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.
ORANGE, CALIF. — Paul Bitonti of Marcus & Millichap’s Newport Beach, Calif., office represented a private investor in the acquisition of a 7,500-square-foot retail property in Orange. Located at 223-237 S. Tustin St., the property sold for $1.26 million. Brenton Baskin and Bitonti represented the seller, a private investor, in the transaction.
LAFAYETTE, COLO. — An undisclosed Denver-based developer has purchased a retail property in Lafayette. The buyer plans to re-tenant the property after the CSK Auto lease expires. Greg Cunha of The Silver Group brokered the transaction on behalf of the undisclosed seller.
BURBANK, CALIF. — The Burbank Housing Corp. has completed the renovation of Peyton Grismer, a 70-unit multifamily community located at 1801-1815 Grismer Ave. and 1729-1735 Elliot Dr. in Burbank. The affordable housing development’s key feature is the Activity and Family Resource Center, which promotes lifelong learning and integration skills through extra-curricular education programs for residents. The revitalized buildings consist of 70 units featuring large closet spaces, kitchen and bathroom upgrades, central HVAC, ENERGY STAR appliances, water conservation fixtures and an on-site laundry facility.
LOS ANGELES — A partnership between Beverly Hills, Calif.-based Kennedy Wilson, Guardian Life Insurance Company of America and LeFrak Organization has purchased the remaining 149 units in The Mercury, a 22-story luxury condominium tower located at the corner of Wilshire Boulevard and Western Avenue in Los Angeles. The tower offers 16 one- and two-bedroom floorplans averaging 1,062 square feet. The residences feature 9- to 10-foot ceilings, granite slab counters, stainless steel kitchen appliances, bamboo floors and Bosch washers and dryers. Additionally, the property features a resort-style swimming pool, a spa, a state-of-the-art fitness center, a fire pit, an even lawn, barbecue areas and seating coves. Vince Norris of Hendricks & Partners represented the buyer and the seller, Forest City Residential West, in the transaction. The acquisition price was not disclosed.
LOS ANGELES AND ANAHEIM, CALIF. — Marcus & Millichap has completed the sales of two apartment communities in California for a total consideration of $4.65 million. In the first transaction, Robert Leveen represented the seller in the disposition of Nicolet Riviera, a 30-unit community located at 3848 Nicolet Ave. in Los Angeles. Constructed in 1957, the property sold for $1.95 million or $77.83 per square foot. Tony Azzi, also of Marcus & Millichap, represented the undisclosed buyer in the transaction. In the second transaction, Ira Virden and Tyler Leeson of Marcus & Millichap represented the undisclosed seller in the $2.7 million sale of Savanna Apartments, an 18-unit multifamily community located at 3515 W. Savanna St. in Anaheim. Leeson also represented the undisclosed buyer in the transaction.
LOS ANGELES — Randy Poli, an independent real estate agent, represented a private investor in the acquisition of Fetterly Plaza, an 18,404-square-foot retail center located at 753-761 S. Fetterly Ave. in Los Angeles. The two-story property sold for $2.95 million. At the time of acquisition, the property was 95 percent occupied. Mehran Foroughi of Colliers International represented the seller, a private investor, in the transaction.