SAN JOSE, CALIF. — Kennedy Wilson Multifamily Management Group has partnered with The Guardian Life Insurance Company of America to acquire Avalon at Blossom Hill in San Jose from AvalonBay Communities for $84 million. The property, which will be re-named Saybrook Pointe, features 16 three-story, garden-style buildings offering 90 one-bedroom/one-bath units, 210 two-bedroom/two-bath units and 24 three-bedroom/three-bath units ranging in size from 768 to 1,289 square feet. The community also features a single-story fitness center and office lease facility. The partnership plans to invest $4.5 million to upgrade and revitalize the property. Bill Huberty and Sean Deasy of CB Richard Ellis represented both parties in the transaction.
Western
PHOENIX — St. Petersburg, Fla.-based PSCU Financial Services Inc. has purchased Acxiom Building, which is located at 19825 N. 7th St. in Phoenix. Arkansas-based Acxiom Interim Holdings Inc. and Acxiom Corporation of Delaware sold the property for $25.4 million. Built in 2001, the building offers 97,372 square feet of office space. Additionally, a vacant parcel adjacent to the property can accommodate an approximately 150,000-square-foot property. PSCU plans to relocate to the new property in November. Blaine Black and Brian Black of Cushman & Wakefield represented PSCU in the transaction; Barry Rosensteel of PRIN Investments Real Estate Group represented Acxiom.
MISSION HILLS AND VALENCIA, CALIF. — Lenny Cohen of NAI Capital has completed the sales of two properties in Mission Hills and Valencia for a combined consideration of approximately $3 million. In the first transaction, David Phung purchased a 5,506-square-foot office multi-use building located at 10216-10218 Sepulveda Blvd. in Mission Hills. Xyi*Str sold the property for $1.3 million. Cohen represented both parties in the transaction. In a separate deal, Cohen represented the buyer, Acrona Inc., in the acquisition of a 13,755-square-foot industrial building in Valencia. Located at 28745 Industry Dr., the property sold for $1.8 million. Craig Peters and Richard Ramirez of CB Richard Ellis represented the seller, Pac Ten Valencia Gateway Associates, in the transaction.
RENO, NEV. — United Construction Company has completed the fire code renovation project at Truckee Meadows Community College in Reno. Located at 7000 Dandini Blvd., the project included the replacement of existing sprinkler heads, fireproofing of drywall partitions and penetrations, installation of upgraded wiring, handrail replacement, structural steel fireproofing and relocating doors. Sheehan Van Woert Bigotti provided design services for the $1.6 million project.
SHERMAN OAKS, CALIF. — David Harrington and Michael Cain of Marcus & Millichap represented the buyer, an undisclosed partnership, in the acquisition of 4934 Coldwater Canyon Avenue, a 25-unit multifamily property located in Sherman Oaks. An undisclosed seller sold the property for $4 million.
SANTA ANA, CALIF. — Santa Ana-based Red Mountain Retail Group is opening four of Wal-Mart’s new Marketside neighborhood grocery store concepts in Arizona. The stores are located in Gilbert, Mesa, Chandler and Tempe, Ariz., and are slated to open October 4th. The stores will offer a wide selection of complete meal solutions and fresh ingredients. The Arizona locations are the first Marketside stores to open in the United States.
HUNTINGTON BEACH, CALIF. — Gregory Harris and Chad David of Marcus & Millichap’s Encino, Calif., office represented the buyer in the acquisition of 210 18th Street, a 12-unit multifamily property in Huntington Beach. The property, which features two-bedroom flats and townhomes, sold for $4 million. The buyer and seller were not disclosed.
SAN JOSE, CALIF. — PNC ARCS, a PNC Real Estate Finance company, has provided a $9.3 million supplemental loan for Central Park Apartments in San Jose. Built in 1971, the 186-unit property features covered parking, six central laundry facilities, an outdoor pool and a fitness center. The loan was for a 9.25-year term/interest-only for 9 years at a rate of 6.78 percent. The loan was originated by PNC ARCS’ San Francisco office though Fannie Mae.
SAN DIEGO — Curt Ginther has acquired Hillcrest Apartments, a 10-unit apartment building located at 3725 and 3729 4th Ave. in San Diego, for $1.29 million. Constructed in 1936, the two-story property offers 6,040 square feet of rentable space and features nine one-bedroom/one-bath units and one two-bedroom/one-bath unit. Jaisa Bright of Wills Allen Rancho Santa Fe represented the buyer; Merrick Matricardi, Jim Neil and Eric Comer of CB Richard Ellis represented the seller, Dr. Carol Grote-Beyers, in the transaction.
What area is your expertise? We primarily focus on office properties located in the Reno/Tahoe region of Northern Nevada, as well as some outlying areas. The Northern Nevada office market is defined as Reno/Sparks as far north as Spanish Springs and as far south as Mt. Rose Highway, HW 431. Our expertise mainly lies within the seven submarkets in the Reno/Sparks market: South Meadows (89521), Meadowood (89511), Central Reno (89509), Airport (89502), and Downtown Reno (89501). We also track West Reno (89523) and Sparks (89431, 89436) What trends do you see presently in office development in your area? We have seen a tremendous slowdown in new office development over the past 2 years. The booming economy of yesteryear produced an abundance of office space that has outpaced the economic demands of the market. Direct results of this overbuilding are the inflated vacancy rates and a standstill for new development. Most of the office development occurring comes in the form of existing building redevelopment and renovation. Much of this activity is occurring in Downtown Reno where the downtown Reno redevelopment district provides incentives for redevelopment through flexible zoning and tax incentives, therefore allowing developers to achieve a highest and best use …