ROCKLIN, CALIF. — Alliance Residential Co. has acquired the 171-unit Montessa at Whitney Ranch, a multifamily community located at 1150 Whitney Ranch Pkwy. in Rocklin. Originally developed as a condominium property but converted to a rental community in 2008, Montessa at Whitney Ranch offers one-, two- and three-bedroom units. To be re-branded under the Broadstone community name, Alliance’s fourth acquisition in California during the past 9 months came about through a short-sale transaction. Alliance will implement a capital-improvement plan at Montessa at Whitney Ranch and will also manage the property.
Western
SAN DIEGO — Cassidy Turley BRE Commercial has closed the $1.1 million sale of a 3,000-square-foot retail building located at 1065 14th Street in the East Village area of San Diego. Cassidy Turley’s Danny Fitzgerald, Michael Burton and Robb Frye represented the seller, Peter Manning, in the transaction, and Tomas Schoff of American Dream Homes represented the buyer and majority tenant, Hive Sushi Lounge.
FLAGSTAFF, ARIZ. — Marcus & Millichap has brokered the $3.836 million sale of a 13,695-square-foot Walgreens located at 1025 S. Milton Road in Flagstaff. The single-tenant, net-leased property is situated on the border of Northern Arizona University. Marcus & Millichap’s Jamie Medress and Mark Ruble represented the seller, a limited-liability company, in the transaction.
SAN JUAN CAPISTRANO, CALIF. — Lee & Associates has completed the $2.52 million sale of a 16,842-square-foot office building at Valle Ranch Business Park in San Juan Capistrano. Completed in 2006 and visible off Interstate 5, the distressed property is situated next to the San Juan Capistrano Unified School District building. Lee & Associates’ Dave Smith and Rob Rader represented both the private-investor buyer, Sheila LLC, and the seller, Pacific Western Bank, in the transaction; Newport Beach, Calif.-based Barnard Ventures acted as asset manager for PWB.
ORANGE, CALIF. — Grubb & Ellis has arranged the $22.2 million sale of a 246,732-square-foot headquarters/distribution building located at 2164 N. Batavia St. in Orange. The building features nearly 36,000 square feet of Class A office space and approximately 210,000 square feet of state-of-the-art warehouse space. Grubb & Ellis’ Jeff Read and Greg Osborne represented PPF Orchard Industrial 2164 Batavia LLC in its sale of the office/warehouse property to Frick Family Properties LLC, which was represented by Cresa Partners’ Brian Bennett. FFP LLC, doing business as Paper Mart, purchased the property for its corporate headquarters and the storage/distribution of packaging-supply products.
SAN DIEGO — Cassidy Turley BRE Commercial has negotiated the $3.8 million sale of an oceanfront multifamily development located at 1984-92 Abbott Street and 5113-19 Saratoga Ave. in the Ocean Beach area of San Diego. The property currently has 16 rental units, and 12 new townhomes are planned. Cassidy Turley’s Tim Winslow, Ray Adams, Jason Kimmel and Kelly Strickland represented both the buyer and the seller — 1984 Abbott LLC and Abbott and Saratoga LLC, respectively — in the all-cash transaction.
SAN DIEGO — The P & J Hennessey Irrevocable Trust has acquired a 4,500-square-foot restaurant building, located at 7811 Herschel Ave. in the La Jolla submarket of San Diego, for $1.375 million. Michael Spilky of Location Matters Restaurant & Retail Brokerage represented both the buyer and the seller, Buonsante Family Trust, in the transaction. For the past 24 years, BFT has operated the Santé Restaurant at the property, which will be completely renovated to house Hennessey’s Tavern’s 11th location and fourth in San Diego County.
SAN DIEGO — Cushman & Wakefield has brokered the $38.3 million purchase of the 110,000-square-foot Bernardo Terrace, a Class A, four-story office building located at 11111 Rancho Bernardo Rd. in the Rancho Bernardo submarket of San Diego. Designed by BPA Architecture Planning Interiors, the 27-acre campus was completed by Granum Partners in 2008. Cushman & Wakefield’s Steve Rosetta, Mike Macie, Alex Perry and Darren Morgan represented the buyer, Palomar Community College District, in the transaction, and Jones Lang LaSalle’s Jay Alexander and Lynn LaChapelle represented the seller, NMSBPCSLDHB.
ONTARIO, CALIF. — CB Richard Ellis has arranged the $10.7 million user sale of a 264,717-square-foot industrial building located at 1251 S. Rockefeller Avenue in Ontario. CBRE’s Walt Chenoweth, Frank Geraci, Juan Gutierrez, Patrick Wood and Will Golden represented the seller, Arrow Electronics, in the transaction. The buyer, Cels Enterprises, will expand from its current 120,000-square-foot building, also in Ontario. The shoe-sales company took advantage of SBA financing that qualified it for extra loan value based on energy-efficiency upgrades at Cels’ previous building.
SEATTLE — McQuaid Commercial Real Estate has closed the $2.3 million sale of the 22-unit Arbor Heights Apartments located at 625 N. 130th Street in Seattle. Michael McQuaid represented the seller, a local limited-liability company; Greg Deer, the buyer, bought Arbor Heights as the up-leg of a 1031 exchange.