NEW YORK — BPG Properties Ltd., on behalf of BPG Investment Partnership VIII & VIIIA L.P., has acquired Boston Capital REIT, an 11-property multifamily portfolio, for $185 million. Deutsche Bank Berkshire Mortgage provided the 7-year fixed-rate plus 1-year variable-rate Freddie Mac loan for the buyer. The portfolio includes the 188-unit Alderwood Park, the 153-unit Ridgegate property, the 221-unit Ridgetop property and the 240-unit Wellington community in Seattle; the 296-unit Boulder Creek community and the 315 Bridge Creek property in Portland, Ore.; and the 416-unit Settler’s Point property in Salt Lake City, as well as three properties in Jacksonville, Fla.
Western
PHOENIX — Parkway Properties, on behalf of Parkway Properties Office Fund L.P., has purchased Desert Ridge Corporate Center, a three-building corporate center located in Phoenix, for $81.6 million. Located on 14.8 acres in the North Central submarket of Phoenix, the property consists of two four-story Class A office buildings totaling 275,000 square feet and one 18,000-square-foot multi-tenant specialty retail building. At the time of acquisition, the property was 89.2 percent leased to 39 tenants. The company plans to invest an additional $2.25 million for closing costs, building improvements, leasing costs and tenant improvements during the first 2 years of ownership. Concurrent with the purchase, a $49.2 million first mortgage was funded through Babson Capital Management LLC with a fixed interest rate of 5.77 percent, an initial 36-month interest-only period and a maturity date of January 2016.
TAHOE-RENO, NEV. — The McShane Corp. and MetLife Real Estate Investments’ industrial alliance is developing Eagle Valley Industrial Center, a 1.3 million-square-foot speculative industrial project located at 555 Milan Dr. in Tahoe-Reno. Designed by Ware Malcomb Northern California, the development features two 566,875-square-foot buildings, which are divisible to 125,000 square feet. The buildings feature typical bays, speed bays, dock-high doors and drive-in doors. The Irvine, Calif., office of McShane Corp. is providing design/build services for the project, which is slated for completion in June.
SPANAWAY, WASH. — San Francisco-based Dunhill Partners West has acquired Pacific Commons, a 151,233-square-foot retail center located at 17821 Pacific Ave. in Spanaway. PK Sale LLL sold the property for $20.2 million. Located in Pierce County, the center is anchored by Saar’s Marketplace and K-mart. Paul Sleeth of Colliers International’s Seattle office represented the seller in the transaction.
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.
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.