BOISE, IDAHO — Southshore Marketplace in Boise is being redeveloped by Pine Tree and Inland Real Estate Corporation. The 103,000-square-foot structure was formerly occupied by Kmart. The new project will be anchored by Gordmans Department Store.
Western
SACRAMENTO, CALIF. – A 185-unit apartment complex in the Sacramento suburb of North Highlands has sold to Trion Properties for $9.3 million. The community is located at 5416 Jackson Street. It was built in 1986. CBRE’s Peter Stevens, Marc Ross and Will Blucher represented both the buyer and Texas-based seller in this transaction.
DENVER — Griffin Capital Corporation has purchased a 430,000-square-foot office building in the northwest Denver suburb of Westminster for $92 million. The Class A building is located at 1300 W. 120th Ave. next to Interstate 25. Notable technology and aerospace companies in the area include Oracle, Level 3, Google, IBM and Ball Aerospace. The property is fully leased to the seller, Avaya, Inc., through June of next year. DigitalGlobe’s 15-year lease will commence the following day. The high-resolution earth observation and advanced geospatial solutions provider will use this space for its world headquarters. This is Griffin’s third acquisition in the Denver area. Griffin Capital purchased the asset on behalf of Griffin Capital Essential Asset REIT. The REIT represented itself in this transaction. Avaya was represented by David Tilton, Jason Addlesperger and David Lee of NGKF Capital Markets.
IRVINE, CALIF. – The construction and renovations surrounding Von Karman Tech office building are now complete. The office building is located at 16842 Von Karman Ave. in Irvine. It was originally built in 1980. The 100,603-square-foot building underwent extensive interior and exterior improvements. Much of the renovations focused around the building’s four interior lobbies. Their flooring, walls and color palettes were all enhanced during construction. The building is owned by HighBrook Investment Management. Construction was carried out by McShane Construction Company and architect Shlemmer Algaze Associates.
ONTARIO, CALIF. — Sedgwick Claims Management, a technology-enabled claims and productivity management solutions provider, has renewed and expanded at Empire Towers in Ontario. The company has leased more than 29,700 square feet at the property, which is located at 3633 Inland Empire Blvd. Sedgwick Claims was represented by Vindar Batoosingh of CBRE’s Ontario office. The landlord is CIP Real Estate. It owns the towers in partnership with a fund sponsored by Guggenheim Real Estate.
PUEBLO, COLO. – The 75-unit Fountain Garden Apartments in Pueblo has sold to an unnamed buyer for $3 million. The community is located at 2006 Mohawk Road. It is in close proximity to the Pueblo Mall, Pueblo Country Club and the Colorado State University Pueblo campus. Fountain Garden was built in 1974. The buyer was represented by Jamie Mitchell of Pinnacle Real Estate Advisors. The unnamed seller was represented by Jeff Johnson of the Johnson Ritter Team.
NORTH LAS VEGAS, NEV. — Craig Promenade, an 86,395-square-foot retail strip center in North Las Vegas, has received $7.2 million in financing. The center is located at 525-785 West Craig Road across from Craig Ranch Regional Park. It was built in 2005. The borrower was RREF II-KI, Promenade, LLC, a partnership between Kismat Investments and Rialto Capital. Financing was arranged by HFF’s John Chun and Sebastian Trujillo. The three-year, floating-rate loan was provided by RRA Capital Management. The borrower used the proceeds to acquire the property.
FRESNO, CALIF. – A 17,164-square-foot building in Fresno that is triple-net leased to Smart & Final has sold to a private San Pedro investor for $6.3 million. The building is located at 631 H. Street. The buyer purchased the property in a 1031 exchange and obtained third-party financing. It was represented by Sands Investment Group. The seller, a private San Diego investor, was represented by Eric P. Wohl and Edward B. Hanley of Hanley Investment Group.
PALO ALTO, CALIF. – Bill.com, a business bill pay company, has leased 22,683 square feet at Palo Alto Technology Center. The 259,157-square-foot center is located at 1800-1850 Embarcadero Road in Silicon Valley. Bill.com was represented by Chase Lyman, Mike Saign and Ben Stern of Cornish & Carey Commercial Newmark Knight Frank. The landlord, KBS Realty Advisors, was represented by Lyman, Randy Gabrielson and John McKenna of the same firm.
LOS ANGELES – A 15,053-square-foot industrial building within the Burbank Airport Commerce Center has sold to 7663 San Fernando, LLC, for an undisclosed sum. The center is located at 7663 N. San Fernando Road. It was built in 2006. David Young and Chad Gahr of NAI Capital’s Encino office represented both the buyer and the seller, Zero G Studios, LLC, in this transaction.