MESA, ARIZ. – Security Properties has acquired the 388-unit Sonora Canyon apartment community in Mesa for $30 million. The community is located at 265 North Gilbert Road. Sonora Canyon is set to receive a $2.6-million renovation. It will include upgrades to the clubhouse, pool and interior units. Security Properties had previously purchased the property in 2005 for $22 million. It was known as University Green at the time. The firm sold the community in 2007 for $33.3 million. The property was purchased by Security Properties in conjunction with an East Coast life insurance company.
Western
DENVER – The Waner Building, an 11,971-square-foot office property in Highlands Ranch, has sold to Winkes Sound LLC & Lorenz Sound LLC for $2.4 million. The building is located at 8950 Barrons Blvd. in the Littleton suburb. It is fully occupied by two triple-met tenants, Waner Construction and Great West. Winkes Sound was represented by Brandon Gouker of Pinnacle Real Estate Advisors. The seller, Hubba Hubba LLC, was represented by Rob Edwards, Eric Shaw and Tom Ethington of the same firm.
PEORIA, ARIZ. – Sprouts has announced it will open a new 30,117-square-foot location at Lake Pleasant Towne Center in Peoria. The new outpost will debut next spring. Lake Pleasant Towne Center is located at the northwest corner of Happy Valley Road and Lake Pleasant Parkway. It is owned by Vestar.
TEMPE, ARIZ. – The Elliot’s Crossing apartment complex in Tempe has received $16.7 million in financing. The community is located at7250 S. Kyrene Road. The seven-year Freddie Mac loan was provided to Real Estate Opportunity Capital Fund II LP by Alex Buecking and James Endrizzi of KeyBank Real Estate Capital.
LAS VEGAS — KCD Martin LLC has purchased 20 condo units at The Martin in Las Vegas. The 372-unitresidential tower is located at 4471 Dean Martin Drive. The Martin was originally part of the three-building Panorama Towers complex that was completed as Las Vegas’ condo market collapsed in 2009. This tower was rebranded as The Martin. The seller, iStar Financial, foreclosed on The Martin and took over its daily operations in 2009 after it provided the original construction loan. The operations were managed by its subsidiary, iStar Residential. The 20 units have never been occupied. They were the last remaining developer-owned units. KCD plans to resell them to foreign investors. The acquisition was financed with a $4-million short-term loan. Bridge financing was provided by Felix Gutnikovof Thorofare Capital. The loan was placed with Thorofare’s third discretionary investment vehicle, Thorofare Asset Based Lending Fund III, L.P.
OXNARD, CALIF. – A 20,740-square-foot office building in Oxnard has sold to Brinkmanent LLC for $3.2 million. The building is located at 1555 West 5th Street. The space was 97 percent leased at the time of sale. The California Department of Probation occupies about 55 percent of the space. Brinkmanent was represented by Larry Margo of Berkshire Hathaway. The seller, PAC II Venture LP, was represented by John Battle and John Ochoa of Lee & Associates-LA North/Ventura.
DENVER — Bank of America has leased 7,869 square feet of space at Fillmore Place in Denver. Colorado’s first-ever Bank of America retail branch is located at 100 Fillmore Street. It will function as a flagship location. Lululemon, Sur la Table and Jonathan Adler are other notable tenants at Fillmore Place. The bank was represented by CBRE’s Jon Weisiger. The landlord, Realty Management Group, was represented by Stuart Zall of the Zall Company.
SAN FRANCISCO — Jamestown has acquired Waterfront Plaza, a 297,260-square-foot office complex in the North Waterfront submarket of San Francisco, for a reported $88 million. The four-building property is located along the Embarcadero. It is bound by Bay Street to the north, Kearny Street to the west and Chestnut Street to the south. The transaction includes two office buildings, a 130,585-square-foot building at 50 Francisco Street and a 143,350-square-foot building at 1700 Montgomery Street. It also includes a space occupied by Hillstone restaurant at 1800 Montgomery Street, as well as a five-story parking structure and ground-floor offices at 60 Francisco. Waterfront Plaza currently has 40 tenants. Notable employers include Giant Creative Strategy, Comcast of California Inc., Advance Magazine Publishers, HQ Global, Weisscom Partners and Andre-Boudin. Jamestown plans to add more tenant amenities and design features to this dog-friendly complex. The asset was acquired by the Jamestown Premier Property Fund, the firm's flagship core and core-plus investment vehicle for institutional investors. The seller, LaSalle Investment Management, was represented by Eastdil Secured.
FOUNTAIN VALLEY, CALIF. – The 456-unit Palm Island seniors housing community in Fountain Valley has received a $64-million refinance. The community is located at 11300 Warner Ave. Palm Island provides a community center, library, card room, billiard room, fitness center, computer room, 24-hour surveillance system, and heated pool and spa for its seniors aged 55 and older. The 10-year loan features a 4.47 percent fixed rate and interest-only payments for the full term. The transaction was a cash-out refinance of a first and second mortgage by a new first mortgage with a lower rate. The refinancing was originally structured in 2013 as a 10-year mortgage with five years interest-only payments. The borrower, a local sponsor, put the transaction on hold, however, after rates became volatile last summer. The refinance was negotiated by Seth K. Grossman of Meridian Capital Group and Greg Reed and Kristen Croxton of Capital One.
OXNARD, CALIF. – The 385-unit Paz Mar Reserve apartment community in Oxnard has received a $55-million loan. The waterfront community is located at 3100 Peninsula Road in Channel Islands Harbor. Paz Mar was 97 percent leased at the time of sale. Community amenities include a swimming pool, spa, fitness center, lounge and business center. The 10-year, fixed-rate loan will replace an existing floating-rate loan that was through a national lender. It will also allow the owner, Prime Residential, to carry out an extensive renovation on the property. Financing was arranged by HFF’s Peter Smyslowski through the Guardian Life Insurance Company of America.