-Mobile, Sally Beauty Supply, United Dental Care, Little Caesar’s and 4G Wireless. The buyerwas represented by Randy Ibara of Southern Pacific Investments. The seller, Hector Regner Properties – Cabrillo Park I, LLC, was represented by Randy Dalby of Lee & Associates San Diego North.
NEWPORT BEACH, CALIF. – A joint venture between AEW and Kearny Real Estate Company has acquired five fee title buildings and 12 land parcels within Newport Corporate Plaza in Newport Beach for $41.5 million. The 24-building Newport Corporate Plaza is situated on 20 acres of land on Corporate Plaza Drive. The acquired properties are subject to ground leases at the office campus. The joint venture was represented by CBRE’s Gary Stache. The unnamed seller was represented by Don Nourse and Jim Nourse of Lee & Associates – Newport Beach.
LOS ANGELES – A Los Angeles-based healthcare operator has received $9 million to refinance two local skilled nursing facilities. The facilities include a 99-bed nursing facility on Pico Boulevard near Koreatown and an 81-bed nursing facility on North Fairfax Avenue. The short-term financing retired the existing senior secured term loan. It also funded about $300,000 worth of planned capital improvements at both properties. The sponsor currently owns, operates or manages 20 healthcare centers throughout California. The loan was provided by Felix Gutnikov of Thorofare Capital.
SAN DIEGO — Solana Enterprises has acquired an 83,335-square-foot industrial building in San Diego for $7.9 million. The building is located at 7455-7465 Carroll Road. It is fully leased to Rhino Linings and Westside Building Supplies. Bryce Aberg, Brant Aberg and Ryan Spradling of Cassidy Turley’s San Diego office represented both the buyer and seller, Drake West LLC, in this transaction.
LOS ANGELES – The 25-unit G6 Apartments in Los Angeles has sold to a private investor for $3.9 million. The student housing facility is located at 1188 W. 36th Place, just one block from the University of Southern California’s (USC) main campus. It was built in 2009. The seller, G6 Apartments LLC, was represented by Ron Harris, Paul Darrow and Michael DiSimone of Marcus & Millichap’s Los Angeles office.
SAN FRANCISCO — JP Morgan Chase & Co. has acquired Pacific Place, a 430,000-square-foot office, retail and hotel property in Downtown San Francisco, for an undisclosed sum. The property is located at the intersection of 4th and Market streets at the nexus of the Union Square, South of Market and Financial District neighborhoods. Pacific Place contains three adjacent properties. They include 16 floors of office space, about 200 feet of Market Street retail storefront and the Palomar Hotel, a five-floor, 198-room luxury boutique hotel. The 202,000-square-foot office portion was leased to Intuit last year after the building was repositioned. It is currently home to Demandforce, which is a part of Intuit’s Small Business Division. The renovation included enhancements to the lobby, in addition to a new coffee bar and cafe concept by Small Foods. The retail portion contains flagship stores for Levi’s and Old Navy, as well as space for The Container Store. The asset was held by the Jamestown Premier Property Fund, the firm's flagship core and core-plus investment vehicle for institutional investors. Jamestown was represented by Eastdil Secured.