VISTA, CALIF. — Steve Huffman of Hendricks & Partners’ San Diego office has brokered two separate multifamily complex sales in Vista. In the first transaction, Encinitas, Calif.-based Las Terrazas Apartment Homes LP acquired Las Terrazas, an 82-unit apartment complex located at 1440 Oak Dr., for $9.74 million. Beverly Hills, Calif.-based KW/WDC Vista LLC sold the property. The property offers a variety of one- and two-bedroom floorplans ranging in size from 757 to 984 square feet. In the second transaction, KW/WDC Vista LLC sold Bougainvillea, an 82-unit multifamily property located at 1466 Bonair Rd., for $10.51 million. Built in 1977, the property offers 900-square-foot two-bedroom/one-and-one-half bathroom floorplans. The buyer was Encinitas-based Bougainvillea Apartment Homes LP.
FRESNO, CALIF. — Titan Real Estate Investment Group has purchased a two-building industrial warehouse facility for $5.1 million. The property, which is located at 2676 and 2686 S. Maple Ave. in Fresno, offers 150,000 square feet of space. The seller was GAF Materials Corp.
COMMERCE, CALIF. — Valassis Direct Mall Inc., a national marketing services company, has signed a 10-year lease to occupy a 235,000-square-foot distribution/manufacturing facility in Commerce. Located at 5500 Olympia Blvd., the property offers 36,538 square feet of office space and direct access to 5, 710, 60 and 10 freeways. Greg Dyer and Tres Reid of CB Richard Ellis’ Torrance, Calif., office represented the lessee; Jeff Stephens, John Privett and Cameron Merrill of CB Richard Ellis’s Commerce office represented the landlord, East Los Angeles, Calif.-based TELACU Industries, in the transaction.
AVON, COLO. — Dallas-based JMJ Holdings has completed the development of The Gates Residences, which is located at the entry to Beaver Creek Resort in Avon. The property features 49 luxury condominiums and various upscale amenities, including private drivers, an on-site concierge, ski valet, heated indoor pool and outdoor therapy pools, steam rooms and daily continental breakfast. Additionally, the property offers a private lounge with a fully equipped bar, library and meeting room, a state-of-the-art fitness facility, underground parking and an outdoor gathering deck, which overlooks Beaver Creek. The Gates Residences offers two-, three- and four-bedroom residences and penthouses ranging in price from $975,000 to $2.435 million. CFC Construction served as general contractor. Western Seasons Management Company is providing on-site management for the property.
PIERCE COUNTY, WASH. — IKEA has opened its 646,000-square-foot distribution center in Pierce County. Located within Frederickson Industrial Area, the facility is the first phase of a project that will eventually expand to more than 1 million square feet. The center will primarily serve IKEA stores in the northwest region, including four in western Canada and three in the United States (Renton, Wash., Portland, Ore. and Draper, Utah). When fully utilized, the center will employ approximately 125 employees and provide tax revenue for local governments and schools.
PHOENIX — Macerich, in partnership with DMB, has unveiled plans to develop Palisene, a retail center in northeast Phoenix. Located at the Scottsdale Road intersection, the 1 million-square-foot center will feature a retractable roof. Dillard’s has signed on to be one of four anchors of the project, which is slated for completion in 2011-2012.
PORTLAND, ORE. — Commercial Defeasance LLC has recently facilitated a $63 million defeasance transaction for ScanlanKemperBard Companies, a Portland-based private equity firm. The defeasance enabled ScanlanKemperBard to sell three of its Portland properties: The Mohawk Building, Jackson Tower and American Bank Building. LaeRoc Partners Inc. acquired the properties for an undisclosed price.
HENDERSON, NEV. — CORE Construction—Nevada has completed the construction of Nevada State College’s first permanent facility. Located at 1021 E. Paradise Hills Dr., the two-story, 42,000-square-foot building features laboratories and multiple classrooms. Originally planned as the school’s liberal arts building, the facility will now serve as a general education and student services building. CORE was contracted by Nevada State Public Works Board to construct the $13.3 million project. Carpenter Sellers Architects was the architect of record for the project.
SAN DIEGO — Wereldhave USA has purchased DiamondView Tower for $161 million. Located in downtown San Diego, the 15-story, 305,255-square-foot office tower features an elaborate penthouse suite, 12 floors of Class A office space and two levels of high-end amenities. Kraig Kristofferson and Stacy Meronoff of CB Richard Ellis represented the buyer; Eastdil Secured represented the seller, a partnership between Cisterra Partners and The Prudential, in the transaction.
TORRANCE, CALIF. — Thompson National Properties LLC served as an intermediary and facilitator on behalf of TA Associates Realty and Storm Properties in the disposition and acquisition of a 13-property industrial portfolio. Located primarily in Torrance, the portfolio comprises 545,000 square feet. TA Associates acquired the portfolio for $52 million. Kevin Shannon of CB Richard Ellis introduced TA Associates to Thompson National Properties.