PHOENIX — UHS of Phoenix LLC has acquired Quail Run, a 67,324-square-foot medical office building in Phoenix for $7.4 million. The Class A facility is located at 2545 West Quail Ave. near John C. Lincoln Deer Valley Hospital.The Universal Health Services Inc. subsidiary plans to convert the foreclosed building into a psychiatric hospital. The building was sold to UHS as an REO property. The seller was SW Loan F., a Delaware Limited Partnership. UHS was represented by Tim Dulany of Colliers International of Greater Phoenix. SW Loan was represented by Capital Asset Management.
Western
EVERETT, WASH. – An 80-pad manufactured housing community in Everett has received $6.7 million in refinancing. The eight-year, fixed-rate loan amortizes over 30 years at 4.9 percent. It features a 65 percent loan-to-value. The property was 30 percent vacant at the time of closing. In addition to this, the borrower was holding an agency loan that was swelling. The owner plans to use the funds to free up equity to close on another manufactured housing facility. The loan was arranged by Glenn Gioseffi of Marcus & Millichap Capital Corp.’s Seattle office.
SAN JOSE, CALIF. – The Italian restaurant Tomatina has signed a 3,265-square-foot lease at West Valley Shopping Center in San Jose. The restaurant concept was created in 1998 by celebrity chef Michael Chiarello, who was appeared on the Food Network. It was acquired by Syufy Enterprises in 2011. This will be Tomatina’s second South Bay location once it’s completed early next spring. Syufy plans to open up to 12 Bay Area locations in the next 18 months. The restaurant was represented by Nick Schmidter and Josh Amoroso of Lockehouse Retail Group. West Valley Shopping Center is anchored by Sprouts Farmers Market and BevMo.
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.
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.