FORT COLLINS, COLO. — A joint venture between Colorado-based McWhinney and Los Angeles-based Prism Places has purchased Foothills, a retail property located on 63 acres at 215 Foothills Parkway in midtown Fort Collins. Totaling 662,000 square feet, the property includes a 128,000-square-foot Macy’s department store and originally opened as Foothills Fashion Mall in 1973. The acquisition includes all of the mall’s assets and buildings with the exception of the parking structure and surface parking fields, which the Foothills Metro District owns, and the Foothills Activity Center, which the City of Fort Collins owns. Prism will take over as the mall’s property manager. McWhinney already owns and operates the adjacent 405-unit Cycle Apartments property.
SCOTTSDALE, ARIZ. — Sentinel Real Estate Corp. has completed the disposition of The Paragon at Kierland in Scottsdale to San Diego-based Sunroad Enterprises for an undisclosed price. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller in the deal. Built in 2000, The Paragon at Kierland features 276 apartments, a lagoon-style swimming pool with private cabanas, an outdoor kitchen area with TV and fire pit, a fitness center and a resident clubhouse.
ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has brokered the sale of Parkview Towers, an apartment community located at 3655 S. Pearl St. and 3659 S. Pennsylvania St. in Englewood. The property sold for $15.7 million, or $181,034 per unit. Built in 1972, the community features two six-story towers offering a total of 87 apartments. Robert Lawson of Pinnacle represented the undisclosed seller, while Jim Knowlton of Pinnacle represented the undisclosed buyer in the deal.
LAS VEGAS — Stonesteam Properties has completed the disposition of a four-building industrial campus located on 6.4 acres at 12885 S. Las Vegas Blvd. in Las Vegas. Vegas Ranch LLC acquired the asset for $4.7 million. Star Nursery will utilize the property to service its nine retail locations in Nevada. The asset includes a 12,500-square-foot warehouse, one storage warehouse and two additional buildings totaling 3,200 square feet. The site offers quick access to Interstate 15 via Saint Rose Parkway or Starr Interchange. James Griffis, Tyler Ecklund and Britney Arredondo of CBRE represented the seller in the deal.
SAN MATEO, CALIF. — Mesa West Capital has provided Longfellow Real Estate Partners with a $178 million first mortgage loan to recapitalize costs associated with its recent acquisition and fund the planned repositioning of the San Mateo Bay Center office campus in San Mateo. A portion of the proceeds from the five-year, floating-rate loan will be used to convert the 235,911-square-foot conventional office property into a life sciences and laboratory facility. Developed in 1984, San Mateo Bay Center features two seven-story office towers located at 901 and 951 Mariner’s Island Blvd. Campus amenities include showers, a fitness center, café and outdoor patio space. The campus is located in the mid-peninsula Foster City/San Mateo life sciences market with an inventory of nearly 2 million square feet of life sciences space, anchored by the 1.4 million-square-foot world headquarters campus for Gilead Sciences. Ramsey Daya of Newmark Knight Frank arranged the financing. Mark Osher of Gibson, Dunn and Crutcher LLP represented Mesa West Capital in the deal.
PHOENIX — ABI Multifamily has arranged the sale of Parkwood Apartments, a multifamily property in Phoenix. The asset sold for $69.2 million, or $201,30 per unit. The names of the seller and buyer were not released. Built in 2001, Parkwood Apartments consists of 23 residential buildings offering a total of 344 units in a mix of 48 one-bed/one-bath, 48 two-bed/one-bath, 144 two-bed/two-bath and 104 three-bed/two-bath units. All apartments include washers/dryers, air conditioning/heating, vaulted ceilings, private patios, additional storage and fully equipped kitchens. Community amenities include a rental office, fitness center, pool/spa, playground, barbecue grills, picnic area, gated entry and residential parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the seller and buyer in the deal.
DENVER — Virginia-based Willow Creek Partners has purchased The Croft Apartment Homes, a mid-rise property located at 7200 E. Evans Ave. in Denver. This is the company’s first acquisition in the region. The name of the seller and acquisition price were not released. Adam Randall and John Westby-Gibson of Newmark’s Multifamily Capital Markets Debt & Structured Finance group arranged $21.8 million in acquisition financing for the buyer. The Croft Apartment Homes features 138 units in a mix of one- and two-bedroom floor plans. Built in 1974, the building’s renovated units offer new appliances, granite countertops, air conditioning, ample storage, in-unit washers/dryers and private outdoor space. Community amenities include a business center, clubhouse, courtyard, fitness center, indoor pool and game room.
FORT COLLINS AND WINDSOR, COLO. — Avison Young has arranged the sale of a three-property shopping center portfolio located in Fort Collins and Windsor. Colorado-based Johnson Investments sold the portfolio to Neighborhood Equities for $10.1 million. Totaling just over 60,000 square feet, the portfolio includes the 21,633-square-foot Oakridge Shopping Center at 1112 Oakridge Drive in Fort Collins, which was 80 percent occupied; The Shops at Westwood, a fully occupied, 18,350-square-foot property at 1293-1295 Main St. in Windsor; and the fully leased, 20,250-square-foot Windsor Town Center II at 1215 Main St. in Windsor. David Maling, Chris Maling and Sam Crowe of Avison Young represented the seller, while Cushman & Wakefield represented the buyer in the deal.
LAS VEGAS — CBRE has brokered the sale of a single-tenant office building located at 7408 W. Sahara Ave. in Las Vegas. A private investor acquired the property for $2.6 million. Bertoldo, Baker, Carter & Smith Attorneys at Law occupy the free-standing, 11,604-square-foot building under a triple-net lease. Tyler Ecklund, James Griffis, Britney Arredondo and Randy Broadhead of CBRE represented the undisclosed seller in the deal.
BURBANK, CALIF. — A partnership between Fortress Investment Group and Ocean West Capital Partners has completed the disposition of The Link, a repositioned office building located at 2901 W. Alameda Ave. in Burbank. Pendulum Property Partners acquired the asset for $61.5 million. Totaling 124,785 square feet, the property features creative office space and post-production, broadcasting, screening and editing facilities. The property underwent extensive renovation in 2019 and now features an outdoor courtyard, redesigned lobby, enterprise-grade dark fiber connectivity, revitalized exterior, 13- to 18-foot ceiling heights and a 2,500-square-foot outdoor patio on the seventh floor. At the time of sale, the property was 76 percent leased to five tenants. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the transaction, while David Milestone, Brett Green and Henry Cassiday of Newmark arranged acquisition financing for the buyer.