DAVIS, CALIF. – The 120-unit Alder Ridge apartment community in Davis has sold to 4005 Cowell Boulevard Property, LLC for $14,900,000. Located at 4005 Cowell Blvd., Alder Ridge was previously owned by The Second Alder Ridge Group. The sale was negotiated by Steven A. Nelson and Al R. Inouye of Hendricks & Partners’ Sacramento office.
Western
NEWPORT BEACH, CALIF. — Voit Real Estate Services has added 14 properties to its portfolio of asset and property management assignments throughout the Western U.S. These new assignments, which total 944,656 square feet, are located throughout Orange County, Calif., San Diego, Phoenix and Las Vegas. The 14 properties were won within the past 45 days.
CARSON, CALIF. — Herbalife International has signed a 10-year lease for 148,908 square feet of industrial space at 18431 Wilmington Ave. in Carson. The Class A space is within the master-planned Dominguez Technology Center. The facility will act as the company’s Los Angeles distribution headquarters. Herbalife will be relocating from its 82,000-square-foot space within the Watson Industrial Center, also in Carson. Herbalife was represented by JLL’s Mike McRoskey, Frank Scott, Tim O’Rourke and Barry Hill. The owner, Watson Land Company, was represented in-house by Lance Ryan and Mike Bodlovich.
PORTLAND, ORE. – Johnson Capital has arranged a $2.4-million loan for Hawthorne 44, a new 27-unit live-work apartment community in Portland. The three-year, non-recourse loan was provided to the owner, an affiliate of Pathfinder Partners, LLC, by First Fidelity Bank. The loan was arranged by Richard Caterina, vice president of Johnson Capital’s San Diego office.
PHOENIX — NorthMarq Capital has arranged nearly $31 million in first-mortgage financing for four properties throughout Arizona and California. It arranged $5 million for the 25,612-square-foot North Scottsdale Gateway retail center in Scottsdale, Ariz.; $12.446 million for Prospect 400, a mid-rise luxury community in La Jolla, Calif.; $12.3 million for the 153,800-square-foot Prospect Park Commons office complex in Rancho Cordova, Calif.; and $1.2 million for the 22,176-square-foot La Loma Business Park industrial building in Anaheim, Calif. Financing for North Scottsdale Gateway and Prospect 400 was arranged through NorthMarq’s Phoenix regional office. Prospect Park Commons financing was arranged through the firm’s San Francisco office, while La Loma was arranged through the Los Angeles office.
DENVER – ARA has sold 217-unit The Foothills Apartment Homes in Denver to Aukum Management, LLC, for $15,650,000. The property was built in 1983 and was 95 percent occupied at the time of sale. ARA Denver principals Doug Andrews, Jeff Hawks and Terrance Hunt, and senior vice president Shane Ozment represented the seller, a Woodland Hills, Calif.-based real estate company.
SAN DIEGO – A 26-unit, 19,400-square-foot apartment complex in El Cajon, Calif., has sold to LIREF, LLC for $2,417,000. The CBRE Apartment team of Merrick Matricardi, Jim Neil and Eric Comer represented LIREF. The seller, Betty T. Ma, represented herself in the transaction.
PHOENIX – Cincinnati Bell, a data center and telecommunications provider, plans to build a 1-million-square-foot data center near Phoenix, according to CFO Gary Wojtaszek, who made the announcement during a company conference call. Wojtaszek mentioned that Cincinnati was already in negotiations for a 40-acre parcel just outside Phoenix. He noted construction would begin in 2012, and that Phase I, which will likely consist of 40,000 square feet, would hopefully come online in 2013.
PHOENIX – Hendricks & Partners has sold the 124-unit Barrington Regent in Phoenix to Su Casa Investments, LLC for $7,050,000. Located at 825 W. Osborn Road, Barrington was built in 1980 and consists of 93 one-bedroom and 31 two-bedroom units. Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix office represented the seller, Barrington Regent, LLC.
TEMECULA, ROSEVILLE, RANCHO CUCAMONGA, CALIF. –Hobby Lobby has agreed to occupy three former Meryvn’s locations throughout California. The retailer has signed leases for a 76,211-square-foot facility in Temecula; a 76,248-square-foot space in Roseville; and a 74,991-square-foot location in Rancho Cucamonga. All three stores are anticipated to open in fall 2011. The space was leased through Inland Western MDS Portfolio LLC, a wholly owned subsidiary of Inland Western Retail Real Estate Trust.