TRACY, CALIF. – Amazon has announced it will open a 1-million-square-foot fulfillment center in Tracy. This will be the online retailer’s third fulfillment center in California. The first one opened in San Bernardino this past October. Another is set to open this summer in Patterson. The new Tracy facility will be built by Prologis.
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SAN DIEGO — Bridgeworks Retail, an 18,569-square-foot retail condominium located in San Diego’s Gaslamp Quarter, has sold to Paragon Real Estate Fund for an undisclosed sum. The property is located at 224-238 5th Ave. It is fully leased to tenants like Lou & Mickey’s restaurant, MAC, Toscana Café and Chuck Jones Gallery. Paragon Real Estate Fund is managed by Roberto Jinich, Ricardo Jinich and Dan Berkus. The seller, an affiliate of S.D. Malkin Properties, was represented by HFF’s Ryan Gallagher, CJ Osbrink, Tim Wright and Zack Holderman.
CHANDLER, ARIZ. – An eight-property industrial portfolio in Arizona has sold to CJV, LLC for $4.7 million. It includes three freestanding buildings at Westech 10 Corporate Center in Chandler and five industrial condominiums located at 1920 E. University Drive in Tempe. CJV was represented by Chuck Noble of Lee & Associates. The sellers, CC Prop, LLC and University & Perry, LLC, were represented by Jerry Marrell and Nate Bubeck of Lee & Associates Arizona.
LOS ANGELES — The Plaza at Sherman Oaks, a 392-unit luxury apartment community located in the Los Angeles submarket of Sherman Oaks, has sold to Raintree Partners for $77 million. The community is located at 4500 Woodlman Ave. Raintree plans to renovate the units. Marc Renard of Cushman & Wakefield represented both the buyer and the seller. Acquisition financing was secured by CBRE’s Troy Tegeler and provided by Freddie Mac.
PHOENIX — Berkadia Commercial Mortgage LLC has acquired Hendricks & Partners. Hendricks & Partners has 37 offices with more than 180 multifamily professionals across the U.S. The Phoenix-based firm will now operate under the name Hendricks-Berkadia. The firm’s current CEO, Don Hendricks, will join Berkadia's executive committee as CEO of Hendricks-Berkadia and as executive vice president of Berkadia. Hendricks-Berkadia will retain its Phoenix headquarters.
RANCHO CUCAMONGA, CALIF. – The 192-unit Santa Barbara Apartments in Rancho Cucamonga has received a $40-million permanent loan. The community is located at 10855 Church Street. It is 95 percent leased. The 15-year, fixed-rate loan was arranged by HFF’s Don Curtis through Prudential Mortgage Capital Company. Curtis worked on behalf of the borrower, Lewis Operating Corp.
SAN FRANCISCO — Michael Kamm has been promoted to president of Cassidy Turley. Kamm will also be given a spot on the firm’s Board of Directors. He will remain in San Francisco, where he led Cassidy Turley’s Northern California operations for the past three years. Kamm previously served as CEO of BT Commercial, Cassidy’s predecessor. He will now oversee all of the firm’s managing principals and regional managing principals.
LOS ANGELES — The Plaza at Sherman Oaks, a 392-unit luxury apartment community located in the Los Angeles submarket of Sherman Oaks, has sold to Raintree Partners for $77 million. The community is located at 4500 Woodlman Ave. Raintree plans to renovate the units. Marc Renard of Cushman & Wakefield represented both the buyer and the seller. Acquisition financing was secured by CBRE’s Troy Tegeler and provided by Freddie Mac.
PHOENIX — Berkadia Commercial Mortgage LLC has acquired Hendricks & Partners. Hendricks & Partners has 37 offices with more than 180 multifamily professionals across the U.S. The Phoenix-based firm will now operate under the name Hendricks-Berkadia. The firm’s current CEO, Don Hendricks, will join Berkadia's executive committee as CEO of Hendricks-Berkadia and as executive vice president of Berkadia. Hendricks-Berkadia will retain its Phoenix headquarters.
RANCHO CUCAMONGA, CALIF. – The 192-unit Santa Barbara Apartments in Rancho Cucamonga has received a $40-million permanent loan. The community is located at 10855 Church Street. It is 95 percent leased. The 15-year, fixed-rate loan was arranged by HFF’s Don Curtis through Prudential Mortgage Capital Company. Curtis worked on behalf of the borrower, Lewis Operating Corp.