TUCSON, ARIZ. — Arbor Properties has acquired as 25,256-square-foot office building, which is located within the Swan Corporate Center at 4703 E. Camp Lowell in Tucson, for $6.37 million or $252 per square foot. Built in 2003, the property is 100 percent leased to Alliance Bank of Arizona and Research Corporation. Bob Kivel of Commercial Retail Advisors represented the buyer; PICOR Commercial Real Estate represented the undisclosed seller in the transaction.
Western
REDLANDS, CALIF. — The McShane Corp./MetLife Real Estate Investments industrial alliance has acquired an 84-acre land parcel, which is located within the Redlands Business Center in Redlands, from Long Beach, Calif.-based Bixby Land Co. for an undisclosed price. Located within the 227-acre master-planned business park, the center will be developed in two phases. The first phase will feature six industrial facilities totaling 612,000 square feet ranging in building size from 70,000 to 150,000 square feet. Slated to break ground third quarter, the first building will comprise 131,510 square feet of office/warehouse space and feature 30-foot clear heights, a two-story executive office component, up to 20 dock-high truck doors, two ground-level loading doors, a 180-foot secured truck court and 3,000 amp electrical capacity. McShane Construction Corp. and RKZ Inc. are providing design/build services for the development.
ORANGE COUNTY, CALIF. — Capmark Finance Inc., on behalf of Security Properties Inc., has arranged more than $107 million in debt and equity for the acquisition of Nutwood West Apartments in Fullerton, Calif., and the Muni Mae Seattle portfolio in Washington. Capmark secured $33.25 million for the acquisition of Nutwood West Apartments, a 248-unit garden-style apartment community located at 2404 E. Nutwood Ave. The company also arranged a $48.6 million loan for the purchase of the 564-unit Muni Mae Seattle portfolio, which includes Gilman Meadows in Issaquah, Wash.; Mallard Cove in Everett, Wash.; and Mountain View Apartments in Fife, Wash. In each transaction the debt was supplemented with an equity investment of approximately $13 million provided by an affiliate of Capmark Investments LP. Prudential Mortgage Capital funded both loans, which were originated by Jason Krupoff of Capmark Finance’s Orange County office.
LOS ANGELES — Redwood Partners has purchased a 27-unit apartment building, which is located at 3325 S. Canfield Ave. in Los Angeles for $8.2 million. At the closing of escrow, the 30,590-square-foot property was 100 percent occupied. Michel Hibbert of Charles Dunn Company, a partner of GVA Worldwide, represented the seller, N2 Ventures LLC and Silver Oak Holdings LLC, in the transaction. Michael Balson of Miller & DeSatnik represented the buyer.
GOODYEAR, ARIZ. — El Segundo, Calif.-based AIC Investment Co. has acquired an industrial building located within Estrella Crossing Business Park, which is located at 15635 W. Illini St. in Goodyear, for $6.6 million. The 25,000-square-foot property was built for and is fully occupied by The Arizona Republic. Rob Stephens of Cushman & Wakefield of Arizona Inc. represented the buyer; Steve Fernandez of CB Richard Ellis represented the seller, Phoenix-based Star Crossing LLC, in the transaction.
PHOENIX — Crown West Realty has completed the disposition of Broad Court, a 40,000-square-foot office complex located at 3230 E. Broadway Rd. in Phoenix. Eastern Columbia Properties purchased the three-building complex for $5.2 million. Bob Buckley, Steve Lindley and Tracy Cartledge of Grubb & Ellis represented the buyer; the seller was self-represented in the transaction.
SANTA MONICA, CALIF. — Newmark Realty Capital Inc. has arranged financing for the first phase of The Water Garden, a 1.3 million-square-foot office complex located in Santa Monica. Mark Ritchie of Newmark secured the $230 million loan on behalf of The Water Garden Company, which is controlled by J.P. Morgan Asset Management. The company secured the fixed-rate loan through its correspondent Teachers Insurance and Annuity Association of America (TIAA-CREF). Terms of the loan were not disclosed.
SAN DIEGO — Construction is complete for Ocean View Hills Corporate Center, a 663,000-square-foot industrial complex located on Otay Mesa Road in San Diego. The center consists of six one-story, tilt-up concrete buildings ranging in size from 56,000 to 183,000 square feet. The buildings are divisible into units ranging from 7,900 to 50,700 square feet. Each rentable space offers dock- and grade-level loading, and eight units feature a mezzanine. Expeditors International has already leased 54,000 square feet of space at the complex. The complex was developed by Sudberry Development Inc. and an affiliate of Morgan Stanley Real Estate Advisor Inc., which purchased the property from Pardee Homes in June 2005. Smith Consulting Architects provided architectural services for the project.
VENTURA, CALIF. —BM Properties has purchased a two-building office portfolio, which is located at 4601 and 4245 Telephone Rd. in Ventura, for $10.47 million. The 60,842-square-foot multi-tenant property is more than 50 percent leased by the County of Ventura, with the remaining space occupied by private businesses. Robert Flink of Lee & Associates – LA North/Ventura Inc. represented the buyer; Doug Shaw of CB Richard Ellis represented the seller, VG7A LLC, in the transaction.
SIMI VALLEY, CALIF. — Greg Harris of Marcus & Millichap has completed the sale and acquisition of Garden Apartments, an 84-unit apartment community located in Simi Valley. Redfern Family Trust sold the property to an undisclosed private family partnership for $10.52 million or $125,298 per unit. Located at 1851 Buyers St., the 57,800-square-foot property consists of a two-story building offering 68 one-bedroom/one-bath units and 16 two-bedroom/two-bath units. The community also features wall air conditioning and heating units, an on-site laundry facility, a swimming pool and a central courtyard. Harris represented both parties in the transaction.