RENO, NEV. — Los Angeles-based Majestic Bell LLC, an affiliate of Majestic Investments LLC, has acquired an 82,934-square-foot office building in Reno for $12 million. Situated on a 6.21-acre site, the property is fully occupied by AT&T, which signed a 10-year NNN lease at closing of escrow. Majestic was represented by Cameron Pacific, the acquisition and finance arm of Majestic Investments; AT&T was represented by CB Richard Ellis. The seller was not disclosed.
BURBANK, CALIF. — Burbank-based Burbank Holdings Corp. has purchased Verdugo Gardens, a 34-unit multifamily property located at 275 W. Verdugo Ave. in Burbank. The property sold for $7.26 million or $213,603 per unit. Built in 1985, the complex features two- and three-bedroom units. The buyer plans to upgrade the property and provide affordable housing. Kevin Lutz and Kevin Hurley of Hendricks & Partners’ Pasadena, Calif., office represented the seller, Los Angeles-based Jamco Holdings Corp., in the transaction.
HENDERSON, NEV. — Las Vegas-based Crisci Builders, serving as general contractor, has broken ground for the construction of Henderson Supportive Housing, which will be located at 600 N. Major Ave. in Henderson. Accessible Space Inc. contracted Crisci to build the two-story, 25-unit apartment complex. Designed by Creative Design Architecture Inc., the $3.6 million, 21,350-square-foot project is slated for completion in late November.
PATTERSON, CALIF. — Rhode Island-based CVS Pharmacy Inc. has leased approximately 80,600 square feet in Patterson. The space is a portion of the 529,970-square-foot building at Keystone West Business Park. Patterson Industrial Center LLC, a partnership of McShane Development and MetLife, owns the property. John McManus and Chuck Belden of Cushman & Wakefield represented the tenant; Kevin DalPorto of CB Richard Ellis represented the landlord in the transaction.
HELENA, MONT. — Chicago-based Lillibridge has completed the development of St. Peter’s Medical Group, an 80,000-square-foot medical office building in Helena. Located on the campus of St. Peter’s Hospital, the $15 million project houses the hospital’s primary care clinics, including Family Health Clinic, Hawkins-Lindstrom Clinic, Internal Medicine Associates and Medical Specialists of Helena. The building features in-house laboratory services, digital X-ray services, an outpatient pharmacy, administrative office space and a pneumatic tube to the main hospital building.
CARLSBAD, CALIF. — Ray Adams of Grubb & Ellis|BRE Commercial represented Glenn Goldman Family Trust in the disposition of Pirineos Pointe Luxury Townhomes, which is located at 2610-22 Pirineos Way in Carlsbad. Newkirk Family Trust purchased the property, which was built in 2003, for $4.5 million. Surrounded by the La Costat golf course, the property comprises 14 1,640-square-foot units, featuring three bedrooms and 2.5 baths with two-car garages. Dale Lawrence of Lawrence & Associates represented the buyer in the transaction.
SACRAMENTO, CALIF. — PNC ARCS has closed a $5.82 million loan for Ridgestone Apartments and Granite Springs Apartments in Sacramento. Offering 160 units, the properties features laundry rooms, children’s play areas and secured entry. The loan features a 6-year term with 30-year amortization at a fixed rate of 6.315 percent. The Calabasas Hills, Calif., office of PNC ARCS originated the loan through Fannie Mae.
LOS ANGELES — Los Angeles-based Ovada Garden LLC has acquired Ovada Garden Terrace, a 5-unit apartment property located at 11378-11382 Ovada Place in the Bel Air area of Los Angeles. The property sold for $1.57 million or $135,000 per square foot. Mark McDonald of Hendricks & Partners’ Los Angeles office represented the seller, Encino, Calif.-based Ovada Partners LLC, in the transaction.
KONA, HAWAII — Boston Capital has invested in Lokahi Kax‘u, a to-be-built, 309-unit multifamily development in Kona. The general partner is Hox‘loehua Management LLC, a subsidiary of Allied Pacific Development LLC. The project will feature 90 studios, 108 one-bedroom and 108 two-bedroom units targeting residences at 60 percent or less of the area median income (AMI). Six studios, six one-bedroom and five two-bedroom units will be restricted to tenants at 30 percent AMI. The 10-acre site will consist of 18 three-story, garden-style buildings and offers a community building/pavilion with a kitchen, BBQ area, game tables, exercise space for activities such as yoga and hula, volleyball courts, basketball courts and playgrounds.
LYNNWOOD, WASH. — Regency Centers has completed the disposition of H-Mart grocery store location at Lynnwood H-Mart shopping center, which is located at 184th St. SW in Lynnwood. The 77,028-square-foot retail property sold for $14.9 million to local developer John Pietromonaco.