TUCSON, ARIZ. – The 144-unit Oracle Village in Tucson has sold to an affiliate of Hamilton/Zanze for $9 million. The community is located at 5921 North Oracle Road. The seller was an affiliate of HSL Properties. The transaction was executed by Art Wadlund of Hendricks-Berkadia’s Tucson office.
Western
PALM SPRINGS, CALIF. — North Village Center, a 93,529-square-foot industrial/retail park in Palm Springs, has sold to WLA Investments for $4.1 million. The three-building park is located at 19345-19465 North Indian Canyon Drive. It was 70 percent occupied at the time of sale. Both the buyer and the unnamed seller were represented by Dan Vittone and Alan Pekarcik of Avison Young’s Irvine office.
SAN DIEGO — Pathfinder Partners has acquired 16 of the unsold units within the Aragon townhome community, which resides within the San Diego submarket of La Mesa. The transaction included an adjacent land parcel that can hold an additional 10 townhomes. The community is located at 7705, 7715, 7725 and 7745 El Cajon Blvd. The 48-unit, attached-home community was developed by Barratt American in 2005. The company sold 32 units to individual homeowners between 2005 and 2007. Pathfinder represented itself in this transaction, while the seller was represented by Allen Chitayat and David Andrews at Hendricks and Partners.
RIVERSIDE, CALIF. — The Paseos at Magnolia Luxury Apartment Community will soon debut in Riverside. The $30-million project features 168 residential units located at 11520 Magnolia Ave. The first group of residents will move in this July. The project’s ultimate completion is scheduled for fall 2013. It was developed by Hutton Companies and designed by KTGY Group.
PALM SPRINGS, CALIF. – The 175-unit Andalucia Apartments in Palm Springs has sold to the Bascom Group for an undisclosed sum. The community is located at 311 S. Sunrise Way. This is Bascom’s 16th acquisition in the past 12 months. Financing was arranged by CBRE’s Brian Eisendrath.
KETTLEMAN CITY, CALIF. – An 89,880-square-foot freight terminal in Kettleman City that is triple-net leased to FedEx Corporation has sold to a buyer that was completing a 1031 Exchange for $21.4 million. The freestanding terminal is located at 33104 25th Ave. about halfway between Los Angeles and San Francisco. The facility was completed earlier this year. It carries a 29-year absolute triple-net lease that is guaranteed by FedEx. The unnamed seller was represented by John Glass of Marcus & Millichap’s San Francisco office.
SEATTLE — Queen Anne Marketplace, a 70,000-square-foot shopping center in Seattle, has sold to a joint venture between Weingarten Realty Investors and Bouwinvest for an undisclosed sum. The center is located at 604 1st Ave. North. It is anchored by Metropolitan Market. The joint venture is hoping to invest about $275 million in high-quality community and neighborhood shopping centers that are anchored by market-dominant retailers. This is the joint venture’s first acquisition.
RIVERSIDE, CALIF. — The Paseos at Magnolia Luxury Apartment Community will soon debut in Riverside. The $30-million project features 168 residential units located at 11520 Magnolia Ave. The first group of residents will move in this July. The project’s ultimate completion is scheduled for fall 2013. It was developed by Hutton Companies and designed by KTGY Group.
PALM SPRINGS, CALIF. – The 175-unit Andalucia Apartments in Palm Springs has sold to the Bascom Group for an undisclosed sum. The community is located at 311 S. Sunrise Way. This is Bascom’s 16th acquisition in the past 12 months. Financing was arranged by CBRE’s Brian Eisendrath.
KETTLEMAN CITY, CALIF. – An 89,880-square-foot freight terminal in Kettleman City that is triple-net leased to FedEx Corporation has sold to a buyer that was completing a 1031 Exchange for $21.4 million. The freestanding terminal is located at 33104 25th Ave. about halfway between Los Angeles and San Francisco. The facility was completed earlier this year. It carries a 29-year absolute triple-net lease that is guaranteed by FedEx. The unnamed seller was represented by John Glass of Marcus & Millichap’s San Francisco office.