SAN FRANCISCO — A three-property apartment portfolio in the Bay Area has received $56.2 million in refinancing. The portfolio includes a total of 427 units throughout Fremont, Daly City and Hayward. The borrower has purchased and renovated more than 3,000 apartment units in 23 communities over the past 10 years. All three properties were built between 1965 and 1987. Amenities at the properties include full kitchens, private patios/balconies and walk-in closets. The portfolio boasts an average occupancy rate of 98 percent. The fixed-rate, Fannie Mae loans have 10-year terms, 9.5 years of yield maintenance and 30-year amortization schedules. They were provided by Greg Reed and Kristen Croxton in Capital One Multifamily’s Newport Beach office. The loans closed just 34 days after application. The interest rates on the loans were in the mid-3 percent range. Capital One was also able to structure the transactions to produce cash out.
DENVER — An entity related to ASAP Holdings has purchased the 263-room Sheraton Denver Tech Center for an undisclosed sum. The full-service hotel is located at 7007 South Clinton Street in the Greenwood Village submarket. The Sheraton features more than 12,000 square feet of function space, a restaurant/lounge, a fitness center and outdoor pool. It will continue to be operated by Interstate Hotels & Resorts. The seller was an investment group that included funds affiliated with Varde Partners, Waramaug Hospitality and Interstate Hotels. The transaction was executed by Mike Dube, Geoff Davis and Mike Cahill of HREC Investment Advisors.
TORRANCE, CALIF. — Costco has acquired a 23-acre parcel in Torrance where it plans to expand one of its local stores. The sales price was not disclosed. The land is located at 2740 Lomita Blvd., between Crenshaw and Hawthorne boulevards. Costco plans to break ground on a new 164,000-square-foot store in the first quarter of 2015. It is slated for completion by the end of the year. The wholesale warehouse first opened its 148,000-square-foot Torrance location in 1998. Costco was represented by Steve McArthur of Northwest Atlantic Partners. The seller, the Rockefeller Group, was represented by Todd Taugner, David Prior and Frank Schulz of the Klabin Company.
PHOENIX — BH Properties has acquired the Plaza at Squaw Peak, a 428,000-square-foot office complex in Phoenix, for $25 million. The complex is located directly off Route 51 at North 16th Street and East Morten Avenue in the Camelback Corridor. The three-building complex is situated on 24.1 acres that also offers future redevelopment opportunities. The Plaza’s current tenant base includes law firms, financial service providers, administrative users, engineering firms, call centers, medical service providers, marketing agencies and title companies. BH Properties has been extremely active in the Southwest market over the past year. It also recently acquired the 159,000-square-foot Gilbert Town Square shopping center; the 180-unit Papago Crossing multifamily property; the 103,082-square-foot Islands Shopping Center; the 64,744-square-foot Ross Plaza retail center; and a 62,000-square-foot warehouse. The unnamed seller had purchased the Plaza as part of a portfolio. Acquisition financing was provided by Opus Bank. Rachelle Strole, Jason Hersker, Stephen Herman, Rachael Cisco and Scott Smith of Capital Asset Management represented both the buyer and seller in this transaction.
CARLSBAD, CALIF. — Hines Interests Limited Partnership has purchased a 161,310-square-foot manufacturing/R&D building that is leased to Acushnet Company for $23.3 million. The building is located at 2819 Loker Ave. East. The golf-related company recently extended its lease at the center through the end of July 2019. It has been a tenant here for more than 15 years. Acushnet Company is composed of the Titleist, FootJoy, Pinnacle and Scotty Cameron brands. The property was built in 1998. It is situated along Palomar Airport Road. Hines represented itself in the transaction, while the seller, JP Morgan Chase, was represented by Aric Starck and Rick Reeder of Cassidy Turley.
GLENDALE, ARIZ. – TriGate Capital has purchased Gateway Village, a 126,286-square-foot shopping center in Glendale. The acquisition was part of a national retail property portfolio buy, valued at $53 million. The center is located at 5932-6070 W. Bell Road. It is 80 percent leased to tenants like Stein Mart, All America Pool & Patio, Cox Communications and Fast Signs. Gateway Village is the largest property in the retail portfolio, which also includes shopping centers in Pennsylvania, Georgia, South Carolina and Missouri. The seller, PDSI, was represented by Michael Hackett and Ryan Schubert of Cassidy Turley.
SAN DIEGO – A 37,800-square-foot parcel in the San Diego submarket of Imperial Beach has sold to Imperial Beach Resort LLC for $5.5 million. The parcel is located at 1046 Seacoast Drive. The lot is bound by Imperial Beach Boulevard, Ebony Avenue and the Pacific Ocean. The site has been approved for a 79-room boutique hotel, 115 underground parking spaces, and 10,000 square feet of meeting, convention and restaurant space. It has unobstructed ocean views and direct beach access. The site is currently occupied by an apartment complex. Richard Murdock of Lee & Associates’ San Diego office represented both the buyer and seller, William R. Mundt Trust, in this transaction.
PHOENIX – J&K Cabinetry has leased 37,522 square feet at the Hohokam 10 Business Center in Phoenix. The 405,000-square-foot complex is located at 4445 E. Ellwood Street. The affordable cabinetmaker will use the space to store merchandise, and to sell to local homebuilders. J&K Cabinetry was represented by Thomas Knaub of Colliers International. The landlord, Arizona Department of Transportation Right of Way Group, represented itself in this transaction.
REDMOND, WASH. – Berkshire Income Realty has acquired the 134-unit Elan Redmond Town Center apartment complex for an undisclosed sum. The community is located at 16325 Cleveland Street in Redmond. It was built in 2013. Berkshire Communities, the property management division of Berkshire Group, will manage the apartment community. The seller was Greystar and equity partner Resmark Apartment Living.
DOWNEY, CALIF. – A 26,877-square-foot industrial building in Downey has sold to MT Real Estate LLC for $3.7 million. The building is located at 11899 Woodruff Ave. The building will serve as an automotive storage warehouse. MT Real Estate was represented by Voit’s Joe Winklemann. The seller, the Prichard Family Trust, was represented by John M. Bowman of Heger Industrial and Dennis Slattery of Charles Dunn.