SAN DIEGO — Raintree Partners has completed the $68.2 million acquisition of the 302-unit Trieste Apartment Villas, located at 3950 Mahaila Ave. in the prestigious La Jolla area of San Diego. More than 95 percent occupied at the time of sale, the 11-building complex offers one- and two-bedroom units configured as flats, lofts and a single townhouse unit. Laguna Niguel, Calif.-based Raintree has planned several upgrades to the multifamily property, including renovation of the existing clubhouse and improvements to the fitness center. CB Richard Ellis’ Kevin Mulhern, Dixie Hall and Rachel Hemingway represented the seller, Trieste Apartments LLC, in the transaction; Raintree Partners represented itself.
Western
LONG BEACH, CALIF. — Marcus & Millichap has negotiated the $8 million sale of the 186-unit Magnolia Senior Living, a 109,548-square foot senior-housing property located at 3360 Magnolia Ave. in Long Beach. The brokerage firm’s Pasha Darvishian, Alex Mobin, Christopher Hyldahl and Mark Myers represented the seller in the all-cash transaction involving a first-time senior-housing buyer.
RIDGECREST, CALIF. — Barnhart Balfour Beatty has broken ground for the construction of a $5 million career and technical education building on the campus of Sherman E. Burroughs High School located at 500 E. French Ave. in Ridgecrest. The first new construction in the Sierra Sands Unified School District in nearly 20 years, the 18,845-square-foot building will include laboratory, classroom and office space. Designed by Westberg + White and funded by Proposition 1D Career Technical Education grant funds and a state loan, the project is scheduled to be completed in November 2011.
AGOURA HILLS, CALIF. — Colliers International has presided over the sale of two office buildings totaling 24,838 square feet in Agoura Hills for a combined $4.1 million. Represented by Collier’s Jeff Albee and Jeff Gould, Aspen Environmental Group purchased a 14,000-square-foot facility located at 5020 Chesebro Rd. Grubb & Ellis’ Andrew Harper and Michael Ross represented the seller, WA Real Estate LLC, in the $2.3 million transaction. Also, Robert Meyerson Co. Trust, represented by Colliers’Albee and Gould along with the brokerage firm’s Chris Itule, sold a 10,838-square-foot office property, located at 28038 Dorothy Dr., to Woodlands Hills, Calif.-based Global Marketing Partners. Cresa Partners’ Rick Dearson represented the buyer in the $1.8 million deal.
TUCSON, ARIZ. — Davidson/Rohrbacker Investments LLC has purchased a 58,000-square-foot industrial building, located on 10 acres at 401 East Irvington Road in Tucson, for $2 million. PICOR Commercial Real Estate Services’ Pat Welchert represented the buyer in the transaction, and Grubb & Ellis’ Ron Zimmerman represented the seller, Foxworth Galbraith.
SANTA ROSA, CALIF. — Retail West has presided over the short sale of the former Los Robles Lodge, located on 3.54 acres adjacent to and south of Coddingtown Mall in Santa Rosa, to Codding Enterprises. Terms of the deal were not disclosed, but the property was listed for $3.7 million. Retail West’s Matt Holmes and Dean Copans represented both the buyer and seller in the all-cash transaction. According to the brokerage team, Codding, an experienced retail operator, plans to raze the lodge structures and redevelop the property.
LOS ANGELES — KBS Real Estate Investment Trust II has acquired the 627,334-square-foot Union Bank Plaza, a 40-story office tower and retail complex located at 445 South Figueroa Street in downtown Los Angeles, from Hines for $208 million. Designed by A.C. Martin and 96 percent occupied at the time of sale, Union Bank Plaza consists of a 607,517-square-foot office tower; a two-level, 19,817-square-foot retail plaza; and a 914-space, four-level parking structure. The property occupies an entire city block between the 110 Freeway and Figueroa. KBS Capital Advisors represented KBS REIT II in the transaction, and Jones Lang LaSalle’s Michael Zietsman and David Doupé represented the seller.
SAN JOSE, SUNNYVALE AND SANTA CLARA, CALIF. — NorthMarq Capital has arranged $40 million of first-mortgage financing for a 496,000-square-foot portfolio of five office/R&D properties located in San José, Sunnyvale and Santa Clara. NorthMarq’s Dennis Sidbury arranged the 20-year term and 20-year amortization schedule for the borrower, Mission West Properties, through a correspondent relationship with Hartford Life Insurance Co. Ninety percent leased to tenants such as Orbotech, Equinix and NDS Surgical Imaging, the portfolio includes a state-of-the-art data center.
NAPA, CALIF. — Cassidy Turley BT Commercial has brokered the $14.8 million sale of the 162-unit Napa Garden Apartments located at 2513 Laurel Street in Napa. Built in multiple phases from 1971 through 1976, the apartment complex offers one-, two- and three-bedroom units and consists of 22 multifamily structures, six triplexes and a single-family dwelling. Cassidy Turley’s Ric Russell and Scott MacDonald represented the seller, Los Angeles-based 3D Investments, in the transaction; the San Francisco-based private-investor buyer assumed the existing Fannie Mae debt on the property.
SAN DIEGO — California Landmark Group has purchased the 45-unit Serenata, a townhome community located in San Diego’s College Grove neighborhood, for $10.15 million. Currently 96 percent leased, the collection of three-bedroom, two-bath units started off as condominiums when completed in 2009 before being converted to apartments. Situated across the street from the Marketplace at the Grove shopping center, the three-level homes include attached two-car garages.