PORTLAND, ORE. — Behringer Harvard has acquired Cyan/PDX (Cyan), a 16-story, 352-unit residential tower located at 1720 SW 4th Ave. in Portland’s central business district. The purchase was made through a joint venture between Behringer Harvard Multifamily REIT I Inc. and PGGM Private Real Estate Fund. Built in 2009 to achieve LEED certification, Cyan offers one-, two- and three-bedroom apartment homes averaging 636 square feet and includes 5,700 square feet of on-site retail space.
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ALAMEDA, CALIF. — Marcus & Millichap has brokered the nearly $1.5 million sale of a 10-unit apartment property located at 2236 San Jose Ave. in Alameda. Constructed in 1965, the property consists of three one-bedroom/one-bath units and seven two-bedroom/one-bath units. Marcus & Millichap’s Douglas Himan and John Joines represented the seller, a partnership, in the transaction.
PHOENIX — Grubb & Ellis|BRE Commercial has negotiated Financial Trading and Transacting Corp.’s $38.175 million acquisition of three Phoenix retail centers totaling 362,965 square feet. Represented by Grubb & Ellis’ Ryan Schubert and Michael Hackett, Financial Trading purchased Village Fair North, a 201,800-square-foot center located on the northeast corner of Tatum Boulevard and Cactus Road, for $20.6 million; Village Square II, a 138,788-square-foot center located on the southwest corner of Tatum and Cactus, for $14.5 million; and the 22,377-square-foot Village Square I, which is home to Party City and T.J. Maxx, for $3.075 million. The three centers were a combined 95 percent leased at the time of sale.
RESEDA, CALIF. — Colliers International has handled the $9.25 million notes acquisition of a 51,729-square-foot multifamily property located at 18557 Saticoy St. in Reseda. The 53-unit apartment complex was built in 2008. Colliers International’s Han Widjaja represented the private-investor buyer, Alon Global Saticoy LLC; the seller, China Trust Bank, was unrepresented. Upon completion of the notes sale, Widjaja directed a deed in lieu of foreclosure, which transferred the deed from the borrower to the buyer.
SAN DIEGO — Cushman & Wakefield has presided over Private Asset Management’s $3.4 million purchase of an 18,000-square-foot office building located at 5348 Carroll Canyon Rd. in San Diego. Located in the Sorrento Mesa submarket with easy access to the 805 freeway, the building is currently undergoing renovations. Cushman & Wakefield’s Deborah Hunkeler and Jay Arnett represented Private Asset Management, and Jed Stirnkorb of CB Richard Ellis represented the seller, Laboratory Building Designers. The new owner, a wealth management company, plans to occupy half of the building.
MISSION VIEJO, CALIF. — McCarthy Building Cos. Inc. recently completed construction of the $153 million Patient Care Tower at Mission Hospital at the southeast corner of Crown Valley Parkway and Medical Center Road in Mission Viejo. Designed by Los Angeles-based RBB Architects Inc., the new four-level patient tower features a patient-centered design along with next-generation advancements in healthcare technology and seismic building safety. McCarthy also built an underground tunnel and a 175-foot-long pedestrian bridge that connects the new facility with the main hospital building on the third floor.
RIVERSIDE, CALIF. — The 250,000-square-foot Regency Tower, developed by Silagi Development & Management and constructed by Snyder Langston, has been completed. Located at 3960 Orange St. in downtown Riverside, the 10-story, build-to-suit office building over a three-level underground garage will be occupied by the County of Riverside. Irvine, Calif.-based Langdon Wilson, the project architect, designed Regency Tower for LEED certification.
CALEXICO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered Calexico Retail Associates LLC’s $5.2 million sale of the fee-simple ownership in the land leased to a single-tenant building occupied by Forever 21 at 1113 Imperial Highway West in Calexico. Represented by Ace Realty’s Bryan Sung, the buyer, John Choi of Los Angeles, purchased the property in an all-cash transaction to fulfill a 1031-exchange requirement. Carlos J. Lopez of Hanley Investment Group represented the seller in the transaction.
CITY OF INDUSTRY, CALIF. — Marking the largest industrial building leased in Los Angeles and Orange counties this year, Colliers International recently finalized Unical Aviation’s reservation of a 467,119-square-foot building located at 680 S. Lemon Ave. in City of Industry. The building will serve as the corporate headquarters and warehouse for Unical. Colliers International’s Steven Bellitti, Thomas Taylor and Chris Sheehan represented both the tenant and the landlords, Cardinal Capital Partners and Benenson Capital Partners, in the transaction.
ANAHEIM, CALIF. — Voit Real Estate Services has brokered the $4.3 million sale of a 65,000-square-foot industrial building located at 5410 E. La Palma in Anaheim. The bank-owned property sold to Pinnacle Precision Sheet Metal in an all-cash transaction. Voit’s Rob Socci represented both the buyer and the seller.