SAN DIEGO — Parkview Financial has provided a $7 million loan to San Francisco-based India & Beech for the acquisition of a land parcel and the first phase of construction funding for a high-rise residential and retail tower in downtown San Diego. Located at 1460 India St. within the Little Italy neighborhood, the 10,019-square-foot site is currently being used as a parking lot. The borrower recently acquired the property for $7.1 million, using Parkview’s loan in conjunction with cash on hand. The buyer plans to develop a fully entitled, 28-story, mixed-use urban infill project. The proposed development will feature 150 apartments, 11,724 square feet of retail space and two levels of above-grade parking totaling 150 spots. Construction is slated to begin in 2020, with completion scheduled for 2022.
AURORA, COLO. — Newmark Knight Frank (NKF) Colorado has arranged the sale of Majestic Commercenter, an industrial property in Aurora. Delco Properties-Colorado acquired the building from Majestic Lisbon Buildings LLC for $5.9 million. Located at 3350 N. Lisbon St., the building features 46,612 square feet of industrial space. Chris Nordling of Newmark Knight Frank represented the buyer in the transaction.
CHINO, CALIF. — United Trust Realty Corp. (UTRC) has purchased 7.53 acres of commercially zoned land within College Park Master Planned Community in Chino. Lennar Homes sold the land parcel for $2.9 million. The site is the last remaining piece to be developed within the 710-acre community that includes 2,500 residential units featuring a mix of single-family and multifamily residences, a clubhouse, fitness center, picnic areas and trails. Chino Hills, Calif.-based UTRC plans to develop Village Center, a mixed-use project, at the site. The development will include 15,000 square feet of retail and food uses, a day care and a church. In addition to the residents of College Park and neighboring communities, the property is positioned to serve the adjacent Chaffey College satellite campus and the 140-acre Ruben S. Ayala Park. UTRC plans to request development permits from the City of Chino and Chaffey College in the upcoming months. Chris Lindholm of Progressive Real Estate Partners represented the buyer and seller in the deal.
SCOTTSDALE, ARIZ. — Los Angeles-based Stockdale Capital Partners has acquired a medical laboratory and creative office building, formerly known as Henkel Corporate Center, in the Scottsdale Airpark submarket. Terms of the sale including acquisition price and the name of the seller were not released. Located at 7201 E. Henkel Way, the 371,937-square-foot property features large, open floorplans, a rooftop amenity deck and ready-for-use medical lab and R&D space. Originally developed as a build-to-suit for Henkel’s North American headquarters in 2009, the property features wet-lab build-outs, rooftop garden, cafetorium and auditorium suites, and subterranean parking. Mark Stratz of Transwestern will provide leasing services for the property, which is available to new renters for the first time.
LAKEWOOD, COLO. — Wood Partners has opened Alta Green Mountain, an apartment community in Lakewood. Situated on 12.6 acres at 13055 W. Mississippi Court, the 10-building Alta Green Mountain features 260 units in a mix of one-, two- and three-bedroom floor plans, each with a private balcony. The units offer granite countertops, wood-plank flooring, 42-inch kitchen cabinets, stainless steel appliances and in-unit washers/dryers. Community amenities include keyless entry, a double-height fitness space, co-working spaces, community game room and an outdoor kitchen with a dining area. Additionally, the pet-friendly property features a dog walk and on-site dog run.
DENVER — New York-based Castle Lanterra Properties has purchased RiDE at RiNo, a newly built, Class A multifamily community located in the River North (RiNo) neighborhood of downtown Denver. McWhinney sold the property for $23 million. Located at 3609 Wynkoop St., RiDE at RiNo features 84 modern suites and large live/work units, ranging in size from 369 square feet to 849 square feet, with loft-style 12- or 18-foot ceilings. Community amenities include a 24-hour fitness center, a rooftop deck with a barbecue area, club and conference rooms, lounge, underground parking, bicycle repair station and a video intercom systems. Terrance Hunt and Shane Ozment of Newmark Knight Frank’s Denver office brokered the transaction.
LAS VEGAS — JLL has negotiated the sale of an office building situated on 4.5 acres at 1551 Hillshire Drive in Las Vegas. A private capital investor acquired the property from Las Vegas-based Moonwater Capital for $18.3 million. Shift4, a payment processing and technology company, occupies the single-tenant, 66,780-square-foot property on a triple-net lease basis. Completed in 1993, the office building recently underwent a complete renovation between 2018 and 2019. The property serves as a mission-critical location for the tenant, which merged with Lighthouse Network in 2018 and expanded its Las Vegas presence. Tivon Moffitt, Peter Bauman and Bret Davis of JLL Capital Markets represented the seller in the deal.
LONG BEACH, CALIF. — West Coast Capital Partners has acquired the leasehold interest of Airport Plaza, two-building office property located at 500 and 5001 Airport Plaza Drive in Long Beach. FRO II Airport Plaza sold the plaza for an undisclosed price. Built in 1983 and 1984, the 121,841-square-foot asset was fully renovated in 2016. Situated on 2.7 acres, the buildings feature remodeled lobbies, modern finishes, new interior signage and lighting upgrades. At the time of sale, the office complex was 90 percent occupied by the Federal Aviation Administration, Embry Riddle and Advanced Medical Management, among others. Kevin Shannon, Scott Schumacher, Ken White, Sean Fulp and Ryan Plummer of Newmark Knight Frank represented the seller, while the buyer was self-represented in the transaction.
LOS ANGELES — Cityview has completed the disposition of Mira, an apartment complex currently under construction in the San Fernando Valley region of Los Angeles. Virtu Investments acquired the property, which is located within an Opportunity Zone, for $70.5 million. Located at 21425 Vanowen St., Mira will feature 174 units in a mix of studio, one- and two-bedroom units spread across five floors over a podium with subterranean and at-grade parking. Community amenities will include a resort-style pool with cabanas; gym with Peloton bikes and yoga studio; outdoor terraces; a virtual reality room; meditation spaces; game and screening rooms; and co-working spaces. Mira’s outdoor space will feature a putting green; garden stretch and workout space; seating and gathering areas; barbecue grills; and a lounge with a fireplace. Designed to quality for LEED Silver certification, the property will have a 35,000-gallon rainwater harvesting system to capture all on-site rainwater and reuse as irrigation for on-site landscaping. The seller originally acquired the site in March 2016. Cityview partnered with WPIC Construction, Ken Stockton Architects, Togawa Smith Martin and Nadia Geller Designs on construction for the project, which is scheduled for completion by the end of the year.
COLORADO SPRINGS, COLO. — Newmark Knight Frank (NKF) Multifamily has arranged the sale of Advenir at Spring Canyon, a multifamily asset located at 4510 Spring Canyon Heights in Colorado Springs. Aventura, Fla.-based Advenir LLC sold the asset to an undisclosed buyer. The acquisition price was not released. Kevin McKenna and Saul Levy of NKF provided strategic consulting services for the seller. Mitch Clarfield of NKF’s Multifamily Capital Markets Debt & Structured Finance also assisted on the transaction. Built in 1997, the 19-building, two- and three-story multifamily property features 292 apartments, a resort-style swimming pool with a deck, clubhouse, fitness center, hot tub, business center, dog park, detached garages and carports. Units offer nine-foot ceilings, full-size washers/dryers, private balconies/patios and fireplaces in select units.