BARSTOW, CALIF. — Barstow Plaza, a 68,362-square-foot shopping center, has sold to a group of Los Angeles-area private investors for $3.6 million. The center is located at 1303-1311 E. Main Street near Interstate 15. It is 56 percent occupied. Notable tenants include Family Dollar, Aaron’s, Wienerschnitzel and Fast Auto Loans. The buyers were represented by Victor Gausepohl III of Collier’s International. The seller, The Steele and Shelger Family Trusts, was represented by Brad Umansky, Kenia Drugan and Greg Bedell of Progressive Real Estate Partners.
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LOS ANGELES — Sears Logistics Services Inc. (SLS) has leased an 85,418-square-foot warehouse and distribution building in the north San Fernando Valley. The space is located at 14090 Balboa Blvd. in the Los Angeles submarket of Sylmar. The five-year lease is valued at $3.1 million. John DeGrinis, Patrick DuRoss and Jeff Abraham of Colliers represented both the supply chain and delivery company for Sears, Roebuck & Co. and the landlord, Skypark Industrial Project LLC.
REDWOOD CITY, CALIF. – A joint venture between the Pauls Corporation and Mount Kellett Capital Management has received a $121-million loan to develop Indigo, a 470-unit apartment building in Redwood City. The mid-rise community will be located at 525 Middlefield Road, just north of Palo Alto in Silicon Valley. Indigo will be situated mid-peninsula, allowing easy access to both San Francisco and Santa Clara counties. Construction is scheduled to commence this month. The non-recourse loan was arranged by CBRE’s Brady O’Donnell, Andrew Behrens, Jesse Weber and Mike Bryant. The four-year, floating-rate loan was secured through Wells Fargo.
DENVER — Lowe Enterprises Investors (LEI) has acquired Stanford Place II, a 366,184-square-foot office building in Denver for a reported $56.1 million. LEI acquired the Class A building on behalf of an investment client. The 17-story building is located at 7979 Tufts Ave. in the North Denver Tech Center. It is situated at the I-25 and I-225 interchange. The building was constructed in 1982. It is currently 97 percent leased. LEI plans to execute a capital improvements program that will include upgraded building systems, common areas and gathering spaces. Lowe Enterprises Real Estate Group, the firm’s local affiliate, will assume management of the property and oversee the renovation program. Peter Morgan of Lowe Enterprises Real Estate Group represented LEI in this transaction. The seller, TIAA Realty, was represented by HFF’s Mary Sullivan and John Jugl. The firm’s Eric Tuppler assisted in securing debt on the property.
WESTMINSTER, CO. – The 105-acre site that was previously home to the Westminster Mall will soon undergo a massive redevelopment. The site is located at U.S. 36 and Sheridan Boulevard, just north of Denver. The redevelopment will likely be carried out in multiple phases. It will include high-density, urban development with residential, commercial, retail and other uses. It will also contain large parks, as well as a major landscaped boulevard that will be designed for bikes and pedestrians. The redevelopment will be carried out by the City of Westminster, the Westminster Economic Development Authority (WEDA) and OliverMcMillan.
COLORADO SPRINGS, COLO. – Advenir has acquired the 292-unit Spring Canyon apartment complex in Colorado Springs for $40.5 million. The complex is located at 4510 Spring Canyon Heightsalong the Garden of the Gods employment corridor. Major employers in that corridor include Agilent Technologies, Verizon, LSI and Premiere Global Services. Spring Canyon also enjoys close proximity to the University of Colorado at Colorado Springs and University Village. The community was 98 percent occupied at the time of closing. It was built in 1997. Kevin McKenna, Doug Andrews and Jeff Hawks represented the seller, Hamilton Zanze, in this transaction.
LOS ANGELES –Sunrise Real Estate Group has acquired a107,000-square-foot office building in the West Los Angeles submarket of Brentwood for $39 million. The Class A building is located at 12301 Wilshire Blvd. The building is currently 75 percent leased. Notable tenants include Open Road Films and Opus Bank, as well as several dentists and dermatologists. The property recently underwent a $5.5-million capital improvement program that was executed by the seller, TPMC Realty Corp. The building will be operated by SRG Management, a subsidiary of Sunrise Real Estate Group. Sunrise acquired the building in partnership with Robhana Group and 4M Investment Corp. The buyers were represented by Ali Bararsani of Newmark Grubb Knight Frank. TPMC represented itself in this off-market transaction.
HUNTINGTON BEACH, CALIF. — AMCAL Multi-Housing Inc. has broken ground on the 78-unit Oceana Apartments in Huntington Beach. The affordable housing project will be located along Beach Boulevard in the northern part of the city. It is scheduled for completion next year. Oceana Apartments is being developed under a creative partnership with the City of Huntington Beach and TRI Point Homes. This is AMCAL’s fifth affordable housing development in Orange County.
LAS VEGAS — MCA Realty has acquired Lamb Technology Center, a 114,782-square-foot industrial property in Las Vegas, for $4.9 million. The center is located at 2725-2797 North Lamb Blvd. It was 54 percent occupied at the time of sale. In addition to the 16 industrial buildings, the property also includes a freestanding 14,750-square-foot commercial/retail building. MCA was represented by Voit’s Kevin Higgins and Garrett Toft and CBRE’s Brian Riffel.
SAN DIEGO — Broadcast Company of the Americas (BCA Radio) has leased 14,200 square feet in the San Diego submarket of Sorrento Mesa. The space is located at 6160 Cornerstone. The lease is valued at $3.5 million. BCA was represented by Jeff Saywitz of The Saywitz Company. The landlord, LBA Realty Fund Holding Company, represented itself in this transaction.