TUCSON, ARIZ. — Davidson/Rohrbacker Investments LLC has purchased a 58,000-square-foot industrial building, located on 10 acres at 401 East Irvington Road in Tucson, for $2 million. PICOR Commercial Real Estate Services’ Pat Welchert represented the buyer in the transaction, and Grubb & Ellis’ Ron Zimmerman represented the seller, Foxworth Galbraith.
Western
SANTA ROSA, CALIF. — Retail West has presided over the short sale of the former Los Robles Lodge, located on 3.54 acres adjacent to and south of Coddingtown Mall in Santa Rosa, to Codding Enterprises. Terms of the deal were not disclosed, but the property was listed for $3.7 million. Retail West’s Matt Holmes and Dean Copans represented both the buyer and seller in the all-cash transaction. According to the brokerage team, Codding, an experienced retail operator, plans to raze the lodge structures and redevelop the property.
LOS ANGELES — KBS Real Estate Investment Trust II has acquired the 627,334-square-foot Union Bank Plaza, a 40-story office tower and retail complex located at 445 South Figueroa Street in downtown Los Angeles, from Hines for $208 million. Designed by A.C. Martin and 96 percent occupied at the time of sale, Union Bank Plaza consists of a 607,517-square-foot office tower; a two-level, 19,817-square-foot retail plaza; and a 914-space, four-level parking structure. The property occupies an entire city block between the 110 Freeway and Figueroa. KBS Capital Advisors represented KBS REIT II in the transaction, and Jones Lang LaSalle’s Michael Zietsman and David Doupé represented the seller.
SAN JOSE, SUNNYVALE AND SANTA CLARA, CALIF. — NorthMarq Capital has arranged $40 million of first-mortgage financing for a 496,000-square-foot portfolio of five office/R&D properties located in San José, Sunnyvale and Santa Clara. NorthMarq’s Dennis Sidbury arranged the 20-year term and 20-year amortization schedule for the borrower, Mission West Properties, through a correspondent relationship with Hartford Life Insurance Co. Ninety percent leased to tenants such as Orbotech, Equinix and NDS Surgical Imaging, the portfolio includes a state-of-the-art data center.
NAPA, CALIF. — Cassidy Turley BT Commercial has brokered the $14.8 million sale of the 162-unit Napa Garden Apartments located at 2513 Laurel Street in Napa. Built in multiple phases from 1971 through 1976, the apartment complex offers one-, two- and three-bedroom units and consists of 22 multifamily structures, six triplexes and a single-family dwelling. Cassidy Turley’s Ric Russell and Scott MacDonald represented the seller, Los Angeles-based 3D Investments, in the transaction; the San Francisco-based private-investor buyer assumed the existing Fannie Mae debt on the property.
SAN DIEGO — California Landmark Group has purchased the 45-unit Serenata, a townhome community located in San Diego’s College Grove neighborhood, for $10.15 million. Currently 96 percent leased, the collection of three-bedroom, two-bath units started off as condominiums when completed in 2009 before being converted to apartments. Situated across the street from the Marketplace at the Grove shopping center, the three-level homes include attached two-car garages.
CORONA, CALIF. — Tomasa Flores Separate Property Trust has sold a 55,459-square-foot industrial property, located at 1451 E. 6th Street in Corona, for $4.2 million. Voit Real Estate Services’ Mitch Zehner, Ryan Moore and Seth Davenport represented both the buyer, ABC School Equipment, and the seller in the transaction.
ROY, UTAH — Marcus & Millichap has brokered the $3.55 million sale of the 30,860-square-foot Roy Crossroads, located at 5647 South 3500 West in Roy. The two-building retail complex was fully occupied by seven tenants at the time of the sale. Marcus & Millichap’s Russell Packer represented the seller, a developer, in the transaction, and the brokerage firm’s Michael Beckstead and Jeff Dopp of Utah Executive Real Estate represented the buyer, a private investor, which was involved in a 1031 exchange.
WHITTIER, CALIF. — Cole Real Estate Investments has acquired the 686,241-square-foot Whittwood Town Center, located in Whittier where Los Angeles County borders Orange County, from Morgan Stanley in an $83.5 million, all-cash transaction. Completely redeveloped from 2004 to 2006 and 97 percent leased at the time of sale, the community shopping center includes tenants such as Target, Sears, JC Penney, Kohl’s, PetSmart and CVS/pharmacy. Cushman & Wakefield's Marc Renard represented the seller in the transaction, and Cole’s Scott Holmes handled matters on the acquisition side.
FOLSOM, CALIF. — TRI Commercial/CORFAC International has closed the $50.4 million sale of the 336-unit Sherwood Apartments located in Folsom. Constructed in 2002 and 96 percent occupied at time of sale, the Class A multifamily complex is situated adjacent to a planned 440-bed Kaiser Hospital and the nearly completed 600,000-square-foot Palladio at Broadstone mixed-use development. TRI/CORFAC’s John Gallagher and Dean Bagneschi represented both the buyer and the seller — Bay Area investor Sherwood Iron Point LP and Sherwood Apartments LLC, respectively — in the transaction.