IRVINE, CALIF. — BRIDGE Housing Corp. has completed Woodbury Walk, a 150-unit apartment community located at 99 Talisman in Irvine. Situated within the Woodbury master-planned development, Woodbury Walk features 30 one-bedroom, 74 two-bedroom and 46 three-bedroom units. Additionally, the community features outdoor play space for children and a community/classroom space for all residents. KTGY Group Inc. provided architectural services, while Wermers Multifamily Corp. served as general contractor for the project. Financing for the project was provided by City of Irvine, County of Orange HCS, MMA Financial, Wells Fargo Bank and the California Community Reinvestment Corp.
Western
CARLSBAD, CALIF. — Carltas Co. has partnered with Finest City Realty Advisors Inc. to develop ECR Corporate Center, a two-building, 90,000-square-foot medical office complex located at 6250 and 6260 El Camino Real in Carlsbad. The $20 million center consists of a two-story, 63,000-square-foot building, which will house Tri-City Wellness Center, and a two-story, 27,000-square-foot medical office building. The Tri-City Wellness Center is a health club and rehab facility that offers lap, exercise and therapy pools; spas; a walking and running track; exercise studios; locker rooms; and physical therapy rooms. The medical office building will be managed by Tri-City Medical Center. Smith Consulting Architects provided architectural and design services; Lusardi Construction is serving as general contractor for the project, which is slated for completion in November.
LAS VEGAS — The Siegel Group Nevada Inc., a commercial real estate and business development company, has acquired Mark Twain Apartments, a 228-unit apartment complex in Las Vegas. The company purchased the property from an undisclosed seller for $14.5 million. SASCO Properties, a division of The Siegel Group Nevada Inc., will assume operational control of the property and rename the community Siegel Suites Twain II. The company also plans to convert the property into its flexible-stay program, which offers residential accommodations to tenants seeking short- or long-term lease agreements.
HENDERSON, NEV. — Forest City Enterprises, on behalf of a subsidiary, has closed on a 10-year, $160 million loan with the New York State Teachers Retirement System. The loan will refinance The Galleria at Sunset, an approximately 1 million-square-foot retail center in Henderson. Current tenants of the center include Dillard’s, Macy’s, Mervyn’s, Dick’s Clothing and Sporting Goods and JC Penney.
ONTARIO AND WALNUT, CALIF. — Irvine, Calif.-based CIP Real Estate has completed the disposition of two multi-tenant business parks to CRP-2 Acquisitions LLC, an affiliate of Colony Realty Partners, for a total consideration of $37.25 million. The properties are Miliken Business Center, a 12-building, 157,711-square-foot property in Ontario, and Brea Canyon Business Park, a five-building, 79,839-square-foot park in Walnut. Michael Hefner, Alan Pekarcik and Dan Vittone of Voit Commercial Brokerage represented CIP in the transaction.
HENDERSON AND LAS VEGAS, NEV. — Spence Ballif and Jeff Swinger of CB Richard Ellis’ (CBRE) Las Vegas office have brokered the sales of two apartment communities in the Las Vegas area. The team represented Empire Investments in the disposition of Copper Hills at Whitney Ranch, a 272-unit community located at 981 Whitney Ranch Dr. in Henderson. Artisan acquired the property for $32.9 million. Additionally, Ballif and Swinger represented Terra Holdings in the sale of Rancho Destino Apartments, a 184-unit complex located on Durango Drive in Las Vegas. Boston-based Colony Realty Partners purchased the property for $24.47 million.
WESTMINSTER, COLO. — A California syndicated investment group has acquired Westminster Crossings, a 31,279-square-foot retail center located at 13630-13640 Orchard Pkwy. in Westminster, for $9.67 million. Current tenants of the property include Starbucks Coffee, Verizon Wireless, Subway, Slim4Life, KaCee’s Wine & Spirits and Carl’s Jr. Jon Hendrickson of Marcus & Millichap brokered the transaction.
LINDSAY, CALIF. — Los Angeles-based Olivewood Properties LLC has acquired Olivewood Plaza, a 96,259-square-foot retail center located at 202-265 N. Highway 65 in Lindsay. Calabasas, Calif.-based Raymond Plaza LLC sold the property for $13.7 million. At the time of acquisition, the four-building property was 94 percent occupied by a variety of tenants, including Save Mart Supermarket, Rite Aid, Starbucks Coffee, AutoZone, Taco Bell, Tulare County, Subway, Movie Gallery and Straw Hat Pizza. Edward Hanley and Bryan Land of Hanley Investment Group Real Estate Advisors represented both parties in the transaction.
DENVER — California-based City Square Denver has purchased Southgate Apartments in Denver. Located at 2330 S. Kearney St., the 130-unit property sold for $7 million. Jon Hendrickson of Marcus & Millichap’s Denver office represented the seller, Colorado-based S-G Apartments LLC, in the transaction.
CULVER CITY, CALIF. — Los Angeles-based IDS Real Estate Group has acquired a 3.3-acre land parcel within the 1.6 million-square-foot Corporate Pointe office campus in Culver City for the development of a 12-story office tower. The $115 million project will offer 277,607 square feet of office space in 25,200-square-foot, column-free floor plates. Designed by Gene Watanabe of Gensler, the project is slated to meet LEED Silver standards. Steve Walbridge and Eric Olofson of Cushman & Wakefield represented IDS in the acquisition of the property. The acquisition price was not disclosed.