TEMPE, ARIZ. – Core Campus Communities has purchased 1.7 acres on the southeast corner of College Avenue and 5th Street near Arizona State University and Sun Devil Stadium for $4.75 million. The LLC plans to develop a mixed-use project that consists of 24,000 square feet of retail space and more than 200 residential units. The seller, Logan Tempe, LLC, was represented by Brent Moser, Mike Sutton and Brooks Griffith of Cassidy Turley BRE Commercial’s Land Group.
Western
CORVALLIS, ORE. – Marcus & Millichap Capital Corporation has arranged a $6-million refinancing loan with cash out for an 87-unit student housing community in Corvallis. The five-year loan contains a 30-year amortization period, a 5.04-percent fixed interest rate and a 70-percent loan-to-value. The financing was arranged by Steven Wiltshire, an associate director with M&M's Portland office.
LOS ANGELES – The newly constructed Millennium Warner Center has been sold to Wesco LLP, an Essex Property Trust-sponsored joint venture, for $132,850,000. The 415,040-square-foot luxury multifamily community boasts 438 units and a LEED-Silver designation. It is located inside Los Angeles' Warner Center business district, which is near Woodland Hills. IPA's Stan Jones, Ron Harris, Sal Saglimbeni and Joseph Smolen represented the seller, Warner Center Apartments LP.
SAN DIEGO – The 160-unit Park Grossmont apartment community in La Mesa, Calif., has sold to Prime Residential for $21.75 million. The community consists of 40 four-plexes situated on more than 11 acres. CBRE's Kevin Mulhern, Dixie Hall and Rachel Hemingway represented the seller, Grossmont Partners. Prime Residential represented itself.
SAN JOSE, CALIF. – Bixby Land Company purchased a 164,000-square-foot office campus inside Silicon Valley's Golden Triangle for $19.5 million. The firm plans to invest an additional $11.4 million to renovate the property, which will be completed later this year. Bixby purchased the campus' three vacant office buildings in two separate transactions with sellers Peery Arrillaga and NSJ Investors, LLC. Colliers' Craig Fordyce, Jim Beeger and Mike Rosendin represented NSJ Investors in the sale of 251 and 281 River Oaks Parkway. Peery Arrillaga represented itself in the sale of 211 River Oaks Parkway. Bixby represented itself in both acquisitions.
SCOTTSDALE, ARIZ. – Total Wine & More has leased 21,586 square feet of space at Gold Dust Plaza in Scottsdale. The wine retailer will occupy two vacant spaces, as well as a portion of the existing Ace Hardware store. The 86,507-square-foot Gold Dust Plaza will undergo a significant exterior renovation before Total Wine moves in, which will be in fall 2011. The center will also be re-branded as Total Wine Plaza. Cliff Johnston, John Appelbe and Chris Hollenbeck from Cassidy Turley BRE Commercial’s Retail Services Group represented Gold Dust's landlord, Financial Trading & Transacting, LLC. Total Wine was represented by Western Retail Advisors' Neil Board.
SAN FRANCISCO – Johnson Capital has arranged $50 million in financing secured by the 414-unit South Beach Marina Apartments in Downtown San Francisco. The non-recourse debt, which boasts a fixed interest rate and a 10-year term, was used to refinance tax-exempt bonds. Principal Life Insurance provided the loan for the complex, which is owned by a pension fund. Financing was arranged by Brent Lister and Eric Salveson, senior vice presidents out of Johnson Capital's Los Angeles office.
MESA, ARIZ. – CB Richard Ellis has sold the 210,986-square-foot Mesa Ranch Plaza for $19.1 million. The Mesa-based community shopping center was purchased by Reddy Development. The seller, a lender partnership, had acquired the property through foreclosure from the developer. Mesa Ranch is currently 45 percent occupied. The seller was represented by Philip Voorhees, Todd Goodman, Pat Toomey, Megan Read and John Read of CBRE’s National Retail Investment Group, along with CBRE's local Phoenix investment team of Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham, and retail specialists Kevin Schuck and John Rehling. Reddy was represented by Bruce Francis and Dana Summers of CBRE Capital Markets in Phoenix.
ONTARIO, CALIF. – Cobalt Capital Partners, through its Cobalt Industrial REIT III affiliate, has acquired the 111,890-square-foot Dupont Business Center in Ontario, Calif. This marks Cobalt's first expansion into the Los Angeles-area market. Built in 2001, Dupont Business Center consists of two vacant buildings. Cobalt plans to transform the center into multi-tenant suites that range from 15,000 square feet to 111,890 square feet.
RIALTO, CALIF. – Walker & Dunlop has secured a $20.5-million refinance loan for the 347-unit Orchard Heights Apartments in Rialto. The loan features a 10-year term and a 30-year amortization schedule, along with a 77 percent loan-to-value and a 1.25x debt-service coverage ratio. Built in 1982, Orchard Heights was 86 percent leased at closing.