LOS ANGELES — Beverly Hills, Calif.-based Bolour Associates has purchased 0.69 acres, located at 163-179 S. Vermont St. in Los Angeles’ Koreatown, for $7.4 million. Simultaneous to the acquisition, Bolour signed long-term ground lease with an undisclosed quick-serve restaurant for the site. The site’s new tenant signed a 15-year, triple-net lease and is expected to complete tenant improvements on a standalone 3,209-square-foot building, located on the property, before opening for business. Alex Sachs and Brian Peterson of WESTMAC Commercial Brokerage Co. represented the buyer and undisclosed seller. Michael Pakravan of Matthews Real Estate Investment Services represented Bolour in the lease transaction.
MONROVIA, CALIF. — Locker Realty Corp. has arranged the purchase of a restaurant and drive-thru property located West Huntington Drive in Monrovia. An undisclosed buyer acquired the property for $6.2 million. Starbucks Coffee occupies the recently completed, 2,200-square-foot building, which is situated on 27,975 square feet of land. The tenant relocated to the new location, which includes a drive-thru and outdoor patio, from 621 W. Huntington Drive. The lease is a corporate signature Starbucks net lease with approximately 20 years remaining. Paul Locker and Kristine Locker of Locker Realty represented the buyer, while Pat Wade and Alex Kozakov of CBRE represented the undisclosed seller in the transaction.
TUCSON, ARIZ. — Investors Capital Group has purchased Domain 3201, a multifamily property located within the Casas Adobes area of Tucson. Aspen Square Management sold the property for $37.7 million. Situated on more than 12 acres, Domain 3201 features 298 apartments, three resort-style swimming pools, spas, poolside cabanas, picnic areas and a full-size tennis court. The property was constructed between 1985 and 1990. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
FERNLEY, NEV. — Mark IV Capital, in partnership with Heath Rushing of New Nevada Resources, has acquired Crossroads Commerce Center, a 4,300-acre industrial and commercial property located in Fernley, for an undisclosed price. The asset has been rebranded to Victory Logistics District. Situated 30 miles east of Reno, Nev., Victory Logistics Center will be completed in phases with the first phase including approximately 7.5 million square feet of industrial space. Build-out is expected to conclude within seven to 10 years. The first building will be an 800,000-square-foot speculative, cross-docked distribution facility with 40-foot clear heights. Irvine, Calif.-based HPA Architects is designing the building. The first phase also includes the construction of a full-service transload rail facility, which will serve new and existing rail customers in the projects as well as customers throughout the region. The rail facility is being developed in partnership with Black Gold Terminals. At complete build-out, the logistics center will feature manufacturing, distribution, industrial and data center space, as well as housing options, convenience retail, quick-service retail and restaurant and entertainment options.
LAGUNA HILLS, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team in San Diego has arranged a $55.9 million loan for the refinancing of HERE, an office campus in Laguna Hills. Originally built between 1988 and 1989, the five-building property features 223,974 square feet of office space. The borrower, a joint venture between Cigna Investments Management and Cruzan, originally acquired the property in 2015 and invested more than $13 million in capital and tenant improvements, transforming the traditional office space into a creative office campus. Updates include a fitness center with resort-style showers and lockers, an on-site café operated by Steelhead Coffee, a conference center and an open-air tenant lounge. At the time of refinancing, the property was leased to 42 tenants. The asset is located at 23332, 23382, 24322 Mill Creek Drive and 24411 and 24461 Ridge Route Drive. Mark McGovern, Scott Peterson, Morgon Fraser and Brian Cruz of CBRE arranged the two-year, floating-rate loan through ARES for the borrower.
CHANDLER, ARIZ. — Koelsch Communities has completed The Park at Copper Creek, an independent living community in Chandler. The $40 million property features more than 130 apartments. Amenities include a woodworking shop, theatre, veranda, and patio. In addition, there are two interior courtyards, outdoor exercise stations, and fitness center equipped with compressed air workout stations. A classic 1956 Dodge Custom Royal Lancer is also featured near the entrance, a unique feature of many Koelsch communities as an homage to the CEO’s father, who loved cars. Diana Escobedo is executive director of the new community.
IRVINE, CALIF. — Intracorp has acquired a land parcel located at 2055 Main St. in Irvine’s Business Complex. LBA Realty sold the asset for an undisclosed price. Intracorp plans to develop a 178-unit apartment building on the 2.2-acre site, which is located at the corner of Main Street and Gillette Avenue. The property will feature five stories of residential living with a rooftop amenity deck. Construction is scheduled to begin in summer 2020, with leasing starting in late 2021.
BURBANK, CALIF. — Bellwether Enterprise Real Estate Capital LLC has arranged a $126.5 million loan for the refinancing of Talaria at Burbank in Los Angeles County. Completed in February, the apartment community is home to 241 luxury units, a ground-floor Whole Foods Market and subterranean parking. The four-story property is located at 3401-3425 W. Olive Ave. across the street from NBC, ABC, Warner Bros. and other major film/television studios. The complex features a mix of one-, two- and three-bedroom floor plans as well as two penthouse units. VTBS Architecture designed the project. Amenities at Talaria at Burbank include a resort-style pool, fitness club, rooftop bar and lounge, business center, bicycle repair shop, electronic vehicle charging stations and 24-hour concierge services. The 42,000-square-foot Whole Foods Market also features a restaurant and pub. Tom Kenny of Bellwether Enterprise arranged the 10-year loan on behalf of the borrower, Cusumano Real Estate Group. The structure enabled the borrower to lock in a long-term, fixed-rate loan prior to lease-up and included recouping a significant amount of equity at closing, according to Bellwether Enterprise. PGIM Real Estate Finance provided the funds. The mixed-use complex is somewhat infamous in the area for taking nearly 20 years to …
AURORA, COLO. — Jupiter Equities has purchased Caliber at Cornerstar, a newly built apartment complex located at 15930 E. Briarwood Circle in Aurora. The Garrett Cos. sold the property for $40.7 million. Situated on 4.6 acres, Caliber at Cornerstar features 140 units in a mix of one-, two- and three-bedroom layouts with premium finishes, walk-in closets, full-size washers/dryers, granite or quartz countertops and nine-foot ceilings. Community amenities include a fitness center, attached and detached garages, a clubhouse and a resort-inspired pool. The three-building property was built in 2018. David Potarf, Dan Woodward and Matthew Barnett of CBRE represented the seller in the transaction.
PORTLAND, ORE. — Wood Partners has broken ground on Alta Art Tower, a Class A multifamily property located at 1516 SW Alder St. in Portland. The high-rise tower will feature 314 units in a mix of studio, one-, two- and three-bedroom floor plans. Units will feature quartz kitchen countertops; stainless steel Energy Star appliances, including gas cooking ranges; vinyl-wood flooring; en-suite master baths with custom-framed mirrors; tile shower surrounds and soaking tubs; walk-in closets; and solar shades. The community is central to a variety of art, cultural and retail in the Portland neighborhoods of Downtown, Pearl District, West End, Goose Hollow and Alphabet District.