PARKER, COLO. — JRK Property Holdings has purchased the 325-unit Briargate on Main apartment community in Parker for an undisclosed sum. The community was built in 2003 and was 93 percent occupied at the time of sale. The seller, Colony Realty Partners, was represented by Doug Andrews, Jeff Hawks, Shane Ozment and Terrance Hunt of ARA Colorado.
RIVERSIDE, CALIF. — CIP Real Estate has secured 45,000 square feet worth of leasing space at the Summit Business Center in Riverside. This includes a 3,500-square-foot office space for the State of California; 7,500 square feet for Advanced Imaging Solutions; and 2,500 square feet for Goodwill Industries. Crescent Healthcare also expanded its space at the center by 6,300 square feet, while the County of Riverside extended its lease for 15,200 square feet of space. These lease transactions have increased the center’s occupancy from 35 percent to 50 percent. CIP also recently announced plans to invest $1.6 million in capital improvements at the center, as well as $2.2 million for interior tenant improvements. Renovations are expected to be completed in the second and third quarters of 2012. Phil Woodford and Vindar Batoosingh of CBRE’s Ontario office represented the property’s landlord in all the lease transactions.
PHOENIX — ViaTeK Solutions has signed a three-year lease for 23,225 square feet of warehouse space at Freeport Buckeye West in Phoenix. This will be the company’s first Phoenix-area location. ViaTeK was represented by Bill Bayless and Andrew Brigham of CBRE’s Phoenix office. The landlord, B-V Freeport Distribution Center LLC, was represented by Bo Mills, Mark Detmer and Will Strong of Cushman & Wakefield in Phoenix.
TUCSON, ARIZ. – The 22-unit Academy Lofts in Tucson has received $1,668,000 in first-mortgage refinancing. The loan features a 10-year term and a 30-year amortization schedule. It was arranged by James DuMars and John Kinser of NorthMarq’s Phoenix regional office via the firm’s relationship with Fannie Mae.
HENDERSON, NEV. – The 360-unit La Serena at the Heights in Henderson has received a $24.4-million loan. The non-recourseFHA financing was provided by Red Mortgage Capital, LLC.
LONG BEACH, CALIF. — The 10-unit Prospect Apartments in Long Beach has sold to H. & W. as J.T. or assignee for $3,045,000. The apartment community, located at 145 Prospect Ave., was completely rebuilt in 2010. The seller, a private investor, offered financing for 30 years at a 4 percent interest rate. The seller was represented by Robert Stepp of Hendricks & Partners’ West Los Angeles office.
CHATSWORTH, CALIF. — Boulder Electric Vehicle has leased a 27,714-square-foot industrial building in Chatsworth. The building will allow the company to expand its manufacturing operation that is currently based in Boulder, Colo. The new center is located at 9655 Irondale Ave. Boulder Electric Vehicle was represented by Mike Fowler and Ben Stapleton of Jones Lang LaSalle Los Angeles.
TEMPE, ARIZ — Hiring solutions provider Verifications has signed a five-year lease for 20,179 square feet inside the Warner Crossing Business Park in Tempe. The lease is valued at $1.3 million. Verifications plans to utilize this space, located at 8260 South Hardy Drive, as its new Western service center. The company was represented by Mike Beall of Cushman & Wakefield. The business park’s ownership group, a West Coast special servicing company, was represented by Scott Nelson and Troy Nelson of Voit’s Phoenix office.
LOS ANGELES — Kenneth Leventhal, a certified public accountant and entrepreneur who founded and built what would eventually become the largest CPA firm in the United States specializing in real estate, died May 8. He was 91 years old. In 1949, he founded Kenneth Leventhal & Co. with his wife, Elaine. The company merged with Ernst & Young in 1995. At the time of the merger, the Leventhal firm was recognized as the leading CPA firm in real estate with nearly $200 million in revenues. During the course of his life, he became as much of a philanthropist as he was a businessman. He led a fund-raising drive for the University of Southern California, which raised more than $2.85 billion when it concluded in 2003. The campaign was the most successful fund-raising effort in higher education. Mr. Leventhal is survived by his wife of 63 years, Elaine Otter, his sons Robert and Ross (Mary Jo), granddaughter Emma, brother Henley, and a niece and nephews.
PHOENIX – A 23,000-square-foot retail property in Phoenix called 38th Street Plaza has received a $3.1-million loan to refinance. The 17-tenant center was built in 1979. The non-recourse loan features a 10-year term and a 30-year amortization schedule. It was underwritten to a 75 percent loan-to-value. The cash-out refinance was arranged by Neal Churney and Don Burnes of Johnson Capital’s Phoenix office.