SANTA MONICA, CALIF. – A 20-unit apartment complex in Santa Monica has sold to 1027 ENA, LLC for $6 million. The community is located at 1027-1033 20th Street. It was built in 1956. Kimberly Roberts Stepp of Charles Dunn Company represented both the buyer and the seller, Eisen, LLC, in this transaction.
Western
SAN DIEGO – A 20,000-square-foot parcel of land in the Bankers Hill neighborhood of San Diego has sold to R Fifth & Nutmeg, c/o Colrich for $5.3 million. The land is located at 2665 5th Ave. The buyer plans to develop an upscale mixed-use project that would include 45 luxury condos with 7,500 of retail space. The seller was Nutmeg & Olive LLC, c/o The Cathedral Church of St. Paul. The transaction was handled by Victor Krebs of Colliers International.
PHOENIX — Ross Plaza, a 64,744-square-foot neighborhood retail center in North Phoenix, has sold to BH Properties for $3 million. The plaza is located at 10606-10653 N. 43rd Ave. near the Arizona State University west campus. It is anchored by Ross Dress For Less, which occupies more than half of the plaza. The buyer plans to refurbish the property.
SALT LAKE CITY — KBS Real Estate Investment Trust III has acquired a 426,657-sqare-foot office tower in Salt Lake City’s Central Business District for $170.5 million. The Class A tower is located at 222 Main near the TRAX Main Line light rail system stop. The tower was 85 percent leased at the time of sale. Its largest tenants include Goldman Sachs and Holland & Hart law firm. The structure was built in 2009 and was the first building in Utah to achieve LEED-Gold certification. KBS REIT III also owns the 198,324-square-foot Gateway Tech Center in Salt Lake City.
ROCKLIN, SANTA CLARITA, CALIF. — American Realty Capital (ARC) has acquired two luxury senior living communities in Southern California for $104 million. The purchase includes the 159-unit Casa de Santa Fe in Rocklin and the 134-unit Summerhill Villa in Santa Clarita. Casa de Santa Fe was built in 2001 at 3201 Santa Fe Way, just 20 miles north of Sacramento. It is currently 98.7 percent occupied. The community contains two independent living, one assisted living and one memory care facility, in addition to a community clubhouse. Summerhill Villa was also built in 2001. The assisted living and memory care community is located at 24431 Lyons Ave., just 30 miles northwest of Downtown Los Angeles. It is 98.4 percent occupied. The CBRE National Senior Housing Group represented the seller, MBK Senior Living, in this transaction. ARC represented itself. MBK will continue to manage the communities.
SAN JOSE, CALIF. — Rio Robles Technology Park, a 460,000-square-foot office and R&D portfolio in San Jose, has received $73.5 million in acquisition financing. The eight-building park is located on Rio Robles not far from San Jose International Airport. It is 70 percent leased to a variety of tech-centric tenants, including Hitachi and F5 Networks. The financing will be used by Brookfield Asset Management to acquire and reposition the property. This will include a significant capital improvement plan that will upgrade the buildings and outdoor areas. The first-mortgage debt was arranged by Rob Rubano and Greg Stampley of Eastdil Secured. It was originated by Jason Bressler of Mesa West Capital.
TORRANCE, CALIF. – A 28,500-square-foot industrial complex in Torrance has sold to Darren C. Moore Trust for $3.8 million. The two-building property is located at 23875 Madison Street near the Torrance Airport. The seller, The Conrow Family Trust, was represented by Warren Noack, Kimberly Noack and Travis Noack of NAI Capital’s South Bay office.
LAS VEGAS – A 24,034-square-foot retail building in Las Vegas has sold to Wyandotte, Inc. for $2.2 million. The building is located at 5050 E. Russell Road. It is currently occupied by a window company. Wyandotte was represented by Neil Dela Cruz of MDL Group. The seller, Kathleen & Adrian Varni Trust, was represented by Katherine Bergh of Marcus & Millichap.
SAN FRANCISCO – A five-property multifamily portfolio based in the San Francisco Bay Area has received a $37-million refinancing. The portfolio contains a total of 297 units. Four of the five transactions are long-term refinances, while the other is a bridge loan. Financing was originated by Kenneth M. Fox of Cohen Financial’s San Francisco office. Four loans were secured with JP Morgan Chase Bank, and one was secured with Boston Private Bank & Trust Company. The borrower was a local commercial/multifamily real estate investor and operator.
MESA, ARIZ. — Mesa Corporate Center, a 106,077-square-foot office building, has sold to Buchanan Street Partners for $13.2 million. The center is located at 1001 W. Southern Ave. in Mesa. It was 89 percent leased at the time of sale. Notable tenants at the center include Allstate Insurance Company, DeVry University and Allied Barton Security. The seller, Parkway Properties, was represented by Chris Toci, Chad Littell, Jerry Noble and Ryan Bartos of Cushman & Wakefield.