KENT, WASH. — CenterPoint Corporate Park in Kent has sold to Fountainhead Northwest for $46.25 million. The 435,937-square-foot office campus is located on 72nd Avenue South. Mike George and Nick Fletcher of NAI Puget Sound Properties represented the seller, a joint venture between AEW and Unico Properties, in the transaction.
Western
SACRAMENTO, CALIF. — Bayside Communities has purchased the 220-unit Azure Park Apartments in Sacramento for an undisclosed sum. The affordable housing community is currently 85 percent leased. Bayside plans to renovate and rebrand the property as Lotus Landing. Financing was provided by Pembrook Capital Management.
CAMERON PARK, CALIF. — The 239-unit Ponte Palmero continuing care retirement community in Cameron Park has received $35.7 million in first mortgage financing. The 26-acre community contains 100 assisted-living, 104 independent-living and 35 memory-care units. The loan was originated by KBS Strategic Opportunity REIT. It features a floating interest rate with an initial rate of no less than 11 percent. The floating rate will increase annually to no less than 18 percent during the third year of its term. It matures in October 2015.
TEMPE, ARIZ. – The 408-unit Tempe Groves complex has sold to Fairfield Residential for an undisclosed sum. The property is located at 909 West Grove Parkway within the master-planned community of Elliot Groves, which is in Tempe. The seller, a nationwide multifamily investment and development firm, was represented by Cliff David and Steve Gebing of Marcus & Millichap’s Phoenix office.
MURRAY, UTAH — Parley’s Partners has begun construction on Birkhill on Main, a new $45-million mixed-use development in Murray. It will be located at 4255 South Main Street. The project will include 311 luxury apartment homes, as well as a three-story office building upon build-out. Phase I will feature 137 units, including 41 market-rate and 96 affordable housing units in a five-story building. Phase II, set to commence in June 2013, will add 65 more units. Phases III and IV will include 109 additional units and a 35,400-square-foot office building, respectively. The first three phases are expected to be complete by 2016, with Phase I wrapping up in March 2013. Phase IV’s completion will be based upon pre-leasing. The eco-friendly, transit-oriented project is being built by Kier Construction and designed by KTGY Group.
RIVERSIDE, CALIF. – Spectra Premium has signed a 52-month lease for 85,000 square feet at the Meridian Business Park. It is located at 14530 Innovation Drive in Riverside. The auto parts distributor will use the Class A building for its West Coast distribution operations. Spectra was represented by Ryan Miller of Voit’s Inland Empire office. The landlord, GE Capital Real Estate, was represented by Walt Chenoweth, Frank Geraci, Juan Gutierrez and Patrick Wood of the same office.
BUENA PARK, CALIF. – Home Design Outlet Center has leased an 18,179-square-foot industrial building in Buena Park. The outlet center plans to use the space as a product showroom and West Coast distribution center. Home Design was represented by Chuck Wilson and Brian Chastain of Colliers International. The landlord, RREEF, was represented by CBRE’s Laird Perkins.
SAN DIEGO — Regency Centers Corporation has purchased Balboa Mesa Shopping Center, a 189,321-square-foot, infill shopping center in San Diego, for $59.5 million. The Vons-anchored center is located at Balboa Avenue and Genesee Avenue. It is 95 percent leased. Other notable anchors include Kohl’s and CVS/pharmacy. The seller was Balboa Realty LLC.
MERCER ISLAND, WASH. – A 171-unit, Class A mixed-use property on Mercer Island has received a $53.9-million permanent loan. The apartment community also features 17,000 square feet of retail space. The property was built in 2009 along the island’s main thoroughfare. Mercer Island sits on Lake Washington, which is between Seattle and Bellevue. The loan was arranged by Amos Smith and Ryan Chapman of Johnson Capital’s Irvine office. The funds were provided by Fannie Mae. The new non-recourse loan will replace a construction loan. It has a fixed interest rate during the 10-year term.
CYPRESS, CALIF. – C&D Zodiac has signed a long-term lease for 85,773 square feet at an industrial building in Cypress. It is located at 11240 Warland Drive. The firm will use the space to expand its aircraft division. C&D was represented by Frank Adler and Jeff Hirsch of Lee & Associates Newport Beach. The landlord, Warland Investments Company, was represented by the Klabin Company.