GREELEY, COLO. — CB Richard Ellis|Melody has arranged $6.5 million in permanent financing for the acquisition of Chase Plaza, an office park located in downtown Greeley. Bethesda Real Estate purchased the two-building, 117,879-square-foot property. At the time of acquisition, the property was 96 percent leased. Terms of the financing include 65 percent loan-to-purchase price and 10-year loan term with a 25-year amortization at a fixed-rate of 5.57 percent.
Western
RANCHO CUCAMONGA, CALIF. — Phoenix-based Opus West has acquired a 10-acre land parcel from Inland Empire, Calif.-based JAFAM Corp. for the development of Haven Point, a 161,000-square-foot office/retail project in Rancho Cucamonga. The project will consist of a four-story, 140,000-square-foot office building, 16,000 square feet of retail space and a freestanding 5,000-square-foot, drive-through-approved bank pad. Construction is slated to being in spring 2008, with completion scheduled for summer 2009.
EAST WENATCHEE, WASH. — Los Angeles-based Vintage Capital Group has purchased Wenatchee Valley Mall, a 339,725-square-foot retail center located at 511 Valley Mall Pkwy. in East Wenatchee, for $32.5 million. At the time of acquisition, the property was 92 percent leased to a variety of tenants, including Macy’s, Sears, Bed, Bath & Beyond, Ross Dress For Less, Bath & Body Works, Wells Fargo Bank, Pac Sun, GNC, Foot Locker and Kay Jewelers. Richard Walter of Irvine, Calif.-based Faris Lee Investments represented the seller, Irvine-based PASSCO, and the buyer in the transaction.
POWAY, CALIF. — Brian Cox Mechanical Inc. has purchased a 29,122-square-foot industrial building, which is located at 12155 Kirkham Rd. in Poway, for approximately $4.78 million. Formerly the headquarters/warehouse of San Diego-based Maredy Candy Company, the property features approximately 9,000 square feet of office space and 19,500 square feet of warehouse/production space, including a 7,500-square-foot cooler. Dan Brennan of CB Richard Ellis represented the seller, the Maire-Huddy Family Trust, in the transaction; Glenn Arnold of Grubb & Ellis represented the buyer.
SACRAMENTO, CALIF. — Sundt Construction has broken ground for the construction of Capital Unity Council’s new $15 million unity center, Capital Unity Center in Sacramento. Located at 1619 North St., the three-story, 32,529-square-foot project is designed to be an interactive learning experience that engages visitors with programs and activities that embrace inclusion, honor California’s diversity and motivate people to play an active role in building unity in their communities. Sundt is serving as general contractor for the project; Sacramento-based Paul Menard Associates and Albuquerque, N.M.-based Studio Southwest Architects are providing architectural services.
EDGEWATER, COLO. — Greg Price and Josh Newell of Marcus & Millichap’s Denver office represented Dr. Paul Fishman, a private investor from Denver, in the acquisition of a 5,400-square-foot neighborhood shopping center, which is located at 2255 Sheridan Blvd. in Edgewater. Sheridan Legacy LLC and a Colorado-based limited liability company sold the property for $1.9 million or $351.85 per square foot. Russ Agnew of Marcus & Millichap’s Denver office listed and marketed the property on behalf of the sellers.
SAN DIEGO — San Diego-based Veralliance Properties, through its affiliate DMH Campus Investors, has acquired Neurocrine Biosciences Campus, a two-building campus located at 12780-12790 El Camino Real in San Diego’s Del Mar Heights submarket, for $109 million. The property includes two three-story buildings totaling 220,804 square feet, and a 4.2-acre parcel that is entitled for approximately 93,000 square feet of office space. Additionally, the sale included a 12-year leaseback to Neurocrine Biosciences for the laboratory building at 12780 El Camino Real. The office building is currently available for lease. Neil Fox and Mike Hoeck of Phase 3 Properties represented the seller, Neurocrine, dba Science Park Center LLC, and the buyer in the transaction.
BELLEVUE, WASH. — Michal Makar and Jack Standeford of CB Richard Ellis Capital Markets’ Seattle office have secured $185 million in construction/permanent debt loan financing for Bellevue Place LP. Bellevue Place plans to use the loan to refinance the existing Hyatt Regency Hotel and construct a new hotel tower. Built in 1989, the Hyatt Regency Bellevue consists of a 24-story tower offering 382 rooms; the new tower will add 351 rooms and 36,000 square feet of meeting space to the hotel, which is located in downtown Bellevue. Construction of the new tower is slated for completion in mid-2009. Pacific Life Insurance Co provided the financing.
RENO, NEV. — 800 Stillwell Partners LLC has purchased a 119,300-square-foot industrial building, which is located at 800 Stillwell Rd. in Reno. Bender Warehouse Company sold the property, which was built in 1958, for $3 million. Paul Perkins, Dave Simonsen, J. Michael Hoeck and Dan Oster of NAI Alliance negotiated the transaction. The property is being managed by AMH Properties.
SEATTLE — Transwestern Investment Company, on behalf of Aslan Realty Partners III LLC, has purchased Park Place, a 21-story, 310,000-square-foot office tower located in downtown Seattle. The company plans to implement a significant capital improvement program to upgrade the building’s common areas and systems. Wright Runsted & Co. have been retained to manage the property; Urbis Partners will handle the leasing. The seller and acquisition price were not disclosed.