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.
Western
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.
TORRANCE, CALIF. — Sichuan Xinglida Group Enterprises Co. Ltd. has purchased the 487-room Torrance Marriott South Bay hotel for $74 million. The hotel is located at 3635 Fashion Way next to Del Amo Fashion Center. The 17-story Marriott was built in 1985 and underwent an extensive renovation in 2007. Sichuan Xinglida purchased the hotel through its U.S. subsidiary XLD Group, LLC. This is its first Los Angeles-area acquisition. The seller was DiamondRock Hospitality Company. The transaction was executed by John Strauss, Bob Webster, Tim Southard and Tony Muscio of Jones Lang LaSalle’s Hotels & Hospitality Group.
SUNNVALE, SANTA CLARA, CALIF. — Invesco Real Estate has acquired the Central Silicon Valley Industrial Portfolio for an undisclosed sum. The portfolio contains four Class A warehouse and manufacturing buildings totaling 312,110 square feet in Sunnyvale and Santa Clara. The acquisition includes 2940-2990 Mead Ave., 2855-2865 Uranium Drive and 3000-3008 Kifer Road in Santa Clara, as well as 123-127 Uranium Drive in Sunnyvale. The two multi-suite manufacturing buildings and two distribution warehouse buildings are situated on the border of Santa Clara and Sunnyvale. They are located one block from Bowers Avenue near the Lawrence Expressway. All four fully leased buildings have direct access to US Highway 101, the Central Expressway and Interstate 280. The seller, AEW Capital Management, was represented by CBRE’s Joseph Moriarty, Russell Ingrum, Sean Sullivan, Tyler Meyerdirk, Darla Longo, Barbara Emmons, Rebecca Perlmutter and Brian Matteoni. AEW sold the property on behalf of an institutional client.
WEST HOLLYWOOD, CALIF. – A 10-unit apartment building in West Hollywood has sold to a limited liability company for $2.3 million. The community is located at 7624 Fountain Ave. near Fairfax’s shopping district. It was built in 1961. Tony Azzi and Jason Grant of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, an individual/personal trust, in this transaction.
TORRANCE, CALIF. — Sichuan Xinglida Group Enterprises Co. Ltd. has purchased the 487-room Torrance Marriott South Bay hotel for $74 million. The hotel is located at 3635 Fashion Way next to Del Amo Fashion Center. The 17-story Marriott was built in 1985 and underwent an extensive renovation in 2007. Sichuan Xinglida purchased the hotel through its U.S. subsidiary XLD Group, LLC. This is its first Los Angeles-area acquisition. The seller was DiamondRock Hospitality Company. The transaction was executed by John Strauss, Bob Webster, Tim Southard and Tony Muscio of Jones Lang LaSalle’s Hotels & Hospitality Group.
SUNNVALE, SANTA CLARA, CALIF. — Invesco Real Estate has acquired the Central Silicon Valley Industrial Portfolio for an undisclosed sum. The portfolio contains four Class A warehouse and manufacturing buildings totaling 312,110 square feet in Sunnyvale and Santa Clara. The acquisition includes 2940-2990 Mead Ave., 2855-2865 Uranium Drive and 3000-3008 Kifer Road in Santa Clara, as well as 123-127 Uranium Drive in Sunnyvale. The two multi-suite manufacturing buildings and two distribution warehouse buildings are situated on the border of Santa Clara and Sunnyvale. They are located one block from Bowers Avenue near the Lawrence Expressway. All four fully leased buildings have direct access to US Highway 101, the Central Expressway and Interstate 280. The seller, AEW Capital Management, was represented by CBRE’s Joseph Moriarty, Russell Ingrum, Sean Sullivan, Tyler Meyerdirk, Darla Longo, Barbara Emmons, Rebecca Perlmutter and Brian Matteoni. AEW sold the property on behalf of an institutional client.
WEST HOLLYWOOD, CALIF. – A 10-unit apartment building in West Hollywood has sold to a limited liability company for $2.3 million. The community is located at 7624 Fountain Ave. near Fairfax’s shopping district. It was built in 1961. Tony Azzi and Jason Grant of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, an individual/personal trust, in this transaction.
OAKLAND, CALIF. – Ellis Partners has acquired 1111 Broadway in downtown Oakland for a reported $158 million. The 24-story, Class A building contains a total of 566,168 square feet inside Oakland City Center. Notable tenants at the building include Merrill Lynch Wealth Management, HTNB, Wendel Rosen Black & Dean LLP and Tiemstra Law. Oakland City Center was owned by CBRE Investors until it began the disposition of all five assets earlier this year. Eastdil Secured represented both the buyer and the seller in this transaction.
SAN FRANCISCO – A three-property California apartment portfolio has received an $89.1-million refinance. The properties include the 164-unit The Boulders in Walnut Creek; the 100-unit Chesapeake Point in San Mateo; and the 248-unit Los Robles in Thousand Oaks. The loans feature 10-year terms and 30-year amortization schedules. They were arranged by Jeffrey Weidell, Nathan Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco regional office through the firm’s relationship with theGuardian Life Insurance Company of America.