SALT LAKE CITY — Jeff Davis of Salt Lake City-based Realty Pro represented the undisclosed buyer in the acquisition of Casa Grande Apartments in Salt Lake City. The 21-unit multifamily property sold for $1.11 million. Nathan Nelson of Marcus & Millichap represented the undisclosed seller in the transaction. The property is located at 1485 S. Roberta St.
Western
DENVER — American Realty Advisors has acquired ALARA® Greenwood Village, a 304-unit multifamily community located within Denver Technological Center in Denver. Built in 1995, the property comprises 36 two- and three-story buildings with townhome-style floorplans offering full-sized washer/dryers, private patios/balconies and direct access parking garages. Additionally, the community features a clubhouse, a fitness center, a racquetball court, a spa and sauna, a theater room and an outdoor area with a heated pool. The seller and acquisition price were not disclosed.
RANCHO BERNARDO, CALIF. — San Diego-based Reno Contracting, acting as general contractor on behalf of Kilroy Realty Corp., has completed the construction of Scripps Clinic in Rancho Bernardo. The six-story, 150,000-square-foot facility features a state-of-the-art outpatient surgery center and recovery bays, a fully digital radiology department, MRI facilities, general surgery and organ transplant services, an expanded urgent care center and a sports medicine unit, as well as space to provide primary care services. Additionally, the $51 million center offers an Ambulatory Surgery Center and a five-level concrete parking structure. Kilroy Realty, the developer of the building, originally contracted Reno to construct the shell and core of the property.
SUN CITY, ARIZ. — MC Companies has partnered with an investment group to acquire The Fountains at Sun City, a 182-unit apartment community located in Sun City. Terms of the transaction were not disclosed. This transaction is MC Companies’ third apartment acquisition within the last 150 days. Most recently, the company acquired Bay Harbour in Houston and Cooper’s Hill in Austin, Texas.
LAS VEGAS — EJM Development Co. has completed the development of Arroyo Buffalo Plaza, a retail center located at the southeast corner of Sunset Road and Buffalo Drive in The Arroyo master-planned business park in Las Vegas. The plaza comprises three retail buildings totaling 25,625 square feet. Additionally, the property includes a tavern site, which is currently under construction for a PT’s Pub. The buildings are divisible to 1,200 square feet. Kit Graski of Voit Commercial Brokerage is handling the leasing of the property.
ENCINO, CALIF. — Newmark Realty Capital has arranged a $45 million construction loan for a fully entitled mixed-use development in Encino. Located along Ventura Boulevard, the property will consist of 125 Class A multifamily residential units and more than 17,000 square feet of ground-level retail space. The development is currently under construction and slated for completion in 2010. George Mitsanas of Newmark Realty Capital arranged the financing for the undisclosed borrower.
PHOENIX — Kachina Investments LLC has purchased Phoenix Tech Center for $3.1 million. Located at 10220 S. 51st St. in Phoenix, the 22,978-square-foot property was 100 percent leased at the time of acquisition. First Industrial Realty Trust sold the property, which was built in 1986. Steve Bodeman of Daum represented the buyer; Bruce Calfee, Josh Wyss, Paul Boyle, Rick Danis and Pat Feeney of Grubb & Ellis|BRE Commercial represented the seller in the transaction.
NORTH LAS VEGAS, NEV. — UNEV Pipeline LLC has purchased a 53.2-acre land parcel within Mountain View Industrial Park for $3.8 million. The property is located at Grand Valley Parkway in North Las Vegas. Pat Marsh and Mike Mixer of Colliers International – Las Vegas represented the buyer. The seller was Kapex LLC.
LONG BEACH, CALIF. — Long Beach-based HCP Inc., a real estate investment trust, has placed $319 million of secured financing for 16 of the company’s senior-housing assets. The company placed $140 million of 5-year secured debt on four assets and $179 million of 8-year secured debt on 12 assets. The properties are cross collateralized and the debt has a weighted average interest rate of 6.39 percent. The debt was purchased by Fannie Mae. As of June 30, 2008, HCP’s portfolio of properties totaled 706 properties — 267 senior housing, 107 life science, 256 medical office, 25 hospital and 51 skilled nursing.
DENVER — Transwestern Realty Finance Partners, a subsidiary of Chicago-based Transwestern Investment Company, has closed a $20 million mezzanine loan for The Ritz-Carlton in Denver. Located in downtown Denver, the 202-room hotel recently underwent a $136 million redevelopment program. According to Transwestern Realty Finance, the borrowers are Charles Biederman, Steve Roitman and James Cobb Jr. The investment was made on behalf of Transwestern Mezzanine Realty Partners III LLC, a fully-discretionary investment fund with more than $400 million in equity capital.