PHOENIX — Fort Worth, Texas-based MAG Capital Partners has purchased an industrial facility located at 2525 E. Beardsley Road in Phoenix. The asset was acquired for an undisclosed price in a sale-leaseback transaction with Arizona Natural Resources (ANR), the current tenant. Built by ANR in 1992, the two-story, 130,656-square-foot building features office, warehouse and research space on a 5.4-acre site. ANR, which Chicago-based CORE Industrial Partners acquired in June, develops and manufactures skin, home and haircare products. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners, led by principals Dax Mitchell and Andrew Gi. J.C. Asensio, Briggs Goldberg, Andrew Sandquist and Tyrell McGee of Newmark Knight Frank’s Chicago office represented the seller, CORE Industrial Partners, in the transaction.
MARICOPA COUNTY, ARIZ. — Phoenix-based Drexler Enterprises has completed the disposition of a 12.3-acre development site located at the northwest corner of Loop 202 and Baseline in Maricopa County. LGP Enterprises, a commercial developer, acquired the site for $2.2 million. Zoned for commercial development, the land parcel is part of a new stretch of the Loop 202. Details on the buyer’s plans for the site were not disclosed. Brian Rosella of Kidder Mathews represented the seller in the transaction.
SACRAMENTO — Tampa-based DeBartolo Development and SKK Developments have completed the disposition of The Press at Midtown Quarter, an apartment community located in Sacramento’s Midtown district. San Rafael-based Oakmont Properties acquired the asset for $118 million. Marc Ross of CBRE brokered the sale, while Andrew Behrens of CBRE’s Debt and Structured Finance group arranged financing for the buyer. Completed in June 2020, The Press at Midtown Quarter features 277 apartments and 8,600 square feet of ground-floor retail space. Amenities include a two-level coworking space; fitness center and yoga studio; rooftop lounge; pet spa and run area; bike lounge with repair and wash stations; car wash; and car charging stations. Additionally, the property offers an acre of outdoor community space with a heated swimming pool, community garden, bocce court, outdoor kitchens and fire tables with lounge seating.
HILLSBORO, ORE. — Shelter Holdings has completed the sale of Meadows at Heron Creek, a garden-style multifamily community in Hillsboro. RISE Properties Trust, a Canadian real estate investment trust with offices in Vancouver and Seattle, acquired the asset for $48.2 million, or $270,786 per unit. Built in 2012, Meadows at Heron Creek features 178 apartments, ample parking and greenbelt and transit accessibility. Anthony Palladino, Giovanni Napoli and Philip Assouad of Institutional Property Advisors, a division of Marcus & Millichap, facilitated the transaction between the seller and buyer.
CARSON, CALIF. — Woodland Hills-based NewMark Merrill Cos. has purchased The Shops at SouthBay Pavilion, a multi-building retail complex in Carson. Seritage SRC Finance sold the asset for an undisclosed price. Burlington, Ross Dress for Less, Sola Salons, Norms Restaurant, Chipotle, Smashburger, Jersey Mike’s Subs, Buffalo Wild Wings and Olive Garden are tenants at the 182,193-square-foot retail property. IKEA, Target, Cinemark Theatres and JCPenney anchor the balance of the 1 million-square-foot mall. Sandy Sigal, Jim Patton and Brad Pearl provided in-house representation for NewMark Merrill, and Seritage SRC Finance worked directly with NewMark Merrill to consummate the transaction.
WEST COVINA, CALIF. — Waterford Property Co. has acquired Marketplace at the Lakes, a value-add retail property located at 904-907 Lakes Drive in West Covina. CIM Group sold the asset for $18.6 million. Built in 1994 on seven acres, Marketplace at the Lakes features 95,628 square feet of retail space. At the time of sale, the property was 80 percent occupied by Michaels and Jerome’s Furniture. In November 2015, Waterford acquired The Lakes, an office campus adjacent to the recently purchased retail center, and repositioned the property into a Class A office project for small to mid-size tenants. The acquisition of Marketplace at the Lakes allows for the possibility to redevelop the retail asset into a multifamily property, which Waterford says offers more opportunities.
WENATCHEE, WASH. — Cambridge Realty Capital Cos. has provided a $3.2 million HUD Lean loan to refinance Kadie Glen Assisted Living. Located in Wenatchee, in the central part of Washington between Seattle and Spokane, the property features 62 beds. The borrower is a limited liability company based in Washington state. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured loans, underwrote the transaction. The 32-year loan is fully amortizing.
COSTA MESA, CALIF. — A public-private partnership between Orange Coast College and Servitas has completed the construction of a $123 million residence hall on the college’s campus in Costa Mesa. Named The Harbour, the 321,105-square-foot development offers 823 beds in 326 apartment-style, fully furnished units. Shared amenities at the property include study lounges on each floor, package lockers, bicycle storage, courtyards, onsite laundry and parking. “Servitas is honored to deliver this historic residence hall for Orange Coast College that not only provides its students with on-campus housing for the first time, but also serves as a guide for many surrounding community colleges looking to offer student housing,” says Angel Rivera, senior vice president of development services at Servitas. “During the final month of construction, all teams faced many challenges due to COVID-19 including a Southern California Glaziers union labor strike.”
SALT LAKE CITY — Newmark Knight Frank (NKF) has arranged the sale of a creative office building located at 324 S. State St. in downtown Salt Lake City. Hamilton Partners and Cantor Equities sold the asset to Mortenson Cos., the real estate investment arm of M.A. Mortenson Cos., for an undisclosed price. The recently renovated, five-story building features 221,145 square feet of creative office space. The property features large floorplates, scenic views, fitness center, adjacent parking structure, collaborative common areas and signage. Additionally, the building features ground-floor retail space that Ginger Street restaurant occupies. At the time of sale, the asset was 75 percent leased to a variety of tenants, including Ancestory.com, Spectrum Engineers and Utah’s Department of Financial Institutions. Kevin Shannon, Ken White, Rick Stumm and Bryce Blanchard of NKF brokered the transaction.
SAN JOSE, CALIF. — KBS Real Estate Investment Trust II has completed the disposition of 250 Holger Way, an office building located within District 237, a 415,492-square-foot office/R&D complex in San Jose. Foster City-based Bailard acquired the property for $38.2 million. The 76,410-square-foot office building is one of eight buildings that make up District 237, which was built in 1999 and 2001. All buildings of the property feature efficient floorplates and high visibility with more than 3,000 feet of Highway 237 frontage. Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Brad Zampa and Mike Walker of CBRE Northern California Capital Markets represented the seller, while the buyer was self-represented in the deal. Bruce Fischer, Howard Chu and Robyn Foianini of Greenberg Traurig LLP’s Orange County office provided legal counsel for KBS in the disposition.