SANTA ANA, CALIF. — In an all-cash transaction, Highridge Partners has purchased the 246,819-square-foot 3 MacArthur office tower in Santa Ana for $31 million. Marking the debut of the firm’s $500 million investment program targeting Class A California office properties, Highridge Partners acquired the 11-story property from Tishman Speyer Office Fund, which had purchased the building in 2007. Located in the airport submarket of Orange County, 3 MacArthur is currently 78 percent leased. The new owner has engaged RiverRock and CB Richard Ellis to handle on-site property management and leasing duties, respectively.
Western
ARIZONA — Goodwill Industries of Central Arizona Inc. has leased more than 118,000 square feet across four new retail store locations in Phoenix, Mesa, Peoria and Tempe. Today’s Tempe opening marks Goodwill’s 43rd location in central Arizona. Velocity Retail Group’s Andy Kroot represented Goodwill in the transactions.
SALIDA, COLO. — Marcus & Millichap has handled the nearly $2.8 million sale of Salida Center, a 20,400-square-foot retail property located at 101 W. Hwy. 50 in Salida. The property is net-leased to Family Dollar, Sherwin Williams and Autozone for 10- and 15-year terms. Marcus & Millichap’s Jason Burns represented the seller, a retail developer.
PLEASANT GROVE, UTAH — Marcus & Millichap has brokered the sale of Blue Ribbon Storage, a 475-unit self-storage facility located in Pleasant Grove. Marcus & Millichap’s Jason Smith represented the local buyer, Blue Ribbon Storage Solutions LLC.
LAKEWOOD, COLO. — Seavest Inc. and minority partner Aardex LLC have announced the development of two medical office buildings on the new campus of St. Anthony Hospital in Lakewood. Starting construction in first quarter 2010, the first building will be a four-story, 100,000-square-foot facility, and the second will be either five or six stories and be between 125,000 and 150,000 square feet. Both facilities are expected to achieve LEED Platinum certification.
POMONA, CALIF. — Los Angeles-based developer Overton Moore Properties (OMP) has sold a 95,604-square-foot industrial building, located at 389 Humane Way within OMP Empire Gateway Business Center in Pomona. The building is the third facility sold this year at the developer’s four-building, 246,000-square-foot center, which was completed in 2008. Cushman & Wakefield’s Phil Lombardo and Ty Newland represented the seller in the transaction, and the buyer, Roxy Realty Investment LLC, was represented by Lombardo, Newland and their colleague Stu Milligan.
LOS ANGELES — McCarthy Building Cos. has completed a $26.7 million parking structure at East Los Angeles College that provides space for 1,881 cars across six above-grade levels. Two pedestrian bridges connect the 553,725-square-foot structure, designed by International Parking Design, to raised walkways, one on the east side at the second level and the other on the third level of the north side.
MILLBRAE, CALIF. — Marcus & Millichap has brokered the $33.8 million sale of Waterstone Millbrae, a 136-unit multifamily property located 15 miles south of San Francisco in Millbrae. Located at 509 Poplar Ave., approximately 1 mile from the Millbrae Caltrain/BART (Bay Area Rapid Transit) station, Waterstone Millbrae was built in 1971 and was recently remodeled. The property features one- and two-bedroom floor plans averaging 841 square feet and includes amenities such as a swimming pool and spa, a cardio-fitness center and a clubhouse. Marcus & Millichap’s Stanford Jones, Sal Saglimbeni and Phil Saglimbeni represented the seller, Pacific Property Company. The buyer was a private party.
WOODLAND HILLS, CALIF. — San Francisco-based The Swig Company LLC and an institutional real estate investment fund managed by Capmark Investments LP have teamed up to acquire 250-unit The Arbors at Warner Center multifamily community, located in the Warner Center area of Woodland Hills, for $33 million. Investors Property Services will handle the day-to-day property management of The Arbors.
GREENWOOD VILLAGE, COLO. — Pinnacle Real Estate Advisors has represented both parties in the $2.5 million sale of a net-leased Romano’s Macaroni Grill, located at 7979 E. Arapahoe Rd. in Greenwood Village. Rob Edwards, Tom Ethington and Justin Krieger of The Pinnacle Retail Group represented the out-of-state seller Cardinal Capital, and the group’s Russ Agnew represented the local buyer Bowaut Inc.