SAN FRANCISCO – A 26-story high-rise tower at 140 New Montgomery in San Francisco’s South Financial district has received a $185-million recapitalization. The Class A tower was built in 1925 as the headquarters for Pacific Telephone and Telegraph. The telephone company owned the building until it was acquired by Stockbridge Capital Group in 2007. The building is undergoing a $100-million renovation that will include new building systems, a seismic upgrade and more than 1,300 new operable windows in the tenant spaces. It is currently 90 percent leased. Notable tenants include Software AG, Lumosity, Knoll Inc. and Yelp! , which anchors the building. The five-year term financing includes mezzanine debt that was sold to an institutional investor. It was provided to Stockbridge by Ronnie Gul of Mesa West Capital.
Western
TEMPE, ARIZ. — MIG Real Estate has acquired Quadrangles Village, a 510-unit apartment community next to Arizona State University (ASU) in Tempe, for a reported $41.8 million. The community is located at 1255 E. University Drive. Other nearby attractions include the Wells Fargo Arena, Sun Devil Stadium and Tempe Town Lake. CBRE’s Tyler Anderson and Sean Cunningham represented the seller, FSC Quadrangles Associates LLC, in this transaction. The complex will be managed by Greystar Student Living. This is MIG’s second Arizona investment. The firm acquired Acacia Creek in Scottsdale last year.
LAS VEGAS — Capital Square Realty Advisors LLC has acquired a 14,378-square-foot retail location on the Las Vegas Strip that is net leased to CVS for a reported $30 million. The store is located at 2700 S. Las Vegas Blvd. on the ground floor of Sky Las Vegas, a luxury condominium. Sky Las Vegas is located near SLS Las Vegas and Resorts World Las Vegas, two new resorts that are currently under development on the north end of the Strip. CBRE’s Charles Moore and Marlene Fujita Winkel represented the seller, Sky Las Vegas Condominiums Inc., in this transaction.The senior debt for Capital Square was procured by Adam Levinson of BGC Capital Partners.
EVERETT, WASH. – Lowe Enterprises Investors has acquired the 352-unit Covington Farms in Everett for an undisclosed sum. The community is located at 10115 Holly Drive in the Paine Field submarket, which is also home to Boeing, Aviation Technologies and Naval Station Everett. The community was built in 1989. It was 95 percent occupied at the time of sale. The unnamed seller was represented by Gail Neuburg of ARA
LOS ANGELES – An eight-unit apartment building in West Los Angeles has sold to Chateau Pelham LLC for $2.7 million. The community is located at 1937 Pelham Ave. Ramin Gheitanchi of Charles Dunn Company represented both the buyer and the seller, 1937 Pelham LLC, in this transaction.
CUPERTINO, CALIF. — Trans-Continental Real Estate Investment Corp. has acquired two office buildings in Cupertino for an undisclosed sum. The 14,000-square-foot building at 20085 Stevens Creek Blvd. is fully leased to Apple. The 26,000-square-foot building at 20111 Stevens Creek Blvd. is leased to various tenants. Trans-Continental plans to occupy a portion of 20111 Stevens Creek when more space becomes available. Apple will remain at 20085 Stevens Creek. The seller, a local private investor, was represented by Mark Ziemendorf and Dave Austin of Cornish & Carey Commercial Newmark Knight Frank.
RENTON, WASH. — Oakesdale Commerce Center, a 43,000-square-foot distribution facility in Renton, has sold to Industrial Property Trust Inc. for $4 million. The facility is fully leased to two tenants.
YORBA LINDA, CALIF. – A 22,544-square-foot office building in Yorba Linda has sold to Robert and Pamela Moreno for $3.7 million. The building is located at 22860 Savi Ranch Parkway. The buyers were represented by Gary McArdell of Lee & Associates – Newport Beach. The seller, Savi Ranch Partners LLC, was represented by Chuck Wilson and Brian Chastain of Colliers International.
LA VERNE, CALIF. — Broiler Express has acquired a 3,518-square-foot retail property in La Verne for $2.7 million. The space is located at 919 Foothill Blvd. Broiler Express was represented by Fred Encinas and Vicky Espinosa of NAI Capital’s Ontario office. The seller was La Verne Denn Inc.
LOS ANGELES – An 18-unit apartment building in Los Angeles has sold to Abady Holding Corp. for $2.6 million. The building is located at 1522 Hi Point Street. Abady was represented by Collin Brashears, Rob Zaharia and Tim Steuernol of NAI Capital’s West Los Angeles office.