SEATTLE — Newmark Realty Capital has arranged $52 million in financing for the 208-unit Rollin Street Flats, a Class A, 11-story residential building located at the intersection of Westlake and Denny avenues in Seattle’s South Lake Union neighborhood. The property also includes 16,000 square feet of ground-level retail. On behalf of Rollin Street Ventures, Newmark's Michael Taylor secured the financing from John Hancock Life Insurance Co., one of Newmark’s correspondent lenders.
Western
LOS ANGELES — LA Realty Partners and Madison Partners have arranged Pachulski Stang Ziehl & Jones’ $18 million lease renewal for 32,000 square feet of office space at 10100 Santa Monica Blvd. in the Century City area of Los Angeles. Under the 10-year lease agreement, the law firm will relocate to the 13th and 14th floors of the property it’s called home for more than 25 years. LA Realty Partners’ Gary Weiss and Madison Partners’ Bob Safai represented the tenant in the deal; the landlord, Hines Interests, was represented in-house by Todd Later and Eric Lyon.
MESA, ARIZ. — BH Properties has purchased the 320-unit Fiesta Park apartment complex, located at 1033 S. Longmore Street in Mesa, from Fiesta Park LLC for $5.5 million. Built in 1979 and approximately 50 percent occupied at the time of the sale, the multifamily property comprises 10 three-story, garden-style buildings consisting of 192 one-bedroom units and 128 two-bedroom units. NAI Capital’s Tom Papoulias represented both parties in the short-sale transaction.
TUCSON, ARIZ. — Colliers International–Greater Phoenix has negotiated the sale of a five-property, 1,347-unit multifamily portfolio in Tucson to Gaines Investment Trust. Terms of the deal were not disclosed. Boasting an average occupancy of 90 percent, the Class B portfolio consists of Summit Ridge (360 units), La Hacienda (275 units), Pavilions at Pantano (314 units), Sienna Ridge (305 units) and Verrano Park (93 units). Colliers International’s Cindy Cooke, Brad Cooke, Carrie Burton and Nicholas Eggert represented the undisclosed seller in the all-cash transaction; the La Jolla, Calif.-based buyer was self-represented. Part of a 1031 exchange, it was the first Tucson multifamily acquisition for Gaines Investment Trust. This is the second multifamily portfolio that the Colliers team has sold in Tucson in the last 30 days.
SAN DIEGO — Cassidy Turley BRE Commercial has handled the $63.5 million purchase of a 125,219-square-foot biomedical office building located at 4570 Executive Drive in the UTC submarket of San Diego. The four-story building is 100 percent leased to Bristol Myers Squibb, Amylin Pharmaceuticals and UCSD. Cassidy Turley’s Dave Odmark represented both the buyer, Biomed Realty Trust, and seller, San Diego-based LMC Executive Investment Co. LLC, in the transaction.
LAKE ELSINORE, CALIF. — Faris Lee Investments has completed the more than $8.8 million sale of a 45,560-square-foot retail building located at 18550 Dexter Ave. in Lake Elsinore. Built in 2007 and fully occupied by L.A. Fitness, the property includes an indoor swimming pool and 228 parking spaces. Faris Lee’s Richard Walter and Chris Tramontano represented the seller/developer, Aliso Viejo, Calif.-based California Grand Investments LLC, in partnership with Lake Fitness LLC. The private-trust buyer from Villa Park, Calif., was participating in a 1031 exchange.
SAN DIEGO — Raintree Partners has completed the $68.2 million acquisition of the 302-unit Trieste Apartment Villas, located at 3950 Mahaila Ave. in the prestigious La Jolla area of San Diego. More than 95 percent occupied at the time of sale, the 11-building complex offers one- and two-bedroom units configured as flats, lofts and a single townhouse unit. Laguna Niguel, Calif.-based Raintree has planned several upgrades to the multifamily property, including renovation of the existing clubhouse and improvements to the fitness center. CB Richard Ellis’ Kevin Mulhern, Dixie Hall and Rachel Hemingway represented the seller, Trieste Apartments LLC, in the transaction; Raintree Partners represented itself.
LONG BEACH, CALIF. — Marcus & Millichap has negotiated the $8 million sale of the 186-unit Magnolia Senior Living, a 109,548-square foot senior-housing property located at 3360 Magnolia Ave. in Long Beach. The brokerage firm’s Pasha Darvishian, Alex Mobin, Christopher Hyldahl and Mark Myers represented the seller in the all-cash transaction involving a first-time senior-housing buyer.
RIDGECREST, CALIF. — Barnhart Balfour Beatty has broken ground for the construction of a $5 million career and technical education building on the campus of Sherman E. Burroughs High School located at 500 E. French Ave. in Ridgecrest. The first new construction in the Sierra Sands Unified School District in nearly 20 years, the 18,845-square-foot building will include laboratory, classroom and office space. Designed by Westberg + White and funded by Proposition 1D Career Technical Education grant funds and a state loan, the project is scheduled to be completed in November 2011.
AGOURA HILLS, CALIF. — Colliers International has presided over the sale of two office buildings totaling 24,838 square feet in Agoura Hills for a combined $4.1 million. Represented by Collier’s Jeff Albee and Jeff Gould, Aspen Environmental Group purchased a 14,000-square-foot facility located at 5020 Chesebro Rd. Grubb & Ellis’ Andrew Harper and Michael Ross represented the seller, WA Real Estate LLC, in the $2.3 million transaction. Also, Robert Meyerson Co. Trust, represented by Colliers’Albee and Gould along with the brokerage firm’s Chris Itule, sold a 10,838-square-foot office property, located at 28038 Dorothy Dr., to Woodlands Hills, Calif.-based Global Marketing Partners. Cresa Partners’ Rick Dearson represented the buyer in the $1.8 million deal.