ORANGE, CALIF. — An entity in a 1031 exchange controlled by Anaheim, Calif.-based Milan Capital Management Inc. has acquired Orange Financial Center, a three-tower office complex located at the intersection of Town & Country Road and Parker Street in Orange. The 312,000-square-foot property consists of an eight-story main tower and two adjacent three-story buildings. At the time of acquisition the property was 98 percent occupied by several tenants, including Word & Brown and Calsurance, a division of publicly traded Brown & Brown. The acquisition price was not disclosed. Bob Smith, Mike Kane, Paul Jones and Karen Scholte of CB Richard Ellis represented the undisclosed seller.
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ROSEVILLE, CALIF. — Kenneth Blomsterberg and Jesse Nickerman of Marcus & Millichap’s Sacramento, Calif., office represented the seller and buyer in the transaction of Venu at Galleria in Roseville. Located at 301 Gibson Dr., the apartment community consists of 26 two- and three-story buildings offering a mix of 223 studio, one-, two- and three-bedroom units. Community amenities include a resort-style swimming pool and spa, a fitness center, a lounge, a business center, an interactive game room/movie theater, personal concierge services and an in-house spa. The property was sold at a low 5 percent cap rate. Terms of the transaction were not released.
LA PALMA, CALIF. — An undisclosed East Coast-based pension fund has acquired Centerpointe La Palma, a 10-building office/retail property in La Palma, for an undisclosed price. The 532,000-square-foot complex features nine office buildings and a retail building. At the time of acquisition, the property was 92 percent occupied by credit tenants, including BP and Honeywell. Bob Smith, Mike Kane, Paul Jones and Karen Scholte of CB Richard Ellis represented the undisclosed seller in the transaction.
NORTH LAS VEGAS, NEV. — Alliance Residential Company has opened Broadstone Sonata in North Las Vegas. Located at Craig Road and Lamb Boulevard, the property features 312 apartment units. Additionally, the property features a resort-style pool and spa, several tot lots, an open sports field, circuit training exercise trails with multiple fitness stations, a dog park, a multimedia athletic club with free weights and extensive cardio equipment, a clubhouse with demonstration cooking kitchen, a Wii lounge and a multimedia cyber café with plasma televisions and Wi-Fi internet access. Broadstone Sonata is Alliance Residential’s fourth new Broadstone development in the Las Vegas Valley.
STEAD, NEV. — DP Partners is developing SL 546, a $15 million industrial facility located in Stead. Designed by BJG|Architecture + Engineering, the 546,000-square-foot property will feature a unique blend of various materials and shapes, including innovative concrete design. Completion is slated for this fall.
DENVER — Hodges Ward Elliot (HWE) has completed a $55 million mortgage loan for the Ritz-Carlton Denver. Located at 1881 Curtis St. in downtown Denver, the luxury hotel features 202 rooms, a signature restaurant, Elway’s, and 13,000 square feet of flexible meeting space. HWE represented the owner, CJS Hotel LLC, in the transaction.
ALHAMBRA, CALIF. — An undisclosed buyer has acquired 1206 North Stoneman, a 16-unit multifamily property in Alhambra. Built in 1963, the property sold for $3.18 million or $159.97 per square foot. The property is located at 1206 N. Stoneman Ave. Priscilla Nee of Marcus & Millichap represented the undisclosed seller in the transaction.
CARLSBAD, CALIF. — Jaynes Corporation is currently constructing the new Leucadia Wastewater District Headquarters facility in Carlsbad. Located on La Costa Avenue, the project encompasses 20,000 square feet and includes four structural steel buildings housing district operations and administration staff, a workshop, vehicle storage and equipment storage facilities. Roesling, Nakamura, Terada Architects is providing architectural services for the $8.75 million project. Completion is slated for August 2009.
WOODLAND HILLS, CALIF. — Tamer Iskander of Marcus & Millichap represented the undisclosed buyer in the acquisition of an 8,700-square-foot office property in Woodland Hills. Located at 22440 Clarendon St., the property sold for $2.53 million. The seller was not disclosed.
SAN JOSE, CALIF. — Kennedy Wilson Multifamily Management Group has partnered with The Guardian Life Insurance Company of America to acquire Avalon at Blossom Hill in San Jose from AvalonBay Communities for $84 million. The property, which will be re-named Saybrook Pointe, features 16 three-story, garden-style buildings offering 90 one-bedroom/one-bath units, 210 two-bedroom/two-bath units and 24 three-bedroom/three-bath units ranging in size from 768 to 1,289 square feet. The community also features a single-story fitness center and office lease facility. The partnership plans to invest $4.5 million to upgrade and revitalize the property. Bill Huberty and Sean Deasy of CB Richard Ellis represented both parties in the transaction.