DENVER – The 23-unit 915 Carr Street apartment complex in Denver has sold for $1.6 million. The complex was built in 1968 and resides near the Lakewood Country Club. Pinnacle Real Estate Advisors’ Matt Lewallen and Kevin Calame represented the seller. The firm’s Matt Ritter and Jeff Johnson represented the buyer.
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LOS ANGELES — Marcus & Millichap has sold two Southern California-based net-leased assets for a total of $6.3 million. They include a 25,998-square foot former Ralphs in Lomita that sold for $5.1 million, or $196 per square foot, and a 52,340-square-foot Albertsons in Downey that sold for $1,275,000, or $24 per square foot. Alex Kozakov and Patrick Wade of Marcus & Millichap’s Los Angeles office represented both the buyer and the seller of the former Ralphs. The supermarket’s lease expired earlier this month, and it did not have the option to renew. It was sold to a private REIT by two family trusts. The duo also worked on the Albertsons’ sale, in which a Southern California-based developer sold to a local 1031 Exchange buyer.
SAN BERNARDINO, CALIF. — The 1.4-million-square-foot Cajon Distribution Center in San Bernardino has sold to Invesco Real Estate for an undisclosed sum. The Class A space is fully leased by Hewlett Packard. It was sold by a partnership that includes Westcore Properties, CT Realty Investors, PCCP, LLC and Behringer Harvard. CBRE’s Darla Longo and Barbara Emmons represented both the buyer and the seller in this transaction.
GREENWOOD VILLAGE, COLO. – A 41,800-square-foot office building located at 5675 DTC Blvd. in Greenwood Village has sold to Chotin Properties, LLC, an affiliate of the Chotin Group Corporation, for $2.4 million. Chotin plans to occupy 10,000 square feet at the building after it relocates from its current location at the nearby Plaza Tower One office late next year. The company intends to renovate the DTC building. Tom Lee and Dann Burke of Newmark Knight Frank Frederick Ross represented Chotin. They are also acting as the property’s new leasing agents. The firm will serve as the on-site property manager, as well.
LOS ANGELES – The Chinatown Metro Apartments project in Los Angeles has been sold to Meta Housing for $9 million. This stalled affordable housing project consists of two buildings and 152,127 square feet. It is located at 808 S. Spring Street in Los Angeles’ Chinatown submarket. The former office property will be converted into affordable housing units under the City of Los Angeles’ Adaptive Reuse Ordinance. Meta Housing, an affordable housing developer, plans to complete the conversion and deliver 123 affordable housing units to the area in early 2013. Charles Dunn’s Albert Shilton represented Meta Housing. The property was sold by the KOR Group as a short sale through the lender, Bank of America.
CITY OF INDUSTRY, CALIF. — A 131,420-square-foot industrial property located at 19161 E. Walnut Drive in the City of Industry has sold to JP Original for $9 million. The single-story building was constructed in 1982. Adam Dzierzynski and Dennis Keane of Lee & Associates’ City of Industry office represented JP Original, which designs women’s shoes. Cushman & Wakefield’s Erik Larsen and Robin Dodson represented the seller, Unilever.
REDMOND, WASH. – The 882-unit Archstone Redmond Hill apartment community was sold to Essex Property Trust for an undisclosed price. Kenny Dudunakis and Marty Leith of Hendricks & Partners’ Seattle office represented both the buyer and the seller, Archstone, in this transaction.
FARFIELD, CALIF. – The 438-unit Almond Tree Storage facility has sold for $3,475,000. The self-storage facility is located at 725 Railroad Ave. in Fairfield. It was built in 1991. Christopher R. Secreto and Joel Deis from Marcus & Millichap’s Seattle office exclusively marketed the property on behalf of the seller, a private investor. Broker Stephen Stein also assisted in the closing of this transaction.
SANTA CLARA, CALIF. — NorthMarq Capital has arranged $10 million in supplemental mortgage financing for the 1,000-unit Mansion Apartments in Santa Clara. Financing was based on a five-year term and a 30-year amortization schedule. NorthMarq arranged the financing for the Prometheus-related entity through its correspondent relationships with Teachers Insurance and Annuity Association (TIAA) and Allstate Life Insurance Company jointly. This was the second supplemental loan on the property, according to Jeffrey Weidell, executive vice president and managing director of NorthMarq’s San Francisco office, who arranged the financing. The loan was obtained following the completion of 124 additional on-site units.
SAN FRANCISCO — T5 Data Centers, an Atlanta-based data center owner and operator, has expanded into California with the opening of a San Francisco office. The firm is also converting a Los Angeles-area building into a wholesale data center, and has hired development expert Aaron Wangenheim, who will serve as executive vice president and partner. Wangenheim will oversee the firm’s Western expansion.