TRACY, CALIF. — Greystone has secured $86.2 million in refinancing for Aspire Apartments, a newly constructed multifamily asset in Tracy. Todd Vitzthum and Simon Herrmann of Greystone Real Estate Advisors, along with Cody Field of Greystone, arranged 10-year refinancing and Freddie Mac loan for the undisclosed borrowers. Completed last year, Aspire Apartments features 348 units, a resort-style swimming pool, fitness center, pet spa and clubhouse.
HONOLULU — Coastal Rim Properties has purchased a 12,842-square-foot land parcel in downtown Honolulu from an affiliate of Next Realty for an undisclosed price. The buyer plans to develop a 20-story affordable seniors housing tower on the property, which is located at 1192 Alakea St. The site currently houses a vacant parking lot. Steven Sofos of Sofos Realty Corp. represented the seller, while Matt David and Terry Jackson of Cushman & Wakefield’s Land Advisory Group in San Diego provided advisory services for the transaction.
SAN DIEGO, CALIF. — Santa Monica, Calif.-based BLT Enterprises has completed the disposition of Sorrento Tech Campus, a three-building creative office/R&D complex located in San Diego’s Sorrento Mesa submarket. Longfellow Real Estate Partners acquired the campus for $39 million. Located at 10070, 10140 and 10180 Barnes Canyon Road, the complex totals 83,480 square feet. BLT Enterprises implemented a repositioning plan of the original campus, which it acquired in 2016. The renovations included transforming 35,000 square feet of raw industrial space into innovative creative office product with an open floor plan, three executive offices, a large conference room, an upgraded kitchen and an outdoor patio. CV Sciences, TorreyCove Capital Partners, L3 Technologies and Ron’s Pharmacy fully occupied the complex at the time of sale. Ron Jacobson of SD Realty Partners, along with Rick Reeder and Brad Tecca of Cushman & Wakefield, completed the transaction on behalf of the buyer and seller.
UNION CITY, CALIF. — CenterPoint Properties has acquired a 7.9-acre site, located at 950 Whipple Road in Union City, from Carter Industries for an undisclosed price. During due diligence, the company simultaneously executed a 10-year lease with an undisclosed company and secured a conditional use permit on behalf of the tenant. The site features a 63,000-square-foot building with 20-foot drive-in doors, 11-foot to 25-foot clear heights and two dock-high doors, as well as an oversized rear yard that can accommodate above-market auto parking. The asset is less than two miles from Interstate 880 and proximate to the San Mateo Bridge offering easy access to the San Francisco Bay area. Jon Cook of Townsend Commercial Real Estate brokered the off-market transaction. Matt Visick of Reuben, Junius & Rose LLP pursued and obtained the conditional use permit.
RIALTO, CALIF. — Reno, Nev.-based Dermody Properties has completed the construction of LogistiCenter at Rialto I, Building 4, located at 1642 W. Miro Way in Rialto. Situated on 19 acres within the Inland Empire West Industrial Market, the asset is now available for lease. The 411,330-square-foot distribution facility features 36-foot clear heights, 2,363 square feet of office space, 244 auto parking stalls, 75 trailer stalls, LED warehouse fixtures and an ESFR fire protection system. The property is located within Renaissance Rialto Business Park with immediate access to interstates 210, 15 and 215. Dan de la Paz, David Consani and Jim Koenig of CBRE are the leasing agents for the facility.
PASADENA, CALIF. — Summerhill Apartment Communities, in collaboration with KTGY Architecture + Planning, has completed the development of Theo, a multifamily complex located at 289 N. El Molino Ave. in Pasadena. Construction for the six-story development began in third-quarter 2017, with the first apartments delivered first-quarter this year. The property features 105 units in a mix of one- and two-bedroom layouts. The units include select ground-floor residences offering separate, townhome-style street entries and 16 penthouse floor plans with enhanced finishes and a private penthouse terrace. The community features rooftop amenity space; ground-floor public spaces; a clubhouse facility with pool, spa and other outdoor amenities; a yoga studio and fitness center; and a pet area. The property also offers 154 parking spaces on two subterranean levels. Summerhill and KTGY worked with Pasadena Heritage and the City of Pasadena Design Commission to develop the structure. The property is adjacent to Theodore Parker Lukens House, which was built in 1887, and a 120-year-old cedar tree.
MILPITAS, CALIF. — New York City-based Empire State Group has purchased a fully leased R&D facility, located at 1564 Barber Lane in Milpitas. A joint venture between affiliates of Westport Capital Partners and Cannae Partners sold the asset for $41.1 million. Eric Fox, Steve Hermann, Adam Lasoff, Seth Siegel and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets group represented the buyer and seller in the deal. Situated on 5.5 acres within Oak Creek Business Park, the asset features 102,668 square feet of research and development space. The facility was originally developed in 1980, but underwent significant improvements in 1996, 2009 and 2019.
OGDEN, UTAH — Monmouth Real Estate Investment Corp. has purchased a LEED-certified industrial property, located at 985 W. Kershaw St. in Ogden, for $12.9 million. The name of the seller was not released. Federal Express Corp., a Delaware corporation, occupies the asset on a 15-year, net-lease basis. The 69,734-square-foot industrial property is situated on 7.5 acres.
AURORA, COLO. — CBRE has negotiated the sale of a distribution facility located at 15800 E. 40th Ave. in Aurora, about 10 miles east of Denver. Serta Simmons Bedding sold the property to Dallas-based Dalfen Industrial for $7.1 million. Built in 2003 for Serta’s own operations, the 75,000-square-foot building features a fenced, secure loading area, ESFR sprinklers, dock-high and drive-in loading, 24-foot clear heights, radiant heat throughout, mechanical pit levelers, dock lights and seals, skylights and an air exchange system. Additionally, the facility features 6,500 square feet of office space. Todd Witty and Doug Viseur of CBRE’s Denver office represented the seller in the transaction.
DENVER — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities in the Denver metro area and a third in Eastern Colorado. The portfolio totals 250 skilled nursing beds, as well as 25 assisted living units. LTC Properties sold the assets as part of its plan to divest all its Preferred Care-branded communities. The buyer is a private company looking to expand its presence in Colorado, as well as its relationships with its third-party operators in the state. The price was not disclosed.