LAKEWOOD, COLO. – A 48-unit apartment complex located at 1700-1790 Kendall Street in Lakewood was sold to a local non-profit organization for $2,673,000. The organization funded the transaction through the Neighborhood Stabilization Program (NSP2). It also plans to make significant capital improvements to the property to provide an attractive affordable housing option for low-income families. Joe Hornstein of Pinnacle Real Estate Advisors assisted both the buyer and the seller, a private lender, in this transaction.
Western
CORONA, CALIF. – Wermers Multi-Family Corporation has commenced construction on the 404-unit North Main Apartments in Corona. The architect is Architects Orange and the engineer of record is Fuscoe Engineering. Construction will begin with work underground and on the foundations. North Main Apartments is expected to open in spring 2012.
CORONA, CALIF. — Cassidy Turley BRE Commercial has arranged a $17.1-million loan for Eagle Glen Plaza in Corona. Located at the northwest corner of Interstate 15 and Eagle Glen Parkway, the 95,777-square-foot shopping center is anchored by Stater Bros. and is currently fully occupied. Goldman Sachs Commercial Mortgage Capital provided the borrower with a five-year, fixed rate, non-recourse loan that featured a 4.8 percent interest rate. Financing was arranged by Gary Goss of Cassidy’s Capital Markets Group. Thursday’s WREB e-newsletter incorrectly stated that Cassidy Turley BRE had sold Eagle Glen Plaza. We regret the error.
FONTANA, CALIF. — Overton Moore Properties has purchased an 18-acre site near Elm and Poplar Avenues in Fontana. OMP plans to build a single-tenant, 454,000-square-foot, Class A industrial building on the site that will be called OMP Fontana Distribution Center. This project is a joint venture with LaSalle Investment Management. Colliers’ Josh Hayes, Tom Taylor and Steven Bellitti represented both the buyer and the seller, Hanson Roof Tile Company, in this transaction. The project’s architect is HPA Architects.
UNION CITY, CALIF. — Rich Products Corporation has signed a long-term lease at the Willowbrook Business Center in Union City. The 15-year lease includes about 185,500 square feet situated on 9.5 acres. The food service company will be relocating from its current facility in South San Francisco. Rich Products intends to use this new space as one of its primary manufacturing and distribution hubs. CBRE’s Mark Kol and David Black represented Rich Products. Greig Lagomarsino and Rick Keely from Colliers’ Oakland office represented Willowbrook’s landlord, Young’s Holdings.
LOS ANGELES – Avison Young, a Canadian commercial real estate firm, has opened its eighth U.S.-based office. The new office, which is part of Avison’s growth and expansion strategy, is temporarily located at 1100 Glendon Ave in Los Angeles. Neil Resnick has joined Avison as a principal to oversee the new office’s Southern California operations. Matthew Wallace and Maryl Ong have also joined the Los Angeles office as director and marketing coordinator, respectively
WALNUT CREEK, CALIF. — Marcus & Millichap Real Estate Investment Services has sold 2150 North Broadway, a 27,796-square-foot big box fitness facility located in Walnut Creek, for $3 million. Kevin Turner and Michael Cisternino of M&M’s Oakland, Calif., office worked with Brandon Geraldo of the firm’s San Francisco office to market the property exclusively on behalf of the seller, a partnership.
IRVINE, CALIF. — Lee & Associates has sold a 15,436-square-foot industrial building inside the Irvine Spectrum for $3.1 million. Senior vice presidents Mark Jerue, Craig Fitterer and Chuck Hardy represented the seller, East Irvine Properties, LLC. CBRE’s Amy McNamara represented the buyer, HPC Holdings, LLC.
TUCSON, ARIZ. — BH Properties has purchased the 410-unit Casa Bella apartment complex in Tucson for $9.1 million. This is the firm’s sixth multifamily acquisition in less than a year. BH Properties was represented in-house. Hendricks & Partners’ Art Wadlund represented the seller.
VICTORVILLE, CALIF. – A 12,900-square-foot, single-tenant building in Victorville that is occupied by CVS Pharmacy has sold to 14426 Palmdale Rd. LLC for $7.95 million. This was a record-setting $616 per square foot, representing the highest price paid for a single-tenant drugstore building within the Inland Empire since 2007. CVS maintains a long-term, absolute NNN 25-year lease at the property, which was sold at a 6.5 percent cap rate. Hamid Soroudi and Kimberly Roberts Stepp of Charles Dunn Company represented the buyer. Nick Coo and Dennis Vaccaro of Faris Lee Investments represented the seller, NMC El Evado LLC.