PHOENIX – A 76,286-square-foot office building, located at 2929 E. Camelback Road in Phoenix, has been purchased by Greenlaw Partners for $7.5 million. The Class B office building was constructed in 1982 and underwent significant renovations in 2008. It was 52 percent leased at the time of sale. Eric Wichterman and Mick Coover of Cassidy Turley BRE Commercial’s Capital Markets Group represented both the buyer and the seller, Stoughton Plaza, LLC, in this transaction.
Western
SAN DIEGO – The 68-unit Southridge Apartments in San Diego’s La Mesa submarket has sold to a private individual for $7,050,000. The 45,780-square-foot complex was built in 1973 and is located at 7200 Saranac Street.The CBRE Apartment team of Jim Neil and Eric Comer represented both the buyer and the seller, Southridge Apartments, in this transaction.
BELLFLOWER, CALIF. – The 60,000-square-foo tRosewood Center in Bellflower has sold to Bequer Investments for $6.5 million. The shopping center was 70 percent occupied at the time of sale. Bequer was represented by CBRE’s Arthur Flores. The seller, AG/BP Rosewood, LLC, was represented by Christopher E. Maling and David Maling from Colliers’ Downtown Los Angeles office.
ONTARIO, CALIF. — Johnson Capital has arranged $19.7 million for the 168-unit Woodmere Apartments in Ontario. The non-recourse FHA loan features a low fixed rate and a 35-year term. The debt will be utilized to refinance the apartment community, which was built in 1986. The loan was arranged on behalf of Woodmere’s owner, a local investor, and was provided by Johnson Capital Huntoon Hastings. Financing was arranged by Greg Richardson, managing director, and Scott Watson, vice president, of Johnson Capital’s Irvine, Calif., office.
HUNTINGTON BEACH, CALIF. – A 64-unit apartment complex in Huntington Beach has sold to MHE Properties for $12,730,000. The complex underwent a full renovation in 2004 and is 100 percent occupied. Pat Swanson of Colliers International’s Irvine, Calif., office represented both the buyer and the seller, The Von Gremp Family.
GOLETA, CALIF. — Lockheed Martin Corporation has renewed its lease for 84,181 square feet at the Santa Barbara Business Park in Goleta. The five-year lease includes two 42,000-square-foot, Class A buildings at 336 and 346 Bollay Drive. The space will be occupied by Santa Barbara Focalplane, a Lockheed Martin Missiles and Fire Control business. The Towbes Group represented the landlord in this transaction.
BROOMFIELD, COLO. – A parcel of land located at Venue at Arista in Broomfield has sold to Arista Investors Colo. II/ Arcadia Holdings from SA Group Properties for $2,547,500. Mike Kboudi and TJ Johnson of Cassidy Turley Fuller Real Estate represented the buyer.
MESA, ARIZ. – The 120-unit Sycamore Square Apartments in Mesa has sold to RND6, LLC from Orion Pacific Note Investors, LLC for $6,250,000. The complex was built in 1979 and is more than 90 percent leased. Alon Shnitzer of Marcus & Millichap’s Phoenix office was the transacting broker.
SAN DIEGO — San Diego Miramar College has recently completed its 270,000-square-foot, 828-space parking structure and its 5,108-square-foot police substation. The substation is hoping to receive LEED-Platinum certification. If it does, Miramar College will be the first of San Diego’s higher education institutions to achieve this fete. The $17.9-million project was built by McCarthy Building Companies.
PHOENIX — Jones Lang LaSalle’s Capital Markets group has hired John Cunningham to establish and grow the firm’s multifamily investment sales practice in Phoenix and the surrounding region. Cunningham will serve as executive vice president. The firm noted this is the latest move in a company-wide strategy to grow its multifamily expertise in core markets as they track their recoveries.