PORTLAND, ORE. — Portland-based Real Estate Recovery Associates-13th Street Investors LLC has purchased Forest & Garden Apartments, a 51-unit apartment community located at the intersection of 20th and Hoyt/Irvine streets in Portland, for $4.75 million. Built in 1925, the two-building property was 100 percent occupied and offers 22 studio units, 28 one-bedroom units and one two-bedroom unit. Bill Younce of Sperry Van Ness’ Portland office represented the buyer; Riverview Bank Trust Department represented the seller, a private investor from Portland, in the transaction.
Western
COLORADO SPRINGS, CALIF. — San Luis Obispo, Calif.-based CenterVest Capital has acquired Albertson’s Center at Norwood, a 73,082-square-foot retail center located at 6945-7095 Austin Bluff Pkwy. in Colorado Springs, for $12.7 million. The two-building center is currently anchored by Albertson’s and consists of two vacant pads totaling more than 3 acres. Marty Indvik of Senn-Lee & Associates represented the buyer; Mike Winn, Tim Richey and Chad Flynn of Cushman & Wakefield represented the seller, APC Austin Bluffs LLC, in the transaction.
ROCKLIN, CALIF. — Auburn, Calif.-based SRP Terrace has acquired Granite Creek, an 80-unit apartment community located at 1501 Cobble Creek Circle in Rocklin. Richmond, Calif.-based Granite Creek Apartments Inc. sold the property for $10.25 million. Steven Nelson, Al Inouye and Jackie Van Steyn of Hendricks & Partners’ Sacramento, Calif., office represented the buyer in the transaction.
SANTA ANA, CALIF. — Equitable Orange County Office Building LLC has purchased a 58,566-square-foot office building in Santa Ana for $7.8 million. Located at 900 N. Broadway, the building is occupied by the Orange County District Attorney and local attorneys and real estate firms. At the time of acquisition, the property was 90 percent leased. Gil Marrero, Alan Pekarcik, Dan Vittone and Jeff Williams of Voit Commercial Brokerage’s Irvine, Calif., office represented the buyer and the seller, 900 North Broadway LLC, in the transaction.
TUSTIN, CALIF. — PI Properties No. 19 LP has acquired Tustin Business Center, a 44,948-square-foot office complex located at 17802-17842 Irvine Blvd. in Tustin, for $7 million. Built in 1972, the two-building, two-office complex is situated on two legal parcels totaling more than 2 acres. Michael Lawrence of Marcus & Millichap represented the seller, Tustin Business Center LP, in the transaction; Gregory Harris and Andrew Hodac, also of Marcus & Millichap, represented the buyer.
FONTANA, CALIF. — Ryko Products has completed the $10 million sale-leaseback of its 139,630-square-foot industrial property, which is located at 12903 Jurupa Ave. in Fontana. Ryko Products, a custom profile plastic extruders, currently occupies the building, which serves as the company’s headquarters, manufacturing and distribution hub. Clyde Stauff and Stephen Calhoun of Colliers International’s Commerce, Calif., and Michael McCrary of Colliers’ Ontario, Calif., office represented the seller and the buyer, a private investor, in the transaction.
SANTA MONICA, CALIF. — Arnon Development has acquired a 30,000-square-foot land parcel, which is located on 16th Street in Santa Monica, from Spruce Realty Group for $13.25 million. The company plans to develop a 50,000-square-foot outpatient medical center on the property. Designed by architect Eric Shen, the Class A center will feature subterranean parking. Groundbreaking is slated for second quarter 2009, with completion scheduled for second quarter 2010. Gary Weiss and John Mudgett of Madison Partners represented the buyer; Dennis Ellman of Greenberg Glusker LLP represented the seller in the transaction.
CITY OF INDUSTRY, CALIF. — Majestic Realty Retail, a division of City of Industry-based Majestic Realty Co., has completed the leasing of Marketplace at Grand Crossing-West with the signing of five new tenants. The signing fully occupies the center and the company’s sister developments, Marketplace Grand Crossing-East and The Village-East and West, which are located at the four corners of the crossroads of City of Industry and Walnut, Calif. Currently under construction at the corner of Grand Avenue and Valley Boulevard, the 67,000-square-foot Marketplace-West will be occupied by a 13,969-square-foot Fresh & Easy Neighborhood Market, a 33,000-square-foot 24-Hour Fitness, a 12,900-square-foot CVS/pharmacy, Chick-fil-A, and ARCO-am/pm gas station, car wash and convenience store. Completion is slated for November 2008. The Marketplace (East and West) and the Village (East and West) comprise more than 400,000 square feet of retail, restaurant and entertainment space.
PLEASANTON, CALIF. — Continuing Life Communities LLC is planning to develop Stoneridge Creek, a continuing care retirement community for residents aged 62 and older. Located on a 46-acre campus in Pleasanton, the gated community will feature two- and three-bedroom single-story villas and one-, two- and three-bedroom apartment units offering fully-equipped kitchens, attached garages and state-of-the-art appliances. The new community will also offer multiple restaurants, a library, billiards and card rooms, a computer lab, a business center, 24-hour security services, indoor/outdoor maintenance of residences, regular linen, maid and cleaning services, scheduled transportation to shopping, local medical offices and places of worship, a 24-hour emergency response system, utilities, a spa, a fitness center, an indoor and an outdoor pool, a sauna and a Jacuzzi.
CORONA, CALIF. — Enclosed Tow LLC has purchased a 50,909-square-foot industrial building located at 1771 Delilah St. in Corona. BA & CR Investments Inc. sold the property for $5.6 million. The seller is currently building a 125,000-square-foot manufacturing facility, and will lease back the Delilah Street property until the new building is complete. Chris Hauso of NAI Capital’s Ontario, Calif., office represented the seller; Scott Seal of Lee & Associates represented the buyer in the transaction.