KENT, WASH. — Wells Fargo & Co. has provided a $25 million Fannie Mae loan for the acquisition of Waterford at the Lakes in Kent. The 344-unit apartment community features a recreation room, two playgrounds, a racquetball court, two resort-style swimming pools, a fitness center, a heated spa, a tennis court, hiking/biking trails and a daycare center. The borrower, a Delaware Statutory Trust (DST), used proceeds of the DST execution to acquire and rehabilitate the property. Griffin Capital Corp. was the DST sponsor. Laurie Morfin and Patrick McAllister of Wells Fargo co-originated the transaction.
Western
ONTARIO, CALIF. — Hager Pacific Properties has leased a 108,703-square-foot office/industrial property, which is located at 2400 E. Francis St. in Ontario, to Kim Lighting, a division of South Carolina-based Hubbell Lighting Inc. The 5-year lease renewal was valued at $2.8 million. Kim Lighting plans to use the facility to manufacture high-performance, architecturally relevant, outdoor lighting solutions for commercial, industrial, residential and institutional clients.
TEHACHAPI, CALIF. — Alex Kozakov and Patrick Wade of Marcus & Millichap represented the undisclosed seller in the disposition of a 3,115-square-foot, single-tenant retail property in Tehachapi. Located at 550 Tucker Rd., the property sold to an undisclosed buyer for $1.05 million. The asset is currently occupied by Jiffy Lube Service Center #2760, which offers two auto bays.
MORENO VALLEY, CALIF. — The city of Moreno Valley has selected San Diego-based Gafcon Inc. as construction manager and San Diego-based Roesling Nakamura Terada Architects (RNT Architects) for the expansion of Moreno Valley’s public safety building. Located at 22850 Calle San Juan De Los Lagos, the existing 47,000-square-foot facility will be expanded to 120,800 square feet over the next several years. The conceptual design of the project is set for completion in March. Final design and incremental construction will begin when funding is established.
ONTARIO, CALIF. — A California-based investment group has completed the disposition of a 1,600-square-foot Starbucks Coffee drive-thru location in Ontario. An undisclosed buyer purchased the property, which is located within the Village at Ontario retail center, for $1.2 million or $750 per square foot. James Antoyan of Marcus & Millichap represented the seller; Kyle Irvine and Don Emas, also of Marcus & Millichap, represented the buyer in the transaction.
DENVER — HRPT Properties Trust has acquired Seventeenth Street Plaza, a 33-story office tower located at 1225 17th St. in Denver, for an undisclosed price. The 666,653-square-foot is LEED Gold certified and has received ENERGY STAR awards since 2003. At the time of acquisition, the property was 93 percent occupied. Property amenities include an attached parking structure, Ink! Coffee, Heidi’s Brooklyn Deli, a fitness facility with showers and lockers, a bank, 24-hour security and a loading dock with a dedicated freight elevator. Mary Sullivan and Tim Swan of CB Richard Ellis represented the seller, institutional investors advised by J.P. Morgan Asset Management, in the transaction.
SANTA CLARITA, CALIF. — NorthMarq Capital’s Los Angeles Regional office has arranged an $18.08 million first mortgage for Meadowridge Apartments, a 172-unit apartment complex in Santa Clarita. The 10-year loan has 2 years of interest-only payments followed by a 30-year amortization schedule. Ory Schwartz of NorthMarq arranged the loan through the company’s affiliate, AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The borrower was not disclosed.
SANTA FE, N.M. — Supportco Properties has purchased Physicians Plaza of Santa Fe, a 50,468-square-foot medical office building located at 1631 Hospital Dr. in Santa Fe. The two-story multi-tenant property sold for $13.8 million or $273 per square foot. John Smelter of Marcus & Millichap represented the buyer. Smelter and Sam Medford, also of Marcus & Millichap, represented the seller, Santa Fe MOB, in the transaction.
OAKLAND, CALIF. — San Francisco-based Red Branch Hall Inc. has purchased 6116 Telegraph Avenue in Oakland. The 17-unit multifamily property sold for $2.37 million. The seller was San Rafael, Calif.-based Alameda Apartments. Martin Higgins of Hendricks & Partners represented the seller in the transaction.
SEAL BEACH, CALIF. — CB Richard Ellis has brokered the $45.3 million sale of Old Ranch Towne Center, a retail center located at 12300-12490 Seal Beach Blvd. Bob Young, Steve Brabant, Glenn Smigiel and Rick Abraham of CBRE’s Phoenix office represented the seller, a southwestern U.S.-based partnership. Sam Alison and Dan Riley of CBRE’s Los Angeles office represented the buyer, Westlake, Calif.-based DSB Properties.