COLORADO SPRINGS, CO. — Greg Duvall of NorthMarq Capital's Kansas City, Mo., office arranged first mortgage financing of $4.5 million for the 148-unit Skyway Village Apartments, located at 864 Oxford Lane in Colorado Springs. Financing was based on a 10-year term with 2 years interest followed by a 30-year amortization schedule. NorthMarq arranged the loan through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
Western
FRISCO, CO. — A 2,661-square-foot building, located at 865 North Summit Blvd. in Frisco, has sold for $2.43 million. The building is leased to a local Taco Bell franchisee, who signed a 20-year, triple-net lease in 2004. Drew Isaac of Marcus & Millichap's Denver office represented the seller, the original developer of the property.
EL CAJON, CALIF. — Cassidy Turley BRE Commercial has brokered the $2.5 million sale of a 44,424-square-foot industrial building located at 165 Denny Way in El Cajon. Originally built in 1986 as Valley Bowl, the facility was purchased in lieu of foreclosure with Independence Bank. Cassidy Turley BRE Commercial’s Ken Ruppert, Kerry Schimpf and Cameron Czubernat represented the seller, IBARC LLC, in the transaction, and Erik Wiese of Wiese & Associates represented the buyer, Hormuth Properties. The building has been used as a granite/stone-manufacturing site for the past 10 years.
LAKEWOOD, WASH. — Marcus & Millichap has presided over the more than $2.22 million trade of the 54-unit Eagles' Lair Apartments, located at 12710 56th Ave. Court SW in Lakewood. The 39,046-square-foot multifamily property consists of 35 one-bedroom/one-bathroom and 19 two-bedroom/one-bathroom units. Marcus & Millichap’s Scott Morasch represented both the REIT buyer and the government-agency seller in the transaction.
SANTA CLARITA, CALIF. — Lee & Associates-LA North/Ventura has transacted the more than $2 million acquisition of a 20,000-square-foot industrial property located at 24950 Ave. Kearny in the Valencia area of Santa Clarita. A leading provider of Avid Rental Systems to the entertainment industry, QSR Systems purchased the freestanding building, which offered an attractive office build-out, for its own use. Lee & Associates’ Brett Warner represented the buyer in the transaction, and CB Richard Ellis represented the seller, The Realty Associates Fund.
SAN FRANCISCO — The U.S. General Services Administration has selected Jacobs Engineering Group as the construction management team for the $122 million renovation of The Federal Building at 50 UNP, located in San Francisco. The building was designed by local architect Arthur Brown, Jr., in 1936 and has not previously been renovated. The project, which is being funded under the American Recovery and Reinvestment Act of 2009, will convert the 350,213-square-foot building into a high-performance green building and is scheduled for completion in 2013.
NEWARK, CALIF. — BioMed Realty Trust has signed a new lease with Logitech for 263,543 square feet of office space through February 2023 at its Pacific Research Center in Newark. Terms of the lease were not disclosed.
VISTA, CALIF. — The 36-unit Pacific Sun Apartments, located at 951 Taylor St. in Vista, sold for $4.1 million. Chase Commercial Bank provided acquisition funding. Ray Adams of San Diego-based Cassidy Turley BRE Commercial represented the buyer, Judd RR Investments, and the seller, locally-based Kuhio Partnership.
GOODYEAR, ARIZ. — The 145-acre master-planned community Palm Valley Phase IX, located west of the corner of Litchfield and Camelback roads in Goodyear, has sold for $3.9 million. The land is entitled for a 218-lot residential community, 20 industrial lots and 8.75 acres of high-density residential development. The seller, Phoenix-based Southwest Solar Technologies, was represented by Jason Hyams, Dave Headstream and Mike Ratliff of CB Richard Ellis' Phoenix office. The buyer, New York City-based Crown West Realty, a joint venture of New York City-based Petrus Partners Ltd. and Scottsdale, Ariz.-based Voyager Investment Properties, did not utilize outside representation.
SAN JOSE, CALIF. — Dennis Williams of NorthMarq Capital's San Francisco regional office has arranged first mortgage financing of $32 million for the 189-unit Village of Marineo, located at 100 Palm Valley Blvd. in San Jose. Financing was based on a 6-year term with a 30-year amortization schedule for the borrower, GBR Palm Valley Podium, through NorthMarq's relationship with Guardian Life Insurance Co.