GILBERT, ARIZ. – The 120-unit Legacy Village in Gilbert has received $10 million in first-mortgage acquisition financing. The community is located at351 S. Civic Center Drive. Financing was based on a 10-year term with two years of interest-only followed by a 30-year amortization schedule. Financing was arranged by Gardiner Champlin and Marty Meagher of NorthMarq Capital’s San Diego office through the firm’s seller-servicer relationship with Freddie Mac. The borrower was The Reserve at Gilbert Towne Centre, LLC.
Western
DENVER — The DESCi Apartments, a 93-unit multifamily community in Denver, has sold to Brian Botnick for $8.3 million. The complex was built in 1963 by Denver Educational Senior Citizens Inc. (DESCi), a local non-profit organization. It provides affordable housing to Denver Public School employees, retirees, their relatives and those in related professions who are age 55 and older. Jeff Johnson of the Johnson Ritter Team at Pinnacle Real Estate Advisors represented both the buyer and the seller in this transaction.
SAN MATEO, CALIF. – A 111-unit, $43.7-million apartment complex recently broke ground in San Mateo. The 2.4-acre site is located at 2090 S. Delaware Street at the north end of Silicon Valley. The project is scheduled to be complete and ready for leasing in spring 2014. It is being developed by Wood Partners.
PITTSBURG, CALIF. – The 208-unit Presidents Park Apartments in Pittsburg has sold to
ONTARIO, CALIF. — Lake View Center, a 106,345-square-foot office property in Ontario, has sold to BH Properties for $13.8 million. The office complex is located at 3257 & 3237 E. Guasti Road. It is currently 62 percent leased. Notable tenants include East West Bank, T-Mobile and the University of La Verne. BH Properties plans to invest additional capital into the project. BH Properties represented itself in this transaction, while the sellers, PCCP and the Muller Companies, were represented by CBRE’s Kevin Shannon, Darla Longo and Phil Woodford.
SANTA FE SPRINGS, CALIF. – 99
SAN MATEO, CALIF. – A 111-unit, $43.7-million apartment complex recently broke ground in San Mateo. The 2.4-acre site is located at 2090 S. Delaware Street at the north end of Silicon Valley. The project is scheduled to be complete and ready for leasing in spring 2014. It is being developed by Wood Partners.
PITTSBURG, CALIF. – The 208-unit Presidents Park Apartments in Pittsburg has sold to Fowler Property Acquisitions for $21.2 million. It is located at 1128 East Leland Road in San Francisco’s East Bay region. The seller, Friedkin Realty Group, was represented by Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors and Kevin Turner of Marcus & Millichap.
ONTARIO, CALIF. — Lake View Center, a 106,345-square-foot office property in Ontario, has sold to BH Properties for $13.8 million. The office complex is located at 3257 & 3237 E. Guasti Road. It is currently 62 percent leased. Notable tenants include East West Bank, T-Mobile and the University of La Verne. BH Properties plans to invest additional capital into the project. BH Properties represented itself in this transaction, while the sellers, PCCP and the Muller Companies, were represented by CBRE’s Kevin Shannon, Darla Longo and Phil Woodford.
SANTA FE SPRINGS, CALIF. – 99¢ Only has signed a lease for 14,226 square feet at Santa Fe Springs Promenade that is valued at more than $2.5 million. The space is located off Telegraph Road and Orr and Day roads in Santa Fe Springs. This will be the discount retailer’s ninth Southern California location to open so far this year. Matt Hammond and Ben Terry of Coreland Companies represented both 99¢ Only and the landlord, Milan Capital Management, in this lease transaction.