LAS VEGAS — Tierra Partners III LLC has acquired LaPour Corporate Center, a 70,188-square-foot office building in Las Vegas, for $17.3 million. The Class A building is located at 9075 W. Diablo Drive. The three-story office building is situated next to the 215 Beltway between Russell Road and Tropicana Avenue. It is fully occupied by tenants like Chicago Title, NV Energy, KGA Architecture and State of Nevada Public Utilities Commission. Tierra Partners was represented by Greg Tassi of CBRE Las Vegas. The seller, LaPour 215 LLC, was represented by Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski of the same firm.
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COSTA MESA, CALIF. — Cameron Properties has acquired the 62-unit Costa Mirage apartment community in Costa Mesa for $12.9 million. The community is located at 393 Hamilton Street. Costa Mirage is situated east of Harbor Boulevard and west of Newport Boulevard, just above Newport Bay. Community amenities include a fitness center, clubhouse, and pool and spa. Costa Mirage is currently 95 percent leased. Costa Mirage was purchased by CT Realty as part of the firm’s strategy to acquire several smaller Costa Mesa multifamily properties over the past few years. The firm then renovated and repositioned the properties before executing their dispositions. Costa Mirage is CT’s fourth property to be sold. Cameron Properties represented itself in this transaction. CT was represented by Steven Brombal and Peter Hauser of Hendricks-Berkadia.
ESCONDIDO, CALIF. – A Canada-based private investment group has purchased the 96-unit Tanglewood Apartment Homes in Escondido for $10.8 million. The community is located at 1920 East Grand Ave. in the San Diego submarket. Tanglewood is situated near a major retail corridor that contains Albertsons, Big Lots, Big 5 Sporting Goods, CVS, Home Depot, Vons and Walmart. The Escondido Transit Center is within two miles, while the Palomar Medical Center is one mile away. Tanglewood is also near Palomar College’s 80,583-square-foot Escondido campus, which just received a $10-million renovation. Community amenities include a swimming pool and spa, tennis court, a clubhouse with a pool table and kitchen area and various courtyard areas. The seller, Chrismark LLC, was represented by Christopher Zorbas and David Sperling of Marcus & Millichap’s San Diego office.
MERCED, CALIF. — McCarthy Building Companies has completed construction on UC Merced Science and Engineering Building 2(S&E2). The four-story, 101,900-square-foot facility will provide UC Merced with advanced educational and research capabilities. It is located in the academic core that is centered around the Carol Tomlinson-Keasey Quad. S&E2 houses the mechanical engineering, material science, computer science, environmental and bio-engineering studies departments. It includes classrooms, research spaces and laboratories, faculty offices, administrative areas and a wind tunnel lab. The building was designed to LEED-Platinum specifications. UC Merced prides itself in undertaking environmentally responsible construction projects. The university has also made the Triple Zero Commitment, which aims for net-zero energy use, zero landfill waste and net-zero greenhouse gas emissions by 2020. UC Merced is the first university campus in the nation to have all its buildings LEED certified. For this particular project, construction crews repurposed 1,500 tons of material from area landfills. About 40 percent of the materials used to build the facility were either recycled or reclaimed.
SEATTLE — Path America and Dargey Development have broken ground on the $190-million Potala Tower Seattle, a 577,000-square-foot, mixed-use property in the Seattle waterfront submarket of Belltown. The development will include 342 apartments and the 142-room Hotel Indigo, which will include a mezzanine, restaurant, wine bar and rooftop deck. The project was named after Potala Palace in Tibet. It is located at 2116 4th Ave. Potala Tower Seattle was financed through the EB-5 Visa program, which offers foreign nationals the opportunity to obtain a U.S. green card by investing in a U.S.-based commercial enterprise. Hotel Indigo is a branded boutique concept from InterContinental Hotels Group (IHG).There are 58 Hotel Indigo properties worldwide.
SAN FRANCISCO – The Bay Area will receive the first new TargetExpress stores to open nationwide. The condensed outpost from the big box giant will open three locations in the region, including two in San Francisco and one in Berkeley. These TargetExpress stores will contain 20,000 square feet or less. A 20,000-square-foot store is set to open at 225 Bush Street, next to the Montgomery BART station in San Francisco’s financial district. A 17,000-square-foot store will debut at 1830 Ocean Ave. in southwest San Francisco, while another 12,355-square-foot TargetExpress will open at 2187 Shattuck Ave. in Berkeley. The Bush and Shattuck stores are scheduled to open next spring. The Ocean store is still in the planning stages. No opening date has been set. The test store for the TargetExpress concept opened in the retailer’s hometown of Minneapolis this July. All three Bay Area TargetExpress transactions were executed by Matt Kircher of Terranomics Retail Services.
LOS ANGELES – A 19,750-square-foot creative office property in Los Angeles has sold to the American Musical and Dramatic Academy, College of the Performing Arts (AMDA) for $10 million. The building is located at 1641 Ivar in Hollywood. The space used to host the Bob Hope USO Special. The seller, boutique production firm Hello and Company, was represented by Martin McDermott of Avison Young. The firm will occupy the entire space. AMDA was represented by Christopher Bonbright, John Tronson and David Landau of the same firm. AMDA’s financing was also arranged by the firm’s Nick Roussos.
SACRAMENTO, CALIF. – A 76,158-square-foot property in the Sacramento submarket of Rancho Cordova has sold to a Chicago-based private investor for $11.1 million. The property is triple-net leased to Kohl’s. The space is located near the intersection of U.S. Highway 50 and Rancho Cordova Light Rail Station. Notable tenants in the area include Super Target, Wal-Mart, Anna’s Linens, PetSmart, Michaels, Walgreens and U.S. Bank. Kohl’s has 15 years remaining on its lease. Nicholas Coo, Matthew Mousav and Patrick Luther of Faris Lee Investments represented the seller, American Realty Capital (ARC), in this transaction. The buyer represented itself.
MESA, ARIZ. – The 120-unit Dobson Springs apartment complex in Mesa has sold to the Standard-Mesa LLC for $9.1 million. The community is located at 1325 W. Guadalupe Road. It was built in 1980. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily represented both the buyer and seller, Synergy Dobson Springs LP, in this transaction.
SAN DIEGO – A 25,000-square-foot industrial/warehouse property in the San Diego submarket of National City has sold to Bonita Hills Holding LLC for $2.8 million. The property is located at 326 W. 30th Street. The buyer plans to use the space for storage and staging. Mark Lewkowitz of Colliers International represented the buyer. Lewkowitz also represented the seller, ZJR LLC, along with Chris Holder of the same firm.