MURRIETA, CALIF. – A pair of office buildings in Murrieta has sold to Village Walk Murrieta LP for $7.7 million. The first property, Village Walk Corporate Center,is located at 41391 Kalmia Street. The second building is located at 41381 Kalmia Street. Village Walk Corporate Center contains 11 tenants. It is 96 percent occupied. The second building is fully occupied by Pacific Western Bank. Dan Vittoneand Alan Pekarcik of Avison Young represented both the buyer and seller, Village Walk Square LLC, in this transaction.
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DENVER – The 22-unit Elegante apartment building in Denver has sold to an unnamed buyer for $3.2 million. The community is located at 707 E. 2nd Ave., just off Speer Boulevard. It is situated near the Denver Country Club. Matt Ritter, Cody Stambaugh and Peter Sengelmann of Pinnacle Real Estate Advisors’ Johnson Ritter Team represented the buyer, while the firm’s Jeff Johnson represented the unnamed seller.
ANAHEIM, CALIF. – A 13-unit apartment complex in Anaheim has sold to a private capital investor for $2.2 million. The community is located at 704 S. Webster Ave. It was built in 1979. Pat Swanson and Brett Bayless of the Swanson Apartment Team represented both the buyer and seller, another private capital investor, in this transaction.
SAN JOSE, CALIF. – Zurich Alternative Asset Management (ZAAM) has purchased a 174-unit apartment building called 121 Tasman in San Jose for $86.7 million. The transit-oriented community resides within the Golden Triangle area of Silicon Valley. The property was built in 2013. It was 95 percent leased by this past April. ZAAM is the alternative investment advisor to Zurich North America (Zurich) and its affiliates. The company is responsible for the group’s hedge fund, private equity and U.S. real estate investments. The ZAAM team representing the buyer was led by managing director Sean Bannon and director Chris Edgar. The seller, a joint venture between LCOR Ventures LLC and Cigna Realty Investors, was represented by Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors.
PHOENIX – A pair of Arizona apartment buildings owned by a Mexico-based investor has received $21.7 million in refinancing. The properties include The Ridge at Sun Valley, a 264-unit community located at 801 N. 59th Ave., and Bayside Apartments, a 176-unit community at 20245 N. 32nd Drive. The Ridge at Sun Valley received $12.3 million, while Bayside received $9.3 million. The borrower acquired the properties in 2010. The new non-recourse, 12-year loan is a cash-out refinance. The funds will provide the client additional money to invest in another project currently being developed in California. The loan was funded by an East Coast bank with a loan-to-value ratio of 75 percent. It has a 30-year amortization schedule and an interest rate that starts in the high 3 percent range. Financing was arranged by Neal Churney and Adam Finkel of Johnson Capital’s Phoenix office.
POMONA, CALIF. – Storage Etc. has acquired a three-property AMS self-storage portfolio in California for $16.4 million. The facilities are located in Rosemead, Diamond Bar and Pomona. The portfolio contains a total of 1,424 storage units and 155,005 rentable square feet. Its overall occupancy was about 80 percent at the time of sale. The properties will be rebranded as Storage Etc. Fred Cordova of Kennedy Wilson and MJ Partners represented both the buyer and seller, American Mini Storage, in this transaction.
MURRIETA, CALIF. – A pair of Class A office buildings in Murrieta has sold to Village Walk Murrieta LP for $7.7 million. The properties contain a total of 37,652 square feet. The first building is called Village Walk Corporate Center. It was built in 2004 at 41391 Kalmia Street. Village Walk is 96 percent occupied by 11 tenants. The second building is located at 41381 Kalmia Street. This building is fully occupied by Pacific Western Bank. Dan Vittoneand Alan Pekarcik of Avison Young represented both the buyer and seller, Village Walk Square LLC, in this transaction.
ANAHEIM, CALIF. – A 13-unit apartment building in Anaheim has sold to a private capital investor for $2.2 million. The community is located at 704 S. Webster Ave. It was built in 1979. Pat Swanson and Brett Bayless of the Swanson Apartment Team at Colliers International represented both the buyer and the seller, another private capital investor, in this transaction.
PHOENIX – The Motorcycle Mechanics Institute (MMI) Building in Phoenix has sold to Hyperion Fund LP for $6 million. The MMI Building is located at 2932 W. Deer Valley Road. It is fully leased to UTI on a long-term basis. The building is one of three structures that make up the MMI campus. Hyperion was represented by Eric Wichterman and Mike Coover of Cassidy Turley. The seller, 2932 DVR LLC, was represented by Barry Gabel and Chris Marchildon of CBRE’s Phoenix office.
LOS ANGELES – A four-property industrial portfolio located in Los Angeles has sold to an unnamed buyer for $5.7 million. The properties included in the transaction are 11918-11920 Jefferson Blvd., along with 11801-11807, 11811 and 11821 Teale Street. The portfolio includes a total of 18,000 square feet. Jack Whalen of Heger Industrial represented both the buyer and seller, Richard J. Laski, acting as a Trustee of the Kaman Estate, in this transaction.