RANCHO CUCAMONGA, CALIF. — Apartment Income Investors has sold Thomas Winery Plaza, a shopping center located along Route 66 in Rancho Cucamonga. An undisclosed buyer acquired the asset for $24 million. CVS/pharmacy anchors the 99,838-square-foot shopping center. Lindsay Tsumpes and El Warner of Matthews Real Estate Investment Services handled the transaction.
LOS ANGELES — Avison Young has arranged the sale of The Culver, an apartment complex located at 3325 S. Canfield Ave. in the Culver City/Palms neighborhood of Los Angeles. Palm Heights LLC sold the property to Mapleton Culver City LLC for $15.6 million. Built in 2006, the four-story building features 28 apartment units in a mix of studio, two- and three-bedroom floorplans. Each unit features nine-foot ceilings, in-unit washer/dryers and balconies. On-site amenities include a rooftop deck with seating and grills, fitness center, coffee station and business center. Peter Sherman of Avison Young’s Los Angeles office represented the seller in the deal.
LINCOLN, CALIF. — Blueprint Healthcare Real Estate Advisors has brokered the sale of four plots of land in California totaling 21 acres for $14.7 million, with the buyers planning to develop assisted living on the land. The seller was PDC Capital, a private equity firm specializing in EB-5 investments. The plots had been placed in SEC receivership by order of a federal judge. The first plot is located in Lincoln, adjacent to an existing active adult community named Sun City of Lincoln Hills. Lincoln MCC US LLC, a division of MCC China, acquired those seven acres for $8.7 million. Carefield Senior Living acquired the remaining three plots, totaling 14 acres, for $6 million. The location of those properties was not disclosed. Blueprint’s Jacob Gehl, supported by Giancarlo Riso and Scott Frazier, handled the transactions.
PHOENIX — Neilstate Investment Properties has completed the disposition of Phoenician Villa Apartments, located at 1545 W. Camelback Road in Phoenix. Thomas Price International and ECOHAUS Real Estate acquired the property for $5.5 million. The 93-unit community offers a value-add opportunity to renovate and reposition the multifamily community in a growing area. Karl Abert of Kidder Mathews represented the seller in the transaction.
SEATTLE — Pembroke Real Estate has acquired the 400 Fairview Building in the South Lake Union neighborhood of Seattle for $338.4 million. The 14-story, Class A office building was constructed in 2015 and is currently 98 percent leased. Pembroke purchased the property from a joint partnership between TH Real Estate and Swedish development and construction company Skanska, as well as Skanska’s financial partner, TIAA. TH Real Estate acquired a 90 percent stake in the property for $235 million in 2015 from Skanska, which retained a 10 percent ownership. “400 Fairview is a significant investment for Pembroke,” says Cory Saunders, the company’s vice president. “Not only are we expanding into a new market, but this first acquisition in Seattle demonstrates our continued commitment to our U.S. markets, and the growth of our global portfolio.” “Seattle has been a target market for us due to its long-term growth potential and operational synergies with San Francisco, where we currently manage two assets,” continues Saunders. “400 Fairview’s flexible and efficient work spaces coupled with its dynamic retail mix and curated amenities perfectly complements our global portfolio.” Current tenants at the LEED Gold-certified building include, Delta Dental; technology manufacturer Impinj; lifestyle company Tommy Bahama; …
GLENDALE, ARIZ. — Aukum Group has purchased Adobe Ridge, a multifamily property located in Glendale. The Praedium Group sold the community for $41 million, or $183,036 per unit. Built in 2005, the property features 224 open-concept apartment units with nine-foot ceilings, controlled-access gated entry, outdoor spaces with picnic areas and barbecue grills, and 40 detached garages. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
WESTMINSTER, COLO. — Newmark Knight Frank has brokered the sale of an office building located at 1765 W. 121st Ave. in Westminster, a northwest suburb of Denver. Northridge Property Owner LLC/Westminster 121 LLC acquired the property from Denver Northridge Equities for $17.1 million. The building features 124,945 square feet of office space. Riki Hashimoto and Daniel Grooters of Newmark Knight Frank represented the seller in the transaction.
PHOENIX — Faris Lee Investments has arranged the acquisition of a retail property located at 5035 W. Baseline Road in Phoenix. A family trust purchased the property from CF Albert Propco for $9.8 million. Safeway occupies the 55,259-square-foot property on a new 20-year, triple-net, corporate-guaranteed lease. The property includes 237 parking spaces and was built in 2008. Christopher DePierro of Faris Lee Investments represented the buyer, while Marcus & Millichap represented the seller in the deal.
PARKER, COLO. — Trevey Land and Commercial has arranged the sale of Bridgeside Professional Building, located at 11031 Pikes Peak Drive in Parker. Pikes Peak Properties sold the building to an undisclosed buyer for $2.1 million. With more than 10,500 square feet of leasable space, the two-story property features a brick façade and a basement. At the time of sale, several tenants, including a dental office, occupied the property. Nick Nickerson and Mitch Trevey of Trevey Land and Commercial represented the seller, while Tom Ethington of Pinnacle Real Estate Advisors represented the buyer in the deal.
LAYTON, UTAH — 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has purchased Twin Trees Apartments, a 43-unti multifamily property in Layton. The buyer plans to invest approximately $10,000 per unit in capital improvements, including upgraded countertops, cabinets, floors, appliances, lighting and fixtures. Exterior renovations include upgraded landscaping, new heating and air conditioning units, and curb appeal enhancements. The name of the seller and the acquisition price were not released.
