NORTHGLENN, COLO. — ARA has brokered the $10.6 million sale of the thoroughly remodeled, 230-unit Highland Way Apartment Homes located just west of Interstate 25 in Northglenn. The more than 35-year-old multifamily property was 97 percent occupied at the time of sale. Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment of Atlanta-headquartered ARA represented the undisclosed seller in the transaction involving Denver-based real estate investor/buyer, Capital Real Estate.
Western
COSTA MESA, CALIF. — In a 1031 exchange involving two Southern California multifamily properties, Marcus & Millichap arranged the sale of an 18-unit apartment building at 1420 Kelton Ave. in Los Angeles, the proceeds of which went toward the acquisition of the 40-unit Villa Cordova, located at 2323 Elden Ave. in Costa Mesa. Marcus & Millichap’s Justin White, John Vorsheck and Rebecca Caldwell, along with John L. Nguyen, found the replacement property, which consists of 26 one-bedroom units and 14 two-bedroom units.
BREA, CALIF. — Voit Real Estate Services has brokered the $4.95 million purchase of a 51,567-square-foot industrial property located at 660 North Puente in Brea. Voit’s Robert Socci and Joseph Miller represented the buyer, Data Technology Printed Circuits, in the transaction; the seller was Kilroy Realty Corp.
LAS VEGAS — Harsch Investment Properties has gotten a 20-year lease commitment valued at $21 million from the Department of Veterans Affairs Consolidated Patient Account Center, located within the Paradise Airport Center at 1085 Palms Airport Drive in Las Vegas. CPAC will bring more than 400 jobs to the area once a $7.5 million redevelopment of the two-story mezzanine office call-center operation is completed for the VA department in summer 2011. Upon completion by Las Vegas-based TWC Construction, the building will house the VA in 51,000 square feet.
RIPON, CALIF. — Grubb & Ellis has negotiated Neenah Paper’s $9 million sale of a 332,400-square-foot industrial facility, located at 924 S. Stockton Ave. in Ripon, to Diamond Pet Food Products. Featuring two active Union Pacific Railroad spurs, the property consists of a 200,000-square-foot manufacturing building, a 100,000-square-foot distribution center and two storage sheds totaling 32,400 square feet. Grubb & Ellis’ Bryce MacDonald represented the seller in the transaction, and John McManus of Cushman & Wakefield represented the buyer.
CAPITOLA, CALIF. — Terranomics Retail Services has negotiated Target Corp.’s purchase of a 98,120-square-foot former Gottschalks’ store, located at 1825 41st Ave. within the Capitola Mall in Capitola. The sale price was not disclosed. Subsequent to being vacated by Gottschalks in mid-2009, the building returned to the lender after a loan default by the previous owner. Terranomics’ Matt Kircher represented the buyer in the transaction; the seller was LNR Partners LLC.
HONOLULU — Holliday Fenoglio Fowler LP has secured $17 million for the refinancing of the 261,038-square-foot Bamboo Commerce Center, an industrial complex situated on 11.4 acres close to the Honolulu International Airport and Honolulu Harbor at 2312 Kamehameha Hwy. On behalf of Fowler Property Acquisitions, HFF’s Tucker Knight placed the 4-year, fixed-rate loan with FundCore Finance. Loan proceeds are refinancing an existing loan encumbering the six-building property, which was completed in 1979 and extensively renovated in 2007.
LAS VEGAS — Faris Lee Investments has completed the $1.835 million sale of a 2,857-square-foot Jack in the Box, located at 9360 W. Tropicana Ave. in Las Vegas, to San Diego-based A. Mashayekan Trust. The fast-food restaurant property was built in 2002. Faris Lee’s Jeff Conover represented the seller in the all-cash transaction.
WINDSOR, CALIF. — Cassidy Turley BT Commercial has brokered the $12.5 million sale of a 65,000-square-foot industrial facility located within the 98-acre, master-planned Shiloh Oaks Commercial Center on the west side of Highway 101 in Windsor. Situated north of Santa Rosa in Sonoma County, the freestanding building is fully net-leased to FedEx Ground. Cassidy Turley’s Chris Sheldon, Andrew Bogardus and Douglas Longyear represented both parties in the transaction.
SAN BERNARDINO, CALIF. — National Equity Advisors has handled the $10.95 million sale of Westside Plaza, a 93,129-square-foot shopping center located at 1554-1594 W. Base Line Street in San Bernardino. Built in 1995, Westside Plaza includes national tenants such as CVS/pharmacy, the U.S. Postal Service, Burger King and Little Caesars Pizza. National Equity Advisors’ Enrique Wong represented the seller, Westside Plaza LLC, in the all-cash transaction involving a California investment buyer.