SEATTLE — The joint venture of Madison Marquette and LaSalle Investment Management has recapitalized the 108,000-square-foot Broadway Market, an urban center in the Capitol Hill neighborhood of Seattle. Developed in 1987 and first acquired by Madison Marquette in 1999, Broadway Market includes Urban Outfitters, upscale grocer QFC and Gold’s Gym. Retailers occupy the first two stories of a 33-unit residential complex with garage parking for 223 vehicles. Madison Marquette will continue to manage and lease the center under the joint-venture agreement.
Western
OMAK, WASH. — Bluestone & Hockley Real Estate Services has presided over the $2.75 million sale of The Omak Inn, located at 912 Koala Drive in Omak. The hospitality property consists of 67 mini-suite guest rooms. Bluestone & Hockley’s Brian Resendez represented both the buyer, Sukhleen LLC, and the seller, Omak Inn LLC, in the transaction.
FORT COLLINS, COLO. — NorthMarq Capital has arranged a $5.85 million loan for the 47-unit Flats at the Oval, a 56,899-square-foot, four-story student apartment property located at 306 West Laurel Road in Fort Collins. Developed and constructed in 2010 by local firm, Brinkman Partners, the building includes 4,791 square feet of commercial space in two suites. NorthMarq’s Steve Koeneke and Chris Williams arranged the financing through a life company correspondent.
COMPTON, CALIF. — Grubb & Ellis has brokered the $5.3 million purchase of a 71,360-square-foot warehouse facility, located at 18747 S. Laurel Park Road in Compton. The brokerage firm’s Sean O’Donnell represented the buyer, C&W Investment Group, in the transaction, and The Klabin Co.’s Frank Schultz represented the seller, TA Realty Associates. C&W plans to renovate and add loading doors to the building, which was originally constructed in 1973.
FOUNTAIN VALLEY, CALIF. — Voit Real Estate Services has managed the more than $2.36 million trade of a 20,360-square-foot industrial property located at 17371 Mount Wynne Circle in Fountain Valley. Voit’s Greg Velastegui represented both the buyer, KB Sheetmetal, and the seller, 24-7 Internet, in the transaction. Situated near the 405 freeway, the free-standing, owner-user manufacturing facility will be used by KB as its new headquarters.
SAN DIEGO — Cassidy Turley BRE Commercial has facilitated the $1.3 million sale of two office condominiums, located at 11189 Sorrento Valley Road within Venture Sorrento Office Park in the Sorrento Valley area of San Diego. A subsidiary of PacVentures, PV Venture Sorrento LLC sold units 104 and 105 totaling 6,204 square feet to the Del Mar Union School District for use by its facilities department. Cassidy Turley BRE Commercial’s Phillip Linton represented the seller in the transaction, and Colliers International’s Chuck Wasker and Mark Kagan of Tenant Rep Real Estate represented the buyer.
ANAHEIM, CALIF. — Marcus & Millichap has presided over the $6.31 million trade of La Palma Apartments, a 61-unit apartment property located at 317 East La Palma Ave. in Anaheim. Built in 1970 and 95 percent occupied at time of sale, the multifamily property consists of 19 two-bedroom/one-bath units and 42 one-bedroom/one-bath units. Marcus & Millichap’s Hiu Chan represented both the limited-liability-company buyer and the private-investor seller in the transaction.
SAN DIEGO — Capital Real Estate Investments has brokered the $4.25 million sale of the 30,625-square-foot Factory 2-U Shopping Center, located at 157-199 Virgina Ave. in the San Ysidro part of San Diego. The deal includes the assumption of $3.4 million of the first trust deed from San Diego County Credit Union. Capital Real Estate Investments’ Justin Earley and Matt LoPiccolo represented the buyer, NJ Units LLC, in the transaction, and LoPiccolo represented the seller, Tom E. Dixon Trust. The one-story strip center was constructed in 1971.
SAN DIEGO — Jones Lang LaSalle has represented Legacy Partners in a 61,249-square-foot, more than $4 million lease transaction at Legacy Wateridge, a two- building, Class A office complex located at 10421 & 10431 Wateridge Circle in San Diego’s Sorrento Mesa submarket. Jones Lang LaSalle’s Chad Urie and Tim Olson represented the landlord in the 36-month lease renewal, and Matthew Miller and Chris Powers of CresaPartners represented the tenant, Wells Fargo.
LOS ANGELES — Charles Dunn Co. has arranged the $8.5 million acquisition of a 24,258-square-foot multifamily property located at 16070 W. Sunset Blvd. in the Pacific Palisades area of Los Angeles. The brokerage firm’s Hamid Soroudi represented Xenon Investment Corp. in its purchase from Acron II Partners.