PEORIA, ARIZ. – Oakland Apartments has purchased a Chase Bank ground lease at the southeast corner of Lake Pleasant & Happy Valley roads in Peoria for $3.4 million. The deal will provide the buyer with investment income for the remaining 17 years on the lease. There are also four, five-year renewal options. The lease is for 4,307 square feet inside the Mountainside Crossing Shopping Center. Jan Fincham and Patrick Dempsey of Lee & Associates represented both the buyer and the seller, Barclay Pleasant Valley, LLC, in this transaction.
Western
SANTA CLARA, CALIF. – A new affordable senior housing complex broke ground at 2525 El Camino Real in Santa Clara. The $15-million complex is being developed by EM Corporation,in conjunction with Pacific Housing and theCity of Santa Clara. The 48-unit complex, called 2525 El Camino Real Senior Apartments, is set to open in the summer of 2013. It is being designed by KTGY Group.
CHULA VISTA, CALIF. — The 127-space Cabrillo Mobile Lodge senior mobile home park in Chula Vista has sold to Robert Bruce and Brenda F. Kleege for $6.85 million. The park is located at 731 G Street. The purchase was financed with a loan of $4,999,000 through Union Bank’s Ron Hernandez. The park’s title will be transferred into Cabrillo Mobile Home Park LLC, but it will continue to operate as Cabrillo Mobile Lodge. The Kleeges were represented by Rob Morgan and Victor Krebs of Colliers International. The seller was Cabrillo Mobile Lodge LLC, with Richard F. Beck and Betty A. Beck as the co-trustees of the Richard F. Beck and Betty A. Beck Trust. The Becks are co-managers of Cabrillo Mobile Lodge.
PHOENIX – The 124-unit Brookfield apartment community in Phoenix has sold to LWH Brookfield LP, a limited partnership formed by The Sheiner Group, for $5.65 million. It was developed by Pacific West Development in 1984 and is located at 12021 North 43rd Ave. The seller, AG Brookfield, LLC, was represented by Cliff David and Steve Gebing of Marcus & Millichap’s Phoenix office.
LAKEWOOD, COLO. – The 32-unit Country Club Gardens in Lakewood has sold to an unnamed buyer for $2.3 million. This was the highest sales price per unit for an apartment building over 15 units in Lakewood in more than four years, according to Josh Newell of Pinnacle Real Estate Advisors. Newell and the Calame Lewallen Team at Pinnacle Real Estate Advisorsrepresented the seller, The Salvation Army, in this transaction. The apartment community was built in 1962 at 1160 Pierce Street. Kevin Calame and Matt Lewallen also represented the buyer.
CARLSBAD, CALIF. — The Jefferson House I and Jefferson House II senior apartment projects in Carlsbad have received a total of $6.3 million to refinance. The loans were arranged by James Dick of Newmark Realty Capital’s San Diego office through Fannie Mae’s multifamily loan program.
PHOENIX — A 77,337-square-foot, Class A office building called 101 Corporate Center has sold to 101 Corporate Center LLC for $6.2 million. The building is located at 19820 N. Seventh Street in Phoenix. The center is currently 45 percent leased. The seller, Gregg Williams of Trident Pacific Real Estate, who was the court-appointed receiver for the asset, was represented by Glenn Smigiel, Bob Young, Steven Brabant, Rick Abraham, Ashley Brooks, Jim Bayless and Nancy Romanovsky of CBRE’s Phoenix office.
CARLSBAD, CALIF. — Linear LLC has signed a 72-month lease renewal for 53,022 square feet of office space at Carlsbad Corporate Center. The center is located at 1950 Camino Vida Roble in Carlsbad. Linear occupies about 44 percent of the building’s total 121,541 square feet. The company was represented by CBRE’s Rob Gunness. The landlord, Parallel Capital Partners, was represented by Dennis Visser of Cassidy Turley.
FOLSOM, CALIF. — A 139,377-square-foot retail center in Folsom has received a three-year, $5-million mezzanine loan. The center is shadow-anchored by Wal-Mart. The loan was used to repay existing debt, upgrade the building’s facades and provide capital for further lease up. It was arranged by RCG Longview.
ANAHEIM, CALIF. — A 28,045-square-foot industrial building in Anaheim has sold to La Jolla Leasing M&A, LLC for $2.95 million. It is located at 1240 N. Red Gum Street. La Jolla Leasing plans to occupy the entire building. The buyer was represented by Scott Seal of Lee & Associates. The seller, Frances Seiford, was represented by Seth Davenport and Mitch Zehner of Voit’s Anaheim office.