SAN DIEGO – A 3,900-square-foot property in San Diego that is occupied by Coco’s Bakery restaurant has sold to Fairbanks Trail LLCfor $2.7 million. The property is located at 7398 Clairemont Mesa Blvd. Coco’s renewed its lease for 15 years in 2013. Justin Earley of Capital Real Estate Ventures, Inc. represented both parties, including the seller, USA Properties Inc., in this transaction.
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REDWOOD CITY, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of Township, a 132-unit multifamily complex in the San Francisco suburb of Redwood City, for $83 million. Completed earlier this year, the community includes one-, two- and three-bedroom apartments averaging 914 square feet, plus amenities such as a fitness center, whirlpool spa, business center and outdoor kitchen. Located at 333 Main St., the property is in proximity to the major thoroughfares of Veteran’s Boulevard and U.S. Route 101, as well as major area employers Oracle Corp., Electronic Arts, Shutterfly, Rocket Fuel, Stanford University, Facebook, Sony Computer Entertainment America LLC and Gilead Sciences. Stanford Jones, Philip Saglimbeni, Salvatore Saglimbeni of IPA, a division of Marcus & Millichap, represented the seller in the transaction, a joint venture between Sares Regis Group and J.P. Morgan Asset Management.
SCOTTSDALE, ARIZ. — CBRE has brokered the sale of two office buildings in Scottsdale totaling 223,131 square feet for a combined $44.2 million. The properties include the 106,931-square-foot Scottsdale Gateway I, which is located at 9201 E. Mountain View Road; and the 116,200-square-foot 92 Mountain View, which is located at 10001 N. 92nd St. Constructed in 1998, Scottsdale Gateway I is a two-story, Class A facility that was 91 percent leased to five tenants at the time of the sale. Built in 1996, 92 Mountain View is also a two-story, Class A facility and is fully leased to CVS Caremark. Barry Gabel, Chris Marchildon, Kevin Shannon, Ken White and Michael Moore of CBRE represented the sellers, TR Scottsdale Gateway I Corp. and TR 92 Mountain View Corp., in the transaction. Jenifer Ratcliffe, Erin Curry and David Krumwiede of LPC Realty Partners Ltd. also assisted in the transaction. Equus Capital Partners purchased the two assets and has retained CBRE to manage the properties. Bryan Taute of CBRE will lease the buildings.
RENTON, WASH. — Johnson Capital has arranged $27.6 million in permanent financing for Bristol I at Southport, a 188-unit apartment property in the Seattle suburb of Renton. Completed in 2002, the Class A complex includes studio, one-, two- and three-bedroom residences, as well as 10,037 square feet of commercial space. Amos Smith and Sean Skelton worked on behalf of the borrower, a privately owned development company, to secure the 15-year loan through an insurance company. Proceeds from the loan were used to retire existing debt and fund renovations of the property, such as interior refurbishments and a “re-skinning” of the exterior to maintain consistency with the adjacent Bristol II at Southport.
CARSON, CALIF. — NAI Capital has brokered the sale of a 50,078-square-foot flex property in Carson for $7.3 million. Constructed in 1972 and renovated in 2002, 2009 and 2012, the structure features a mix of office, conference and open/bullpen space, as well as heavy power and ground-level loading capabilities. Located on 3.1 acres at 16941 Keegan Ave., the facility is in proximity to the 91, 110 and 405 freeways. Timec Co. Inc., a provider of asset management, maintenance and small project services for the energy and food industries, fully occupies the facility on a triple-net basis. Ryan Campbell of NAI Capital, along with Tony Naples of Lee & Associates, represented the buyer, a private investor. Colliers International represented the seller, Microtek Inc.
SAN DIEGO — Lowe Enterprises, AECOM Capital and current property owner Atlas Hotels Inc. have formed a joint venture to own, operate and reposition the 954-room Town and Country Resort & Convention Center in the Mission Valley area of San Diego. Built in 1953, the two-building property is located at 500 Hotel Circle N., adjacent to the 27-hole Riverwalk Golf Club, as well as the Fashion Valley shopping center. The convention facilities include more than 200,000 square feet of flexible meeting space and more than 50,000 square feet of outdoor event space. The resort features the 14,000-square-foot Bella Tosca Day Spa, a fitness center, three restaurants and three swimming pools. Destination Hotels & Resorts, Lowe’s hospitality management subsidiary, has assumed management of the property. The new ownership group will immediately begin its property-wide upgrade program.
SAN DIEGO — Colliers International has brokered the sale of the Torbati Building, a 223,000-square-foot office tower in downtown San Diego. Constructed in 1925, the 14-story building is located at 625 Broadway. Tim Cowden of Colliers represented the buyer, 625BWSD9 Owner LLC, which is a partnership formed by Hammer Ventures, a locally based real estate development company. The seller, 625 Broadway Holdings LLC, had no representation in the transaction.
MESA, ARIZ. — Hendricks-Berkadia has brokered the sale of Sendero Ridge, a 288-unit multifamily property in the Phoenix suburb of Mesa, for $15 million. Constructed in 1986, the complex includes one- and two-bedroom apartments, plus amenities such as a swimming pool, volleyball court, laundry facility and barbecue area. Situated on 12 acres at 945 W. Broadway Road, the community is in proximity to State Route 87, State Route 60 and Loop 101, as well as the Mesa Arts Center and the spring training facility of the Chicago Cubs. Mark Forrester and Ric Holway of Hendricks-Berkadia negotiated the transaction between the seller, New York-based Pimal Property Inc., and the buyer, Toronto-based 945 W. Broadway Rd. LP.
KLAMATH FALLAS, ORE. — NorthMarq Capital has arranged a $14.5 million bridge/construction loan for the expansion of Quail Park at Crystal Terrace, a seniors housing property in the south Oregon city of Klamath Falls, which is situated about 20 miles north of the California state border. The facility, which provides both independent and assisted living services, currently consists of one three-story, 67-unit building and 20 one-story cottages. The expansion will include a 24-unit, 36-bed memory care facility to be developed on an adjacent parcel. Stuart Oswald of NorthMarq originated the four-year loan, which includes a 25-year amortization schedule and reflects a 75 percent loan-to-value ratio. A non-recourse bridge lender supplied the financing.
MISSION VIEJO, CALIF. — Avison Young has brokered the sale of HighPark Corporate Center, a 37,579-square-foot office building in Mission Viejo, for $6.7 million. Built in 1986, the two-story, Class A structure is situated on nearly two acres at 23351-23361 Madero, within the 112-acre, master-planned HighPark business park. The property was 93 percent leased at the time of the sale, and Holt Integrated Circuits was the largest tenant, occupying 58 percent of the facility. Dan Vittone and Alan Pekarcik of Avison Young, along with Trent Walker of Voit Real Estate services, represented the seller, Madero LLC & Wyocal LLC. Bratun Real Estate represented the buyer, CK HighPark LLC, which completed a 1031 tax-deferred exchange. The sales price reflects a cap rate of 7.25 percent.