LONG BEACH, CALIF. – The 206-unit Archstone Long Beach has sold to Western National for $46 million. The community is located at 1613 Ximeno Ave. in Long Beach. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and the seller, Archstone, in this transaction.
Western
DENVER – The 573-unit Spyglass Hill Apartments in Denver has sold to BMC Investments for $40 million. The community is located at 7100 East Mississippi. BMC plans to invest an additional $1.5 million to upgrade the property. The upgrades are scheduled to begin in February. Spyglass was the final asset to be sold off by Carmel Properties, which recently announced its plans to shed its 28-asset Denver portfolio.
SEATTLE — Westlake Terry, a 320,399-square-foot, Class A office property in Seattle’s South Lake Union neighborhood, has sold to Kilroy Realty Corporation for $170 million. The two-building property is located at 320 Westlake Ave. North and 321 Terry Ave. North. It is fully occupied by tenants like Group Health Cooperative and Microsoft Corporation. Kilroy was represented by attorneys Peter Roth, Patrick Perry, Michael Cerrina, Julie Hoffman, Hadar Goldstein, Cheryl Prell of Allen Matkins Leck Gamble & Natsis. The seller, Vulcan Realty, was represented by attorney Joe Delaney at Foster Pepper PLLC. Jones Lang LaSalle acted as Vulcan’s broker.
PHOENIX — Hensley & Company has completed a sale-leaseback on its three refrigerated warehouse and distribution facilities in Arizona. The disposition was completed for $76 million. The facilities contain a total of 577,167 square feet. They are located at 4201 N. 45th Ave. in Phoenix; 2555 N. Nevada Street in Chandler; and 10201 E. Valley Road in Prescott Valley. Hensley & Co. will occupy all three properties, which were purchased by Angelo, Gordon & Co.’s net lease division. Hensley was represented by Chris Toci, Chad Littell and Jim Wilson of Cushman & Wakefield of Arizona in this sale-leaseback transaction.
LONG BEACH, CALIF. – The 206-unit Archstone Long Beach has sold to Western National for $46 million. The community is located at 1613 Ximeno Ave. in Long Beach. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and the seller, Archstone, in this transaction.
DENVER – The 573-unit Spyglass Hill Apartments in Denver has sold to BMC Investments for $40 million. The community is located at 7100 East Mississippi. BMC plans to invest an additional $1.5 million to upgrade the property. The upgrades are scheduled to begin in February. Spyglass was the final asset to be sold off by Carmel Properties, which recently announced its plans to shed its 28-asset Denver portfolio.
BELLEVUE, WASH. — The Rockefeller Group and Sterling Realty Organization (SRO) plan to develop a 2.4-million-square-foot project on a 5.46-acre site in Downtown Bellevue. The site is owned by SRO. The agreement will allow the partners to develop five adjacent parcels over a phased period of time. The initial plans will include three office towers situated above a podium that will include retail shops and public areas.
RIVERSIDE, CALIF. – The 588-unit Esplanade at Riverwalk in Riverside has received $63.9 million in first-mortgage refinancing. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged by Dennis Williams of NorthMarq’s San Francisco regional office on behalf of Sequoia Equities through its affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS lender.
PHOENIX — A 29-acre parcel of land in Southwest Phoenix has sold to McClain Foods Services for $7 million. It is located at the Southwest corner of 75th Avenue and Interstate 10. The company plans to develop a 200,000-square-foot freezer/cooler facility on the site. Construction is scheduled for 2013. McClain was represented by Stein Koss and Mike Quint of Lee & Associates, along with Jackson & Cooksey. The seller, EJM Development Co., was represented by Rick Robertson and Allen Lowe.
BELLEVUE, WASH. — The Rockefeller Group and Sterling Realty Organization (SRO) plan to develop a 2.4-million-square-foot project on a 5.46-acre site in Downtown Bellevue. The site is owned by SRO. The agreement will allow the partners to develop five adjacent parcels over a phased period of time. The initial plans will include three office towers situated above a podium that will include retail shops and public areas.