LOVELAND, COLO. – A First Tech Federal Credit Union building in Loveland has sold to a 1031 exchange investor from California for $3.2 million. It is located at 1371 Sculptor Drive within the Van De Water Plaza. The credit union has six years left on its 10-year lease with an additional 10-year option to renew. The seller was represented by CBRE’s National Retail Investment Group-Westin this all-cash transaction.
Western
MT. CRESTED BUTTE, COLO. – The Elevation Hotel and Spa in Mt. Crested Butte has sold to Boxer Property for an undisclosed sum. The resort features more than 260 rooms, as well as an indoor heated pool and hot tub, ski-in/ski-out convenience, and a spa and fitness center. The seller was represented by HFF’s John Bourret.
PORTLAND, ORE. — The Parker Apartments, a 177-unit, Class A apartment complex in Portland, has received a $35.6-million construction loan. The project will be situated on a 0.92-acre site at 1447 NW 12th Ave. in the city’s Pearl District. It is sponsored by Astor Pacific, LLC. Financing was originated John Taylor of CBRE HMF in CBRE’s Seattle office through the firm’s FHA-insured loan program.
PHOENIX — Northern Arizona University’s (NAU) has relocated its Metro Phoenix campus to 15451 North 28th Ave. The new campus will occupy 40,355 square feet within the Arizona Business Park. The new 11-year lease will commence during the first quarter of 2014. NAU also occupies another building within the Arizona Business Park. The university was represented by Larry Downey, Jerry Jacobs and Emily Fickett of Cushman & Wakefield. The landlord is Crown West Realty.
MT. CRESTED BUTTE, COLO. – The Elevation Hotel and Spa in Mt. Crested Butte has sold to Boxer Property for an undisclosed sum. The resort features more than 260 rooms, as well as an indoor heated pool and hot tub, ski-in/ski-out convenience, and a spa and fitness center. The seller was represented by HFF’s John Bourret.
PORTLAND, ORE. — The Parker Apartments, a 177-unit, Class A apartment complex in Portland, has received a $35.6-million construction loan. The project will be situated on a 0.92-acre site at 1447 NW 12th Ave. in the city’s Pearl District. It is sponsored by Astor Pacific, LLC. Financing was originated John Taylor of CBRE HMF in CBRE’s Seattle office through the firm’s FHA-insured loan program.
PHOENIX — Northern Arizona University’s (NAU) has relocated its Metro Phoenix campus to 15451 North 28th Ave. The new campus will occupy 40,355 square feet within the Arizona Business Park. The new 11-year lease will commence during the first quarter of 2014. NAU also occupies another building within the Arizona Business Park. The university was represented by Larry Downey, Jerry Jacobs and Emily Fickett of Cushman & Wakefield. The landlord is Crown West Realty.
SALT LAKE CITY — Westport Distribution I & II, a pair of bulk distribution buildings totaling more than 750,000 square feet in Salt Lake City, have sold to Industrial Income Trust (IIT) for $47.5 million. IIT was represented by Bryce Blanchard of NAI West. The firm’s Mike Falk and Steve Condie also represented the seller, Buzz Oates Real Estate.
LOS ANGELES — IMT Capital LLC and its affiliate IMT Residential has purchased the Sunkist building in Sherman Oaks, a Los Angeles submarket, for an undisclosed sum. The building is located at 14130 Riverside Drive. It was constructed in 1971 and has served as Sunkist’s headquarters for more than 41 years. IMT plans to add a mixed-use project containing residential and retail components to the infill location.
CLAREMONT, CALIF. — Claremont Medical Plaza, a 48,984-square-foot medical office building that was specifically built for the Pomona Valley Health System, has sold to a joint venture between CNL Healthcare Properties and Montecito Medical Operating Company. This is CNL’s first medical office building purchase. Montecito purchased its share of the joint venture through its affiliate MMAC Berkshire LLC. Though the JV acquired a majority interest in the building, the seller, StoneCreek Company, will continue to manage the property. The building is currently 89 percent leased. Additional lease commitments are expected to bring the building’s occupancy to 96 percent within a few months. Pomona Valley Hospital Medical Center occupies 77 percent of the building.