COLORADO SPRINGS, COLO. — Coyote Management, L.P. and Garrison Investment Group have acquired the Chapel Hills Mall in Colorado Springs, CO, through their affiliates. This super-regional mall boasts six anchors, including Macy’s, Sears, JCPenney, Dillard’s, Burlington Coat Factory and Dicks Sporting Goods. This acquisition will add an additional 1.2 million square feet to Coyote Management’s 3.3-million-square-foot portfolio, for a total of 4.5 million square feet of owned and managed properties.
Western
SAN FRANCISCO — Northmarq Capital has arranged $180 million in first mortgage financing for two San Jose, CA-based apartment buildings. The Woods is located at 4300 The Woods Dr., while Cherrywood Apartments is located at 4951 Cherry Ave. The two complexes boast a combined total of 2,369 units. The borrowers are The Woods, L.P. and Cherry Avenue Development Company, L.P. NorthMarq arranged the financing through its seller-servicer relationship with Freddie Mac. NorthMarq’s Mitch Thurston, senior vice president and managing director, and Andy Ahlers, vice president, arranged the financing. Thurston noted that this is a full-term, interest-only loan with an expansion option.
LAS VEGAS — MIG Real Estate, which was formerly known as Stoneridge Capital Partners, has acquired the 151,662-square-foot Rainbow Corporate Center in Las Vegas through the property’s special servicer. The sale terms were not disclosed. Rainbow Corporate Center is a mixed-use property that consists of two three-story office buildings comprising 147,116 square feet, as well as a 4,546-square-foot, single-story retail building that is anchored by a Starbucks. Cushman & Wakefield’s Michael Roberts, Steve Rowland, Bob Hawkins and Dana Berggren represented the seller. Newport Beach, CA-based MIG represented itself. MIG has closed about $300-million worth of West Coast acquisitions in the past two years, including properties in California, Arizona, Nevada, Colorado, Hawaii and Edmonton, Alberta.
POCATELLO, ID — Idaho State University has purchased a 209,000-square-foot high-tech facility, which it plans to convert into a state-of-the-art national research facility. The building, which is located in the ISU Research Park, was initially constructed in 1996 and expanded in 2000. It contains 87,000 square feet of warehouse space, 69,000 square feet of manufacturing space and 50,000 square feet of office space, among other features. Eric Dienstbach, senior vice president of Binswanger, represented the seller, Kimberly-Clark.
SCOTTSDALE, AZ — Paramount Lodging Advisors has sold the 83-room Country Inn & Suites in Tempe, AZ, for $4.1 million. This represented a cumulative price per room of $56,626, including the property improvement plan. It was purchased by Manchester Alliance Group, which plans to operate the asset as a Country Inn & Suites. Lloyd Farley, Paramount Lodging Advisors’ managing director, represented the seller, Hallmark Inns & Resorts.
PHOENIX — The 100-unit Land Pointe Apartments complex has sold for $3.235 million to Scottsdale, AZ-based Mentor Properties. The two-storycomplex is located at 11600 N. 75th Ave. in Peoria,AZ. It comprises 11 buildings on 7.4 acres with 81,280 net rentable square feet. The seller was the Federal Home Loan Corporation (Freddie Mac). Bill Hahn, Jeff Sherman and Trevor Koskovich from Colliers International’s Phoenix office represented both the buyer and the seller.
LOS ANGELES — Charles Dunn Company has sold a 16-unit apartment community to Los Angeles-based Acorn II Partners, L.P., for $4.1 million. The West Los Angeles complex is located at 1946 Overland Ave. The nearly 20,000-square-foot property, which was built in 1963, was 95 percent occupied at the close of escrow. It sold at a 5.3 percent cap rate. Charles Dunn Company’s Hamid Soroudi represented the buyer. Ramin Gheitanchi, also of Charles Dunn, represented the seller, Heyat, LLC.
CLAREMONT, CA – Colliers International has sold a 16,496-square-foot office building for $4 million. Located at 358-398 W. Foothill Blvd., the building was originally constructed in 1958 and has since undergone two remodels. Han Chen, a senior associate in Colliers’ Downtown Los Angeles office, represented the buyer. NAI Capital’s Cheryl Pestor represented the seller, Community Commerce Bank.
OXNARD, CA – DeVry and NewLeads have signed leases for space at the 600,000-square-foot Topa Financial Plaza. DeVry, a professional school, will occupy 15,000 square feet at 300 E. Esplanade Dr. starting in July. NewLeads, which provides management solutions and trade show lead retrieval software, will occupy 7,000 square feet at 400 E. Esplanade Dr. beginning in August. DeVry was represented by Newmark Knight Frank. NewLeads was represented by Bill Kiefer and Steve Doll of NAI Capital’s Ventura County office. Kiefer and Doll also represented the plaza’s owner, Topa Management, in both leasing transactions.
LAS VEGAS – Marcus & Millichap Real Estate Investment Services has sold a 37,500-square-foot industrial property. Ned Zivkovic and Tina D. Taylor, who work out of the firm’s Las Vegas office, listed the property exclusively on behalf of the seller, a corporation. The duo negotiated a deed-in-lieu of foreclosure. The debt relief was about $1,856,000. The beneficiary also contributed an undisclosed sum. The property, located at 5335 Wynn Rd., also contains 1,500 square feet of office space.