SAN DIEGO — San Diego Youth and Community Services has acquired a 10-unit multifamily property, which is located at 101-119 Fir St. in San Diego. Duluth, Minn.-based Vanstrom sold the property for $1.15 million. Built in 1955, the property offers six one-bedroom/one-bath units and four studio units. Kevin Sweeney represented the buyer; Chuck Hoffman of Apartment Consultants Inc. represented the seller in the transaction.
TEMPE, ARIZ. — Los Angeles-based Stonecraft Homes Inc. has acquired Villagio, a 472-unit apartment community in Tempe, for $20.25 million. Located at 1133 W. Baseline Rd., the property consists of 49 one-, two- and three-story garden-style rental buildings. Exterior and interior capital improvements were recently completed to 259 units in the property. Renovations included cabinet re-facing, fresh paint, hardwood-style and carpeted flooring, all electric kitchen with black appliances, new washers/dryers in select units, re-surfacing of the parking lots, clubhouse upgrades, landscaping and model upgrades. The seller was Delaware-based Villagio CAT LLC and San Francisco-based CAPMARK VII-CRE Ltd. Mark Forrester and Art Wadlund of Hendricks & Partners brokered the sale.
TUSTIN, CALIF. — The Tustin Unified School District, along with construction manager Barnhart Inc., has broken ground on the $1.5 million renovation of the Tustin High School quad in Tustin. Located at 1171 El Camino Real, the 30,500-square-foot outdoor area will connect campus buildings. Renovations include new entryways, walkways, benches, overhangs, landscaping and a clock tower. NTD Architecture provided design services for the project, which is scheduled for completion in December.
WINDSOR, COLO. — Johnson Investments Inc. has purchased Shops at Westwood, a retail center located at 1297 Main St. in Windsor. Everitt Companies sold the 26,276-square-foot property for $1.51 million. At the time of acquisition, the property was 56 percent occupied. Jason Ortiz of Marcus & Millichap’s Fort Collins, Colo., office represented both parties in the transaction.
LOS ANGELES — Newmark Realty Capital Inc. has completed a $109 million restructure of four loans on a 785-unit multifamily portfolio located in the western United States. The loans were originated by a portfolio lender specializing in short-term bridge loans and were set to mature over the next year. Newmark restructured the loans to allow the sponsor additional time, relief and flexibility to complete their investment plan. The Newmark advisory team included George Mitsanas, Michael Taylor, Peter Hillakas and Patrick Taylor. Additional details about the transaction were not disclosed.
LOS ANGELES — Century City, Calif.-based Held Properties has completed the disposition of 100 UCLA Medical Plaza in Los Angeles. The Regents of the University of California acquired the property for $43 million. Located adjacent to the Ronald Reagan UCLA Medical Center at the entrance to the UCLA campus, the seven-story, 123,000-square-foot medical center is currently 100 percent leased at the time of acquisition. Held Properties and construction partner Jones Brothers completed the 100 UCLA Medical Plaza in 1991.
VALLEJO, CALIF. — Newport Beach, Calif.-based Yacoel Properties has purchased Glen Cove Shopping Center, a retail property located in the Glen Cove section of Vallejo along Interstate 780. The 66,000-square-foot property sold for $12.9 million, which equated to a 7.71 percent cap rate. A 50,360-square-foot Safeway supermarket anchors the center. The seller is a joint venture between Kimco Realty Corp. and Prudential Real Estate Investors. Dan Wald, Dave Nord, Steve Holm, Mark Koenig and John Schaefer of Terranomics Retail Services represented the seller. The buyer was self-represented.
FRESNO AND VISALIA, CALIF. — Cincinnati-based Macy’s Inc. is opening two new locations in the Central Valley of California in fall 2009. Both sites are former Gottschalks stores that Macy’s acquired during Gottschalks’ bankruptcy process. The stores include a 107,000-square-foot property at River Park in Fresno and a 150,000-square-foot property at Visalia Mall in Visalia. The stores are expected to open before the 2009 holiday season after minor remodeling and re-fixturing. Each store will offer a wide selection of apparel and accessories for the whole family, as well as a limited assortment of home merchandise. Jointly, the stores are expected to employ approximately 250 Macy’s associates.
SCOTTSDALE, ARIZ. — NOL Group, parent company of APL, has signed a long-term lease for approximately 70,000 square feet of office space at MAX at Kierland, a 257,000-square-foot office complex located at 16220 N. Scottsdale Rd. in Scottsdale. Singapore-based NOL will occupy one-and-a-half floors of the building for its new regional headquarters in the Americas. Additionally, the company expects to relocate its current regional headquarters from Oakland, Calif., by the end of the third quarter. The new facility will coordinate APL’s shipping, terminals and logistics activities throughout the Americas, including marine operations to intermodal transport of containers by rail and truck. Eric Danielson of Studley and Patricia Boyd and GeeGee Entz of Arizona Commercial Advisors represented NOL; Patrick Devine, Jerry Noble and Greg Mayer of CB Richard Ellis represented the landlord, Trammell Crow Company and ING, in the transaction.
COLORADO SPRINGS, COLO. — The Army Corps of Engineers has selected Mortenson Construction to build the new Company Operations Facilities (COF) at Fort Carson Army Base in Colorado Springs. Located adjacent to the 47th Infantry Division Tactical Equipment Maintenance Facilities (TEMF), the $70 million complex comprises six buildings ranging from 55,000 to 89,000 square feet. Designed by the Minneapolis office of LEO A DALY, the project is expected to achieve LEED Gold certification. The COF buildings are designed to accommodate numerous U.S. Army companies ranging in size from 100 to 250 soldiers per company. Each building consists of three distinct elements: Readiness Module, Administrative Module and Covered Hardstand area. PBS&J is providing civil design services; U.S. Engineering and McGrath are providing mechanical and plumbing design-build services; and Dynalectric and LEO A DALY are providing electrical design-build services.