ESCONDIDO, CALIF. – A 4,000-square-foot retail building in Escondido that is currently occupied by 7-Eleven has sold to Marc Fanticola for $2.1 million. The building is located at 620 N. Ash Street. Fanticola was represented by Shaun Riley of Faris Lee Investments. The seller, 620 Ash Street LLC c/o Torrey Realty Holdings Inc., was represented by Chuck Klein, Kevin Held and Andrew Peterson of Cassidy Turley.
Western
PARK CITY, UTAH – An 8,775-square-foot retail condo at the Park City Mountain Resort has received a $2-million refinance. The condo is situated at the base of the resort, which is located at 1345 Lowell Ave. in Park City. The condo features commercial units on its ground floor and seasonal residential units on its upper level. It is occupied by four long-term tenants. The loan features a 10-year fixed term, 25-year amortization schedule and 4.85 percent interest rate. It was arranged by Jeff Meierhofer of the Madison Group.
PHOENIX — The P.B. Bell Companies has acquired a seven-property multifamily portfolio in Phoenix for $168.5 million. The portfolio contains 2,759 units. The transaction included Tela Verde in Glendale; Sienna Springs in Central Phoenix; Tuscany Palms and Whispering Meadows in Mesa; and Alante at the Islands, Crosswinds and Laguna Village in Chandler. The firm plans to cosmetically upgrade the properties in the coming months. P.B. Bell also notes it has an “aggressive acquisition strategy for 2014 and beyond.” The seller was Standard Fund. The transaction was executed by Cindy and Brad Cooke of Colliers International in Phoenix. Equity was provided by Stonecutter Capital Management. Prime Finance Partners and Seth Grossman and Ryan Gandel of Meridian Capital Group were also involved in this transaction.
SEATTLE — Kennedy Wilson has purchased a three-property multifamily portfolio in South Seattle for $127 million. The portfolio contains a total of 1,212 units. The transaction includes the 396-unit Montair at Somerset Hill in the Tumwater area of Olympia; the 576-unit Rock Creek Landing in Kent; and the 240-unit Stone Pointe in University Place. Notable employers in the area include Boeing, the Port of Tacoma, the State of Washington, Evergreen College and St. Peter’s Hospital. The firm invested $45 million of equity in the transaction and assumed $85 million of Freddie Mac financing, which has a fixed interest rate of 4.25 percent.
BRIAN HEAD, UTAH — New York City-based real estate investor Zohar A. Cohen has acquired the 100-room Grand Lodge at Brian Head and the nearby Braffits Creek Estates development for $100 million. The luxury ski lodge is located at 314 Hunter Ridge Drive in Brian Head. The resort is valued at more than $30 million. It includes a 4-star luxury hotel, gourmet steakhouse, and extensive dining and bar facilities. The Grand Lodge opened in 2010. The Braffits Creek Estates development is situated on 2,654acres on Cedar Mountain in Iron County. It is about 10 miles west of Brian Head Ski Resort, near Cedar City. The first mortgage on the property sold for $60 million. The development is currently in bankruptcy court. Timothy W. Walsh of the McDermott, Will & Emery firm is handling the litigation. Ankur Gupta of the law firm McDermott, Will & Emery LLP is providing counsel to Cohen Brian Head Entity. Cohen acquired the assets through the ownership entity Cohen Braffits Estates Development LLC. The assets are being managed by Arthur W. Levine, special counsel and advisor to Cohen, along with Kenneth I. Denos, an executive at Equus Total Return.
FONTANA, CALIF. — Pacific Industrial has broken ground on Sierra Pacific Center, a 744,032-square-foot logistics and distribution facility in Fontana. The Class A facility will be located at 5565 Sierra Ave., near the 15 and 210 freeways. The new center will be situated near the facilities of notable companies like Target, Nordstrom, Under Armor, Black & Decker and OHL. The center is expected to be complete by the first quarter of 2015. Paul Earnhart of Lee & Associates Ontario will act as the exclusive leasing agent for Sierra Pacific Center.
RANCHO CUCAMONGA, CALIF. — Bixby Land Co. has acquired two contiguous industrial buildings in Rancho Cucamonga for $26.8 million. The buildings are located at 10404 Sixth Street and 10401 Seventh Street. They total 316,197 square feet. Both buildings are fully leased to GiTi Tire USA Ltd. The company uses the buildings for storage and distribution of automobile and truck tires. Both properties also underwent recent improvements, which included new paving, upgrades to the sprinkler systems, improvements to the office areas and landscaping upgrades. Darla Longo from CBRE’s Ontario office represented both the buyer and seller, CT Realty, in this transaction.
LOS ANGELES – A 12-unit apartment building in Valley Village has sold to Venture One LLC for $6.8 million. The community is located at 5056 Laurel Canyon Blvd. in the San Fernando Valley submarket. It was built in 2011. The 1031 exchange buyer was represented by Roger Beck and Gelena Skya-Wasserman of Charles Dunn Company. The seller, Laurel Heights LLC, was represented by Peter Miller of KW Commercial.
CITY OF INDUSTRY, CALIF. – A 40,548-square-foot warehouse/distribution building in the City of Industry has sold to a private owner-user for $6 million. The building is located at 418 S. 9th Ave. within the Don Julian Business Center. The buyer was represented by Chris Tolles of Cushman & Wakefield. Tolles also represented the seller, Overton Moore Properties, along with Erik Larson, Robin Dodson and John Minervini of the same firm.
DENVER — Plaza 7000 Office Building, a 72,314-square-foot property in Denver, has received a $2.6-million refinancing. The building is located at 7000 E. Belleview Ave. It is situated two blocks west of the interchange between I-25 and E. Belleview Avenue. The loan features a 10-year term and a 25-year amortization schedule. The loan was arranged for an affiliate of DPC Development Company by Steve Bye and Mark Lindgren of NorthMarq Capital’s Denver regional office.