LAS VEGAS – CityCenter has sold 427 units at Veer Towers in Las Vegas to LVT Owner, LLC for $119 million. Before the sale, 438 of Veer’s 670 total units had been held as developer inventory. Now, only 11 penthouses remain, which CityCenter intends to sell. CityCenter is a joint venture between MGM Resorts International and a subsidiary of Dubai World.
Western
SAN FRANCISCO – A partnership between DivcoWest and affiliates of TPG Real Estate has purchased the majority of assets within Mission West Properties’ Silicon Valley portfolio. The purchase price was not disclosed. The 73-building portfolio contains 6.4 million square feet. Eastdil Secured, Morgan Stanley and Bank of America Merrill Lynch served as the partnership’s financial advisors, while Gibson, Dunn & Crutcher and Skadden, Arps, Slate, Meagher & Flom acted as legal advisors.
WEST HOLLYWOOD, CALIF. — The Sunset, a 177,949-square-foot, mixed-use development in West Hollywood, has received $78 million in financing that was used to refinance existing debt. It is located along Hollywood’s Sunset Strip near Sunset Plaza. The Sunset, which includes a 71,119-square-foot office tower and a 106,830-square-foot retail and office plaza, is 95 percent leased. Notable tenants include 19 Entertainment, Talpa Media Group, Apple, Equinox Fitness and H&M. The loan was secured by HFF’s Todd Sugimoto, Andrew Harper, Richard Plummer, Michael Ross and Michael Leggett on behalf of the sponsor, Broadreach Capital Partners. The three-year, floating-rate loan was provided by AIG Asset Management Group.
LOS ANGELES — A 128-unit apartment complex located at 930 S. Bonnie Brae in Los Angeles has sold to 930 S. Bonnie Brae, LLC for $10.8 million. The buyer represented itself in this transaction, while the seller, Melrose Camerford Partners, LLC, was represented by Hamid Soroudi of Charles Dunn Company.
PHOENIX — Vista Del Monte, a 175-unit apartment complex in North Central Phoenix, has sold to Bean Rio Salado Equity, LLC for $6.3 million. The community is located at 7750 N. 12th Street. The units were assembled from a broken condominium project. They were sold by Robert Guina of 3646 AZ, LLC as apartments through 21 separate transactions. The sale was executed by Todd Braun of Lee & Associates Arizona and the Braun Apartment Group.
GOLDEN, COLO. — The Village at Golden Shopping Center has received a $4.4-million refinance. The center is located at 17700-17748 S. Golden Road in Golden. Notable tenants include Dollar Tree, Goodwill and TJ Maxx. Financing was arranged for the Denver-based borrowers by John M. Stewart and Ilan Reissner of NorthMarq’s Denver office.
PORTLAND, ORE. – An 84,000-square-foot industrial warehouse in Portland has received $2.8 million in first-mortgage refinancing. The single-tenant building is located at 7320 NE 55th Ave. It is occupied by Sapa Profiles. The loan boasts a 10-year term and a 20-year amortization schedule. Financing was arranged by Stuart Oswald of NorthMarq’s Seattle office on behalf of Skyport Properties, LLC. The funds were arranged through the firm’s relationship with a correspondent life company lender.
LAKEWOOD, COLO. — Fox Point Commons, a 55,024-square-foot office and retail complex, has sold to Kensington, LLC for $2.5 million. It is located at 13655-13701 West Jewell Ave. Kensington, which purchased Fox Point as a 1031 Exchange property, was represented by Matt Ritter of Pinnacle Real Estate Advisors. The unnamed seller was represented by TJ Smith of Colliers International.
LOS ANGELES — A 128-unit apartment complex located at 930 S. Bonnie Brae in Los Angeles has sold to 930 S. Bonnie Brae, LLC for $10.8 million. The buyer represented itself in this transaction, while the seller, Melrose Camerford Partners, LLC, was represented by Hamid Soroudi of Charles Dunn Company.
PHOENIX — Vista Del Monte, a 175-unit apartment complex in North Central Phoenix, has sold to Bean Rio Salado Equity, LLC for $6.3 million. The community is located at 7750 N. 12th Street. The units were assembled from a broken condominium project. They were sold by Robert Guina of 3646 AZ, LLC as apartments through 21 separate transactions. The sale was executed by Todd Braun of Lee & Associates Arizona and the Braun Apartment Group.