CASTLE ROCK, COLO. – The 34-unit Castle Court Apartments in Castle Rock has sold to an unnamed buyer for $3.3 million. The community is located at 7 & 19 N Cantril Street, just southeast of Denver. The two buildings contain 17 units each. They were built in 1980 and 1985, respectively. Josh Newell of Pinnacle Real Estate Advisors represented both the buyer and local seller in this transaction.
SAN DIEGO – The 28-unit Orlando Woods apartments in the San Diego submarket of El Cajon has sold to Ambient Communities for $2.4 million. The community is located at 265-67 Orlando Street. Peter Scepanovic and Corey McHenry of Colliers International Multifamily Advisory Group represented both Ambient and the seller, Strykowski Trust, in this transaction.
GRAND PRAIRIE, TEXAS — Lee & Associates has arranged the lease of five industrial properties in OakRidge Business Center in Grand Prairie. Mark Graybill of Lee & Associates’ Dallas/Fort Worth office represented the landlord, IndCor Properties, on the leases. The arrangements include renewal and expansion of Lennox Industries’ lease of 9,674 square feet at 1201 WN Carrier Parkway. New leases include Elegant Accents’ 6,000-square-foot flex space located at 1201 WN Carrier Parkway; Easy Sale’s lease of 5,000 square feet; and Veteran Garage Door’s lease of 2,500 square feet located at 1209 WN Carrier Parkway. NAWF will expand to 14,400 square feet at 1213 WN Carrier Parkway. OakRidge Business Center has recently undergone remodeling with new construction and make-ready suites.
MONTEREY, CALIF. — Monterey VA Health Care Center in the Monterey County submarket of Marina has received a $99.4-million construction-to-permanent loan. The 141,000-square-foot healthcare facility will be located on the former Fort Ord military base. The facility is currently under construction. Veteran Affairs will occupy the majority of the building, with the remaining space going to the Department of Defense for the next 20 years. The center will provide primary and specialty care to tens of thousands of patients in the surrounding area. The non-recourse, fixed rate loan will amortize over a 20-year term. It was arranged by George Mitsanas, Peter Hillakas and Michelle Hsieh of Newmark Realty Capital, as well as by Mesirow Financial. Newmark will service this loan for its life company correspondent lender.
SUNNYVALE, CALIF. — Westcore Properties has acquired a 165,497-square-foot property in Sunnyvale for $52.7 million. The property is located at 1390 and 1400 Kifer Road. The acquisition includes a three-story office building and a single-story data center. The vacant office building will undergo a major renovation, including a new outdoor tenant area, refreshed landscaping, and new finishes to the lobby and interior. The data center is occupied by CenturyLink. The property is less than a mile from CalTrain. The seller, WTA Development, was represented by DTZ’s Steve Horton and Kelly Yoder, and by CBRE’s Joe Moriarty and Brad Zampa. DTZ will also handle the leasing assignment.
CERRITOS, CALIF. — Alere has acquired Cerritos West Industrial Park, a seven-building, 395,177-square-foot property, for $43.8 million. The park is located at 13311-13317 166th Street, 16301-16431 Carmenita Road and 16210-16448 Manning Way in Cerritos. Cerritos West is fully leased by 14 tenants, including Future Metals, Bunn-o-Matic and Maruka Machinery Co., a parent company to Maruka, USA. The park has freeway access to interstates 5, 605, 105, 710, 405 and 110, as well as state routes 91, 57 and 60. CBRE’s Darla Longo, Barbara Emmons, Rebecca Perlmutter Finkel and Laird Perkins represented both the buyer and seller, CBRE Global Investors, in this transaction.
PORTLAND, ORE. – The 70-unit Central Eastside Lofts in Portland has sold to an out-of-state private investor participating in a 1031 exchange for $18.9 million. The lofts are located at NE 6th and Couch, near the Burnside Bridgehead. The property also includes 11 retail spaces. The seller was Andrews Management. The transaction was executed by HFO Investment Real Estate.
LOS ANGELES – A three-property multifamily portfolio in Los Angeles has sold to an unnamed buyer for a total of $13.4 million. The communities included in the acquisition are the 34-unit Strohm Apartments in North Hollywood; the 30-unit Ratner Apartments in Sun Valley; and the 21-unit Hollywood Way Apartments in Burbank. Warren Berzack, Stephen Geiger, Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura represented both the buyer and unnamed sellers in this transaction.
SANTA FE SPRINGS, CALIF. – 7-Eleven has signed a seven-year lease for 146,326 square feet of warehouse and distribution space in the Los Angeles submarket of Santa Fe Springs. The space is located at 12330 Lakeland Road. It will include 35,000 square feet of new cooler space. The convenience store operator was represented by Chuck Wilson and Jon Thys of Colliers International. The landlord, Carson Companies, was represented by CBRE’s Rick McGeagh.
GOODYEAR, ARIZ. – A 6,810-square-foot building in Goodyear that is net leased to Romano’s Macaroni Grill has sold to an unnamed buyer for $3 million. The building is located at 1828 North Litchfield Road. The seller, a limited liability company, was represented by Jamie Medress and Mark Ruble of Marcus & Millichap’s Phoenix office.
