FAIRFIELD, CALIF. — Hendricks & Partners has negotiated the $8.8 million sale of the 109-unit Peach Tree Villa and Peachwood, an apartment community located at 2215, 2222 and 2275 Peach Tree Drive in Fairfield. Hendricks & Partners’ Steven Nelson and Al Inouye completed the transaction involving the California-based Peach Tree Villa LLC and Peachwood LLC’s disposition of the property to Woodside, Calif.-based Placerville Apartments LP.
Western
PHOENIX — Cassidy Turley BRE Commercial has completed the $3.2 million sale of a 3,838-square-foot freestanding retail building located at 830 S. Mill Ave. in Phoenix. Cassidy Turley BRE Commercial’s Ryan Schubert and Michael Hackett represented the seller, Scottsdale, Ariz.-based Bear Down Partners LLC, in the transaction, and the brokerage firm’s San Diego office represented the buyer, M.H. Sherman Co. of Sherman Oaks, Calif. The 0.56-acre property includes a 20-year ground lease with JP Morgan Chase.
PLEASANTON, CALIF. — An approximately 45,000-square-foot 99 Ranch Market has opened at Centro Properties Group’s Rose Pavilion Shopping Center, located 0.5 mile south of Interstate 580 at the northwest corner of the intersection of Santa Rita Road and Rosewood Drive in Pleasanton. The Asian American supermarket retailer’s 12th store includes a bakery, a deli, and wine and beer from around the world. Centro Properties Group was represented in-house by Jason Ball and Matthew Berger in the lease transaction.
UNIVERSITY PLACE, WASH. — Apartment Realty Advisors (ARA) has brokered the $8 million sale of Orchard Crest Apartments, located at 5808 Hannah Pierce Road W just outside of Tacoma, Wash. Constructed in 1981, the 136-unit multifamily property consists of one and two bedroom apartment homes and includes a swimming pool, clubhouse, business center and tanning salon. ARA’s Jim Claeys represented the Massachusetts-based seller, Aspen Square Management, in the sale of the Class B property. The property was acquired by Goldendale, Wash.-based Ross Management as part of a multi-property 1031 exchange.
HOLLYWOOD, CALIF. — Lion Real Estate Group (LREG) has completed the $7.25 million sale of a 26-unit apartment property located at 920 Wilcox in Hollywood. Madison Partners’ Darin Beebower represented LREG in the transaction; the buyer was a private investor. LREG took title to the property in February 2009 and commenced an extensive renovation of the building, which is now 100 percent occupied.
DENVER — Westfield Co. has opened the first high-rise office building constructed in Denver’s central business district in 25 years. Located at 1800 Larimer, the 22-story, 500,000-square-foot building is 80 percent leased and will be the headquarters for Xcel Energy, Frederick Ross Co. and Westfield itself. Designed by RNL for LEED Platinum certification, the state-of-the-art, Class A tower includes a hotel-style conference facility, an employee fitness center, a private terrace park, a café and a bank.
CUPERTINO, CALIF. — Newmark Realty Capital has arranged the $33.35 million acquisition of a three-story, 60,000-square-foot office building currently 100-perent occupied by Apple Inc. Located at 10495 North De Anza Blvd. in Cupertino, the property was acquired by HATCO Associates, which was represented by Newmark Realty’s Eric Von Berg. The seller was an affiliate of Sand Hill Property Co.
CHANDLER, ARIZ. — CB Richard Ellis has negotiated the $43.5 million sale of 512-unit Biscayne Bay located at 300 E. Warner Road in Chandler. Built in 2000, the luxury apartment community was 98 percent occupied at the time of sale. CBRE’s Tyler Anderson and Sean Cunningham represented Waterton Residential on behalf of the seller, Fund IX BB Chandler LLC, in the transaction; the buyer was Seattle-based Private Portfolio Group LLC. Biscayne Bay features a fully-equipped fitness center; an indoor racquetball court; a dry sauna and business center; billiards and theater rooms; two resort-style swimming pools with spas and sundecks; volleyball and basketball courts; a putting green; and barbecue and picnic areas.
RANCHO PALOS VERDES, CALIF. — Alliance Residential Co. has acquired The Madison, a 90-unit apartment community located in Rancho Palos Verdes within the South Bay submarket of Los Angeles County, in an all-cash transaction. ARC has partnered with Berkshire Property Advisors to implement a repositioning strategy for the property, which was originally built in the early 1970s. The Madison offers 180-degree ocean views in more than 50 percent of its units.
HILLSBORO, ORE. — PKF Capital Seattle has arranged the sale of the 106-room Springhill Suites by Marriott in Hillsboro. Terms of the deal regarding the suburban Portland property, which was built in 2004, were not disclosed. PKF Capital’s Chris Burdett and Matthew Behrens represented the seller, an Oregon-based hotel developer, in the transaction; the buyer was a joint venture between Watermark Capital Partners LLC and Montclair Hotel Investors.