BOISE, IDAHO — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has arranged a $1.25 million loan through Fannie Mae DUS® Small Loan product line for the 44-unit Maple Grove Apartments in Boise. Terms of the 10-year loan include a 30-year amortization schedule and a note rate of 5.5 percent. Jon Red of Arbor’s Spokane, Wash., office originated the loan on behalf of the undisclosed borrower.
Western
PORTLAND, ORE. — The Realty Associates Fund VI LP has acquired a 126,388-square-foot industrial building, which is located at 17625 N.E. Sandy Blvd. in Portland. Dutton Acquisitions LLC sold the property for $6.15 million. Kevin Shannon and Scott Schumacher of CB Richard Ellis represented the buyer; Nick Kucha and Don Ossey of Capacity Commercial Group represented the seller in the transaction.
HURRICANE, UTAH — Bob Sanner and Rick Sanner of NAI BT Commercial represented both undisclosed parties in the sale and acquisition of a freestanding retail building, which is located at 1235 W. State St. in Hurricane. The 14,820-square-foot asset sold for $4.07 million or $275 per square foot. The property is fully occupied by Walgreens.
OAK HARBOR, WASH. — Locally based First American Exchange has acquired Villa Marina in Oak Harbor. Located at 101 S.E. Ely St., the 24-unit apartment community sold for $1.32 million. The buyer plans to renovate the property. Steve Hertling of Coldwell Banker represented the buyer; John Shaw of Hendricks & Partners’ Seattle office represented the seller, Nevada City, Calif.-based Pacific Realty Exchange, in the transaction.
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.
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.