RIVERSIDE, CALIF. — Stater Bros. Plaza, a 59,790-square-foot, grocery-anchored center in Riverside, has sold to a Los Angeles-area private investor for $5.2 million. The plaza is located at 6160 Arlington Ave. It was built in 1980, remodeled in 1991. The center is currently 82 percent occupied. It is leased to O’Reilly Auto Parts, Subway, Arlington Animal Hospital and D’Caesaro Pizza & Italian Restaurant. The buyer was represented by Nilufar Alemozaffar of CARETS Commercial. The seller, an Orange County, Calif., private partnership, was represented by Edward B. Hanley and William B. Asher of Hanley Investment Group.
Western
LAS VEGAS – The 41-year-old former Las Vegas City Hall has completed its transformation into the new Zappos headquarters. The online retailer will now be based at 400 E. Stewart Ave. in Downtown Las Vegas. Zappos purchased the building for $18 million. The company was formerly based in nearby Henderson after relocating to Nevada from San Francisco in 2004. The creative office space was designed to LEED-Gold specifications. The $60-million renovation began in August 2012. It was carried out by The PENTA Building Group.
OGDEN, UTAH — An entity sponsored by LBG Real Estate Companies, LLC has purchased The Family Center at Ogden Five Points, a 161,795-square-foot community shopping center. The purchase price was not disclosed. The center is located at 129 N. Harrisville Road just north of Salt Lake City. The acquisition also includes about six acres of adjacent land that could accommodate retail and residential development. The Family Center was 95 percent leased at the time of sale. Notable tenants include Planet Fitness, Dollar Tree, Harbor Freight Tools, Key Bank and Radio Shack. It is anchored by Harmons grocery store, which is currently undergoing a major renovation at the center. The shopping center is also set to undergo a significant redevelopment.
RIVERSIDE, CALIF. — Stater Bros. Plaza, a 59,790-square-foot, grocery-anchored center in Riverside, has sold to a Los Angeles-area private investor for $5.2 million. The plaza is located at 6160 Arlington Ave. It was built in 1980, remodeled in 1991. The center is currently 82 percent occupied. It is leased to O’Reilly Auto Parts, Subway, Arlington Animal Hospital and D’Caesaro Pizza & Italian Restaurant. The buyer was represented by Nilufar Alemozaffar of CARETS Commercial. The seller, an Orange County, Calif., private partnership, was represented by Edward B. Hanley and William B. Asher of Hanley Investment Group.
BEVERLY HILLS, CALIF. – The 27-unit Lanshire House apartment complex in Beverly Hills has sold to Palm Heights LLC for $8.8 million. The community is located at 3325 Canfield Ave. It was fully occupied at the time of sale. The buyer plans to reposition the property as a boutique/hotel-like community. Sami Dinar and Michael Balson of Keller Williams Commercial in Beverly Hills represented both the buyer and the seller, Redwood Residential Investments LLP, in this transaction. The acquisition’s financing was arranged by Todd Sherman of First Pacific Financial.
TIGARD, ORE. — Washington Gardens Memory Care, a 48-unit Alzheimer’s facility in Tigard, has received $7.3 million in refinancing. The facility is located at 9000 SW 91st Ave. near Downtown Portland. The cash-out refinancing was structured as a 20-year, fixed-rate, Freddie Mac loan. The loan was facilitated by Doug Harper of Berkeley Point. Washington Gardens is operated by Frontier Management, LLC and was developed by Seabold Construction Co.
SAN DIEGO — A 22-unit apartment community in the San Diego submarket of Ocean Beach has sold to an unnamed buyer for $4.7 million. The community is located at 5041-5043 Santa Monica Ave. The seller, U.S. Bank National Association as Successor Trustee of The Keen Family Trust, was represented by Raymond S. Choi of Marcus & Millichap’s San Diego office.
CARSON CITY, NEV. – The 98-unit Royal Vista Apartments in Carson City has sold to a Southern California-based apartment investment firm for $3.2 million. The community is located at 3230 Imperial Way. It was 86 percent occupied at the time of sale. The seller, a Southern California-based limited liability company, was represented by Kenneth N. Blomsterberg of Marcus & Millichap’s Reno office.
BEVERLY HILLS, CALIF. – The 27-unit Lanshire House apartment complex in Beverly Hills has sold to Palm Heights LLC for $8.8 million. The community is located at 3325 Canfield Ave. It was fully occupied at the time of sale. The buyer plans to reposition the property as a boutique/hotel-like community. Sami Dinar and Michael Balson of Keller Williams Commercial in Beverly Hills represented both the buyer and the seller, Redwood Residential Investments LLP, in this transaction. The acquisition’s financing was arranged by Todd Sherman of First Pacific Financial.
TIGARD, ORE. — Washington Gardens Memory Care, a 48-unit Alzheimer’s facility in Tigard, has received $7.3 million in refinancing. The facility is located at 9000 SW 91st Ave. near Downtown Portland. The cash-out refinancing was structured as a 20-year, fixed-rate, Freddie Mac loan. The loan was facilitated by Doug Harper of Berkeley Point. Washington Gardens is operated by Frontier Management, LLC and was developed by Seabold Construction Co.