HIGHLANDS RANCH, COLO. — NorthMarq Capital has arranged a permanent loan of $6.2 million for Village Center West, a four-building, 30,397-square-foot neighborhood retail center located at 3620-3626 Highlands Ranch Pkwy. in Highlands Ranch. Tenants include Radio Shack, Supercuts, Baskin Robbins and King Soopers (the latter, grocery tenant not being a part of the collateral). John Stewart and Brock Yaffe of Minneapolis-based NorthMarq arranged the financing for the borrower.
Western
PHOENIX — Cassidy Turley BRE Commercial has completed the $1.6 million acquisition of a 17,524-square-foot office building located at 222 N. 44th Street in Phoenix. Cassidy Turley BRE Commercial’s Chris Walton and Justin Himelstein represented the buyer, North 44th Street Phoenix LLC, a company formed by San Diego-based DPR Construction. CB Richard Ellis’ Rick Murphy and Max Bippus represented the Pleasanton, Calif.-based seller, Bajarang Investments, in the transaction. DPR will occupy the purchased building.
BELLEVUE, WASH. — Essex Property Trust has purchased the 110-unit Courtyard Off Main Apartments, located in the heart of Bellevue, for $30 million. Constructed in 1999 by local developer and seller Courtyard Off Main LLC, the property includes 7,573 square feet of commercial space. GVA Kidder Mathews’ Philip Assouad and Giovanni Napoli handled the transaction. The Palo Alto, Calif.-based apartment REIT’s acquisition is its first in the city located east of Seattle and west of Interstate 405.
BROOMFIELD, COLO. — PCCP LLC has provided Griffis Group a $50 million loan to finance the acquisition of the 376-unit Terracina Villas in Broomfield. Developed and constructed in 2009 by Catalina Development Co., the Class A apartment property consists of four four-story buildings with one- and two-bedroom configurations. PCCP worked closely with the Denver-based borrower/multifamily owner to structure a short sale among the seller, the senior lender and the mezzanine lender.
SANTA CLARITA, CALIF. — NAI Capital has negotiated the $2.5 million acquisition of an 18,720-square-foot industrial building, located at 26477 Ruether Ave. in Santa Clarita. NAI Capital’s Chris Jackson and Todd Lorber represented the buyer, 3rd Building LLC, in the investment purchase; the sellers, Jawahar and Malkaiat Saini, represented themselves in the deal. The buyer plans to reposition the property, which is situated on 88,910 square feet of land.
NORTH LAS VEGAS, NEV. — Strategic Storage Trust has acquired an approximately 700-unit self-storage facility located at 3155 West Ann Road in North Las Vegas. Built in 2005, the public, non-traded REIT's third self-storage acquisition in the area is a two-story building offering 94,000 rentable square feet that includes an office and apartment for a resident manager. To be rebranded under the SmartStop Self Storage trade name, the self-storage property is situated approximately four miles west of U.S. Route 95 and approximately seven miles east of Interstate 15.
SANTA CLARITA, CALIF. — Colliers International has directed the sale of an 8,189-square-foot retail building, located at 23360 Cinema Dr. in the Valencia area of Santa Clarita, to Performance Cyclery for an undisclosed amount. The private bicycle retailer plans to open by December 1 in the property previously occupied by Trader Joe’s approximately 2 years ago. Colliers International’s Zeke Patterson and John Erickson represented the buyer in the transaction, and the brokerage firm’s Kevin Fenenbock, along with NAI Capital’s John Cserkuti and Bert Abel, represented the seller, MDI Cinema Drive LLC.
TOLLESON, ARIZ. — Marcus & Millichap has negotiated the $1.75 million acquisition of the 76-unit Sundancer, an apartment property located at 400 North 96th Ave. in Tolleson. The brokerage firm’s Brian Smuckler and Jeff Seaman represented the private-investor buyer in the transaction.
SAN BERNARDINO, CALIF. — Hillwood Investment Properties has leased 334,646 square feet of a 609,499-square-foot industrial building, located at AllianceCalifornia Northgate Building 11 at 7776 Tippecanoe Ave. in San Bernardino, to Leggett & Platt, a 127-year-old diversified manufacturing company. AllianceCalifornia Northgate Building 11 was constructed in June 2009 on the site of the former Norton Air Base and was purchased by Hillwood in December 2009.
PASADENA, CALIF. — The joint venture of Urdang and Edgewood Realty Partners LLC has acquired the 84,000-square-foot Chamber of Commerce Building and an adjacent 246-space parking garage, located on Colorado Boulevard within Old Pasadena, from a corporate seller. Terms of the deal were not disclosed. A real estate investment manager and part of BNY Mellon Asset Management, Urdang made the acquisition on behalf of an institutional, separate-account client managed by Urdang Capital Management. Constructed in 1904 and 93 percent-occupied at the time of sale, the landmark Chamber of Commerce Building consists of five stories of offices above ground-floor retail space.