SAN JOSE, SUNNYVALE AND SANTA CLARA, CALIF. — NorthMarq Capital has arranged $40 million of first-mortgage financing for a 496,000-square-foot portfolio of five office/R&D properties located in San José, Sunnyvale and Santa Clara. NorthMarq’s Dennis Sidbury arranged the 20-year term and 20-year amortization schedule for the borrower, Mission West Properties, through a correspondent relationship with Hartford Life Insurance Co. Ninety percent leased to tenants such as Orbotech, Equinix and NDS Surgical Imaging, the portfolio includes a state-of-the-art data center.
Western
NAPA, CALIF. — Cassidy Turley BT Commercial has brokered the $14.8 million sale of the 162-unit Napa Garden Apartments located at 2513 Laurel Street in Napa. Built in multiple phases from 1971 through 1976, the apartment complex offers one-, two- and three-bedroom units and consists of 22 multifamily structures, six triplexes and a single-family dwelling. Cassidy Turley’s Ric Russell and Scott MacDonald represented the seller, Los Angeles-based 3D Investments, in the transaction; the San Francisco-based private-investor buyer assumed the existing Fannie Mae debt on the property.
SAN DIEGO — California Landmark Group has purchased the 45-unit Serenata, a townhome community located in San Diego’s College Grove neighborhood, for $10.15 million. Currently 96 percent leased, the collection of three-bedroom, two-bath units started off as condominiums when completed in 2009 before being converted to apartments. Situated across the street from the Marketplace at the Grove shopping center, the three-level homes include attached two-car garages.
CORONA, CALIF. — Tomasa Flores Separate Property Trust has sold a 55,459-square-foot industrial property, located at 1451 E. 6th Street in Corona, for $4.2 million. Voit Real Estate Services’ Mitch Zehner, Ryan Moore and Seth Davenport represented both the buyer, ABC School Equipment, and the seller in the transaction.
ROY, UTAH — Marcus & Millichap has brokered the $3.55 million sale of the 30,860-square-foot Roy Crossroads, located at 5647 South 3500 West in Roy. The two-building retail complex was fully occupied by seven tenants at the time of the sale. Marcus & Millichap’s Russell Packer represented the seller, a developer, in the transaction, and the brokerage firm’s Michael Beckstead and Jeff Dopp of Utah Executive Real Estate represented the buyer, a private investor, which was involved in a 1031 exchange.
WHITTIER, CALIF. — Cole Real Estate Investments has acquired the 686,241-square-foot Whittwood Town Center, located in Whittier where Los Angeles County borders Orange County, from Morgan Stanley in an $83.5 million, all-cash transaction. Completely redeveloped from 2004 to 2006 and 97 percent leased at the time of sale, the community shopping center includes tenants such as Target, Sears, JC Penney, Kohl’s, PetSmart and CVS/pharmacy. Cushman & Wakefield's Marc Renard represented the seller in the transaction, and Cole’s Scott Holmes handled matters on the acquisition side.
FOLSOM, CALIF. — TRI Commercial/CORFAC International has closed the $50.4 million sale of the 336-unit Sherwood Apartments located in Folsom. Constructed in 2002 and 96 percent occupied at time of sale, the Class A multifamily complex is situated adjacent to a planned 440-bed Kaiser Hospital and the nearly completed 600,000-square-foot Palladio at Broadstone mixed-use development. TRI/CORFAC’s John Gallagher and Dean Bagneschi represented both the buyer and the seller — Bay Area investor Sherwood Iron Point LP and Sherwood Apartments LLC, respectively — in the transaction.
TORRANCE, CALIF. — Western Psychological Services has purchased a 65,635-square-foot industrial facility, located at 625 Alaska Ave. in Torrance, for nearly $8 million. Aiming for an April 2011 occupancy following extensive tenant improvements, WPS will consolidate its headquarters into the single, free-standing building, which includes more than 30,000 square feet of office space. Klabin/CORFAC’s Aleks Trifunovic, Tibor Lody and Ron Rader represented the buyer, a publisher of psychological and educational assessments, in the transaction, and CB Richard Ellis’ David Stromath and Dean Haney represented the seller, Gateway Pacific Properties.
FREMONT AND RICHMOND, CALIF. — Sares-Regis Group has sold an approximately 721,204-square-foot industrial portfolio, consisting of four Class A buildings in Fremont and Richmond, to Industrial Income Trust. Terms of the deal were not disclosed. Colliers International’s Greig Lagomarsino and Todd Severson and CB Richard Ellis’ Darla Longo and Barbara Emmons closed the sale, reportedly the largest transaction of its kind this year in the San Francisco Bay Area. Constructed between 1999 and 2001 and 89 percent leased at the time of sale, three of the buildings totaling approximately 474,754 square feet are located in the Pinole Point Business Park in Richmond. Built in 1990 and 100 percent leased to Supermicro Computer, the fourth building, which totals 246,450 square feet, is situated along Fremont Boulevard in the Bayside Business Park in Fremont.
RENO, NEV. — Sierra Western Properties LLC has purchased an approximately 66,240-square-foot industrial property located at 305 Western Road in Reno. NAI Alliance’s Paul Perkins, Dave Simonsen, J. Michael Hoeck and Dan Oster represented Standard Motor Products, the seller of the stand-alone building.