Western

SyRES, ConAm Receive $52M to Buy Roseville Apartment Community

by Nellie Day January 30, 2015

ROSEVILLE, CALIF. — A joint venture between SyRES Properties and ConAm Properties has received $52 million in acquisition financing to purchase the 465-unit Rosemeade at Olympus Pointe apartment community in Roseville. The community is located at 1451 Rocky Ridge Drive. The loan features a 20-year term with three years interest only and a 25-year amortization schedule. It was arranged for the JV by Dennis Sidbury of NorthMarq Capital’s San Francisco office through the firm’s correspondent relationship with a life insurance company. The unnamed seller will still serve as property manager. It will also carry a minority interest in the new borrowing entity, Rosemeade Residential Holdings LLC. SyRES Properties is a Syufy Enterprises company.

January 30, 2015

Multifamily Oregon Western

Catron Place Apartments Near Salem Sells for $6.4M

by Nellie Day January 30, 2015

SALEM, ORE. – The 60-unit Catron Place apartment community near Salem has sold to a private investor for $6.4 million. The community is located at 515 North Catron Street in Monmouth, just west of Salem. It is situated a few blocks from Western Oregon University. The buyer was represented by Scott Logan of Marcus & Millichap’s Portland office. The seller, a developer, was represented by Georgie Christensen of the same office.

January 30, 2015

Arizona Office Western

Washington Business Park in Phoenix Sells for $11.1M

by Nellie Day January 29, 2015

PHOENIX – Washington Business Park, a 139,196-square-foot business park in Phoenix, has sold to CAM-10 LLC for $11.1 million. The four-building park is located at 5324-5330 E. Washington Street. It was built in 1985. Washington Business Park is currently 72 percent leased. Tenants include Walgreens Drug Co., Arizona Department of Revenue and Quality Care Network, Inc. CAM-10 is an affiliate of Covington Asset Managemen LLC. The seller, BREOF AIP Phoenix, was represented by CBRE’s Barry Gabel and Chris Marchildon.

January 29, 2015

Arizona Multifamily Western

Bella Place Apartments in Phoenix Sells for $7.7M

by Nellie Day January 29, 2015

PHOENIX – The 280-unit Bella Place apartments in Phoenix has sold to an individual/personal trust for $7.7 million. The community is located at 2025 West Indian School Road. It was developed in 1973 by Lincoln Property Co. Community amenities include two swimming pools, a spa, two common barbecue areas and two on-site coin operated laundry facilities with new laundry equipment. The buyer was represented by Pete Te Kampe of Marcus & Millichap. The seller, Mentor Properties Inc., was represented by Cliff David and Steve Gebing of the same firm.

January 29, 2015

California Office Western

Medical Realty Group Buys Medical Office Building in San Diego for $2.5M

by Nellie Day January 29, 2015

SAN DIEGO – Medical Realty Group has acquired an 8,500-square-foot medical office building in the San Diego submarket of El Centro for $2.5 million. The building is located at 1410 South La Brucherie Road. It is fully occupied by Vantage Oncology Treatment Centers. The property also underwent a recent renovation and expansion. The seller, the Scott Family Trust, was represented by Paul Lafrenz of Colliers International.

January 29, 2015

Arizona Office Western

Soilworks Leases Office Space in Scottsdale

by Nellie Day January 29, 2015

SCOTTSDALE, ARIZ. – Soilworks has signed a lease for Class A office space in Scottsdale. The dust control and soil stabilization provider plans to relocate its new world headquarters inside the space. The office will be located at 7580 N. Dobson Road. It is situated just east of the Loop 101 freeway, within Riverwalk Arizona. Soilworks was represented by JLL’s John Pierson and Trevor Pratt. The landlord, the Alter Group, was represented in-house by Justin Miller.

January 29, 2015

Office Utah Western

Hales Engineering Buys Office Building in Lehi

by Nellie Day January 29, 2015

LEHI, UTAH – Hales Engineering has purchased 5,400 square feet of office space in Lehi for an undisclosed sum. The space is located at 1220 North 500 West. The new location will be used for the civil engineering company’s headquarters and main offices. Preston Davis and Kevin Ford of Newmark Grubb ACRES represented both the buyer and seller, Wells Fargo Bank, in this transaction.

January 29, 2015

California Retail Western

Donahue Schriber Buys Village Oaks Shopping Center in San Jose

by Nellie Day January 28, 2015

SAN JOSE, CALIF. — Donahue Schriber Realty Group has acquired Village Oaks, a 320,000-square-foot shopping center in San Jose, for a reported $111 million. The center is located at the intersection of Cottle Road and Great Oaks Parkway, between Highway 101 and State Route 85. Village Oaks was built in 2014 as part of the city’s master-planned Hitachi Transit Village, which is the largest infill development project in the region, according to Donahue Schriber. Notable tenants at the center include Target, Safeway, Marshalls, Party City, Petco, ULTA, Chase Bank, Bank of America, Panera Bread, MOD Pizza, Five Guys Burgers & Fries and Chipotle Mexican Grill.

January 28, 2015

California Industrial Western

YRC Bloomington Truck Terminal Near San Bernardino Changes Hands

by Nellie Day January 28, 2015

SAN BERNARDINO, CALIF. — Realterm/NAT has purchased YRC Bloomington Truck Terminal, a 51.4-acre industrial site near San Bernardino, for $58.1 million. The site is located at 18298 Slover Ave., off Interstate 10 at Cedar Street. The property is 12 miles east of Ontario International Airport. The site contains two truck terminals with 325 loading doors that total 165,141 square feet, in addition to a 32,630-square-foot shop building. The terminal is fully leased to YRC, Inc. through January 2019. The company is a subsidiary of YRC Worldwide, one of the world’s largest transportation service providers. CBRE’s Darla Longo, Barbara Emmons, Mike Caprile, Rebecca Perlmutter Finkel and Grant Ross represented both the buyer and the seller, Pacific Industrial and institutional investors advised by J.P. Morgan Asset Management, in this transaction. The team was supported by Steve Sprenger of Newmark Grubb Knight Frank.

January 28, 2015

Colorado Multifamily Western

Sagebrook Apartments in Colorado Springs Sells for $48.7M

by Nellie Day January 28, 2015

COLORADO SPRINGS, COLO. — Sagebrook Apartments LLC has acquired the 314-unit Sagebrook Apartments in Colorado Springs for $48.7 million. The community is located at 2555 Raywood View. This sale is the second-largest, single-property apartment transaction in the history of Colorado Springs, according to Marcus & Millichap, which represented the buyer. The property is situated near the Promenade Shops at Briargate, the Briargate business campus, the InterQuest business park, the Pine Creek Golf Club, the Air Force Academy, Memorial Hospital North and the new Penrose St. Francis Medical Center. Community amenities include a swimming pool, sun deck and all-season spa, 24-hour fitness center, clubroom with Wi-Fi, kitchen, fireplace area with a flat-screen television, outdoor picnic area with gas barbecues, a coffee bar and business center. The LLC was represented by Clayton Primm, Jacob Steele and Nick Steele of Marcus & Millichap’s Denver office. The seller was Griffis Residential. Marcus & Millichap Capital Corp. also arranged $32.3 million in acquisition financing for this transaction. The non-recourse debt placement was structured as a 30-year, fixed-rate, fully amortizing loan.

January 28, 2015

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