AUBURN, WASH. — Loja Real Estate, LLC, has purchased the Lakeland Town Center for one of the firm’s separate accounts for $39.4 million. Lakeland Town Center is a 125,000-square-foot shopping center in Auburn. It is located within the master-planned community of Lakeland. Kevin Van Voorhis of Colliers International's San Francisco office represented the Loja Group. Paul and Billy Sleeth of Colliers' Seattle office represented Lakeland Town Center II, LLC. The Seattle office will also manage the property.
Western
ALAMEDA, CALIF. — Jamestown, the owner of the 594,000-square-foot Alameda Towne Centre has announced that it will re-brand the open-air retail center as Alameda South Shore Center. The center was known as South Shore Center until 2002 when it underwent an $85-million redevelopment. Jamestown purchased the center from Harsch Investment Properties this past January for $181 million. It was the largest retail center transaction that had occurred in the continental U.S. in the past year.
LOS ANGELES — The Cypress Retail Group, a partner of X Team International, has completed a lease for the first full-service 24 Hour Fitness SuperSport in North Hollywood, Calif. The lease is valued at $11 million. The 33,000-square-foot space resides within the NoHo Commons shopping center. The SuperSport is anticipated to open July 23. X Team International partner Robert Walsh represented the tenant. The landlord was represented by Eric Reuveni of Los Angeles Real Estate Group.
PARKER, COLO. — Westwood Financial Corp. has acquired the 6,336-square-foot Stroh Ranch Retail Center in Parker. The asset was purchased in a short sale. The acquisition is in line with Westwood's goal of purchasing about $100 million-worth of small, distressed strip centers. The property contains two units, the smaller of which is vacant.
LONG BEACH, CALIF. — New Hope Home, a 140-unit senior housing development in Long Beach, has undergone a significant renovation thanks to Boston Capital. The real estate investment and advisory firm executed the rehab with tax credit equity from the Low Income Housing Tax Credit program. The eight-story New Hope Home features 84 studios and 56 one-bedroom units that are available to seniors ages 62 and older who earn less than 60 percent of the area's median income.
FORT COLLINS, COLO. –— Big Time Trampoline Fun Center has signed a lease to occupy 26,744 square feet in the Arvada Marketplace East shopping center in Arvada, CO. Since NewMark Merrill purchased the shopping center in 2010, Arvada's vacancy rate has dropped from 56 percent to 38 percent. The grand opening for the Big Time Trampoline Fun Center, which features trampolines, obstacle courses, mazes and more, is scheduled for July 2011.
LOS ANGELES — Marcus & Millichap Capital Corporation has arranged a $6,050,000 refinancing loan for a Los Angeles shopping center. The 10-year fixed debt includes a 30-year amortization period and was provided by a CMBS lender. In addition to retail, the property also features 85 multifamily units, which were not included in the loan. Financing was arranged by Rick Padilla, a senior director in Marcus & Millichap’s Long Beach office.
PHOENIX — Cassidy Turley BRE Commercial has sold a 41,248-square-foot office building in Phoenix for $3.63 million. The buyer, Shea & Tatum LLC, is the parent company of Premier Hospice and Palliative Care. It plans to occupy about 5,000 square feet inside the building, bringing the property's total occupancy to 100 percent. The seller was JPMCC 2005-LDP2 Offices at 4530 LLC. This company was formed by US Bank as a trustee for the registered holders J.P. Morgan Chase Commercial Mortgage. JPMCC was represented by Cassidy Turley's Eric Wichterman, Mike Coover and Gordon Raguse. KW Commercial's Chad Dearmore represented Shea & Tatum.
POMONA, CALIF. — Institutional Property Advisors has sold the 172,108-square-foot, 220-unit Pine Club Apartment Homes in Pomona to a private investor for an undisclosed sum. IPA is a division of Marcus & Millichap Real Estate Investment Services. IPA's Greg Harris and Kevin Green represented both the buyer and the sellers, MHE Real Estate and Sussex Capital Group, in this off-market transaction.
NEWPORT BEACH, CALIF. — Voit Real Estate Services has sold an 11,684-square-foot office building in Newport Beach for $3,975,000 million. The buyer, whose name was not disclosed, plans to occupy the building. The property is located at 20062 Birch St. Carter Harrington and Steve Lane from Voit's Irvine office represented the seller, IT Construction, LLC. Michael Hartel, also of Voit's Irvine office, represented the buyer.