WESTMINSTER, COLO. — Stream Data Centers has acquired a 29,500-square-foot, single-story data center in Westminster. The building includes 10,000 square feet of raised floor and 7,500 square feet of disaster-recovery office space. CB Richard Ellis’ Frank Kelley and Doug Bakke represented Stream Data Centers in the transaction; Grubb & Ellis’ Mark Stables, David Horowitz and Jim Kerrigan represented the undisclosed seller.
Western
SAN DIEGO — Dentt Properties has sold a 94,698-square-foot industrial park, located at 2731-2739 Via Orange Way in the Spring Valley area of San Diego, for $12.25 million. The five-building industrial park was 98 percent leased to 45 tenants at the time of sale. ECP Commercial represented the buyer, Monica Handler Penner, in the transaction, which was part of a 1031 exchange; Dentt, a San Diego-based real estate investment and development firm, represented itself.
PHOENIX — Cassidy Turley BRE Commercial has completed the $2 million sale of The Citadel, a 28,548-square-foot mixed-use property located at 8700 E. Pinnacle Peak Rd. in Phoenix, to Brentwood West LLC. Built in 1996, the Class B property, which features office and retail space, was 16 percent leased at the time of sale. Cassidy Turley’s Eric Wichterman, Michael Coover and Michael Kitlica represented the seller, Helios AMC, and the Chandler, Ariz.-based buyer during the sales transaction. Brentwood West LLC has indicated that it plans to renovate the property.
AURORA, COLO. — Unique Properties LLC has brokered the $1.9 million sale of the six-building, Class B Iliff Office Park located at 2323 S. Troy Street in southeast Aurora. The two-story, multi-tenant complex, which consists of 71,902 rentable square feet, underwent more than $600,000 worth of renovations in 2004-2005 and previously sold for $5 million in 2007. Unique Properties, LLC – TCN Worldwide’s Marc Lippitt and Scott Shwayder handled the bank-owned property transaction.
ARIZONA — A ruling by the Arizona Superior Court has enabled Trigild to sell seven Arizona apartment complexes to Standard Portfolio for $123 million. Currently in escrow, the 2,759-unit portfolio was put into receivership on March 9, 2009 after being abandoned by The Bethany Group. Upon the abandonment, the lender's counsel immediately moved to have San Diego-based Trigild appointed receiver of 13 Bethany properties, including the seven Arizona assets. The portfolio consists of the 460-unit Laguna Village, the 320-unit Alante at the Islands and the 374-unit Santana Crossing in Chandler; the 432-unit Whispering Meadows and the 582-unit Tuscany Palm in Mesa; the 395-unit Sienna Springs in Phoenix; and the 196-unit Verrado Park in Glendale.
SANTA MONICA, CALIF. — Colliers International has handled the almost $5.8 million sale of the 21-unit Villa Cordova located at 1133 10th St. in Santa Monica. Built in 1970, the two-story, rent-controlled apartment building situated north of Wilshire Boulevard includes subterranean parking, landscaped courtyards and walkways, and a laundry facility. Colliers’ Kitty Wallace represented both the private-investor buyer and seller, 10th Street Partners LLC and Villa Cordova Associates LLC, respectively. The buyer plans to renovate the property and raise rents to market level, starting with the building’s nine vacant units.
TUCSON, ARIZ. — Colliers International–Greater Phoenix has negotiated the $46.5 million sale of a seven-property, 1,566-unit multifamily portfolio in Tucson to San Francisco-based Hamilton Zanze & Co. Placed into receivership in October 2009, the Class B portfolio consists of Palomino Crossing (240 units), Lakeside Casitas (310 units), Hampton Park (160 units), Cordova Village (322 units), Solano Springs (152 units), San Mateo (254 units) and Highland Woods (128 units). Colliers International’s Cindy Cooke and Brad Cooke represented the unnamed seller; the first-time Tucson buyer was self-represented.
RIVERSIDE, CALIF. — Barnhart Balfour Beatty has been chosen by the University of California, Riverside, (UCR) as construction manager at risk for a $104 million, more than 800-bed student village. Designed by Sasaki Associates to achieve LEED Gold certification, the 350,000-square-foot Glen Mor 2 apartment development will include a parking structure, a food emporium and recreational facilities. Groundbreaking for the Glen Mor 2 project is expected to take place in June 2011, with completion planned for July 2013.
SAN BERNARDINO, CALIF. — A joint venture has acquired the 1.4 million-square-foot Cajon Distribution Center located at 7010 and 7140 North Cajon Blvd. in San Bernardino. Terms of the transaction were not disclosed. Built in 2008, the Class A industrial center is a two-building, cross-dock property located on a 63-acre site in Southern California’s Inland Empire market. CB Richard Ellis’ Darla Longo and Peter McWilliams and Jones Lang LaSalle’s Mike McCrary represented the unnamed institutional seller in the transaction. The joint venture consists of San Diego-based Westcore Properties, Aliso Viejo, Calif.-based CT Realty Investors, PCCP LLC and Behringer Harvard.
TEMECULA, CALIF. — Grubb & Ellis has negotiated the sale of the 69,000-square-foot Temecula Creek Plaza, a retail center located at 31021 – 31141 Temecula Pkwy. in Temecula. Financial terms of the deal were not disclosed. Built in 2007 and 68 percent leased at the time of sale, Temecula Creek Plaza is anchored by CVS/pharmacy and Guaranty Bank. Grubb & Ellis’ Michelle Schierberl and Donald Ellis, with assistance from Robert Griffith of Financial Services Asset Management, represented the property’s receivership in the transaction, and William Meinhold of Swoboda Hospitality Specialists represented the private-investor buyer.