LONE TREE, COLO. — Newmark Knight Frank has arranged the sale of Meadows Shopping Center, located at 8870 E. Maximus Drive in Lone Tree, approximately 20 miles south of Denver. Meadows Partners LLC sold the property to Meadows Shopping Center LLC for $5.1 million. The shopping center features 19,755 square feet of retail space. Riki Hashimoto and Daniel Grooters of Newmark Knight Frank represented the seller in the deal.
REDLANDS, CALIF. — Marcus & Millichap has arranged the sale of Park West Plaza, a retail property located at 415 and 461 Tennessee St. in Redlands. An undisclosed partnership sold the property for $6.2 million. Built in 1978 and situated on 3.8 acres, the retail asset features four buildings offering a total of 52,388 square feet. Chuck Shillington of Marcus & Millichap’s Ontario office represented the seller in the deal. The name of the buyer was not released.
SAN FRANCISCO — Vanbarton Group LLC has acquired 101 Mission Street in San Francisco. The 206,455-square-foot, 21-story office tower is located in the heart of the South Financial Transbay District. The Class A property is currently 86 percent leased to tenants such as Wells Fargo, Forbes and Pearson. Although the price was not disclosed, Vanbarton received a $116.5 million acquisition loan for the transaction. The building, which is LEED Gold-certified by the U.S. Green Building Council, features views of the San Francisco Bay, column-free office space and 10,500-square-foot floor plates. Services and amenities include on-site property management, 24-hour security, a conference room and building shower. HKS Architects Inc. designed the property. JLL is the leasing agent. Gerry Rohm, Michael Leggett, David Dokko, Ben Bullock and Thomas Foley of HFF represented the undisclosed seller. Peter Smyslowski of HFF arranged acquisition financing. Vanbarton Group is a privately owned real estate investment and advisory firm with corporate offices in New York City and San Francisco. — Kristin Hiller
PHOENIX — Cushman & Wakefield has arranged the $50.5 million sale of Aura Apartments, a multifamily property located at 1920 E. Indian School Road in Phoenix. Banner Audere LLC, an entity formed by Northbrook, Ill.-based Banner Real Estate Group, acquired the property from Dallas-based TRG Indian School LP, an entity of Trinsic Residential Group. The newly constructed community features 220 apartments in a mix of one-, two- and three-bedroom floor plans. On-site amenities include a clubhouse with an entertainment lounge/coffee bar, resort-style swimming pool with spa, private poolside cabanas, outdoor fireside seating, and an outdoor kitchen with televisions and barbecue grills. Additionally, the property features a multi-level fitness center, cardio theater, spin bikes, pool table, electric car charging station, covered parking and detached garages, and controlled access. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.
BURLINGAME, CALIF. — EverWest Real Estate Investors, in partnership with Partners Group, has purchased Burlingame Bay Office Park, located at 555 and 577 Airport Blvd. in Burlingame. The acquisition price was not released. Situated on 13 acres, office park comprises a 120,681-square-foot building and 139,413-square-foot building, offering a total of 261,959 square feet. Ryan Madison provided in-house represented for EverWest in the deal. The name of the seller was not disclosed.
JURUPA VALLEY, CALIF. — Newport Beach, Calif.-based CapRock Partners has broken ground on Serrano Business Park in Jurupa Valley within the Inland Empire corridor. Situated on 18 acres, the three-building industrial development will feature units ranging from 31,220 square feet to 179,030 square feet and deliver 327,000 square feet of modern industrial space to the market. Each building will offer two percent prism skylights and can provide up to 4,000-amp, 277/480-volt electrical power. Additionally, the properties will meet sustainability standards consistent with California Green Building Standards Code. To complement tenant needs, the project will incorporate 4,500 square feet of executive office space positioned between the three buildings. The facilities will also include a minimum door clearance of 32 feet and ample secured parking and truck courts. Serrano Business Park is scheduled for delivery in 2019.
TOLLESON, ARIZ. — Trez Capital has secured more than $10 million in construction financing for Phoenix-based Virtua Partners. Loan proceeds will be used to finance the construction of a 116-room Fairfield Inn & Suites by Marriott in Tolleson, a western suburb of Phoenix. Slated to open in late summer 2019, the hotel will feature a fitness center, pool, free WiFi, an in-room ergonomic desk and chair, and an on-site business center. Hotel Equities will manage the hotel, which will anchor a 21-acre mixed-use development that will include office, retail, restaurants and 240 units of multifamily space.
SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the sales of two retail parcels at University Town Center in San Bernardino for a combined total of $3.8 million. Mike Lin and Maggie Gonzalez of Progressive represented the seller, a Norwalk, Calif.-based private investor, in both transactions. In the first deal, a Temecula, Calif.-based private investor acquired a single-tenant pad building, located at 4304 University Parkway, for $1.8 million. Jiffy Lube is the original lessee of the 2,173-square-foot building that was built in 2007. In the second deal, a Walnut, Calif.-based private investor purchased a multi-tenant building, located at 4414 University Parkway, for $2 million. Subway, Little Caesars and Liquid Tea Bar fully occupy the property.
LAS VEGAS — Panattoni Development Co. has broken ground Centennial Commerce Center, located at 6405 E. Centennial Parkway in North Las Vegas. Situated on 10.4 acres, the property will feature 204,000 square feet of speculative industrial space. Valued at $16 million, the cross-dock facility will feature 32-foot clear heights, an ESFR sprinkler system, LED warehouse lighting and flexible office build-outs. Additionally, the property will be designed with flexibility to accommodate up to four 51,000-square-foot tenants. Speedway 10 Industrial, a joint venture between LaSalle Investment Management and Panattoni Development, is the owner of the development. Vertical construction is slated to begin this month, with completion scheduled for December. Greg Tassi and Donna Alderson of CBRE are marketing the property for lease.
SAN JOSE, CALIF. — Newmark has arranged $25.6 million in permanent financing for a research and development building located at 5500-5550 Hellyer Ave. in San Jose. Robert Slatt, Jeff Wilcox and Charlie Kokernak of Newmark secured the 10-year, fixed-rate loan, which features a 30-year amortization schedule through a conduit lender for the undisclosed borrower. The two-story property is divided into three tenant spaces and is fully occupied by industrial flex and office users.