LAS VEGAS — CB Richard Ellis’ Bob Miller represented JMF Properties LLC in its $2 million sale of an approximately 2,375-square-foot restaurant building, located at 2512 E. Sunset Road in Las Vegas. Genevieve Las Vegas Properties LLC purchased the former Taco Bell location.
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DENVER — Pinnacle Real Estate Advisors has handled a nearly $1.5 million sales transaction involving a 12-unit apartment building, located at 701 28th Street in Denver. Built in 1960, converted from apartments to condominiums in 2007 and renovated again in 2010, the Mulberry Flats property is situated near downtown just blocks from Five Points Plaza in the Curtis Park neighborhood. Pinnacle’s Joe Hornstein represented the seller in the transaction, and the brokerage firm’s Kevin Calame and Matt Lewallen represented the buyer.
OCEANSIDE, CALIF. — NorthMarq Capital has arranged $20.25 million in first-mortgage financing for the 252-unit River Oaks Apartments, located at 3891 San Ramon Drive in Oceanside. The multifamily financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq’s Michael Elmore through its seller-servicer relationship with Freddie Mac. This was the first broken condo loan by Freddie Mac in their CME loan format, according to Elmore.
CANNON BEACH, ORE. — Sonnenblick-Eichner Co. has arranged $20.5 million in first-mortgage financing for the 97-room Surfsand Resort, located at 148 West Gower in Cannon Beach. To be used to pay off an existing renovation and redevelopment loan previously placed by Sonnenblick-Eichner, the new 5-year, LIBOR-based, non-recourse loan was financed by a private debt fund. The full-service resort underwent a $13.2 million renovation and redevelopment in 2008. Situated 90 minutes from Portland and approximately 3 hours from Seattle by car, Surfsand Resort offers a restaurant with a lounge and bar, a spa, a fitness center, an indoor pool and 3,600 square feet of meeting space.
PHOENIX — Buchanan Street Partners has sold the 176,800-square-foot Catalina Terraces, a Class A office building located in Phoenix, to Santa Fe, N.M.-based Rosemont Realty for $20.75 million. Jim Fijan’s CB Richard Ellis brokerage team executed the sale of the three-story, multi-tenant property to the national commercial property acquisition and asset management company.
LOS ANGELES — Watt Commercial Properties has completed a $14 million redevelopment of Palo Woods Shopping Center, encompassing the entire nine-acre property in the Harbor City area of Los Angeles. Watt converted the existing 77,000-square-foot Kmart building into two separate retail spaces, which will be occupied Ross Dress for Less and LA Fitness. Wilson Commercial Real Estate represented the developer in the respective 29,105-square-foot and 44,000-square-foot lease deals. Watt is also developing two new retail pads to front Sepulveda Boulevard.
ESCONDIDO, CALIF. — Marcus & Millichap has brokered the $5.2 million sale of State Place Business Park, a 49,324-square-foot multi-tenant business park located at 300-398 State Place in Escondido. Built in 1990 and 1999, the four-building property was more than 90 percent leased at the time of sale. Marcus & Millichap’s Michael Lawrence assisted the seller in a transaction involving two limited-liability companies.
IDAHO SPRINGS, COLO. — Pinnacle Real Estate Advisors has handled the $1.75 million sale of 40-unit The Big Horn Apartments, located 30 miles west of Denver at 3201 Riverside Drive in Idaho Springs. Constructed in 1974, the multifamily property consists of four studio, 18 one-bedroom/one-bath and 18 two-bedroom/two-bath units. Pinnacle Real Estate Advisors’ Matt Ritter and Jeff Johnson assisted the seller in the transaction, and Sandy Feld and Mike Hehir of Shames-Makovksy Realty Co. assisted the buyer.
SANDY, UTAH — On behalf of CC Industries, Binswanger has closed the sale of a two-building, 60,827-square-foot facility, located two blocks from Interstate 15 on 11.321 acres at 9100 South 500 West in Sandy. The Salt Lake City-based buyer was LRF Development III LLC. Eric Dienstbach of Philadelphia-based Binswanger represented the seller.
LA MIRADA, CALIF. — Voit Real Estate Services and CB Richard Ellis have completed a 10-year lease of a 120,348-square-foot industrial property located adjacent to the Orange County line at 16050 Canary Ave. in La Mirada. Voit’s Luke McDaniel and Cameron Driscoll and CBRE’s Rick McGeagh and Josh Bonwell represented the landlord, Mirada Enterprises, in the transaction, and NAI Capital’s Doug Wubbena represented the lessee, E.T. Horn Co.