CASTLE ROCK, COLO. – The 186-unit Rolling Hills apartmentcomplex in Castle Rock has sold to Virtú Investmentsfor $16.6 million. The community is located just east of Interstate-25near the Southeast Business Corridor, Sky Ridge Medical Center, RidgeGate development and Park Meadows Mall. It was built in 1987 and updated in 2007. The seller, an unnamed national real estate investor, was represented by ARA’s Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews.
Western
TORRANCE, CALIF. – A 248-unit apartment complex in Torrance has sold to M West Holdings LLC for an undisclosed sum. The community is located at 20900 Anza Ave. It was built in 1964 and renovated in 2008. The seller, 20900 Anza Avenue Apartments LLC, was represented by Fairfield Residential. Ron Harris, Greg Harris, Kevin Green, Joseph Grabiec, Paul Darrow and Michael DiSimone of Institutional Property Advisors also provided representation.
ARVADA, COLO. — Arvada West Town Center, an 83,278-square-foot retail center, has received $10.5 in refinancing. The 12-building center is located at 14405-14715 W. 64thAve. in Arvada. Notable tenants include Auto Zone, T-Mobile, Wendy’s and Big O Tires. The loan features a 15-year term and 25-year amortization schedule. The loan was arranged by John M. Stewart of NorthMarq Capital’s Denver regional office.
VICTORVILLE, CALIF. – The 220-unit Riverton of the High Desert in Victorville has received $15 million in financing. The community is located at 14374 Borego Road. The seven-year acquisition loan features a 30-year amortization schedule. It was funded under the Fannie Mae DUS ARM 7/6 Loan product line. The loan was originated by lGreg Gillam of Arbor Commercial Funding’s Manhattan Beach office.
RENO, NEV. – The 250-unit Woodside Village Apartments in Reno has sold to a Bay Area limited liability company for $14.9 million. The community is located at 4800 Kietzke Lane. It was built in 1976. Kenneth N. Blomsterberg represented both the buyer and the seller, a Reno limited liability company, in this transaction.
PORTLAND, ORE. – Law firm Bodyfelt Mount LLP has leased 7,663 square feet of space at The Spalding Building in Portland. The historic building is located at 319 SW Washington Street. The law firm will occupy the new space this summer after it relocates from its current space, just a few blocks away. It was represented by Andrew Rosengarten and Buzz Ellis of Jones Lang LaSalle. The landlord, Manchester Capital and Urban Renaissance Group, was represented by Greg Gonzalez and Joe Beehler of Colliers.
SAN DIEGO – A 9,490-square-foot retail building on San Diego’s Coronado Island that is leased to Walgreens has sold to a private California investor for $7.7 million. The building is located at 925 Orange Ave. Walgreens’ agreement features a long-term lease with built-in rental increases and a future landlord recapture right. The institutional seller was represented by Dan Riley and Ben Cherney of CBRE's Private Capital Group – Los Angeles Retail Team. The team also worked with CBRE’s Bill Durslag and Reg Kobzi on this all-cash transaction.
GLENDALE, CALIF. – The 32-unit Winchester Apartments in Glendale has sold to C & P Properties for $8.1 million. The community is located at 1140 Winchester Ave. Warren Berzack of Berzack Investment Property Advisors, amultifamily specialty group of Lee & Associates-LA North/Ventura, represented both the buyer and the private family seller in this transaction. C & P purchased this asset as part of a 1031 exchange.
CAVE CREEK, CALIF. — Tatum Plaza, a 29,460-square-foot neighborhood retail center in Cave Creek, has sold to FS Tatum Plaza, LLC for $8 million. The center is located at 29455 N. Cave Creek Road, just north of Scottsdale. It was built in 2007 and is currently 90 percent occupied. Notable tenants at the center include American Family Insurance, Baskin Robbins, Hi Health and Great Clips. Fry’s anchors the center, though this space was not included in the transaction. The seller was Cave Creek and Tatum, LLC, an entity of Park West Partners. The LLC purchased the center on behalf of Westwood Financial. The transaction was executed by Ryan Schubert and Michael Hackett of Cassidy Turley’s Retail Capital Markets Group.
SANTA BARBARA, CALIF. – A 38,015-square-foot building in Santa Barbara that is occupied by Marshalls of California, LLC, has sold to an out-of-state trade buyer for an undisclosed sum. The building is located at 900 State Street. The unnamed Los Angeles seller was represented by Dan Riley and Ben Cherney of CBRE's Private Capital Group – Los Angeles Retail Team on this all-cash, off-market transaction.