At GlobeSt.com, we are passionate about bringing you the best possible user experience. We listened to your feedback and now offer the ability to access information on GlobeSt.com without interruptions! Supercharge your viewing experience by disabling these ads.
DENVER-The Bascom Group of Irvine, CA and the Carlyle Group have acquired a portfolio of two properties totaling 840 units in the Denver Metro region in this week’s roundup of commercial real estate news in the West. The portfolio consists of Fairways at Lowry, a 450-unit complex in Aurora, CO acquired for $16.65 million and the 390-unit Village at Coronado in Thornton, CO acquired for $15 million. The portfolio was an all-cash sale and was managed for Bascom by Scott McClave and Jeff Fuller. Both properties were subsequently refinanced with new loans through Freddie Mac. Debt financing was arranged by Brian Eisendrath and Justin Arquilla of CB Richard Ellis.
MIG Real Estate of Newport Beach, formerly known as Stoneridge Capital Partners, has acquired the 116,000-square-foot Desert Inn Office Center and the 100,000-square-foot Pines Corporate Center office park, its fourth and fifth acquisitions in Las Vegas since October. The Desert Inn Office Center consists of four multi-tenant buildings at 2725-2795 Desert Inn Rd. Pines Corporate Center consists of 18 single-story buildings at 7211-7321 W. Charleston Blvd. CEO Greg Merage of MIG says the company sees significant upside potential in the Las Vegas market. Terms of the sales, including the sellers, were not disclosed. According to sources not involved in the sales, MIG bought the Desert Inn Center from Western America Equities in a receivership sale for $8.4 million.
In the Desert Inn Center sale, the seller was represented by Charles Moore, Christina Roush and Marlene Fujita of CB Richard Ellis. In the sale of Pines Corporate Center, the seller was represented by CBRE’s Moore, Fujita and Michael Newman. MIG Real Estate represented itself in both acquisitions.
Silverwing Development, AJU Investments and the Strand Group of Cos. have financed the purchase of the 92%-leased, 240-unit Waterford apartment complex at 800 Nichols Blvd. in Sparks for $10.92 million, according to HFF, which arranged the financing. The financing is an 80%-LTV, seven-year, capped ARM acquisition loan with Freddie Mac; HFF will service the loan through its Freddie Mac Program Plus Seller/Servicer program. The HFF team representing Silverwing, AJU and Strand was led by managing director David Bleiweiss and associate director Greg Brown.
CarMax bought two Auto Mall parcels in Fairfield, believed to be for a future store, for more than $12 million. The parcels consist of a seven-acre former Dodge dealership purchased for $5.175 million and a 6.16-acre parcel that housed a former Chrysler Jeep Ram Kia dealership property, purchased for $6.85 million. Current plans are to demolish and reconstruct the old Dodge building and renovate the former Chrysler building. Early 2012 is reportedly CarMax’s projected tentative opening date in Fairfield. The seller was represented by Don LeBuhn and Kevin Kovar of CB Richard Ellis. Paul Silver of Thalhimer Commercial Real Estate and Bill Davini of Colliers International represented CarMax Inc.
Nine Plus Mt. View LLC has acquired a 21,579-square-foot single-tenant retail building at 2415 Charleston Rd. in Mountain View from Business Ventures LLC for more than $6.9 million. The buyer, who assumed a CMBS loan, was represented by Brennan Carpenter of Colliers International in Oakland. The property was built in 1968 and was completely renovated for Michaels Arts and Crafts Store in 2007. The seller was represented by Vincent Schwab of Marcus and Millichap in San Francisco.
Tireco Inc., a Gardena, CA-based tire distributor, signed a lease for 73,431 square feet of the 220,213-square-foot Winton Logistics Center at 2399 W. Winton Ave. in Hayward that will serve as a Northern California regional distribution center for the company. The landlord, Principal Global Investors, was represented by Greig Lagomarsino and Casey Ricksen of Colliers International’s Oakland office. Tireco was represented by Dave Mensinger of the Everest Group. Terms of the lease were undisclosed.
