PHOENIX — Goodwill Industries of Central Arizona has signed a 10-year lease for 31,200 square feet at South Mountain Crossing in Phoenix. The space is located at the northwest corner of Southern Avenue and 35th Avenue. Goodwill was represented by Andy Kroot of Velocity Retail Group. The landlord was represented by Neil Board of Western Retail Advisors.
Western
PHOENIX – The former Castle Hot Springs resort in Yavapai County has sold to CHS3, LLC for $1.9 million. The resort is located on North Castle Hot Springs Road in Castle Hot Springs, just north of Phoenix. The LLC purchased the property through an online auction. The 210-acre Castle Hot Springs resort opened in 1896. Its 118-degree natural hot spring produced 180,000 gallons of pure water daily. The seller, EktornetUS, a susidiary of Swedbank, was represented by Dave Headstream of CBRE’s Land Services Group in Phoenix. He worked in conjunction with CBRE Auction Services.
OCEANSIDE, CALIF. – The 240-unit Sunterra Apartment Homes in Oceanside has sold to Sunterra Apartments LLC (Benedict Canyon Equities) for $38.2 million. The community is located at 3851 Sherbourne Drive near State Route 78 in the San Diego submarket. It was built in 1974. The seller, Legacy Sunterra Apartments Partners LP, was represented by Stewart I. Weston, Christopher Zorbas and David Sperling of Institutional Property Advisors, and Michael Walseth of Marcus & Millichap.
DENVER – The 53-unit Governor’s Green apartment building in Denver has sold to a local private investment group for $7.6 million. The community is located at East 6th Ave. in the Governor’s Park area. The property was fully leased at the time of closing. The seller, a private, out-of-state investor, was represented by Justin Hunt, Andy Hellman and Robert Bratley of ARA.
CHANDLER, ARIZ. – A 93,500-square-foot industrial building at the Chandler Corporate Center has sold to Desert Palm Management Group for $6.3 million. The property is located at 450 N. McClintock Drive near the Chandler Municipal Airport, I-10, Loop 101 and Loop 202. Notable tenants at the space include Creative Leather and SW Bakery (Dunkin’ Donuts), among others. Desert Palm was represented by Greg Hopley of Colliers International. The seller was Pathfinder TRF. M. LLC.
PHOENIX — Creative Touch Interiors has leased 37,000 square feet in Phoenix. The space is located at 1002 E. University Drive. The interior finish solutions provider is relocating from a nearby building. The space will be utilized as a showroom and design center. The new lease has brought the property to full occupancy. Creative Touch Interiors is doing business as HD Supply. The company was represented by CBRE’s Pat Feeney in this three-year lease transaction. The landlord, EastGroup, was represented by Jackie Orcutt, John Grady and Jim Wilson of Cushman & Wakefield.
SAN RAFAEL, CALIF. — BioMarin Pharmaceutical has acquired San Rafael Corporate Center, a 315,000-square-foot office campus in the city’s downtown region, for $116 million. The campus is located on Lindaro Street. The acquisition includes 5.5 acres of land for future development. The site is approved for a total of 406,000 square feet of buildings, including one new 89,000-square-foot office building and a 600-car parking structure. BioMarin currently occupies about 40 percent of the corporate center. The pharmaceutical company was represented by Colliers International. The sellers, Seagate Properties and its institutional investors, acquired the property in August 2007. They were represented by Eastdil Secured in this transaction. Seagate was also advised by advised by J.P. Morgan Asset Management.
LOUISVILLE, COLO. — AEW Capital Management has purchased the Balfour Senior Housing Portfolio for a reported $103.8 million. The portfolio features three Class A properties in Louisville that contain a total of 296 units. The Lodge, The Residences and the Balfour Retirement Community are situated on the east side of Colorado Highway 42 along Hecla Drive. The Lodge and The Residences are independent living communities, while the Balfour Retirement Community offers assisted living and skilled nursing. AEW acquired the property on behalf of AEW Senior Housing Investors II, L.P. Balfour was represented by HFF’s Ryan Maconachy, Chad Lavender and Campbell Roche. The team also arranged the acquisition financing for AEW through Cornerstone Real Estate Advisers. Balfour will continue to manage the community.
PORTLAND, ORE. – The 293-unit Russellville Park retirement community in Portland has received $49.3 million in financing. The senior housing community is located at 20 SE 103rd Ave. It contains 186 independent living, 91 assisted living and 16 memory care units. The average occupancy is 95 percent. Russellville Park features two buildings. Russellville East was built in 2004. The facility has undergone two major renovations, which added a new dining room, front lobby and wine bar. Russellville West was built in 2009. Russellville Park is managed and partially owned by Leisure Care Retirement Communities. The 10-year, fixed-rate loan contains a 30-year amortization schedule and a 75 percent loan-to-value ratio. It was arranged by Heidi Brunet of Berkadia’s Seniors Housing and Healthcare group.
PULLMAN, WASH. — MJW Investments has acquired the 405-bed Terre View Crossing student housing community near Washington State University in Pullman. It is located at 1540 NE Merman Drive. The acquisition was completed in partnership with MHE Enterprises through a $200-million student housing value-add fund. The fund is looking for B- and C-level assets that are within walking distance of college campuses. Terre View Crossing has been rebranded as Cougar Ridge. The partners may also add a retail component to the community, in addition to more residential units and common-area upgrades.