DENVER – ARA has sold 217-unit The Foothills Apartment Homes in Denver to Aukum Management, LLC, for $15,650,000. The property was built in 1983 and was 95 percent occupied at the time of sale. ARA Denver principals Doug Andrews, Jeff Hawks and Terrance Hunt, and senior vice president Shane Ozment represented the seller, a Woodland Hills, Calif.-based real estate company.
Western
SAN DIEGO – A 26-unit, 19,400-square-foot apartment complex in El Cajon, Calif., has sold to LIREF, LLC for $2,417,000. The CBRE Apartment team of Merrick Matricardi, Jim Neil and Eric Comer represented LIREF. The seller, Betty T. Ma, represented herself in the transaction.
PHOENIX – Cincinnati Bell, a data center and telecommunications provider, plans to build a 1-million-square-foot data center near Phoenix, according to CFO Gary Wojtaszek, who made the announcement during a company conference call. Wojtaszek mentioned that Cincinnati was already in negotiations for a 40-acre parcel just outside Phoenix. He noted construction would begin in 2012, and that Phase I, which will likely consist of 40,000 square feet, would hopefully come online in 2013.
PHOENIX – Hendricks & Partners has sold the 124-unit Barrington Regent in Phoenix to Su Casa Investments, LLC for $7,050,000. Located at 825 W. Osborn Road, Barrington was built in 1980 and consists of 93 one-bedroom and 31 two-bedroom units. Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix office represented the seller, Barrington Regent, LLC.
TEMECULA, ROSEVILLE, RANCHO CUCAMONGA, CALIF. –Hobby Lobby has agreed to occupy three former Meryvn’s locations throughout California. The retailer has signed leases for a 76,211-square-foot facility in Temecula; a 76,248-square-foot space in Roseville; and a 74,991-square-foot location in Rancho Cucamonga. All three stores are anticipated to open in fall 2011. The space was leased through Inland Western MDS Portfolio LLC, a wholly owned subsidiary of Inland Western Retail Real Estate Trust.
AURORA, COLO. – The 480-unit Conifer Creek community has sold to Grand Peaks Properties for $38,150,000. It was 98 percent occupied at the time of sale. ARA Denver principals Jeff Hawks, Doug Andrews and Terrance Hunt, along with senior vice president Shane Ozment, represented the seller, TGM Associates.
INGLEWOOD, CALIF. — PM Realty Group and the Steve Miller Company have co-brokered a lease agreement for nearly 30,000 square feet of medical office space for Didi Hirsch Community Mental Health Center at the 70,000-square-foot Freeman Medical Towers in Inglewood. The lease is value at more than $6 million. PM Realty and Steve Miller represented the landlord, Grabel Financial & Linton Financial, in the transaction.
DENVER – Seagate Properties has opened an office in Denver after deciding to expand its commercial real estate portfolio in Colorado. The company’s first area acquisition was 246-unit The Dakota at Governors Ranch in nearby Littleton, Colo., for $24.55 million. Seagate has also purchased the 77-unit Cascade Park Apartments, the 33-unit Boulder Crescent Apartments, both in Downtown Colorado Springs, and the 115-unit Fillmore Ridge Apartments in Colorado Springs. Seagate’s Denver office is temporarily co-located with Cassidy Turley/Fuller’s office at 1515 Arapahoe Street, Suite 1200, in Denver.
TEMPE, ARIZ. – The mixed-use Crossroads of Tempe development has been sold to a joint venture between Via West Properties, LLC, and Southwest Value Partners for $4,055,000. The property is composed of three buildings that contain 96,600 square feet of office and 15,460 square feet of retail space. The office space is currently vacant. The retail space is 55 percent leased. Cushman & Wakefield’s Gustin, Karsten Peterson, Dave Seeger, Ryan Bartos and Rachael Kimsey represented both the buyer and the seller, Castle & Cooke.
FONTANA, CALIF. – A 410,000-square-foot, Class A industrial warehouse in Fontana that is currently leased by Anna's Linens has been purchased for about $25 million by 10721 Jasmine LLC. The facility, which includes a 20,000-square-foot office space, is used by the retailer as a centralized distribution center for the Western United States. Jeff Cannon, corporate managing director, and associate Paul Jones of Studley’s Southern California Industrial Services Group represented 10721 Jasmine. Colliers' Tom Taylor and Steve Bellitti represented the seller, BlackRidge Real Estate Group.