PHOENIX — Colliers International has negotiated the $5.1 million sale of the 149-unit Biltmore Center, an apartment community located in Phoenix’s Camelback Corridor at 4341 and 4333 N. 24th Street. Consisting of two adjacent properties built in 1971 and 1982, the multifamily complex offers a mix of studio, one- and two-bedroom units in two- and three-story buildings. Colliers International’s Bill Hahn, Jeffrey Sherman and Trevor Koskovich represented both the buyer and the seller — Scottsdale, Ariz.-based Starpointe Communities and Irvine, Calif.-based CRP Properties LLC, respectively — in the all-cash, REO transaction.
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CHANDLER, ARIZ. — Marcus & Millichap has brokered the $2.1 million sale of a 5,687-square-foot IHOP, located at 935 West Elliot Road in Chandler. The brokerage firm’s Jamie Medress and Mark Ruble represented the developer/seller of the single-tenant, net-leased property.
EAST WENATCHEE, WASH. — Hendricks & Partners has closed the $2 million sale of the 50-unit Valley Manor Apartments, located in Douglas County at 815 N. Baker Avenue in East Wenatchee. Built in 1995, the multifamily property consists of 16 two-bedroom, 24 three-bedroom and 10 four-bedroom units. Hendricks & Partners’ Robert DiPietrae represented the East Wenatchee Housing Limited Partnership of Bellevue, Wash., in its disposition of the Central Washington property to Seattle-based Valley Manor ICG LLC.
RIVERSIDE, CALIF. — Grubb & Ellis has brokered the $10.5 million purchase of a 175,000-square-foot Class A distribution facility, located at 900 S. Dupont Ave. in Riverside. Aviar Investments LLC, dba Innova Champion Discs, plans to immediately begin using approximately 50 percent of the property for its corporate headquarters and distribution needs. Grubb & Ellis’ Roger Rhoades represented Aviar, the buyer, in the transaction, and Jones Lang LaSalle’s Mike McCrary and Ruben Goodsell represented the seller, Principal Life Insurance.
UNION CITY, CALIF. — Colliers International has arranged the purchase of an approximately 100,000-square-foot industrial building, located at 33200 Lewis Street in Union City. The fully leased, multi-tenant warehouse property is situated on approximately 6 acres of land in the East Bay / Interstate-880 corridor. Colliers’ Kevin Hatcher and Mark Maguire represented the buyer, KTR Capital Partners, in the off-market transaction, the value of which was not disclosed, and Townsend Commercial represented the seller.
LOS ANGELES — Grubb & Ellis has brokered the $3.2 million sale of 15 units within the 40-unit Pan American Lofts, located at 253 S. Broadway in downtown Los Angeles. Originally constructed in 1894, the building was converted to condominiums in 2007. Grubb & Ellis’ Richard Plummer, Michael Ross and Andrew Harper represented the seller, Phoenix Realty Group, in the multifamily transaction; the buyer, Pacifica Enterprises, represented itself.
LONG BEACH AND HAWTHORNE, CALIF. — Strategic Storage Trust has acquired two Los Angeles Country self-storage properties, totaling approximately 1,600 units, for a combined $26 million in an all-cash transaction. Built in 1999, the 87,000-square-foot property at 8150 E. Wardlow Road in Long Beach consists of four buildings with approximately 830 units. Built in 2004, the two-building facility located at 12714 S. La Cienega Blvd. in Hawthorne has approximately 770 units. Bancap Self Storage Group’s Dean Keller represented the publicly registered, non-traded REIT in its purchase of the properties, which will be re-branded under the SmartStop Self Storage trade name.
LITTLETON, COLO. — Cushman & Wakefield of Colorado has closed the $1.42 million sale of Dakota Village, a 17,100-square-foot multi-tenant retail building located at 10027 W. Remington in Littleton. Built in 2003 and 59 percent occupied at the time of sale, the Big 5 Sporting Goods-anchored property was sold by a private California-based investment group to Drake Real Estate Services. Cushman & Wakefield’s Gene Pride and Patrick Devereaux assisted in the transaction.
LOS ANGELES — Colliers International has completed the $1.375 million sale of a cold-storage building, located at 18425 Parthenia Place in the Northridge area of Los Angeles, to Jels Parthenia LLC, owner of Ideal Meat & Provisions. Built in 1963, the property offers 11,400 square feet of cold-storage, 1,700 square feet of office and 2,000 square feet of warehouse space. Collier’s Jeff Albee and Jeff Gould represented the seller in the transaction, and Bruce Simpson of Delphi Business Properties represented the buyer.
COSTA MESA, CALIF. — Marcus & Millichap has brokered the approximately $4.13 million acquisition of a 24-unit apartment property, located at 332 Victoria Street in Costa Mesa. The low-density property offers a mix of one-bedroom/one-bathroom and two-bedroom/one-bathroom units. Marcus & Millichap’s Richard Ringer represented a limited-liability company in its purchase of the 20,421-square-foot asset.