NEWPORT BEACH, CALIF. — GE Real Estate has provided a $63 million, 3-year loan to Koll/PER, a partnership between Newport Beach-based The Koll Company and the Public Employee Retirement System of Idaho. The financing will be used to refinance a nine-property Class B office and industrial portfolio in Arizona, California and Texas. Properties in the 744,851-square-foot portfolio are located in Houston, Dallas, Phoenix, Los Angeles and Orange County, Calif. CS Capital Management Inc. serves as advisor to the Public Employee Retirement System of Idaho.
PUYALLUP, WASH. — Wells Fargo has closed three separate Fannie Mae loans totaling $23 million for the acquisition of Phases I-V of Valley Townhomes in Puyallup. The loans feature a 7-year, interest-only term for the borrower, a Delaware Statutory Trust (DST), which was one of the first DST structures done by Fannie Mae. Valley Townhomes features 220 townhome units with attached garages, RV garages, playgrounds, ample parking and spacious grounds. Brian Manion of Wells Fargo Multifamily Capital’s Chicago office originated the financing.
DENVER — Randy Lee with Mumford Company’s Dallas office represented Motel 6 and Accor Hospitality in the sale of the Motel 6 in Denver. The 5-story, 138-room hotel is slated to undergo a refurbishment, which will include re-imaging the hotel’s exterior. The property will continue to operate as a Motel 6 under a long-term license agreement. The buyer and acquisition price were not disclosed.
TEMPE, ARIZ. — Bellevue, Wash.-based McCandless Tempe LLC has purchased a Class B office building, which is located at 1204 E. Baseline Rd. in Tempe. The 20,430-square-foot property sold for $2.7 million or $132 per square foot. Matt Schrauth of Omni American represented the buyer; Eric Wichterman of Grubb & Ellis|BRE Commercial represented the seller, Temecula, Calif.-based Scaglioni Revocable Family Trust, in the transaction.
PHOENIX — HD Supply Facilities Maintenance Inc. has signed a lease for warehouse/industrial space at Buckeye Logistics Center, which is located at 6825 W. Buckeye Rd. in Phoenix. The company will lease 174,769 square feet of a 380,740-square-foot building, which is part of the two-building industrial complex. The company plans to relocate from its current facility in January 2009. Greg White of CB Richard Ellis represented the tenant; Pat Harlan, Steve Sayre and Katy Boyd of Cushman & Wakefield of Arizona Inc. represented the landlord, Des Moines, Iowa-based Principal Global Investors, in the transaction. The value of the transaction was not released.
NORTH LAS VEGAS, NEV. — DP Partners has acquired 19.89 acres of improved land located within the North Las Vegas industrial corridor for the development of LogistiCourt at Lincoln, a $37 million industrial park. Located at the intersection of Cheyenne Avenue and Lincoln Road, the 408,750-square-foot project will feature a 75,000-square-foot rear-loaded facility, a 210,000-square-foot cross-docked facility and a 123,750-square-foot rear-loaded facility. Reno, Nev.-based Blakely Johnson & Ghusn Architects are providing architectural services. Reno-based United Construction Company is serving as general contractor. Suzette La Grange of Colliers International represented DP Partners in the acquisition; Donna Alderson of CB Richard Ellis represented the seller, Dallas-based Jackson-Shaw/Northeast Crossing Limited Partnership.
SCOTTSDALE, ARIZ. — BPG Properties Ltd., on behalf of BPG Investment Partnership VIII and VIII A L.P., has purchased Scottsdale Financial Center I, a 104,949-square-foot office building located in Scottsdale, for $19 million. The company has a $3 million renovation planned for the property, which is located at the corner of Scottsdale and Indian School roads. The capital improvement program includes renovating the common areas, including the lobbies, entrances, restrooms, corridors and landscaping, as well as the building’s HVAC and security systems. At the time of acquisition, the property was 75 percent occupied. Andrew White and Gardner Ellis provided in-house representation for the buyer; Jim Fijan and Jerry Roberts of CB Richard Ellis represented the undisclosed seller in the transaction. Don Mudd, Jason Moore, Brett Abramson and John Bonnell of Grubb & Ellis|BRE Commercial have been named exclusive leasing agents for the property.
FORT COLLINS, COLO. — Ohio-based Landmark Housing LLC has acquired Landmark Apartments in Fort Collins for $11.3 million or $94,167 per unit. Built in 1985, the 12-building property offers 120 apartment units. Marcus & Millichap represented the buyer; Dave Potarf, Dan Woodward and Jordan Robbins of Marcus & Millichap represented the seller, Delaware-based Landmark Gables LLC, in the transaction. The property is located at 1050 Hobbit St.
NORTH HOLLYWOOD, CALIF. — Meridian Capital Group has arranged $61.97 million in ground-up construction and development financing for NoHo Commons Office Building (NoHo III), which will be located at 5250-5280 Lankershim Blvd. in North Hollywood. As the third and final phase of NoHo Commons, the nine-story, 180,000-square-foot office tower will feature a 700-space parking garage and a 24,500-square-foot art house theater. Designed by The Jerde Partnership, the property is also LEED Silver certified. NoHo Commons is a private-public partnership between JH Snyder Company and the Los Angeles City Redevelopment Agency. Allan Lieberman and Tal Savariego of Meridian’s New York office secured the loan on behalf of the borrower, JH Snyder Company.
LITCHFIELD, ARIZ. —San Francisco-based Giurland Inc. has acquired Litchfield Park Plaza I, a five-building office complex in Litchfield, for $3.8 million. Located at 501-555 E. Plaza Circle Dr., the property offers 23,691 square feet of office space. Giurland Inc. purchased the property through its advisory agent, San Francisco-based PSAI Realty Partners, from Modesta, Calif.-based LPPI LLC. Ray Harris, Eric Witchterman and Ann Sondrol of Grubb & Ellis|BRE Commercial represented both parties in the transaction.