LOS ANGELES — Hines has acquired an approximately 4.5 million-square-foot office portfolio from Cabi Developers, the U.S. arm of Mexico’s Gicsa, for approximately $1.4 billion. The portfolio consists of 31 properties comprising more than 50 buildings. The properties, which include the 243,000-square-foot Century Park Center in Los Angeles, are located in Los Angeles, Orange, Ventura and San Diego counties.
ALBUQUERQUE, N.M. — Towne Park Plaza LLC has purchased Towne Park Plaza, a 201,906-square-foot retail center in Albuquerque, for $20 million. Located at 300-370 Eubank Blvd., the multi-tenant property is occupied by Sam’s Club, Office Depot, PetSmart, Sally Beauty Supply and Game Stop. Scott Hook and Sam Medford of Marcus & Millichap represented the buyer; Hook also represented the seller, Southern California-based Towne Park Plaza LP, in the transaction.
SCOTTSDALE, ARIZ. — Summit Builders Construction Co. has broken ground for the development of Desert Foothills YMCA and Community Center, which will be located at the junction of Carefree Highway and 60th Street in Scottsdale. Situated on a 10.45-acre campus, the project consists of three components: the YMCA facility operated by the Valley of the Sun YMCA; a community center operated by Foothills Community Foundation; and a new Paradise Valley Community College facility, which will be operated by the Maricopa County Community College District. The 27,842-square-foot YMCA facility will feature a state-of-the-art fitness center, a Teen Center, racquetball courts, a gymnasium, an indoor rock-climbing wall and a covered 25-yard lap/play and fitness pool. The 20,513-square-foot community center and classroom building will feature a multi-purpose room, a caterer’s kitchen, a banquet room, a senior-living room, special function rooms, classrooms and administrative space. Completion is slated for third quarter 2009. Tempe, Ariz.-based Architekton is providing architectural services for the project.
VAN NUYS, CALIF. — Greg Harris of The Harris Group of Marcus & Millichap represented the seller, Sherman Way 70 LP, in the disposition of Windsor Village, a 70-unit multifamily community located at 14211 Sherman Way in Van Nuys. An undisclosed private investor acquired the property for $7.25 million or $103,571 per unit. The 58,239-square-foot property features six singles, 42 one-bedroom/one-bath units, 20 two-bedroom/two-bath units, a two-bedroom/two-bath townhome and a three-bedroom/two-bath townhome. The units feature dishwashers, gas stoves, wall air conditioning and ceiling fans. The community also features two swimming pools, a laundry facility, covered parking and controlled access.
MOAB, UTAH — Christian Child and Mike Francis of Marcus & Millichap’s Salt Lake City office represented the undisclosed seller in the disposition of La Quinta Inn & Suites in Moab. Located at 815 S. Main St., the three-floor hotel features 99 rooms, a continental breakfast area, a business center, a meeting room, an exercise room, guest laundry, vending machines and a swimming pool. The property was listed for $7 million; the acquisition price was not disclosed. The details regarding the seller and buyer were not released.
CORONA, CALIF. — Irvine, Calif.-based Timberline Commercial Real Estate in partnership with SE Corp. has developed a six-story, 160,000-square-foot office tower in Corona’s master-planned community of Dos Lagos. Located at 4160 Temescal Canyon Rd., the project is the first of three buildings planned for Lakeshore Plaza, which will ultimately total 473,000 square feet. The building features an advanced HVAC system, flexible and expandable telecommunications and efficient floorplans for easy expansion. Designed by Ronald Frink Architects, the property is currently completing the LEED registration and certification processes. Irvine-based Snyder Langston served as general contractor for the project.
ALAMOGORDO, N.M. — Arlington, Texas-based Ascension Group Architects has started an $18 million renovation and expansion project at Gerald Champion Regional Medical Center in Alamogordo. The endeavor includes renovating and expanding the existing facility, including the maternal/child areas, diagnostics, infusion, intensive care and surgery. Additionally, a new entry and waiting room will be built. Completion is slated for March 2010.
SAN DIEGO — H.G. Fenton Property Co. has acquired Ruffin Road Business Park, a two-building office complex located at 3949 and 3959 Ruffin Rd. in San Diego. The 45,842-square-foot park sold for $8.6 million. The property is currently occupied by Honeywell, Access Professional, Nsoro LLC and United Tote. Nick Psyllos and Paul Komadina of CB Richard Ellis represented the buyer and the seller, Buie San Jacinto LLC and 3949 & 3959 Ruffin Road LLC, c/o Shidler West Investment Partners LP, in the transaction.
FREMONT, CALIF. — Pedro Arroyo and Jamie Clifford of Arroyo & Coates represented Shea Properties in the disposition of Carrington Apartments in Fremont. Santa Clara, Calif.-based VWF Partners LP purchased the 151-unit community for an undisclosed price. Completed in 1972 and renovated in 2001, the property features one-and two-bedroom, garden-style apartments ranging in size from 560 to 960 square feet.
DENVER — Denver-based ProLogis has closed a $104.7 million secured financing on behalf of an affiliate of ProLogis North American Industrial Fund II. The 10-year loan has a coupon of 6.38 percent and represents a loan-to-value of approximately 58 percent on five geographically diverse U.S. industrial properties. The company will use the proceeds to refinance a $62 million secured debt facility, which was set to mature January 2009, and pay down $42 million of the Citi bridge debt facility. These actions will reduce 2009 maturities in the fund by approximately $104 million.