ARIZONA — A ruling by the Arizona Superior Court has enabled Trigild to sell seven Arizona apartment complexes to Standard Portfolio for $123 million. Currently in escrow, the 2,759-unit portfolio was put into receivership on March 9, 2009 after being abandoned by The Bethany Group. Upon the abandonment, the lender's counsel immediately moved to have San Diego-based Trigild appointed receiver of 13 Bethany properties, including the seven Arizona assets. The portfolio consists of the 460-unit Laguna Village, the 320-unit Alante at the Islands and the 374-unit Santana Crossing in Chandler; the 432-unit Whispering Meadows and the 582-unit Tuscany Palm in Mesa; the 395-unit Sienna Springs in Phoenix; and the 196-unit Verrado Park in Glendale.
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SANTA MONICA, CALIF. — Colliers International has handled the almost $5.8 million sale of the 21-unit Villa Cordova located at 1133 10th St. in Santa Monica. Built in 1970, the two-story, rent-controlled apartment building situated north of Wilshire Boulevard includes subterranean parking, landscaped courtyards and walkways, and a laundry facility. Colliers’ Kitty Wallace represented both the private-investor buyer and seller, 10th Street Partners LLC and Villa Cordova Associates LLC, respectively. The buyer plans to renovate the property and raise rents to market level, starting with the building’s nine vacant units.
TUCSON, ARIZ. — Colliers International–Greater Phoenix has negotiated the $46.5 million sale of a seven-property, 1,566-unit multifamily portfolio in Tucson to San Francisco-based Hamilton Zanze & Co. Placed into receivership in October 2009, the Class B portfolio consists of Palomino Crossing (240 units), Lakeside Casitas (310 units), Hampton Park (160 units), Cordova Village (322 units), Solano Springs (152 units), San Mateo (254 units) and Highland Woods (128 units). Colliers International’s Cindy Cooke and Brad Cooke represented the unnamed seller; the first-time Tucson buyer was self-represented.
RIVERSIDE, CALIF. — Barnhart Balfour Beatty has been chosen by the University of California, Riverside, (UCR) as construction manager at risk for a $104 million, more than 800-bed student village. Designed by Sasaki Associates to achieve LEED Gold certification, the 350,000-square-foot Glen Mor 2 apartment development will include a parking structure, a food emporium and recreational facilities. Groundbreaking for the Glen Mor 2 project is expected to take place in June 2011, with completion planned for July 2013.
SAN BERNARDINO, CALIF. — A joint venture has acquired the 1.4 million-square-foot Cajon Distribution Center located at 7010 and 7140 North Cajon Blvd. in San Bernardino. Terms of the transaction were not disclosed. Built in 2008, the Class A industrial center is a two-building, cross-dock property located on a 63-acre site in Southern California’s Inland Empire market. CB Richard Ellis’ Darla Longo and Peter McWilliams and Jones Lang LaSalle’s Mike McCrary represented the unnamed institutional seller in the transaction. The joint venture consists of San Diego-based Westcore Properties, Aliso Viejo, Calif.-based CT Realty Investors, PCCP LLC and Behringer Harvard.
TEMECULA, CALIF. — Grubb & Ellis has negotiated the sale of the 69,000-square-foot Temecula Creek Plaza, a retail center located at 31021 – 31141 Temecula Pkwy. in Temecula. Financial terms of the deal were not disclosed. Built in 2007 and 68 percent leased at the time of sale, Temecula Creek Plaza is anchored by CVS/pharmacy and Guaranty Bank. Grubb & Ellis’ Michelle Schierberl and Donald Ellis, with assistance from Robert Griffith of Financial Services Asset Management, represented the property’s receivership in the transaction, and William Meinhold of Swoboda Hospitality Specialists represented the private-investor buyer.
TOLLESON, ARIZ. — Cole Real Estate Investments has acquired the 466,694-square-foot Home Depot Distribution Center, located within Tolleson Commerce Park in Tolleson, from USAA Real Estate Co. for $30.4 million. Constructed in 2010, the warehouse/distribution facility is NNN leased with 20 years remaining on the initial lease term. CB Richard Ellis’ Jack Fraker represented the seller in the all-cash transaction; Cole was represented in-house by Boyd Messmann.
CHANDLER, ARIZ. — CB Richard Ellis has negotiated the $24.7 million sale of Ocotillo Springs Apartments, a 272-unit luxury community located at 825 W. Queen Creek Road in Chandler. Built in 1998 and 98 percent occupied at the time of sale, Ocotillo Springs includes two resort-style swimming pools, a state-of-the-art fitness center and an upscale clubhouse. CBRE’s Tyler Anderson and Sean Cunningham represented the seller, a Boston-based private-equity firm; the buyer was Weidner Investment Services of Kirkland, Wash.
VAN NUYS, CALIF. — Marcus & Millichap has completed the $2 million purchase of a 23-unit apartment property located at 13562 Vanowen Street in Van Nuys. Constructed in 1971, the two-story property features 11 one-bedroom/one-bathroom units, four two-bedroom/one-bathroom units and eight two-bedroom/two-bathroom units surrounding a courtyard swimming pool. Marcus & Millichap’s Rick Raymundo represented the buyer, 13562 Vanowen Apartments LP, in the transaction.
RENO, NEV. — Clark & Sullivan Construction has completed work on the more than $54 million Reno Center of Molecular Medicine at the University of Nevada in Reno. The first new building of its type to be built on campus in more than 20 years, the 140,000-square-foot project featured the addition of a 3-story medical office building and a 3-story laboratory with a bridge connecting to the existing medical school, totaling. Dekker/ Perich/Sabatini was the architect on the project, which commenced in December 2008.