Impax Laboratories Inc. acquired a 50,400-square-foot warehouse and light industrial space at 1510 Zephyr Ave. in Hayward from Kobe Precision Inc. The freestanding building features over 8,000 square feet of cleanroom space and 14,400 square feet of outdoor service yard, situated on 3.7 acres. The seller was represented by Ken Tsukahara, Greig Lagomarsino and Sean Sabarese of Colliers International. The buyer was by John Steinbuch of Colliers.
Deerfield Realty of Menlo Park acquired the retail portion of a mixed-use development called the Mercer from Prometheus Real Estate. Called the Mercer Retail, the property is at 1615-1699 N. California Blvd. in Walnut Creek and is composed of a 22,023-square-foot ground floor retail condominium built below 181 luxury residential apartments and condominiums. Both the buyer and the seller were represented by the Cornish Carey Commercial Newmark Knight team of Forrest Gherlone, Mike Zylstra, and Cece Vohs Cimino of the company’s Walnut Creek office together with Michael Maffia and Putnam Daily of its Leased Investment Group-Maffia Team. The Mercer Retail is currently 83% leased to a mix of local and regional tenants. Terms of the deal were undisclosed.
SAN DIEGO COUNTY
Biopharmaceutical company Halozyme Therapeutics signed two leases totaling 58,000 square feet and valued at nearly $8.6 million two properties owned by BMR-Sorrento Plaza LLC, according to Jones Lang LaSalle, which represented the property owner. One lease, at 11404 and 11408 Sorrento Valley Rd. for 27,575 square feet commences Jan. 15, 2013; a lease at 11388 Sorrento Valley Rd. for 30,371 square feet commenced June 1. The JLL team representing the landlord included EVP Chad Urie and associate Grant Schoneman. The tenant was represented by David Odmark of Cassidy Turley BRE Commercial.
Primrose Park Apartments LLC bought the 15,600-square-foot Mar Vista Centre strip retail center at 1275 South Santa Fe Ave. in Vista from RLS Investments LLC for $2.19 million at a 7.4% cap rate on the current rent roll. The property consists of 20 suites leased to 12 tenants and was built in 1987. The buyer was represented by Ray Adams of Cassidy Turley BRE Commercial. The seller was represented by Matty Sundberg, Mark Avilla, and Bob Cowan, also with Cassidy Turley BRE Commercial. Financing included a new $1.35 million loan originated by Tonnie Blinks of Sunrise Mortgage. Adams also represented and assisted Primrose Park Apartments in the completion of its 1031 exchange. The client sold a 22-unit apartment building in April 2011 in which the purchase of Mar Vista Centre is the replacement property.
Old Town Academy, a K-eighth grade charter school, has signed a 60-month office lease valued at $2 million at the 20,194-square-foot former Thomas Jefferson School of Law campus at 2120 San Diego Ave. in Old Town. The property is owned by PV Old Town c/o PacVentures Inc., which was represented by Cassidy Turley BRE Commercial’s Jack Kruger and Dave Odmark. Old Town Academy was represented by Greg Cavanagh of Western Commercial Real Estate.
The Magellan Group of Los Angeles bought a 235,000-square-foot industrial building at 1400 Victoria Ave. in San Bernardino from Calbldg for $5.7 million. The transaction reflects Magellan’s interest in acquiring value-added industrial buildings in Southern California, with particular emphasis in the Inland Empire, according to Kevin Staley, principal and co-founder of Magellan, which plans up to $1 million in improvements to refurbish the building. Magellan, which is marketing the building for lease or sale, bought the building with equity partner Penwood Real Estate Investment Management, a group with whom Magellan also purchased 400,000 square feet of industrial buildings in Riverside in October 2010. The company is also in escrow on another acquisition that when closed will increase its Inland Empire holdings by approximately 750,000 square feet in less than one year. The seller was represented by principal/SVPs Vince Anthony and Michael Chavez of Lee Associates’ Ontario office. The buyer was represented by SVP Finn Comer of Lee Associates’ Riverside office.
- next page
- view as a single page
Bob Howard is a Southern California-based reporter for GlobeSt.com who has specialized in the commercial real estate industry for nearly 20 years. Before that, he was a business reporter in Los Angeles. Before specializing in business and real estate, he was a reporter for daily newspapers in California and Pennsylvania. Contact Bob Howard.
Article source: http://www.globest.com/news/1937_1937/denver/311279-1.html