HENDERSON, NEV. — Newmark Grubb Knight Frank has brokered the $26 million sale of Elysian Parc, a 164-unit apartment complex in the Las Vegas suburb of Henderson. The property offers one- and two-bedroom apartments, as well as a clubhouse, fitness center, tanning bed, swimming pool, fire pit and hot tub. The garden-style community was 94 percent leased at the time of the sale. NGKF represented the seller, The Calida Group, in the transaction. San Francisco-based Hamilton Zanze was the buyer and procured acquisition financing through Berkeley Point.
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GLENDALE, CALIF. — NAI Capital has brokered two multifamily property sales in Glendale for a combined $24.8 million. The Sirott family trust acquired both Villa Geneva Apartments, a 36-unit property located at 1304 E. California Ave.; and Villa Monaco Apartments, a 49-unit property located at 1234 E. California Ave. Glendale Villa Geneva sold Villa Geneva, which was constructed in 1987 for $9.3 million; while Villa Monaco Ltd. sold Villa Monaco, which was constructed in 1988, for $15.5 million. Jesus Henao of NAI Capital represented the Sirott family trust in the transactions.
PLAYA VISTA, CALIF. — Marcus & Millichap has brokered the sale of The Shops at Concert Park, a portfolio of two shopping centers in Playa Vista, for $16.9 million. A foreign investor acquired the 11,828-square-foot Pacific Promenade, located at 13020 Pacific Promenade, as well as the 10,907-square-foot Seabluff Drive, located on the corner of Seabluff Drive and Runway Drive. Both properties are situated on the ground floors of mixed-used developments, each of which features 179 condominiums. Tenants at Pacific Promenade include Bank of America, Coffee Bean and Race Telecommunications. Tenants at Seabluff Drive include Playa Vista Medical Center, Playa Pilates and Pinkberry. Brandon Michaels and Janette Monfared of Marcus & Millichap represented the seller, an affiliate of Brookfield residential, in the transaction. Sharone Sabar, also of Marcus & Millichap, arranged $10.8 million in CMBS financing for the buyer.
SAN DIEGO — HFF has arranged a $6 million loan for the acquisition and renovation of Morena Business Center, a three-building flex/industrial park in San Diego. The structures, located at 2620, 2640 and 2645 Financial Court, total 62,814 square feet. The park’s six-acre site is located east of I-5 in the Morena submarket. Tenants include Destination Concepts, American Geotechnical, Solar West Electric and Envision. Zach Koucos and Aldon Cole led the HFF team that worked on behalf of SR Commercial, a privately held, full-service commercial real estate investment company, to arrange the fixed-rate, non-recourse loan.
LAS VEGAS — LBG Real Estate Cos. LLC, in partnership with Blue Vista Capital Management LLC, has sold the Southwest Marketplace retail property in Las Vegas for $30.4 million. Philips Edison acquired the property. Developed in 2007, the 115,720-square-foot shopping center is located at the intersection of Rainbow Boulevard and Windmill Lane. Smith’s Food and Drug, a wholly owned subsidiary of The Kroger Co., anchors the facility. The site also includes Smith’s Gas, as well as two pad sites for future development. LBG acquired the asset in July 2011, at which time the space was approximately 50 percent leased.
PALO ALTO, CALIF. — Cohen Financial has arranged a $29.8 million loan for the refinancing of a 50,000-square-foot office building in Palo Alto. Located at 130 Lytton Ave., in proximity to Palo Alto Caltrain station, the four-story structure is fully leased to Amazon subsidiary A9. Paul Schroeder of Cohen Financial originated the fixed-rate, seven-year loan through Sun Life of Canada. According to the Silicon Valley Business Journal, Rockwood Capital purchased the asset in November 2013.
LONG BEACH, CALIF. — Meta Housing Corp. has broken ground on Long Beach & 21st Apartments, a $16.4 million, 41-unit seniors housing property in Long Beach. To be located at 2114 Long Beach Blvd., the affordable housing complex will offer one- and two-bedrooms residences for adults ages 55 and older. Amenities will include a community activity room, community kitchen, library and rooftop deck. Meta Housing is partnering with PATH Ventures in the development of the project. PSL Architects has designed the facility to achieve LEED Silver certification. Bank of America provided construction financing and equity for the project. Completion is slated for the summer of 2015.
COVINA, CALIF. — Argent Retail Advisors has arranged a 42,000-square-foot retail lease at Grand Covina Plaza in the Los Angeles suburb of Covina for Stater Bros. Supermarket. Constructed in 1956 and remodeled in 1992, the 112,000-square-foot Grand Covina Plaza houses tenants including Dollar Tree, KFC, 7-Eleven, H&R Block and RadioShack. Stater Bros. Supermarket will occupy space previously leased by Albertsons and is set to move in during the fourth quarter. Terry Bortnick of Argent Retail Advisors represented the property owner, locally based Grand Covina Plaza LLC, in the 15-year lease agreement.
NEWARK, CALIF. — Hilton Worldwide and DoubleTree by Hilton have opened the 315-room DoubleTree by Hilton Newark-Fremont in the East Bay. The hotel is located at 39900 Balentine Drive. It is situated off Interstate 880 in the East Bay/Silicon Valley area between Oakland and San Jose. The property is owned by SM Broadway Corporation and managed by Hotel Managers Group.
DENVER – A 1.1-acre site at the corner of 18th and Wewatta in the Central Platte Valley area near Denver has sold to Portman Holdings for $10.8 million. The site is across the street from the newly renovated Union Station, which will open this July. Portman is partnering with Hensel Phelps Development Group to develop 200,000 square feet of office space, which will include retail and hotel components.