RIVERSIDE, CALIF. — Advanced Real Estate Services has purchased an apartment property located on 10.5 acres in Riverside. The company acquired the asset from an undisclosed seller for just under $58 million. Advanced plans to implement a more than $10 million renovation program at the property, which will be rebranded The James. Renovations will include the installation of new windows, a new paint scheme, updated landscaping and modernized unit interiors. The 215-unit community features a pool, spa, clubhouse, turf soccer field with running track, pet park and playground. Sean Deasy and Ryan Fitzpatrick of JLL’s Newport Beach, Calif., office brokered the transaction. Alex Kane of JLL West Los Angeles secured an approximately $37.5 million Fannie Mae acquisition loan for the buyer.
VERNON, CALIF. — MetroGroup has funded $15.5 million in bridge refinancing for the undisclosed owner of a 270,000-square-foot property in Vernon. The asset is fully occupied by the owner’s start-up company, which provides studio space to film and television production companies. The borrower is converting the property from a corporate headquarters building into a flex, office and industrial space. Ivan Kustic of MetroGroup arranged the cash-out refinancing that the borrower used to retire a higher-rate maturing loan and provide working capital.
COLORADO SPRINGS, COLO. — Nexus Commercial Realty has arranged the sale of The Townhouse Apartments, an 88,100-square-foot property located at 3125 E. Fountain Blvd and 1215 Shasta Drive in Colorado Springs. The community traded hands for $8.7 million. The names of the buyer and seller were not released. Built in 1965, the townhome-style property features 54 units in a mix of two- and three-bedroom layouts. Each unit includes a private yard, while some include second-floor balconies. The buyer plans to renovate the property and complete the unfinished basements to potentially add an additional unit to each townhome. Patrick Knowlton of Nexus represented the buyer and seller in the deal.
PHOENIX — Taylor Street Advisors has arranged the sale of a multifamily property located in Uptown Phoenix. A Phoenix-based investment group acquired the asset from a private capital investor for $1.2 million, or $150,000 per unit. Located at 7265 N. 12th St., North Central Apartments features eight units in a mix of one- and two-bedroom layouts, averaging 841 square feet. Amenities include a private pool and picnic area. Brian Tranetzki, Anton Laakso and Thomas Beniamen of Taylor Street negotiated the transaction on behalf of the seller in the deal.
SYLMAR, CALIF. — Oaktree Capital Management and Intertex Cos., through managed funds, have completed the sale of a two-building industrial park located at 12744 San Fernando Road in Sylmar. Rexford Industrial Realty acquired the asset for $22 million. Situated on 6.5 acres, the property features 140,837 square feet of industrial space. At the time of sale, the asset was 56 percent occupied by two tenants. Kevin Shannon, Sean Fulp, Bret Hardy, Jim Linn and Ryan Plummer of Newmark represented the sellers, while the buyer was self-represented in the transaction.
PHOENIX — Cypress West Partners has purchased two single-story medical office buildings located at 2264 and 26232 N. Tatum Blvd. in Phoenix for an undisclosed price. Known as Tatum Highlands Medical and Dental, the medical campus features a 27,204-square-foot medical office and a 5,667-square-foot dental office. The two properties were built in 1998 and 2000. At the time of sale, the property was 87 percent occupied. Tenants include HonorHealth Medical Group, Desert Sun Pediatrics and Jet Set Smiles Pediatric Dentistry. The Southern California-based healthcare investment, leasing and property management firm was self-represented in the joint venture transaction with private investors, while Aaron Kuhl represented the seller, a public REIT, in the deal. The transaction marks Cypress West’s 10th acquisition in the Arizona medical office market totaling 428,000 square feet.
SAN DIEGO — Stos Partners has completed the disposition of a 56,300-square-foot cold storage facility located at 9925 Airway Road in San Diego’s Otay Mesa submarket. A private investor acquired the asset for $8.3 million. Stos Partners initially acquired the property for $6.1 million in 2019 and successfully brought the property to 100 percent occupancy. During its tenure, the company implemented a value-add program that resulted in a 35 percent value increase. Upgrades included a new roof and paint, mechanical enhancements, fresh landscaping and other general building improvements. Louay Alsadek, Hunter Rowe, Erik Parker and Matthew Pourcho of CBRE represented the seller in the deal.
PARKER, COLO. — John Propp Commercial Group has arranged the acquisition of a two-building flex industrial property located at 10136 and 10140 Parkglenn Way in Parker. An undisclosed seller sold the asset to Parkglenn LLC, an investment group headed by John V. Propp, for $5.8 million. Built in 2016, the 27,611-square-foot property was fully leased to six tenants at the time of sale. John V. Propp of John Propp Commercial Group represented the buyer in the deal.
CASTLE ROCK, COLO. — NavPoint Real Estate Group has brokered the purchase of retail property located at 4400 Barranca Lane in Castle Rock. Printers Parkway Partners LLC acquired the asset from an undisclosed seller for $1.8 million. Pep Boys, an automotive aftermarket retail and service chain, occupies the 4,020-square-foot building. Brent Ham of NavPoint Real Estate Group represented the buyer in the transaction.
OAKLAND, CALIF. — Rockpoint Group and The Swig Co. have completed the sale of 300 Lakeside, a Class A office complex located in Oakland’s Uptown District. A venture led by San Francisco-based TMG Partners acquired the asset for an undisclosed price. Rockpoint and Swig will retain an interest in the property on a go-forward basis. Terms of the transaction were not released. Concurrent with TMG Partners’ purchase of the property, the company entered into a long-term lease with Pacific Gas and Electric Company (PG&E) to relocate the utility’s headquarters from its existing downtown San Francisco headquarters. The lease includes a purchase option for PG&E to acquire the property. Swig originally acquired the nearly 1 million-square-foot complex in 2005, then formed a joint venture with Rockpoint to recapitalize the asset in 2016. The partnership modernized the lobby, upgraded the building’s elevators, created a state-of-the-art conference facility and expanded key tenant amenities, including shower and locker facilities, a café and dedicated food truck zone. Additionally, the partnership enhanced the sustainable features of the asset, achieving LEED Platinum certification.