SAN FRANCISCO — Hybrid Design has purchased 584-590 Pacific Avenue, a 2,750-square-foot retail building in San Francisco. The property, which was formerly occupied by Café Prague, sold for $1.1 million. The buyer plans to retrofit and reconfigure the building before occupying it. Suzanne Gregg of Paragon Real Estate Group represented the buyer; Michael Gschwend of GVA Kidder Mathews represented the undisclosed seller.
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SCOTTSDALE, ARIZ. — Greg Hopley of Colliers International has brokered the sale and acquisition of two office suites, totaling approximately 8,515 square feet, within Bell 101 Executive Center, which is located at 8937 E. Bell Rd. in Scottsdale. Cabral Holdings acquired the space from EBH LLC for $1.46 million or $172 per square foot. Cabral plans to occupy the second floor suite. A mortgage company currently occupies the first floor suite.
CASA GRANDE, ARIZ. — The city of Casa Grande has selected Phoenix-based Accelerated Construction Technologies as general contractor for the development of Performance Institute, a 59,700-square-foot facility in Casa Grande. Scheduled for completion in mid-September, the $20 million, 50-acre campus will be the west coast training facility for the new United Football League, a new location for Greenville, S.C.-based ProaxisTherapy, and a top-level tennis, golf and soccer training center called Grande Sports Institute. Local residents will also have use of the facility, which will include soccer and football fields, tennis courts, an Olympic track, a fitness center and locker rooms, as well as a physical therapy facility, a sports academy, classrooms, data rooms and two lobbies.
SAN JOSE, CALIF. — Justin Bautista and Chris Shaheen of NAI BT Commercial’s multifamily group brokered the transaction of two multifamily properties in downtown San Jose. The buyers, Clifford Felchie and Stan & Sheila Redd, are a partnership that owns more than 200 multifamily units in the area. The partnership acquired a 30-unit apartment community located at 51 S. 19th St. from 51 Newco LLC for $3.6 million or $120,000 per unit. Built in the 1960s, the property offers two-bed/one-bath townhouse units. United Commercial Bank provided financing for the transaction. Additionally, the partnership purchased a triplex located at 57 S. 19th St. from Story & King Properties LLC for $550,000.
PHOENIX — John Susank of Marcus & Millichap’s Newport Beach, Calif., office represented a private investor in the acquisition of a Chase bank location in Phoenix. Located at 3148 E. Indian School Rd., the 2,552-square-foot single-tenant property sold for $2 million. The seller was not disclosed.
LAGUNA BEACH, CALIF. — Chris Chinnici and Roman Ciuni of NAI Capital’s Newport Beach, Calif., office has completed the sale of an office building in Laguna Beach. Laguna Broadway acquired the 18,000-square-foot property for an undisclosed price. The seller was Laguna Beach Playhouse.
PORTLAND, ORE. — LG Electronics USA has leased 80,000 square feet of industrial space at Rivergate Corporate Center I in Portland. The value of the lease was not disclosed. Andrew Harnish of Jones Lang LaSalle represented the tenant; Evan Bernstein, Dave Ellis and John Fettig of Capacity Commercial Group represented the landlord, MEPT Rivergate, in the transaction.
IRVINE, CALIF. — Los Angeles-based Maguire Properties has completed the disposition of 3161 Michelson Drive, a six-story office property located within the Park Place campus in Irvine. An affiliate of EMMES Group of Companies acquired the 150,000-square-foot property for approximately $160 million. The disposition allowed Maguire to eliminate the project-level debt that was slated to mature in September; eliminate a New Century master lease obligation with potential exposure of up to $16 million; eliminate a $24 million principal loan guaranty; eliminate a master lease parking obligation with a potential exposure of up to approximately $50 million; release a 1,380-space parking structure from encumbrance of the existing mortgage; and increase cash flow by eliminating the project’s negative cash flow.
GIG HARBOR, WASH. — Larry Corkins of Marcus & Millichap’s Seattle office represented an undisclosed bank/financial institution in the disposition of 58 apartment units at Harbor Glen, a 62-unit residential community located at 2215 47th St. N.W. in Gig Harbor. The property sold for $2.74 million. The asset was being converted into condominiums, with four of the original 62 units sold and currently owned by other parties. Approximately 23 units have been converted to condo quality with the balance being in various stages of completion. Approximately 10 units are capable of being rented. Marcus & Millichap’s Tax Credit Group represented the undisclosed buyer in the acquisition.
KENT, WASH. — San Francisco-based JB Matteson has formed an alliance with Los Angeles-based Griffin Capital Corp. JB Matteson has been engaged as real estate advisor and asset manager for the acquisition, finance and asset management of multifamily properties in the Western United States, while Griffin has engaged JB Matteson for multifamily investments. The alliance recently purchased Waterford at the Lakes, a 344-unit apartment community located in Kent. Griffin purchased the property for $32.45 million. JB Matteson managed the acquisition and coordinated the Fannie Mae financing. Additionally, JB Matteson will provide asset and construction management services for the investment.