BROOMFIELD, COLO. — PCCP LLC has provided Griffis Group a $50 million loan to finance the acquisition of the 376-unit Terracina Villas in Broomfield. Developed and constructed in 2009 by Catalina Development Co., the Class A apartment property consists of four four-story buildings with one- and two-bedroom configurations. PCCP worked closely with the Denver-based borrower/multifamily owner to structure a short sale among the seller, the senior lender and the mezzanine lender.
Western
SANTA CLARITA, CALIF. — NAI Capital has negotiated the $2.5 million acquisition of an 18,720-square-foot industrial building, located at 26477 Ruether Ave. in Santa Clarita. NAI Capital’s Chris Jackson and Todd Lorber represented the buyer, 3rd Building LLC, in the investment purchase; the sellers, Jawahar and Malkaiat Saini, represented themselves in the deal. The buyer plans to reposition the property, which is situated on 88,910 square feet of land.
NORTH LAS VEGAS, NEV. — Strategic Storage Trust has acquired an approximately 700-unit self-storage facility located at 3155 West Ann Road in North Las Vegas. Built in 2005, the public, non-traded REIT's third self-storage acquisition in the area is a two-story building offering 94,000 rentable square feet that includes an office and apartment for a resident manager. To be rebranded under the SmartStop Self Storage trade name, the self-storage property is situated approximately four miles west of U.S. Route 95 and approximately seven miles east of Interstate 15.
SANTA CLARITA, CALIF. — Colliers International has directed the sale of an 8,189-square-foot retail building, located at 23360 Cinema Dr. in the Valencia area of Santa Clarita, to Performance Cyclery for an undisclosed amount. The private bicycle retailer plans to open by December 1 in the property previously occupied by Trader Joe’s approximately 2 years ago. Colliers International’s Zeke Patterson and John Erickson represented the buyer in the transaction, and the brokerage firm’s Kevin Fenenbock, along with NAI Capital’s John Cserkuti and Bert Abel, represented the seller, MDI Cinema Drive LLC.
TOLLESON, ARIZ. — Marcus & Millichap has negotiated the $1.75 million acquisition of the 76-unit Sundancer, an apartment property located at 400 North 96th Ave. in Tolleson. The brokerage firm’s Brian Smuckler and Jeff Seaman represented the private-investor buyer in the transaction.
SAN BERNARDINO, CALIF. — Hillwood Investment Properties has leased 334,646 square feet of a 609,499-square-foot industrial building, located at AllianceCalifornia Northgate Building 11 at 7776 Tippecanoe Ave. in San Bernardino, to Leggett & Platt, a 127-year-old diversified manufacturing company. AllianceCalifornia Northgate Building 11 was constructed in June 2009 on the site of the former Norton Air Base and was purchased by Hillwood in December 2009.
PASADENA, CALIF. — The joint venture of Urdang and Edgewood Realty Partners LLC has acquired the 84,000-square-foot Chamber of Commerce Building and an adjacent 246-space parking garage, located on Colorado Boulevard within Old Pasadena, from a corporate seller. Terms of the deal were not disclosed. A real estate investment manager and part of BNY Mellon Asset Management, Urdang made the acquisition on behalf of an institutional, separate-account client managed by Urdang Capital Management. Constructed in 1904 and 93 percent-occupied at the time of sale, the landmark Chamber of Commerce Building consists of five stories of offices above ground-floor retail space.
SEATTLE — Marcus & Millichap has negotiated the nearly $2.23 million sale of the 43-unit Fairway Lanai, an apartment property located at 1807 South 118th Street in Seattle. Built in 1968, Fairway Lanai consists of 34 one-bedroom/one-bathroom units, eight two-bedroom/two-bathroom units and one large three-bedroom/three-bathroom unit. Marcus & Millichap’s Dan Swanson and Matthew Bohner represented the private-investor seller, and Swanson and the brokerage firm’s George Miller represented the buyer, also a private investor.
PHOENIX — Whitestone REIT has purchased the 111,227-square-foot Sunnyslope Village, located in central Phoenix, for $6.4 million. The Class B community retail center is the second acquisition the Houston-based company has made using the proceeds of its August IPO.
TUSTIN, CALIF. — Faris Lee Investments has completed the $4 million sale of St. Joseph's Heritage Medical Group, a two-building, 10,125-square-foot medical facility located at 1095 Irvine Blvd. in Tustin. The single-tenant, outpatient facility was built in 1970 and remodeled in 1995. Faris Lee’s Jeff Conover and Richard Walter represented the Newport Beach, Calif.-based seller, PCF-Tustin LLC, in the transaction; the Orange County, Calif.-based buyer, Sig Trust, was completing a 1033 tax-deferred exchange. Faris Lee also worked with the existing lender involved with the property, Northern Trust Bank, to help Sig Trust assume the current loan at less than 6 percent.