FOSTER CITY, CALIF. – A 33,228-square-foot R&D building in Foster City has sold to Gray Peak Fork, LLC Series for $6.5 million. The building is located at 333-353 Hatch Drive near Silicon Valley. It is about 60 percent leased to the California Teachers Association. Sam Wright and Marc Pope of Cassidy Turley represented both the buyer and the seller, Echevarria Revocable Family Trust, in this transaction. Bill Sawyer also represented the seller.
Western
LAS VEGAS – The 119-unit Solana Square apartments in Las Vegas has sold to the Siegel Group Nevada for $4.2 million. The community is located near Paradise Road, across from the Wynn Golf Course. It was built in 1987. Solana is more than 90 percent occupied. The property will be operated in conjunction with the 186-unit Siegel Suites Twain.
WOODINVILLE, WASH. – The 20-unit Woodcreek Lane Apartments in Woodinville has sold to an unnamed buyer for $2.9 million. The community is located at 18105 142nd Ave. Northeast. It was built in 1986. Both the buyer and the unnamed seller were represented by Marc Cunningham of Marcus & Millichap’s Seattle office.
ESCONDIDO, CALIF. — SR Commercial has acquired a 40,154-square-foot industrial park in Escondido for $3.1 million. The park is located at 2120 and 2122 W. Mission Road. It is currently branded as the Nordahl Center, but will soon be renamed Gateway @ Mission. It is 66 percent occupied by 11 industrial tenants. SR Commercial and the seller, a private investor, were both represented by Bryce Aberg and Brant Aberg of Cassidy Turley, and Mike Erwin and Tucker Hohenstein of Colliers.
SANTA BARBARA, CALIF. — Hersha Hospitality Trust has acquired the 122-room Hotel Oceana in Santa Barbara for $41.7 million. The resort is located at 202 W. Cabrillo Blvd. near Santa Barbara Harbor. The hotel reported a 92 percent occupancy rate in 2013. “We recently completed the sale of 16 non-core assets, and the completion of the Hotel Oceana acquisition is further indication of our commitment to prudently recycle capital,” says Jay H. Shah, Hersha’s CEO. “These initiatives have resulted in a refined pure play transient focused portfolio with exposure to the highest demand gateway markets in the United States. Together with our properties in San Diego, Los Angeles and the San Francisco Bay Area, the company’s West Coast assets are positioned to leverage solid growth fundamentals and limited supply growth in some of the leading markets on the West Coast.” The Oceana acquisition was funded with a portion of the net proceeds from the non-core portfolio sale. It included the assumption of $24.9 million in mortgage debt at a fixed rate of 4.4 percent that will mature in 2023.
LAS VEGAS — Falkor Properties has acquired a 42,246-square-foot retail building in Las Vegas for $6.3 million. The building is located at 5191 W. Charleston Blvd. Falkor was represented by Brendan Keating of The Equity Group. The seller, TME Red Rock Plaza, LLC, was represented by Cathy Jones, Paul Miachika, Jeff Berg, Mica Berg, Jessica Beall and Roy Fritz of Sun Commercial Real Estate.
HUNTINGTON BEACH, CALIF. – A 4,800-square-foot building in Huntington Beach that is triple-net leased to Bank of the West has sold to a 1031 exchange buyer for $4.3 million. The building is located at 6881 Warner Ave. The seller, Big Four, LLC, was represented by Charles DeSantis and Kyle Gulock of Charles Dunn Company.
SAN DIEGO — Gardena Gardens Apartments in Encinitas has sold to Stanford Descendent Trust for $3 million. The community is located at 1141-1195 Gardena Road in the San Diego submarket. It was fully occupied at the time of closing. The seller was the Rubalcaba Family Trust. The acquisition was executed as part of a 1031 exchange. The sale was executed by Eric Comer, Jim Neil and Merrick Matricardi of CBRE’s San Diego Multi-Housing investment team.
PUEBLO, COLO. — The 80-unit Aberdeen apartment complex in Pueblo has sold to an unnamed buyer for $2.6 million. The community is located at 900 W. Abriendo Ave. near Pueblo Community College. It was built in 1961. Jeff Johnson of Pinnacle Real Estate Advisors’ Johnson Ritter Team represented both the buyer and unnamed seller in this transaction.
LOS ANGELES — SL Green Realty Corp. has agreed to sell its 43.74 percent interest in a Southern California office portfolio to an affiliate of joint venture partner Blackstone Real Estate Partners VII for $100 million. The fund will now take full ownership of the portfolio. The portfolio consists of 28 properties totaling 3.7 million square feet located throughout the submarkets of Los Angeles, Orange County and San Diego counties. It was originally part of a 31-property, 4.5 million-square-foot portfolio that SL Green acquired through foreclosure. That portfolio was eventually recapitalized and the financing was restructured. SL Green went on to form a new partnership with Blackstone while acquiring the other two minority partners’ interests. SL Green sold three of those properties for $223 million. Blackstone’s affiliate, Equity Office Properties, launched a successful capital improvement and lease-up program at the remaining properties.