SAN DIEGO — API, as QI for SRP Annex LLC of Auburn, Calif., has purchased City Villas I & II, a 70-unit multifamily community located at 837 and 845 16th St. in San Diego. Solana Beach, Calif.-based CVLP-JUDD; JUDD CV APT LLC sold the property for $9.4 million. Steve Huffman and David Andrews of Hendricks & Partners’ San Diego office represented both parties in the transaction.
Western
LAKEWOOD, CALIF. — Cushman & Wakefield of Colorado has completed the sale of Colfax Central, a 14,192-square-foot retail building located at the northwest corner of Colfax and Wadsworth in Lakewood. Developed in 2005 by Land on Landon Enterprises, the property was purchased by two undisclosed California investors for approximately $7 million or $498.52 per square foot. The center is 100 percent leased to tenants, including Panda Express, Starbucks Coffee, Qdoba Mexican Grill and Heidi’s Deli.
PROVO, UTAH — CB Richard Ellis|Melody has placed $40.3 million in permanent financing for a three-property apartment portfolio in Provo. The student-housing portfolio features 346 units with 2,076 beds, and 160 conventional units. Properties include Raintree Commons, Lodges at Glenwood and Cambridge Court. Ray Walker of CBRE|Melody’s Salt Lake City office secured the financing.
SANTEE, CALIF. — San Diego-based Pacific Realty Advisors has acquired a two-building industrial complex, which is located at 8745-8747 N. Magnolia Ave. in Santee, for $5.34 million. The 48,137-square-foot property is 100 percent leased to tenants, including National Spring, American Sheet Metal and Formica. James Renner of Inland Pacific Commercial Properties represented both Highway 67 LP, as well as the seller, Sciarrino Family Trust, in the transaction.
TUCSON, ARIZ. — Los Angeles-based Moise Hendeles has purchased Wilmot Vista, a 197-unit apartment community located at 3225 S. Wilmot Rd. in Tucson. Los Angeles-based Grant Cardone sold the property for $8.65 million. Art Wadlund of Hendricks & Partners’ Tucson office represented the seller in the transaction.
LYNNWOOD, CALIF. — Wells Fargo REIT II has acquired Northpointe Corporate Campus, a new two-building Class A office development located on 25th Avenue in Lynnwood. The property consists of an approximately 87,000-square-foot facility, which is 100 percent leased to Comcast, and a 69,000-square-foot building. Cushman & Wakefield represented the seller, Opus Northwest LLC, in the transaction. The acquisition price was not disclosed.
EAGLE COUNTY, COLO. — Hackensack, N.J.-based Kennedy Funding has secured approximately $47.14 million in financing for the continued development of Brightwater Club, a 973-acre private neighborhood in Eagle County. The community will feature 535 single-family homes and a complete village with poolside terraces, spas and an Artisans Pavilion, which will provide studios, instruction, lectures and exhibitions. Additionally, the community will feature a Robert Trent Jones II golf course. The project is being developed by Clearwater Development Inc.
PORTLAND, ORE. — KBS REIT has acquired ADP Plaza, a two-building office campus located at the intersection of First Avenue and Sheridan Street in downtown Portland, for $33.1 million. The two four-story buildings offer a total of 180,772 square feet and feature a 117,614-square-foot parking garage. Built in 1981, the property is 91 percent occupied by two tenants. Automatic Data Processing (ADP), for which the plaza is named, occupies 115,180 square feet, and Oregon Health and Science University occupies 48,506 square feet.
SANTA ANA, CALIF. — Voit Commercial Brokerage has completed two separate industrial transactions in Santa Ana for a total consideration of $36.5 million. In the first transaction, 601 W. Dyer Road LLC purchased an 183,571-square-foot industrial property, which is located at 601 W. Dyer Rd., from RIF III-Dyer Road LLC. Kevin Turner and Michael Hartel of Voit represented both parties in the transaction. Additionally, Behr Process Corp., a manufacturer of paint products, has signed a 6-year lease for a 223,560-square-foot industrial property, which is located at 1995 Standard Ave. Turner represented Behr Process Corp. in the transaction; the lessor, PR I Santa Ana Industrial CA LLC, was self-represented.
TEMPE, ARIZ. — Phoenix-based Colgate Group LLC has acquired the University Properties portfolio, a 268-unit apartment community portfolio located on Lemon Street in Tempe, for $21.4 million. The 303,239-square-foot portfolio consists of four properties: University Place, University Pointe, University Square and University Gardens. John Kobierowski and Greg Thielen of Hendricks & Partners’ Phoenix office represented the seller, Corona del Mar, Calif.-based University Properties, in the transaction.