LAS VEGAS – Sansone Companies/Boulevard Ventures, LLC, has purchased Boulevard Mall, a 1.2-million-square-foot super regional mall in Las Vegas, for a reported $54.5 million. The mall is located at 3528 S. Maryland Parkway. It is anchored by Macy’s, Sears and JP Penney. Boulevard Mall opened in 1968. It is the oldest mall in Las Vegas. Local developer Roland Sansone purchased the mall from Rouse Properties after lenders took over its ownership via a deed in lieu of foreclosure. The transaction was executed by CBRE.
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COLORADO, SPRINGS, COLO. – Passco Companies has purchased the 332-unit Vue21 apartments in Colorado Springs for $54 million. The community is located at 4610 Nautilus Peak View in the master-planned community of Cordera. The complex was formerly known as Alexan at Briargate. Passco plans to reposition and upgrade the property.
LOS ANGELES – Local developer Izek Shomof has acquired a 1.8-million-square-foot building in Los Angeles that previously served as a Sears mail-order distribution center for $29 million. The Art Deco building is located at the intersection of Olympic Boulevard and Soto Street in the Boyle Heights neighborhood. The property still contains a 185,000-square-foot Sears retail store on the ground floor, though the majority of space has been vacant since the early ‘90s. Sears closed its distribution component in 1992. The 23-acre site features a 48,000-square-foot warehouse and a 15,000-square-foot Sears Auto Store. The buyer plans to redevelop the building into a mix of creative office space and leasable residential units. It also intends to develop the retail space on the site’s outlying parcels. The building was completed in 1927 and is listed on the National Register of Historic Places. The seller was MJW Investments. The transaction was executed by Jeff Adkison, Brendan McArthur and Paul Sablock of Jones Lang LaSalle.
LAS VEGAS – Sansone Companies/Boulevard Ventures, LLC, has purchased Boulevard Mall, a 1.2-million-square-foot super regional mall in Las Vegas, for a reported $54.5 million. The mall is located at 3528 S. Maryland Parkway. It is anchored by Macy’s, Sears and JP Penney. Boulevard Mall opened in 1968. It is the oldest mall in Las Vegas. Local developer Roland Sansone purchased the mall from Rouse Properties after lenders took over its ownership via a deed in lieu of foreclosure. The transaction was executed by CBRE.
COLORADO, SPRINGS, COLO. – Passco Companies has purchased the 332-unit Vue21 apartments in Colorado Springs for $54 million. The community is located at 4610 Nautilus Peak View in the master-planned community of Cordera. The complex was formerly known as Alexan at Briargate. Passco plans to reposition and upgrade the property.
LOS ANGELES – Local developer Izek Shomof has acquired a 1.8-million-square-foot building in Los Angeles that previously served as a Sears mail-order distribution center for $29 million. The Art Deco building is located at the intersection of Olympic Boulevard and Soto Street in the Boyle Heights neighborhood. The property still contains a 185,000-square-foot Sears retail store on the ground floor, though the majority of space has been vacant since the early ‘90s. Sears closed its distribution component in 1992. The 23-acre site features a 48,000-square-foot warehouse and a 15,000-square-foot Sears Auto Store. The buyer plans to redevelop the building into a mix of creative office space and leasable residential units. It also intends to develop the retail space on the site’s outlying parcels. The building was completed in 1927 and is listed on the National Register of Historic Places. The seller was MJW Investments. The transaction was executed by Jeff Adkison, Brendan McArthur and Paul Sablock of Jones Lang LaSalle.
BEAVERTON, ORE. – A joint venture between Holland Partner Group and an affiliate of Heitman has purchased the 279-unit Waterhouse Place apartments in Beaverton for an undisclosed sum. The community is located at 600 NW 158th Ave. next to the Cornell Oaks Corporate Center. It is less than a mile from Nike’s world headquarters. Other nearby corporate headquarters include Intel, Tektronix and Columbia Sportswear. The complex was partially renovated in 2009. The seller, a joint venture between Guardian Real Estate Services and a value-added fund advised by UBS Global Asset Management, was represented by HFF’s Ira Virden, Sean Deasy and Kerry Hughes.
REDMOND, WASH. – A 210,321-square-foot FedEx industrial property in Redmond has received $39 million in acquisition financing. The ground distribution facility is the largest industrial building in Redmond. It is leased to a subsidiary of FedEx Corporation. The loan boasts a 20-year term, a 20-year amortization schedule and a sub-4 percent interest rate. It was provided by State Farm Life Insurance. Financing was arranged by Mike Wood of NBS Financial Services.
SANTA ANA, CALIF. – A 48-unit apartment building in Santa Ana has sold to a limited liability company for $5.2 million. The community is located at 311 South Oak Street. It was built in 1987. The LLC was represented by Gordon Reeseand Daniel Blackwell of Marcus & Millichap. The seller, a living trust, was represented by Stephen T. Soqui of the same firm. This transaction was part of a two-property sale that included another 57-unit property in Santa Ana.
BEAVERTON, ORE. – A joint venture between Holland Partner Group and an affiliate of Heitman has purchased the 279-unit Waterhouse Place apartments in Beaverton for an undisclosed sum. The community is located at 600 NW 158th Ave. next to the Cornell Oaks Corporate Center. It is less than a mile from Nike’s world headquarters. Other nearby corporate headquarters include Intel, Tektronix and Columbia Sportswear. The complex was partially renovated in 2009. The seller, a joint venture between Guardian Real Estate Services and a value-added fund advised by UBS Global Asset Management, was represented by HFF’s Ira Virden, Sean Deasy and Kerry Hughes.