LOS ANGELES — Colliers International has negotiated The Associated Press’ 10-year, nearly $5.5 million lease of 15,444 square feet of office space located at 221 S. Figueroa St. in downtown Los Angeles. Built in 1977 and part of a multi-building campus, the location is home to US Bank, One Legacy and UCLA Extension. Colliers International’s Nathan Pellow and Brian Feist represented the tenant in the lease extension; Charles Dunn Co.’s Chris Runyen represented the landlord, US Bank.
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ELOY, ARIZ. — Cassidy Turley BRE Commercial has closed the $3 million sale of an 85,200-square-foot industrial property, located at 1550 W. Battaglia Road in Eloy. Plastics Management LLC purchased the building and intends to open a manufacturing plant there by the end of 2011. Cassidy Turley BRE Commercial’s Andy Markham and Mike Haenel represented the seller, Highland Avenue Properties LLC, in the transaction.
LOS ANGELES — Red Mortgage Capital LLC has underwritten and processed $23.99 million in non-recourse financing for the construction of the 126-unit NoHo Senior Arts Colony, which will offer age-restricted (62 and older) one-and two-bedroom independent-living units in L.A.’s North Hollywood district. At an estimated total cost of $42 million, Meta Housing Corp.’s multifamily development will include typical common-area amenities such as pool, Jacuzzi and a library/great room, as well as numerous, unique artistic amenities such as a 76-seat theater, art studios, classrooms, gallery/exhibit space, computer media and digital video/film labs, and a radio recording and editing room. As part of the financing requirements, 20 percent of the development will be restricted to renters having income at the lesser of LIHTC and California Redevelopment Law maximum allowable rents. The innovative senior-housing project also utilized tax credits, grant money and funding from the Community Redevelopment Agency of the City of Los Angeles.
FONTANA, CALIF. — BlackRidge Real Estate Group LLC has acquired the 402,539-square-foot Jasmine Distribution Center, located at 10721 Jasmine Street in Fontana, from BlackRock for $15.725 million. Colliers International’s Tom Taylor, Steve Bellitti and Summer Coulter represented both the buyer and the seller in the all-cash transaction. Built in 1991, the freestanding, concrete tilt-up, vacant industrial building includes a two-story section containing 15,000 square feet of office space. BlackRidge plans to renovate the building and upgrade the sprinkler system to early suppression fast response.
MEDFORD, ORE. — Marcus & Millichap has brokered the nearly $6.69 million purchase of a 14,820-square-foot Walgreens, a single-tenant, net-leased property located in Medford. With assistance from Tony Cassie, the brokerage firm’s Lior Regenstreif represented the limited-liability-company buyer in the transaction.
PHOENIX — Cassidy Turley BRE Commercial has facilitated the $19.6 million sale of the 454-unit Diamonte on Bell, an apartment complex located at 3202 W. Bell Rd. in Phoenix. The Royal Bank of Canada sold the multifamily property to a company formed by Vancouver, B.C.-based Onni Group. Cassidy Turley’s David Fogler and Steven Nicoluzakis negotiated the all-cash sales transaction.
SCOTTSDALE, ARIZ. — Cassidy Turley BRE Commercial has negotiated the $16.25 million investment sale of the five-building, 177,173-square-foot La Curvata, a Class A office/showroom development located directly across the street from DC Ranch at 18760, 18850, 18940, 19030 and 19120 North Pima Rd. in Scottsdale. Built in 2009, though 73 percent in shell condition, and 27 percent leased at the time of sale, the property was acquired by OPM4 LLC, an Oregon-based company formed by Harvest Development LLC. Cassidy Turley’s Rick Danis, Eric Wichterman, Paul Boyle and Mike Coover negotiated the sales transaction on behalf of Pima Holding Co., which is owned by a collection of five participating banks led by National Bank of Kansas.
SEATTLE METRO — TRECAP Partners LLC has invested more than $63 million in two Seattle-area apartment complexes in separate joint ventures with operating partners. Built in 1985 and 96 percent occupied, Riverstone Apartments is a 308-unit garden-style multifamily complex located in Federal Way, Wash., south of Seattle. Constructed in 1988 and 92 percent leased, Madison Sammamish Apartments is a 266-unit multifamily property located in Sammamish, Wash., east of the Emerald City. For Riverstone, TRECAP took a preferred-equity position in a joint venture with FSC Realty LLP, the previous owner of the property. For Madison Sammamish, TRECAP is joint-venturing with PPC to acquire Capmark’s interest. Investments were made on behalf of a TRECAP-managed fund for institutional investors.
HAYWARD, CALIF. — Colliers International, Oakland, has brokered the acquisition of an approximately 58,000-square-foot warehouse facility located at 3532 Arden Road in Hayward. Terms of the deal were not disclosed. A supplier of top-quality meats to restaurants, grocery stores and retailers, Grand Food, the buyer, will be relocating and quadrupling its footprint. Colliers’ Kevin Hatcher, Mark Maguire and Greig Lagomarsino represented the meat wholesaler in the acquisition, and Lee & Associates’ Craig Hagglund and Jesse Lucas represented the seller.
BOTHELL, WASH. — Marcus & Millichap has brokered the $2.45 million sale of a 31,384-square-foot Rite Aid located at 9700 Northeast 198th Street in Bothell. The brokerage firm’s Dino Christophilis represented both the private-investor buyer and the limited-liability-company seller in the transaction.