LOS ANGELES – A 28,323-square-foot bowling alley in Tarzana has received a $5.7-million SBA loan. The 20-year, fixed-rate loan amortizes over 20 years at 4.7 percent. It features an 85 percent loan-to-value. Financing was arranged by Sharone Sabar of Marcus & Millichap Capital Corp.’s Encino office. Steven Schechter of the same office advised the buyer on the purchase.
Western
DENVER — Banker’s Bank of the West has leased 20,716 square feet at Granite Tower in Denver. The 562,709-square-foot tower is located at 1099 18th Street. It is currently 96 percent leased. Banker’s Bank of the West is renewing and expanding its footprint at the tower. The bank was represented by JLL’s Mike Rooks. The landlord, KBS Real Estate Investment Trust II, was represented by Nathan Johnson and Pete Staab of Newmark Grubb Knight Frank.
LAKEWOOD, COLO. – Jackson Square has acquired the 257-unit Mountain Vista apartments in Lakewood for $18.3 million. The community is located at 474 S. Wright Street, near the Market Square Shopping Center. It was fully leased at the time of sale. The seller, a local private real estate investment firm, was represented by Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Colorado.
PHOENIX – The 180-unit Papago Crossing apartments in Phoenix has sold to BH Properties for $8.1 million. The community is located at 4530 E. McDowell Road. This is BH Properties’ ninth multifamily acquisition in Arizona in the past 24 months. The all-cash transaction was brokered by Tyler Andersen, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE Phoenix.
CARLSBAD, CALIF. – A 7,751-square-foot office building in Carlsbad has sold to Big Cat Investments LLC for $1.6 million. The building is located at 3168 Lionshead Ave. in the San Diego submarket. Big Cat represented itself in this transaction, while the seller, McIntyre Smith Holdings LLC, was represented by Conor Boyle of Colliers International.
SANTA CLARA, CALIF. — Bixby Land Company has acquired the Lake Park Business Center, a 405,330-square-foot office project in Santa Clara. The seven-building center reportedly sold for more than $100 million. The center is situated on a 19.3-acre parcel bordered by Patrick Henry Drive, Bunker Hill Lane, Old Ironsides Drive and Tasman Drive. It is located just west of Levi’s Stadium, the new home of the San Francisco 49ers. Lake Park was 65 percent leased at the time of closing. Silicon Valley Bank occupies three of the center’s buildings. Bixby plans to carry out significant exterior and interior renovations to convert the property into a contemporary workplace. Construction is scheduled for completion by the end of the year. The repositioning is expected to cost $20 million. This is the fourth major office park reposition Bixby has carried out in Silicon Valley over the past two years. The seller was Divco West.
STOCKTON, CALIF. – A joint venture between USAA Real Estate Company and Seefried Properties has acquired a two-property industrial portfolio in Stockton for a reported $51.5 million. The portfolio includes a 750,561-square-foot building inside the Newcastle Logistics Center, which is located at 4650 Newcastle Road, and a 165,474-square-foot building inside the Performance Logistics Center at 834 Performance Drive. The 916,035-square-foot portfolio was developed between 2008 and 2009. Both buildings are occupancy-ready, institutional-grade bulk distribution centers. The JV purchased the portfolio in a bankruptcy process. USAA was represented by Tyson Vallenari, Blake Rasmussen, Kevin Dal Porto and Ryan McShane of CBRE’s Industrial Real Estate team. The team also serves as the leasing agents for both properties.
BURBANK, CALIF. – A joint venture has been formed between PCCP, LLC and Worthe Real Estate Group to acquire Tower Burbank, a 486,972-square-foot office property. The 32-story, Class A tower is located at 3900 West Alameda Ave. within the Burbank Media District. It became the tallest building in Burbank upon completion in 1989. The tower was formerly occupied by a division of Walt Disney Company until early 2013. It is currently vacant. The JV plans to update and rebrand the tower, which will undergo improvements to its lobby and exterior. It will also add a tenant-only health club and café.
LOS ANGELES — Markwood Enterprises has acquired a 16,000-square-foot lot in Hollywood for $4.4 million. The lot is located at 7100 Melrose Ave. It currently houses a Chevron gas station. Markwood plans to build a retail and office development on the site. New development would range from 6,000 square feet to 10,000 square feet. Construction should be complete by mid-2015. Markwood was represented by Jason Gribin from Wilson Commercial Real Estate. The unnamed seller was represented by David Aschkenasy of CAG Commercial Asset Group. Wilson’s Scott Burns and Tom Breen from Epsteen and Associates will jointly represent Markwood in leasing efforts.
MANHATTAN BEACH, CALIF. – A 5,782-square-foot retail property in Manhattan Beach that is triple-net leased to JPMorgan Chase Bank has sold to a private family trust in a 1031 exchange for $6.2 million. The free-standing property is located at 1727 Artesia Blvd. JPMorgan Chase holds a long-term 15-year NNN lease at the property. The buyer was represented by CBRE. The seller, Sackley Family Trust, was represented by Chris Tramontano and Mike Ward of Faris Lee Investments in this all-cash transaction.