SAN JOSE, CALIF. – The 20-unit Kerley Drive Apartments in San Jose has sold to Kerley SKAND LLC for $4.6 million. The community is located at 1445-1455 Kerley Drive. It was built in 1959. Kerley Drive has undergone a complete exterior renovation, in addition to interior renovations to 17 of its units. The buyer was represented by Matthew Clark of Kidder Mathews. The seller was REMI Co.
UPLAND, CALIF. – An 18,500-square-foot industrial building in Upland has sold to Bluewater-Dupont LLC for $3.2 million. The building is located at 1333 W. 9th Street. It contains about 3,000 square feet of office space. The space is occupied by Cascade Drilling LP. The buyer was represented by DAUM’s Chris Migliori. The seller, Philip J. Gentile Jr. Trust, was represented by Eric Burney of the same firm.
DENVER – Unbridled Holdings LLC has acquired Grant Street Mansion, a 20,000-square-foot, historically designated mansion in Denver, for an undisclosed sum. The mansion is located at 1115 Grant Street in the Capitol Hill neighborhood. The property was originally built in 1892. It currently contains 28 converted office suites within the four-story, 16,000-square-foot main house, and three office suites within a two-story, 4,000-square-foot carriage house. The mansion was 95 percent occupied at the time of sale. The seller was Pathfinder Partners. The transaction was executed by Tim Finholm of Unique Properties.
OCEANSIDE, CALIF. – A free-standing building in Oceanside that is triple-net leased to Jiffy Lube Plus has sold to Cali Oceanside LLC for $2.9 million. The building is located at 4106 Oceanside Blvd. It is situated at the base of Ocean Ranch, North County’s largest business park. The buyer was represented by Randi Cali of Coldwell Banker Commercial NRT. The seller, Roberts Investment Group, was represented by CBRE’s Matt Pourcho and Melissa Foster Scofield.
BIRMINGHAM, ALA. — PointOne Holdings and ESJ Capital Partners have partnered up to acquire three Class A office buildings totaling 377,921 square feet in Birmingham for $51 million. The properties, known as International Park and Blue Lake Center, have a blended occupancy of 90 percent. International Park and Blue Lake are leased to tenants such as Tyco, Prudential, Hoffman Media, Command Alkon, BE&K, Martin Marietta Materials, Principal Financial, RxBenefits, EBSCO, BASS, McKesson Corp., Home Mortgage of America and IBM. The office portfolio will be managed and leased by CBRE’s Birmingham office, which is also one of its current tenants. PointOne Holdings obtained a non-recourse, fixed-rate CMBS loan with a 10-year term from Starwood Mortgage Capital to complete the acquisition. Charles Foschini and Jason Hochman of CBRE Capital Markets arranged the acquisition loan.
NEW YORK CITY — Ripco Real Estate has brokered the sale of a mixed-use commercial building located at 2307 Broadway in Manhattan’s Upper West Side neighborhood. Waterbridge Capital purchased the property for $26 million. The property offers 12,000 square feet of combined retail and office space. A Duane Reade drugstore that previously occupied the building is now closed, which offers the buyer re-tenanting options. The sellers were a private family. Doug Kleiman and Lee Spiegelman of Ripco Real Estate arranged the transaction.
KANSAS CITY, MO. — CBRE has brokered the sale of Plaza Vista, a recently completed Class A office and retail building in Kansas City’s Country Club Plaza, for an undisclosed price. The 10-story, office tower contains 253,720 square feet, including retail space on the first two floors and a six-level parking garage. The property is 98.6 percent leased CBRE’s Gary Carr, Gina Anderson, Russell Ingrum and Robert Hill arranged the transaction on behalf of the seller, VanTrust Real Estate LLC. Denver-based EverWest Real Estate Partners LLC, along with joint venture partner Independencia Asset Management, acquired the asset. Located five miles south of Kansas City’s CBD, Country Club Plaza is a landmark commercial district amid Kansas City’s office, retail, restaurant, hotel and high-rise residential properties.
PEARLAND, MCKINNEY AND KATY, TEXAS — Greg Duvall of NorthMarq Capital’s Kansas City office has negotiated the $103.7 million refinancing of three apartment complexes in Texas. The properties, containing a total of 872 units, are located in Pearland, McKinney and Katy, Texas. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. Two of the assets were financed with 10-year fixed loans and five years of interest-only payments. The third was financed with a seven-year variable loan and three years of interest-only payments.
BIRMINGHAM, ALA. — Marcus & Millichap has brokered the $17 million sale of Eastwood Village, a 134,256-square-foot regional power center located at 1604-1624 Montclair Road in Birmingham. The property was 99 percent leased at the time of sale to tenants such as Ross Dress for Less, Office Depot, Party City, Shoe Carnival and Tuesday Morning. A 24-hour Walmart Supercenter shadow anchors the property. Phil Sambazis and Thomas Ladt of Marcus & Millichap’s Sambazis Retail Group in San Diego represented the undisclosed seller in the transaction. Zachary Taylor and Don McMinn of Marcus & Millichap’s Atlanta office represented the undisclosed buyer. Andrew Chason of the firm’s Mobile, Ala., office assisted in the transaction.
NAPA, CALIF., AND TEMPE, ARIZ. — MG Properties Group has acquired two apartment communities out West for a total of $50 million. The transaction includes the 376-unit Garden Grove Apartments in Tempe and the 72-unit Bella Vista Apartments in Napa. Garden Grove Apartments was built in 1988. It was purchased from MetLife for $35.6 million. The transaction was financed through a 10-year, fixed-rate Fannie Mae mortgage that was arranged by CBRE. MG plans to invest nearly $1.5 million in capital improvements. It will also enhance the property’s common-area amenities, which will include landscaping improvements and upgrades to the fitness facility and pools. Bella Vista Apartments was built in 1972. It is situated near CA-29 highway, about a block from the Queen of the Valley Medical Center. Bella Vista was purchased from Trinity Real Estate for $14 million. This transaction was similarly financed through a 10-year, fixed-rate Fannie Mae mortgage that was arranged by Key Bank. MG plans to invest about $500,000 for capital improvements.
