LOS ANGELES – The 20-unit Echo Ten Thirty Lofts in the Los Angeles submarket of Echo Park has sold to a family office investment firm headed by Shaw Shahery for $9 million. The community is located at 1030 North Alvarado Street. It was fully leased at the time of sale. The property also includes three ground-floor retail spaces, which are all occupied by a single, high-end retailer. The seller, Sunset Alvarado Venture, LLC, was led by Aaron Weinberg of Rock Ridge Investment Group. Adrienne Barr of Hendricks-Berkadia’s West Los Angeles office served as the listing agent.
Western
VISTA, CALIF. – The 26-unit Rancho de Cortez Apartments in Vista has sold to an unnamed buyer for $2 million. The community is located at 1260 Calle Jules. The seller, a private investor, was represented by Christopher J. Zorbas of Marcus & Millichap’s San Diego office.
REDWOOD CITY, CALIF. — A joint venture between Lennar Apartment Communities and Resmark Apartment Living has announced plans to develop a 196-unit apartment building in downtown Redwood City. It will be located at the intersection of Main and Marshall streets. The development calls for seven stories of apartments atop 3,500 square feet of ground-floor retail space. Construction is set to commence in the first quarter of 2014 and is scheduled for completion in early 2016. The joint venture also recently broke ground on an apartment community in Tempe.
TEMPE, ARIZ. — Broadway 101, a 162,484-square-foot office campus in Tempe, has sold to GLL Real Estate Partnersfor an undisclosed sum. The Class A campus is located at 2141 and 2151 E. Broadway Road.It is 94 percent leased to tenants like MOOG/Broad Reach Engineering, Amerifirst Financial, Inc. and the Arizona corporate headquarters for Quantum Integrated Solutions.The seller, Broadway 101 Office Park,was represented by Dennis Desmond, Brian Ackermanand Dave Seegerof Jones Lang LaSalle’s Capital Markets’ team. Seeger has been the campus’ exclusive leasing broker since 2000. He is actively marketing the property’s remaining vacancies.
LAS VEGAS — McCarran Corporate Plaza, an 87,018-square-foot office property in Las Vegas, has sold to TNP Acquisitions, LLC for $10.2 million. The property is located at 5740 and 5820 S. Eastern Ave. near McCarran International Airport and the I-215 Beltway. The two office buildings were 68 percent leased at the time of sale. Notable tenants include Carrington College, United Healthcare Services and AARP. The buyer plans to hold the property as an investment.TNP was represented by Commerce TNP, LLC. The seller, P-38 Properties, LLC, was represented by Chuck Witters and Kris Watier of Lee & Associates’ Las Vegas office.
BELLEVUE, WASH. — Mission Healthcare, a 70-unit skilled nursing and healthcare facility in Bellevue, has received $10.1 million in financing. The facility is located at 2424 156th Ave. NE. It specializes in comprehensive post-operative care, long-term and respite care. It also offers outpatient and home health services. The borrower plans to use the funds to refinance existing debt on the property. The 35-year, fixed-rate financing was secured by Heidi Brunet and Rob Affleck of Berkadia Commercial Mortgage through the U.S. Department of Housing and Urban Development’s (HUD) 232/223(a)(7) program. Berkadia worked with Careage to secure the financing.
REDWOOD CITY, CALIF. — A joint venture between Lennar Apartment Communities and Resmark Apartment Living has announced plans to develop a 196-unit apartment building in downtown Redwood City. It will be located at the intersection of Main and Marshall streets. The development calls for seven stories of apartments atop 3,500 square feet of ground-floor retail space. Construction is set to commence in the first quarter of 2014 and is scheduled for completion in early 2016. The joint venture also recently broke ground on an apartment community in Tempe.
TEMPE, ARIZ. — Broadway 101, a 162,484-square-foot office campus in Tempe, has sold to GLL Real Estate Partnersfor an undisclosed sum. The Class A campus is located at 2141 and 2151 E. Broadway Road.It is 94 percent leased to tenants like MOOG/Broad Reach Engineering, Amerifirst Financial, Inc. and the Arizona corporate headquarters for Quantum Integrated Solutions.The seller, Broadway 101 Office Park,was represented by Dennis Desmond, Brian Ackerman and Dave Seeger of Jones Lang LaSalle’s Capital Markets’ team. Seeger has been the campus’ exclusive leasing broker since 2000. He is actively marketing the property’s remaining vacancies.
LAS VEGAS — McCarran Corporate Plaza, an 87,018-square-foot office property in Las Vegas, has sold to TNP Acquisitions, LLC for $10.2 million. The property is located at 5740 and 5820 S. Eastern Ave. near McCarran International Airport and the I-215 Beltway. The two office buildings were 68 percent leased at the time of sale. Notable tenants include Carrington College, United Healthcare Services and AARP. The buyer plans to hold the property as an investment. TNP was represented by Commerce TNP, LLC. The seller, P-38 Properties, LLC, was represented by Chuck Witters and Kris Watier of Lee & Associates’ Las Vegas office.
BELLEVUE, WASH. — Mission Healthcare, a 70-unit skilled nursing and healthcare facility in Bellevue, has received $10.1 million in financing. The facility is located at 2424 156th Ave. NE. It specializes in comprehensive post-operative care, long-term and respite care. It also offers outpatient and home health services. The borrower plans to use the funds to refinance existing debt on the property. The 35-year, fixed-rate financing was secured by Heidi Brunet and Rob Affleck of Berkadia Commercial Mortgage through the U.S. Department of Housing and Urban Development’s (HUD) 232/223(a)(7) program. Berkadia worked with Careage to secure the financing.