PHOENIX – Cassidy Turley BRE Commercial has sold building three at 71 Roosevelt Industrial Park, a 164,000-square-foot industrial park that comprises four buildings. The 33,000-square-foot, single-tenant building was purchased by Texas Medical Distributors for $1,369,500. Cassidy Turley’s Steve Mardian, Paul Boyle and Rick Danis represented the sellers, WE Uterque Holdings Corp. (JP Morgan Chase Bank). Lee & Associates’ Matt Fredrick represented the buyers.
MANHATTAN BEACH, CA — Famed director James Cameron’s Lightstorm Entertainment has signed a long-term lease for more than 115,000 square feet at the MBS Media Campus. The lease includes both sound stage space and production office space. This transaction will allow Cameron to utilize the campus for his two planned sequels to Avatar. The production lot is owned by the Carlyle Group and managed by Raleigh Studios. CBRE’s Steve Wiseman represented Lightstorm in the transaction.
PHOENIX — Hendricks & Partners has sold the 200-unit Bella Vista apartment community for $3.2 million. It was sold to Bella Vista Garden Apartments LLP. Hendricks & Partners’ Ric Holway, Greg Thielen, and Chuck LaBenz represented the seller, Municipal Realty Sub3 LLC.
STOCKTON, CA — San Joaquin Partnership has announced that Michael S. Ammann will serve as president and CEO of the economic development organization starting June 15. Ammann is a past president of Solano Economic Development Corporation and has more than 25 years of experience in economic development. He was selected by the Partnership’s Board of Directors, which is composed of publicly elected officials and private business leaders who are based in San Joaquin County. San Joaquin Partnership is a non-profit, public-private organization.
NORTH HOLLYWOOD, CALIF. — Lee & Associates has sold a 15-unit apartment building to a local apartment building investor for $2,450,000. Located at 5253-59 Cartwright Ave., the property attracted six bidders before it was sold. It netted one of the highest sales prices per square foot that the North Hollywood submarket has seen since 2007, according to Lee & Associates. Jeff McGuire, senior vice president, special assets and a principal at Lee & Associates’ Los Angeles North-Ventura office, represented both the buyer and the seller.
BEVERLY HILLS, CA — Coldwell Banker Commercial WESTMAC has sold a 3,800-square-foot building to an overseas investor for $2,150,000. Located at 209 South Robertson Blvd., the one-story, free-standing retail building was vacant at the time of the sale. It was previously a showroom for a classic car reseller. Coldwell’s James Stanfill, Patrick Sheekey and T.C. Macker represented both the buyer and the seller.
DENVER — CBRE has leased 2,182 square feet of medical office space at Aurora Medical Center I to Barlow and Fell MDs. The space is adjacent to the Medical Center of Aurora South Campus. Barlow and Fell MDs will be relocating from the Aurora North Medical Campus. Matthew Leiner, a CBRE leasing associate, represented both the buyer and the seller, along with Jecoah Byrnes, a leasing associate with CBRE Denver’s Healthcare Services.
DENVER — Jones Lang LaSalle has leased 17,000 square feet of Class A office space at Republic Plaza to Unicom Capital. The investment management firm is a current resident of the 56-story office tower, and will expand its occupancy by 7,000 square feet. Peter Schippits, senior vice president at Jones Lang LaSalle, represented the landlord, Brookfield Office Properties, in the lease transaction. Scott Mueller, vice president of Unicom, and Phillip Larson of Larson Bushell, represented Unicom Capital.
DENVER— The Lynd Company has acquired the luxury residences development project at 1891 Curtis Avenue, which is directly above the Ritz-Carlton, Denver. The development includes five floors and 25 high-end, multi-room suites that are being crafted from existing hotel rooms that were previously slated to become The Ritz-Carlton Residences. The Lynd Company partnered with J.P. Morgan Asset Management for the all-cash acquisition. The project was proposed to the real estate investment and management firm by DeLay Development Company and Concord Partners.
UNION CITY and FRESNO, CA — Arbor Commercial Funding has closed two California-based loans totaling $28.3 million. The loans were obtained under the Fannie Mae DUSLoan and Fannie Mae DUSSmall Loan product lines. The first was for the 250-unit Greenhaven Apartments in Union City for $26.3 million. This is a 10-year acquisition loan with a 30-year amortization schedule. The second was for the 48-unit Lions Gate Apartments in Fresno for $2 million. This is a 10-year refinance loan with a 30-year amortization schedule. The loans were originated by Jay Porterfield, a vice president in Arbor’s Plano, TX-based lending office.