PHOENIX – The 180-unit Paradise Foothills in Phoenix has received $8 million in acquisition financing. The community is located at 12231 N. 19th Street. It was built in 1985. Common area amenities include a barbeque and picnic area, two swimming pools, one spa, two laundry rooms, a business center and a courtyard. Paradise is 94 percent leased. The borrower is a multifamily investor with holdings throughout Arizona. The fixed-rate loan has a seven-year term, a 25-year amortization schedule and an interest rate in the high 3 percent range. Financing was arranged by Peter Harris of Pacific Southwest Realty Services through one of the firm’s correspondent life insurance company lenders, which will service the loan until maturity.
Western
CARLSBAD, CALIF. – A 19,400-square-foot building in Carlsbad that houses Bank of America has sold to Dan Floit for $7.2 million. The building is located at 7700 El Camino Real. Bank of America leased the space in 2012. CBRE’s Tim Kerrigan represented both the buyer and seller, Ingold Family LLC, in this transaction.
HEMET, CALIF. – The 151-unit Park Columbia Apartments in Hemet has sold to Srinivas Yalamanchili for $6.6 million. The community is located at 201 South Columbia Street, near the junction of Highways 74 and 79. Park Columbia is 95 percent leased. Community amenities include two swimming pools, two spas, a grill area and courtyards. HFF worked on behalf of the buyer to place a 10-year, fixed-rate loan with FNMA. The unnamed seller was represented by HFF’s Hunter Combs.
SCOTTSDALE, ARIZ. — Apogee Physicians has signed a lease for 27,727 at Scottsdale Quarter’s new 170,000-square-foot office building. The development is located at the southeast corner of Scottsdale Road and the Greenway-Hayden Loop in North Scottsdale. Scottsdale Quarter will eventually be a 1.2-million-square-foot lifestyle center with retail, office and luxury residential components. It is being developed by Glimcher Realty Trust. Apogee Physicians is currently headquartered in the Camelback Corridor. This new lease will allow the company to expand. The six-story tower is expected to open next summer. Glimcher was represented by CBRE’s Brad Anderson and Michael Strittmatter.
FORT COLLINS, COLO. — Ramco-Gershenson Properties Trust has acquired Front Range Village in Fort Collins for $128.3 million. The center is located at 2720 Council Tree Ave. Front Range Village contains 810,000 square feet. Ramco-Gershenson has acquired 460,000 square feet of the center. Front Range is shadow anchored by Target and Lowe’s. Other notable tenants include Sprout's Market, DSW, Cost Plus World Market, Staples, Party City, Toys 'R Us/Babies 'R US, and The Sports Authority. The center also includes 78,000 square feet of office space. Notable office tenants include Microsoft and CA Technologies. Front Range is also home to the Southeast Branch of the Fort Collins Public Library.
SACRAMENTO, CALIF. – The 445,984 –square-foot Bank of the West Tower in Sacramento has received a $90-million refinance. The Class A tower is located at 500 Capitol Mall. The tower is situated next to the office of U.S. Immigration and Customs, and within walking distance of the Gold Line train. Financing was arranged by Jeff Haskellof NorthMarq Capital’s San Franciscooffice through the firm’s correspondent relationship with a life insurance company.
LOS ANGELES – A nine-property multifamily portfolio in Los Angeles has received $80 million in refinancing. The 10-year, fixed-rate financing was arranged through Freddie Mac’s Fast Track Early Rate-Lock Program, which allows borrowers to lock in an interest rate and loan amount shortly after their application is filed with minimal documentation. The loan features a 3.5-month early rate lock, 4 percent interest rate, 65 percent loan-to-value ratio and a 30-year amortization schedule. The portfolio contains about 900 units. They are 95 percent occupied. The loan was originated by Allan Freedman of Berkadia Commercial Mortgage LLC.
SPARKS, NEV. — Standard Management Co. has acquired the 296-unit Eastland Hills in Sparks for $27.5 million. The community is located at 1855 Baring Blvd. Eastland Hills was built in 1998. Community amenities include a fitness center, heated pool and year-round spa, tennis court and barbecue areas. Stanford Jones, Philip Saglimbeni, Salvatore Saglimbeni and Kenneth N. Blomsterberg represented both the buyer and seller, A.G. Spanos Cos., in this transaction. The community is situated near the Sierra Nevada Mountains and Truckee Meadows. It is about four miles from Reno, where Tesla Motors recently announced it will open a new $5-billion battery factory. The facility will house 6,500 employees.
ONTARIO, CALIF. — PPF Industrial LLC has acquired a 386,598-square-foot industrial building in Ontario for $23.8 million. The building is located at 1671 Champagne Ave. The property is situated just east of Interstate 15 and south of Interstate 10 in the Inland Empire West industrial warehouse/distribution submarket. The area is serviced by the Union Pacific Railroad. Notable tenants at the building include Precision Foam LLC, Pacific Urethane and Bericap LLC. The space was renovated and retrofitted in 2011. Darla Longo, Barbara Emmons and Rebecca Perlmutter of CBRE’s Ontario office represented both the buyer and seller, CT Realty, in this transaction.
SUN CITY, ARIZ. — La Ronde Centre, a 106,503-square-foot retail property in Sun City, has sold to an unnamed buyer for $8 million. The center is located at 14656 North Del Webb Blvd. The buyer was represented by Colin Brown of Transwestern. The seller, an LLC, was represented by Sanford Burstyn of Marcus & Millichap’s Phoenix office.