CHULA VISTA, CALIF. — San Diego-based Mark 1 LP has acquired Shawnwood Forest, a 38-unit apartment community located at 571-581 Arizona St. in Chula Vista. The property sold for $3.2 million. Chris Zorbas of Marcus & Millichap represented the buyer; Chris Rogers of Hendricks & Partners’ San Diego office represented the seller in the transaction.
HOLLYWOOD, CALIF. — Meridian Capital has arranged $8.23 million in permanent financing for Lanewood Apartments LP for Lanewood Pines Apartments in Hollywood. Located at 7027 Lanewood Ave., the property offers 79 apartment units. Alex Katz and Rivkah Gross of Meridian’s Los Angeles office negotiated the non-recourse, 5.77% fixed interest rate for 10 years.
FULLERTON, CALIF. — BJW Properties has acquired 1451 S. Manhattan, a 22,400-square-foot industrial building in Fullerton, for $3.8 million. Dan Powers of CB Richard Ellis represented the buyer; Jim McFadden and Bob Crenshaw of Grubb & Ellis represented the seller, CP Trust, in the transaction.
LAKE TAHOE, CALIF. — Taylor Flynn of Marcus & Millichap represented the undisclosed seller in the disposition of Alpine Inn & Spa, a 39-room hotel located at 920 Stateline Ave. in Lake Tahoe. An undisclosed buyer acquired the property for $1.42 million.
DENVER — Denver-based The Griffis Group recently acquired The Enclave at Belleview Station, a 238-unit Class A apartment community located within Denver Tech Center in Denver, for $20.2 million. The property was financed with a new $16 million FNMA loan. Eric Tupler, Mike Easter and Craig Stack of CB Richard Ellis Capital Markets facilitated the sale. The seller was not disclosed.
RANCHO PALOS VERDES, CALIF. — Construction is complete for The Salvation Army College for Officer Training at Cresmont’s new Siemon Hall Cadet Housing Building, a 20-unit family-housing facility located at the Rancho Palos Verdes campus. The $25 million, 27,500-square-foot building was designed by Heery International. Each unit features a full kitchen with laundry facilities, and a master bedroom with a walk-in closet and bathroom.
LOS ANGELES — El Segundo, Calif.-based Cardinal Investments has acquired Berendo-Willow Brook Apartments in Los Angeles. Located at 1001-1005 N. Berendo St. and 4705 Willow Brook Ave., the 18-unit property sold for $1.65 million. Brent Sprenkle of Hendricks & Partners’ West Los Angeles office represented the undisclosed seller in the transaction.
The key indicator in the retail market in Reno/Sparks is that vacancy rates have increased and are expected to continue increasing for the remainder of 2009. Vacancy rates have reached nearly 15 percent at the mid-point of 2009 and net absorption continues to be negative. The amount of space available continues to increase due to unemployment, bankruptcies, relocations and acquisitions. Area home prices continue a downtrend with the majority of sales coming from distressed properties. The good news is that unit sales are up year over year, and home affordability has never been better. Retail lease rates continue to decrease as an estimated 2.4 million square feet of space is currently available in Reno/Sparks. Cap rates have increased steadily since a low in 2007, but the increase appears to have slowed down. The Legends at Sparks Marina held a grand opening in June 2009 and will be one of the major retail locations in the Reno/Sparks metropolitan area when it is completed. Developed by RED Development, the 2 million-square-foot shopping and entertainment destination is located on 147 acres in Sparks fronting Interstate 80 and will be highly visible to out-of-state travelers passing through the area. Because the project is estimated …
ROSEVILLE, CALIF. — Bob Kuhl, Robb Osborne and Anton Qiu of TRI Commercial/CORFAC International have brokered the sale of a 60,000-square-foot medical office building situated on the campus of Sutter Roseville Medical Center in Roseville. Located at 5 Medical Dr., the two-story property was built in 2008. MOB 5 LLC (Group 1 & 2) sold the property to MOB 5 (Group 2) for $20.5 million. TRI Commercial represented both parties in the transaction.
EL CAJON, CALIF. — McCarthy Building Cos. has completed the construction of a 3,200-square-foot public safety office, which is located on the Grossmont College campus at 8800 Grossmont College Dr. in El Cajon, and an adjacent 402,503-square-foot parking structure. The $25 million project is part of the Grossmont-Cuyamaca Community College District. The parking structure is connected to the college’s main campus by two pedestrian bridges. International Parking Design provided architectural services for the project.