SANTA BARBARA, CALIF. — U.S. Bank has signed a lease for 5,708 square feet for a new branch in downtown Santa Barbara. The property is located at 936 State Street on the east corner of State and Carrillo streets. Candace Morey of Kennedy Wilson Properties represented the tenant; Michael Martz and Kristopher Roth of Hayes Commercial Group represented the landlord, Sobhani Family, in the transaction. Terms of the deal were not released.
Western
LOVELAND, COLO. — Matt Raff and Jason Ortiz of Marcus & Millichap brokered the acquisition and disposition of Jefferson Avenue Apartments in Loveland. Located at 208 S. Jefferson Ave., the six-unit property sold for $261,000. The property offers one-bedroom/one-bath units and was 100 percent occupied at the time of acquisition. The seller and buyer were not disclosed.
SAN FRANCISCO AND PETALUMA, CALIF. — On behalf of the Savoy Corp., Colliers International has handled the sale of 62,265-square-foot 170 Columbus Ave., also known as the Pansini Building, in San Francisco’s historic Jackson Square district. Part of a two-building, $16 million disposition that included a 34,399-square-foot office property located at 1455 N. McDowell Street in the Redwood Business Park in Petaluma, the five-story, 100 percent-leased Pansini Building consists of ground-floor and lower-level retail, office on the upper floors and a four-level, subterranean parking garage. Savoy, the seller, built the Pansini Building in 1985. Built in 1992, the Petaluma property is a one-story office building that is 65 percent occupied by Sonoma Technology. Colliers’ Tony Crossley and Tim Maas represented the seller in the transaction; Rona Real Estate LLC, a private investor, was the buyer.
CITY OF INDUSTRY, CALIF. — Voit Real Estate Services has negotiated the $5.7 million acquisition of an 85,053-square-foot industrial property located at 900 Ajax Ave. in the City of Industry. Voit’s Mike Boomer, Joe Miller and Stan Kwak represented the buyer, SH Trading Inc., in the transaction, and Lee & Associates’ Anthony Brent represented the seller, 900 Ajax Properties LLC.
PORTLAND, ORE. — Behringer Harvard has acquired Tupelo Alley, a mixed-use community consisting of 188 apartment units and approximately 10,000 square feet of retail space in Portland. Located at 3850 N. Mississippi Ave., Tupelo Alley consists of three controlled-access residential buildings, one a mid-rise structure and the other two three stories tall. Constructed in summer 2009, the community is seeking LEED certification. The purchase was made through the joint venture between Behringer Harvard Multifamily REIT I Inc. and PGGM Private Real Estate Fund, an investment vehicle for Dutch pension funds.
CASTLE ROCK, COLO. — Fuller Real Estate has negotiated the $16.5 million sale of the 529.7-acre Castle Oaks development in Castle Rock. The master-planned community’s entitlement includes 46.5 acres slated for commercial development. Fuller Real Estate’s Stew Mosko represented Colorado Castle Oaks Return LLC in its disposition of the property to SLV Castle Oaks LLC.
LOS ANGELES — Marcus & Millichap has handled the $2.35 million sale of a 9-unit, lender-owned apartment property located at 617-621 Kelton Ave. in Westwood Village in Los Angeles. Marcus & Millichap’s Neema Ahadian and Joshua Luchs represented the private-party buyer and the partnership seller, respectively.
SAN DIEGO — CB Richard Ellis has negotiated the $22 million sale of Entrada, a 172-unit apartment property located at 453 13th Street in downtown San Diego. Completed by SRM Development in 2004 in the city’s East Village neighborhood, Entrada features 126 studio units; 36 one-bedroom/one-bathroom units; five two-bedroom/two-bathroom units; three three-bedroom/two-bathroom units; one live-work unit and one loft. CBRE’s Kevin Mulhern, Dixie Hall and Rachel Hemingway represented the seller, SRM Development LLC, in the transaction, reportedly the first 100-unit or more apartment sale in downtown San Diego since March 2007. The buyer, Security Properties Inc., represented itself.
SANTA FE SPRINGS, CALIF. — Colliers International has negotiated the 7-year, more than $7 million lease of a 155,484-square-foot industrial building located at 12825 Leffingwell in Santa Fe Springs. Built in 2000, the facility is part of the 5.4 million-square-foot Golden Springs Business Center. Colliers’ Clyde Stauff and Stephen Calhoun represented the landlord, Santa Fe Springs-based Golden Springs Development Co., in the transaction, and Paul Sablock and Greg Matter of Jones Lang La Salle represented the tenant, Michigan-based Alticor/Access Business Group, a third-party manufacturer of consumer goods and subsidiary of Amway Corp.
EL CAJON, CALIF. — Westfield America LP has purchased the former 85,758-square-foot Mervyn’s building, located at 565 Fletcher Parkway in El Cajon, for an undisclosed amount. The two-story retail building is part of Westfield’s Parkway Plaza regional mall and features four storefront entrances, including internal mall access. Cushman & Wakefield’s Nick Alford and Pete Bethea represented the seller, DDR MDT MV El Cajon LP, in the transaction; the buyer represented itself.