TUCSON, ARIZ. — University Communities LLC has purchased a 76-unit apartment property, located at 1050 E. 8th Street in Tucson, for nearly $8.29 million. PICOR Commercial Real Estate Services’ Bob Kaplan represented the seller, 8th Street Apartments LP, in the transaction. Built in 1968, the multifamily community is master-leased to the University of Arizona.
Western
PALO ALTO, CALIF. — Marcus & Millichap has presided over the $2.5 million sale of a 4,400-square-foot restaurant property, located at 420 Ramona Street in downtown Palo Alto. The building is currently occupied by Mandarin Gourmet, which has been in operation for more than 18 years. Marcus & Millichap’s J.J. Taughinbaugh represented both the limited-liability-company buyer and the private-investor seller in the transaction.
PASADENA, CALIF. — On behalf of Bolton & Co., Jones Lang LaSalle has arranged a 30,884-square-foot lease at the 265,000-square-foot Pasadena Corporate Park, a Class A complex located at 3475 E. Foothill Blvd. in Pasadena. Terms of the deal were not disclosed. Jones Lang LaSalle’s John McAniff, Christina Noonan and Jason Fine represented the tenant, which will use the new space as its company headquarters, in the transaction, and CB Richard Ellis’ Todd Doney, Nico Vilgiate and John Murray represented the landlord, Wells REIT Fund II. Jones Lang LaSalle’s Southern California Project and Development Services will oversee planning, design, construction and close-out of the project for the 80-year-old employee-owned insurance brokerage company.
REDONDO BEACH, CALIF. — KTR Capital Partners has acquired a vacant 111,000-square-foot corporate headquarters/industrial building, located at 3690 Redondo Beach Blvd., from Baron Real Estate. Terms of the deal were not disclosed. Harvey Beesen, Luke Staubitz and Andrew Dilfer of The Klabin Co./CORFAC brokered the transaction. The buyer plans to substantially upgrade the concrete tilt-up building, which features two-story office space, abundant truck-high loading, two drive-in doors and more than 150 parking spaces.
POMONA, CALIF. — Marcus & Millichap has presided over the $5.5 million REO sale of the 95-unit Kingsley Apartments, located at 1302 East Kingsley Ave. in Pomona. Consisting of seven two-story buildings, the Kingsley Apartments offers an estimated 76,084 rentable square feet and includes 95 garage spaces. Marcus & Millichap’s Kevin Struve represented the financial-institution seller in the transaction, and the brokerage firm’s Bill Melton represented the private-investor buyer.
AURORA, COLO. — Grubb & Ellis has arranged the $4 million acquisition of an 86,214-square-foot industrial building, located at 15000 E. 39th Ave. in Aurora. The brokerage firm’s Mike Wafer represented the buyer, Hoff Cos., in the transaction, and CB Richard Ellis’ Murray Platt and Jim Bolt represented the seller, Subaru of America.
CASA GRANDE, ARIZ. — Marcus & Millichap has managed the $5.26 million sale of a 14,738-square-foot Walgreens, located in Casa Grande. With help from David Guido, the brokerage firm’s Lior Regenstreif presided over the off-market transaction involving the single-tenant, net-leased property.
TRUCKEE, CALIF. — Grubb & Ellis has facilitated the $6.1 million sale of the 96-unit Sawmill Heights Apartments, located at 7646 Highlands View Road in the Northstar-at-Tahoe Resort in Truckee. Primarily occupied by employees of the resort, the property was sold by Northstar Community Housing Corp. to KG Investors LLC. Constructed in 2006, Sawmill Heights features units ranging in size from studios to four bedrooms. Grubb & Ellis’ Jim Donovan represented both parties in the transaction.
PORTLAND, ORE. — Hendricks & Partners has negotiated the $9.5 million sale of the 72-unit Uptown Tower, an apartment building located at 712 SW Saint Clair Street in downtown Portland. Designed and built in 1983 as affordable housing for the elderly, the property consists of eight levels of one-bedroom, one-bath apartments, along with ground-floor retail space. Hendricks & Partners’ Robert DiPietrae represented the Lahaina, Hawaii-based seller, Uptown Associates Ltd., in the transaction; the hometown buyer was Uptown Tower Apts. Limited Partnership.
DEL MAR, CALIF. — On behalf of Mia Francesca Restaurant and its partner, Davanti Enoteca Wine Bar, Location Matters Brokerage Services has facilitated an approx. $2.88 million lease at 12955 El Camino Real within the newly renovated Del Mar Highlands Town Center. Represented by Location Matters’ Michael Spilky, the tenants signed a new 10-year lease for a combined 5,020 square feet of restaurant space, including approximately 2,540 square feet of outdoor seating. Phil Lyons of Cassidy Turley BRE Commercial represented the lessor in the transaction. Location Matters Development Services has been awarded the contract for the complete planning, design and construction of the restaurant property.