GILROY, ARIZ. — TruAmerica Multifamily has acquired The Vineyards, a 170-unit multifamily complex in Gilroy, for $38.3 million. The Class A community is located at 7936 Westwood Drive, just south of Silicon Valley. The seller was Matteson Properties.The transaction was brokered by the Jones-Saglimbeni team at Institutional Property Advisors.This is TruAmerica’s second Bay Area acquisition, following its recent purchase of the Avenel Apartments in San Jose for $38 million.
Western
COLORADO SPRINGS, COLO. — Patriot Equities has acquired a 1.2-million-square-foot office portfolio in Colorado Springs for a reported $160 million. The portfolio contains a total of 15 Class A office buildings, including eight multi-tenant and seven single-tenant structures. The properties are more than 90 percent leased. The seller, Corporate Office Properties Trust, was represented by Cushman & Wakefield.
SAN JOSE, CALIF. — USAA Real Estate Company has purchased America Center, a 430,852-square-foot office campus in San Jose, and its adjacent development site, for an undisclosed sum. The campus is located at 6001 America Center Drive. Phase I of the development was completed in 2009. It contains two office buildings that are 83 percent leased. Notable tenants include Polycom and Flextronics, which are both headquartered there. Phase II calls for a pair of 213,800-square-foot office buildings. USAA will team up with Legacy Partners, America Center’s original developer, on this second phase of development. The site is entitled and shovel-ready.
LAS VEGAS — The Praedium Group has purchased the 320-unit South Blvd. Apartments in Las Vegas for $41.9 million. The community is located at 10200 Giles Street. It is currently 93 percent occupied. The seller, Nevada West Development, was represented by Hendricks-Berkadia.
TIGARD, ORE. — Tigard Central Industrial Park, a 209,000-square-foot manufacturing and distribution complex, has sold to McLellan Estate Company for $9.7 million. The five-building complex is located on SW Hall Boulevard. It is currently 81 percent occupied by tenants like Apex Industries, Compass Group USA, Archers Precision and Bay Standard Manufacturing. McLellan was represented by Dennis O’Neil of NAI Norris Beggs & Simpson. The seller, TCTPI, LLC was represented by Greg Nesting, Scott Finney & Raymond Duchek of Norris & Stevens, Inc.
TOLLESON, ARIZ. — Mattress Firm, Inc., has leased 79,880 square feet at a distribution building in Tolleson. The 197,526-square-foot building is located at 9180 W. Buckeye Road. The bedding specialty retailer was represented by Steve Bodeman of DAUM Commercial Real Estate Services. The landlord, First Industrial LP, was represented by Pat Feeney of CB Richard Ellis.
VALENCIA, CALIF. — Flight Line Products has leased 58,000 square feet at an industrial building in Valencia. The building is located at 28939 N. Ave. Williams. The new space will allow the airline industry supplier to expand within the Valencia area, where it is headquartered. The company was represented by Yair Haimoff of NAI Capital’s Encino office. The landlord, 12800 Wentworth LLC, was represented by David Young and Chad Gahr of the same firm.
The Inland Empire’s commercial real estate market is seeing large big box industrial buildings of 300,000 square feet or more being built on a speculative basis — and they are being absorbed by a healthy market. There is nearly 10.4 million square feet of industrial space currently under construction in this region. Once completed, this new space will increase the total inventory of industrial properties by 2 percent, or from 509 million square feet to 520 million square feet. At the same time, unemployment is above 7 percent for the nation and almost 9 percent in California, with many questioning the strength of the economy. If it seems like a big gamble for developers of these big projects to be building in such uncertain times, think again. This money will likely fare better than it would in the bank. These large projects are being leased and sold. Since 1982 — when only 3.5 million square feet was constructed for the year — the Inland Empire has seen average construction levels of about 13 million square feet annually. Some years it seemed like construction could not keep up with demand. This was the case in 1989, when 34.3 million square feet …
SCOTTSDALE, ARIZ. – The North Scottsdale Corporate Office Complex has sold to Talia Jevan Properties for $5.2 million. The 22,080-square-foot facility is located at 6970 E. Chauncey Lane in Scottsdale. The seller was Alliance Real Estate Holdings. The transaction was brokered by Cashen Realty Advisors.
REDDING, CALIF. — Summit Healthcare REIT has acquired a 40-unit assisted living facility in Redding for $3.5 million. The 26,000-square-foot facility has been triple-net leased to an affiliate of Compass Senior Living. This is Summit’s first acquisition since changing its name from Cornerstone Core Properties REIT this past October.