SALEM, ORE. — Capitol City Business Center in Salem has sold to an institutional owner for nearly $31 million. The 233,358-square-foot office building is located at 4600 25th Ave. NE. Buzz Ellis, Michel Seifer, Paige Morgan and Aaron Herter of Jones Lang LaSalle’s Capital Markets team represented Angelo Gordon and Meriwether Partners on this transaction.
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EL CAJON, CALIF. – The 132-unit affordable housing property at 380 Mollison Ave. in the San Diego submarket of El Cajon has sold to Highland Property Development for $15.25 million. The buyer plans to invest $5.5 million in capital improvements for the property, which is also known as Key Largo Apartments. The seller, Key Largo Partners, was represented by CBRE’s Dixie Hall, Kevin Mulhern and Rachel Parsons, along with Jim Lampman and Jerry Low of Affordable Housing Group.
SCOTTSDALE, ARIZ. — Broadstone Scottsdale Waterfront, LLC, a partnership between Alliance Residential and JP Morgan Asset Management, has purchased the 3.35-acre Lot 4 development site at Scottsdale Waterfront for $13.5 million. Alliance plans to build a 259-unit luxury apartment community on the site. David Fogler, Steven Nicoluzakis and Don Arones with Cassidy Turley BRE Commercial represented the seller, Scottsdale Waterfront LLC, a partnership between Starwood Capital Group and Golub & Co., in this transaction.
LOS ANGELES — Raintree Partners has purchased the Vista Paradiso and Villa Sofia condominiums for $24.2 million. The two luxury properties total 63 units and reside within the San Fernando Valley. Both are currently vacant condo projects that Raintree plans to hold and manage as rental units. The 24-unit Vista Paradiso is located at 11805 Laurelwood Drive in Studio City. The 39-unit Villa Sofia is located at 4470 Woodman Ave. in Sherman Oaks. Raintree was represented by Hirsch Sherman and Jared Levine of KW Commercial. Daron Campbell, also of KW, represented the seller.
CENTRAL VALLEY, CALIF. – A portfolio sale that includes four Rite Aids in the Central Valley has sold to a private investor for $23 million. The properties total 69,088 square feet throughout Shafter, Fresno, Selma and Delano. The buyer was represented by Craig Tomlinson of Stan Johnson and Associates. The seller, Halferty Wilson Nicholas Properties, LLC, was represented by Christopher E. Maling and David Maling of Colliers’ Downtown Los Angeles office.
DENVER — Enterprise Park, a three-building industrial park in Denver, has received $23 million in financing. The industrial park totals 458,397 square feet and was constructed in 2008. Financing was provided by Steve Bye and Dan Lucchesi of NorthMarq Capital’s Denver office for the borrower, an affiliate of Etkin Johnson Group.
CITRUS HEIGHTS, CALIF. — The Meadows, a 256-unit apartment community in Citrus Heights, has sold to Xchange Solutions for $14 million. The property is located at 7677 Greenback Lane. The seller was First American Exchange Company, LLC, which acted as qualified intermediary for Meadow Gardens I, LLC; First American Exchange Company, LLC, which acted as qualified intermediary for Meadow Gardens II, LLC. The transaction was negotiated by Steven A. Nelson and Al R. Inouye of Hendricks & Partners’ Sacramento, Calif., office.
COLORADO SPRINGS, COLO. — The 150-unit Copper Chase in Colorado Springs has sold to an affiliate of Seagate Properties for $9.75 million. The community was built in 1969 and was 93 percent occupied at the time of sale. Doug Andrews, Jeff Hawks, Ken Greene and Kevin McKenna represented the seller, WillMax Capital, in this transaction.
MORENO VALLEY, CALIF. — A 40,000-square-foot retail property in Moreno Valley that is occupied by Sports Authority has sold to Day Moreno Valley LLC for $7.85 million. The property was built in 2009 and is located at 12450 Day Street. It resides within the TownGate Crossing retail center. Dennis Vaccaro and Donald MacLellan of Faris Lee Investments represented the seller, Gateway Company, L.C.
SANTA FE SPRINGS, CALIF. – A 115,000-square-foot grocery-anchored shopping center in Santa Fe Springs that is known as the Santa Fe Springs Promenade has sold to Milan Capital Management for a reported $23 million. The center was more than 90 percent occupied at the time of closing. Santa Fe Springs Promenade was built over time throughout the mid-1960s to the 1990s. It includes six pad buildings that contain fast food restaurants and a bank branch. Milan Capital plans to “parcelize” the pad buildings and potentially sell them as single-tenant net leased investments. The firm purchased the promenade as a joint venture with a group of high-net-worth individuals. George Prince of Prince Commercial Real Estate Services represented both the buyer and seller, F. J. Hanshaw Properties, in this transaction.