CENTENNIAL, COLO. — MIG Real Estate has acquired the 168-unit Copper Terrace Apartments in Centennial for an undisclosed sum. The community is located at 6550 South Dayton Street in the Denver Technological Center submarket, which is just 15 miles south of Downtown Denver. It is also situated near the Arapahoe at Village Center FasTracks Station, Village Shops at the Landmark and the Park Meadows Mall. This is MIG’s sixth multifamily acquisition in Colorado. MIG Real Estate represented itself in this transaction, while the unnamed seller was represented by Doug Andrews, Jeff Hawks and Terrance Hunt of ARA Real Estate Investment Services. Alliance Residential will manage the property.
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TEMECULA, CALIF. — Holiday Inn Express Temecula has received an $11.3-million SBA 504 loan. The hotel is located at 27660 Jefferson Ave. near Temecula’s wine country. The 20-year, fixed-rate loan was used to purchase the hotel. The financing will also allow the franchise owners to make interior upgrades and retain working capital. The loan was provided by TMC Financing. The lender was BBCN Bank. The sellers, Sapna and Sharad Khandwala of the Alps Group of Hotels, own and operate five hotels. Alps Group is also an SBA 504 client of TMC Financing.
FOSTER CITY, CALIF. – A 33,228-square-foot R&D building in Foster City has sold to Gray Peak Fork, LLC Series for $6.5 million. The building is located at 333-353 Hatch Drive near Silicon Valley. It is about 60 percent leased to the California Teachers Association. Sam Wright and Marc Pope of Cassidy Turley represented both the buyer and the seller, Echevarria Revocable Family Trust, in this transaction. Bill Sawyer also represented the seller.
LAS VEGAS – The 119-unit Solana Square apartments in Las Vegas has sold to the Siegel Group Nevada for $4.2 million. The community is located near Paradise Road, across from the Wynn Golf Course. It was built in 1987. Solana is more than 90 percent occupied. The property will be operated in conjunction with the 186-unit Siegel Suites Twain.
WOODINVILLE, WASH. – The 20-unit Woodcreek Lane Apartments in Woodinville has sold to an unnamed buyer for $2.9 million. The community is located at 18105 142nd Ave. Northeast. It was built in 1986. Both the buyer and the unnamed seller were represented by Marc Cunningham of Marcus & Millichap’s Seattle office.
ESCONDIDO, CALIF. — SR Commercial has acquired a 40,154-square-foot industrial park in Escondido for $3.1 million. The park is located at 2120 and 2122 W. Mission Road. It is currently branded as the Nordahl Center, but will soon be renamed Gateway @ Mission. It is 66 percent occupied by 11 industrial tenants. SR Commercial and the seller, a private investor, were both represented by Bryce Aberg and Brant Aberg of Cassidy Turley, and Mike Erwin and Tucker Hohenstein of Colliers.
SANTA BARBARA, CALIF. — Hersha Hospitality Trust has acquired the 122-room Hotel Oceana in Santa Barbara for $41.7 million. The resort is located at 202 W. Cabrillo Blvd. near Santa Barbara Harbor. The hotel reported a 92 percent occupancy rate in 2013. “We recently completed the sale of 16 non-core assets, and the completion of the Hotel Oceana acquisition is further indication of our commitment to prudently recycle capital,” says Jay H. Shah, Hersha’s CEO. “These initiatives have resulted in a refined pure play transient focused portfolio with exposure to the highest demand gateway markets in the United States. Together with our properties in San Diego, Los Angeles and the San Francisco Bay Area, the company’s West Coast assets are positioned to leverage solid growth fundamentals and limited supply growth in some of the leading markets on the West Coast.” The Oceana acquisition was funded with a portion of the net proceeds from the non-core portfolio sale. It included the assumption of $24.9 million in mortgage debt at a fixed rate of 4.4 percent that will mature in 2023.
LAS VEGAS — Falkor Properties has acquired a 42,246-square-foot retail building in Las Vegas for $6.3 million. The building is located at 5191 W. Charleston Blvd. Falkor was represented by Brendan Keating of The Equity Group. The seller, TME Red Rock Plaza, LLC, was represented by Cathy Jones, Paul Miachika, Jeff Berg, Mica Berg, Jessica Beall and Roy Fritz of Sun Commercial Real Estate.
HUNTINGTON BEACH, CALIF. – A 4,800-square-foot building in Huntington Beach that is triple-net leased to Bank of the West has sold to a 1031 exchange buyer for $4.3 million. The building is located at 6881 Warner Ave. The seller, Big Four, LLC, was represented by Charles DeSantis and Kyle Gulock of Charles Dunn Company.
SAN DIEGO — Gardena Gardens Apartments in Encinitas has sold to Stanford Descendent Trust for $3 million. The community is located at 1141-1195 Gardena Road in the San Diego submarket. It was fully occupied at the time of closing. The seller was the Rubalcaba Family Trust. The acquisition was executed as part of a 1031 exchange. The sale was executed by Eric Comer, Jim Neil and Merrick Matricardi of CBRE’s San Diego Multi-Housing investment team.