FRESNO, CALIF. — CMR Mortgage Fund has completed the disposition of a 33-unit multifamily community in Fresno. Built in 1970, the property features two-bedroom, garden-style units. The undisclosed buyer plans to renovate the community. Jamie Clifford and Steve Carne of Arroyo & Coates represented the seller in the transaction. The acquisition price was not disclosed.
LOS ANGELES — Hiu Chan of Marcus & Millichap has completed the disposition and acquisition of an apartment building located at 2054 Argyle Ave. in Los Angeles. The 31-unit property sold for $4.5 million. Built in 1957, the property is situated on a 21,562-square-foot site. The seller and buyer were not disclosed. Chan represented both parties in the transaction.
CHANDLER AND PHOENIX, ARIZ. — SCI Real Estate Investments LLC and 34 tenant-in-common co-owners have sold Casa Paloma Shopping Center in Chandler for an undisclosed price. The company acquired the property in 2005 for approximately $43.68 million. The 130,096-square-foot center is tenanted by AJ’s Fine Foods, Gap Women, Gap Body, Bath & Body Works and Banana Republic. Additionally, the company recently sold Deer Valley Village in Phoenix. The 832-unit luxury apartment community was purchased by SCI and 19 TIC co-owners in 2004 for approximately $71 million. The property recently reached full cycle, selling for $85.2 million.
LOS ANGELES COUNTY, CALIF. — Voit Commercial Brokerage has completed two transactions, totaling $4.1 million, in Los Angeles County. In Downey, Calif., Benedict Partners LLC acquired a 23,200-square-foot property, which is located at 12406-12422 Benedict Ave., for $2.1 million. Rob Socci and Peter Castleton of Voit’s Anaheim, Calif., office represented the sellers, George and Margaret Maginn; Jeff Hubbard of Lee & Associates represented the buyer in the transaction. In a separate transaction, Guthrie Development Company completed the disposition of an 11,516-square-foot property, which is located a 7901 Somerset in Paramount, Calif., for $2 million. The property is located within the 158,000-square-foot Somerset Business Park. Louis Tomaselli, Mitch Zehner, Cameron Driscoll and Luke McDaniel of Voit’s Anaheim office represented the seller; Steve Bryant of Grubb & Ellis represented the buyers, Yungtai and Lisa Hsu.
CLARK COUNTY, CALIF. — BJG Architecture + Engineering has broken ground for the construction of Clark County Fire Station #33, which is located on the Las Vegas Convention Center campus in Las Vegas. The $5.3 million, 14,000-square-foot facility includes a fourth bay for service vehicles. The additional space will also include an area designated for fire prevention personnel and future development. The station’s first two specialized engines will equipped to handle chemical, biological and radiological hazards and paramedic rescue. The project is being built through a partnership between Las Vegas Convention and Visitors Authority (LVCVA), Clark County and the fire department. Clark County will fund the property and lease the facility from the LVCVA.
CONCORD, CALIF. — Concord-based B. Mann’s Properties has purchased Woodstone Apartments in Concord for $2.3 million. Built in 1963, the 20-unit property features two-bedroom/one-bath units, a swimming pool and on-site laundry facilities. Jamie Clifford of Arroyo & Coates represented the seller, CMR Mortgage Fund, in the transaction.
DENVER — Behringer Harvard has acquired 1875 Lawrence, a 15-story office tower in the historic LoDo (lower downtown) area of Denver’s central business district. Built in 1982, the property offers 185,000 square feet of rentable office space. Additionally, the property features a three-level underground parking garage. The seller and acquisition price were not disclosed.
SAN JOSE, CALIF. — San Mateo, Calif.-based The Castle Group, dba Morrison Park Apartments LLC, recently acquired a $19.7 million, 4.4-acre site at 381 Stockton Ave. in San Jose for the development of Morrison Park Apartments. The four-story, 250-unit apartment complex was originally designed as a for-sale condominium property, but due to the economy the project has been converted to a rental housing property. Completion is slated for late 2010. Keith Claxton of NAI BT Commercial San Jose, along with Borelli Investments, represented the undisclosed seller in the land transaction.
VAIL, COLO. — JMJ Development, a division of Dallas-based JMJ Holdings, has completed the development of The Gates Residences, an upscale condominium property located at the entry to Beaver Creek Resort in Vail Valley. The property features 49 luxury two-, three- or four-bedroom condominiums offering residents numerous amenities, including a private driver, an on-site concierge, a ski valet, an indoor heated pool, an outdoor therapy pool, steam rooms, daily continental breakfast, a private lounge with fully equipped bar, a library, a meeting room, a state-of-the-art workout facility, underground parking and an outdoor deck overlooking Beaver Creek. CFC Construction served as general contractor for the project. Western Seasons Management Company is providing on-site management for the property.
HERCULES, CALIF. — Jim Roessler of Roessler Investment Group represented the undisclosed seller in the disposition of Creekside Shopping Center in Hercules. A trade buyer purchased the property for approximately $5.83 million. The property offers 14,000 square feet of retail space.