SPOKANE, WASH. — Seattle-based Parkview Partners LP has purchased Parkview, a 63-unit multifamily complex located at 1413 E. 7th Ave. in Spokane. Parkview Associates of Seattle sold the property for $2.38 million. The property operates under the terms of a HUD Regulatory Agreement and Section-8 subsidy, providing affordable housing to qualified low-income residents. The acquisition was funded by low-income housing tax credits and bond financing. Robert Di Pietrae of Hendricks & Partners—Seattle negotiated the transaction.
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SAN DIEGO — William Anderson and Matthew Brothers of Marcus & Millichap represented the undisclosed buyer in the acquisition of Bekaert Specialty Films II for $12.4 million or $170 per square foot. Located at 4540 Viewridge Ave. in San Diego, the property offers 72,862 square feet of industrial warehouse space. Bekaert has 3 years remaining on a triple-net lease structure with 3 percent annual increases. Joshua Volen and Andrew John Slade, also of Marcus & Millichap, represented the seller, which was not disclosed.
PRESCOTT, ARIZ. — An investment company formed by Goodyear, Ariz.-based Zaharia Opera has purchased Willow Crossroads, a retail center located at 3180-3196 Willow Creed Rd. in Prescott. The transaction price of $5.8 million includes the Fry’s-anchored center, as well as a ground-leased pad. At the time of acquisition, the property was 95 percent occupied. Ryan Schubert and Michael Hackett of Grubb & Ellis|BRE Commercial represented the sellers, Bruce Utterback and Jack Wilson, in the transaction.
SAN DIEGO — Long Beach, Calif.-based LINC Housing Corp. has acquired Arbor Village, a 112-unit multifamily community located at 4900 Logan Ave. in San Diego, for $13.7 million. The two-story, garden-style community features units offering ceiling fans, wall heating, window coverings, standard appliances, walk-in closets and private balconies or patios. The community also offers a private interior courtyard, 164 open parking spaces, a children’s playground and two on-site laundry facilities. Dick Bassett and Steve Huffman of Hendricks & Partners’ San Diego office represented the seller, DLG Arbor Village LLC with Davlyn Investments, General Partner of San Diego, in the transaction.
SAN MARCOS, CALIF. — Windsor Properties has purchased the Discovery Bank Building, which is located at 338 Via Vera Cruz in San Marcos. Situated on a 1.63-acre site, the two-story, 27,391-square-foot property sold for $8.5 million. Main tenants include Discovery Bank and State of California. Harry Stone of Voit Commercial Brokerage represented the seller, San Marcos Building LLC, in the transaction; Hamann Properties represented the buyer.
LAS VEGAS — Snug Harbor, a 64-unit multifamily community, has been sold to Snug Harbor Condominiums Las Vegas LP, with WLA Investments as managing partner, for an undisclosed price. Located at 2780 E. Flamingo Rd., the property offers 69,432 square feet of residential space and 10,433 square feet of retail space. The community features 12 one-bedroom/one-bath units, 36 two-bedroom/two-bath units and 16 three-bedroom/two-bath units offering full-size washer/dryers, fireplaces, large kitchens with fully appointed appliance packages, ceiling fans, oversized roman tubs with spa jets, double-sink vanities in master baths, walk-in closets in master suites, ample storage and private balconies/patios. Additionally, the community offers a swimming pool, a heated spa, a state-of-the-art fitness center, an expanded leasing office, select covered parking spots and landscaped grounds. Joseph Kupiec of Grubb & Ellis|Las Vegas partnered with Diane Miramontes and Darcy Miramontes of Grubb & Ellis|BRE Commercial to represented the seller, AIMCO/RALS LP, in the transaction.
BEAVERTON, ORE. — Guardian Management LLC, a Pacific Northwest real estate investment and management firm, has acquired Waterhouse Place Apartments for $30 million. Located in Beaverton, the 279-unit property features updated landscaping, a resurfaced spa, new patio doors, and parking and clubhouse upgrades. Guardian plans to invest an additional $3 million, $7,000 per unit, to rehabilitate the property, which was built in 1989. UBS Realty Investors LLC will serve as the equity partner.
RIVERSIDE, CALIF. — Newport Beach, Calif.-based Turner Development Corp. has completed the construction of Medical Park at Riverside, a two-phase medical office complex located at 4234 and 4224 Riverwalk Parkway in Riverside. The project consists of two Class A medical office buildings totaling 66,000 square feet and offering offices ranging in size from 1,000 to 19,500 square feet.
UNION CITY, CALIF. — Welcome Market Inc., dba 99 Ranch Market, has purchased 2931 Faber Street, a warehouse facility in Union City, for approximately $18.25 million. Constructed in the mid-1970s, the 223,000-square-foot property was originally operated by McKesson Water and more recently by DS Water. The building features dock and drive-in loading, 26-foot interior warehouse clear height, approximately 20,000 square feet of office space, heavy power, ample parking and truck staging areas. Tom Damosceeno and Samual Higglesom of NAI BT Commercial represented the buyer; Craig Hagglund of Lee & Associates represented the seller, Gershman Property, in the transaction.
MARICOPA, ARIZ. — Transition Investments LLC has acquired The Shops at Maricopa Fiesta, a retail center located in Maricopa, for $8.5 million or $353 per square foot. Tenants at the 24,036-square-foot center include Shasta Pools, Alltel Wireless, Arena Sports Grill and Brooklyn Boys Restaurant. Tim Dulany of Landmark TCN represented the buyer; Dean Ingram and Greg Abbott of Arizona Retail Advisors Inc. represented the seller, Cole Companies, in the transaction.