Liberty Properties Takes Big Box Off Market

FONTANA, CA—Liberty Properties has purchased a 410,000-square-foot industrial facility in Fontana, CA, for $36.8 million. Located at 10721 Jasmine Street, the Energy Star property features 30-foot clear height, 50-dock high doors, 71 trailer stalls and tilt-up construction. It is located within close proximity to the 10 freeway, and is fully leased to Anna's Linens. Liberty Properties entered the Southern California industrial market in 2013, and this transaction is the company's tenth purchase in the market.

SALES

SEATTLE, WA—Holland Partner Group has sold Premier on Pine, its 40-story, 386-unit luxury apartment complex near Pike Place Market in Seattle. The property was completed in 2014, and has a mix of studios, one-, two- and three-bedroom units averaging 767 square feet. The property features 3,385 square feet of retail space, as well as amenities for residents, including a fitness center, dog run, theatre room, clubroom, conference room, two event spaces. The sales price was not disclosed.

ANCHORAGE, AL—The STG Group has purchased a 137,553-square-foot office building for $25 million from CH2M Hill Corp., the building's main tenant. Located at 949 East 36th Avenue, the property is entitled for an additional 75,000-square-foot, six-story building. The current building is 80% occupied by CH2M Hill Corp. and Federal Government General Services Administration. Jason Schmidt of JLL represented both the seller and STG, and GTK Commercial has been retained to market the remainder of the property for lease.

RENO, NV—A private investor has purchased the Sundance West Apartments from an undisclosed buyer for $23.5 million. The property has 350 units, equating to a sales price of $67,000 per square foot and a 5.67% cap rate. According to Marcus & Millichap first VP investments Kenneth N. Blomsterberg and Institutional Property Advisors executive director Stanford Jones and senior directors Philip Saglimbeni and Salvatore Saglimbeni, who represented the seller and buyer in the transaction, the sale attracted interest from across the country.

SEATTLE, WA—American Realty Advisors has purchased a fully leased office and retail property from Vulcan Real Estate. The property is fully leased to a tenant mix that includes Amazon and global health innovator PATH. The sales price was not disclosed, but Vulcan said that it will use the proceeds from the transaction for development opportunities. Kevin Shannon of CBRE represented both parties in the transaction.

LEASES

SAN LEANDRO, CA—Prologis has leased a 210,000-square-foot industrial facility to Ferguson Enterprises, a distributor of plumbing supplies. Ferguson is expanding from a 156,000 square foot facility into the freestanding building, which is located at 1936 Fairway Drive in San Leandro on 6.62 acres. In addition, Ferguson has also leased an adjacent 5.8 acres for their laydown yard. Greig Lagomarsino, Rick Keely and Nick Ousman of Colliers International's Oakland office represented Prologis, while Jay Hagglund and Kate Webster with DTZ's Oakland office represented Ferguson in the transaction.

SAN BERNARDINO, CA—Pool Corp. has leased an 186,000-square-foot industrial building at Carson Alliance, a two-building industrial park at Gateway of the Master Alliance of California. Located at 1410 E. Central Avenue, the property has 32-foot clear heights, secured concrete truck courts and extra truck storage. JLL's Ruben Goodsell, Peter McWilliams and Mike McCrary represented the landlord, Carson Companies, and ANR Asset Management's Chris Barbieri and Coldwell Banker Commercial's Ron Barbieri, represented the tenant.

SAN DIEGO, CA—Phenix Salon has signed 13,605 square feet at two retail spaces in the San Diego submarket. The salon signed a 10-year lease for an 8,603-square-foot space at Bernardo Heights Plaza and a 10-year lease for a 5,002-square-foot lease at 1605 S. Melrose Drive. Randee Stratton, managing director with NGKF in the firm's La Jolla office, represented Phenix in both transactions.

FINANCING

DENVER, CO—An unnamed developer has secured $19.9 million in construction financing for the development of the Center Court Apartments, a three-building, 111-unit apartment complex in the Louisville submarket of Denver. NorthMarq Capital's Gordon Mickelson, senior director, Dale Stewart, VP and Mark Lindgren, investment analyst, arranged the financing on behalf of the borrower. The interior units will feature nine-foot ceilings, washer/dryers, granite countertops and ceramic tile bathrooms, and the building will feature a clubhouse with business and fitness centers and a pool.

LOS ANGELES—A two-building industrial portfolio in Santa Fe Springs and Lake Forest, CA, has secured a $6.1 million refinancing loan. The low-leverage 100% cash-out refinancing loan has a 10-year term and a step-down pre-payment. Stylecraft Home Collection is the main tenant of the 92,848-square-foot portfolio. NorthMarq Capital's Mike Elmore, EVP and managing director, and Daniel McCarthy, SVP and senior director, secured the funds on behalf of the borrower.

EMPLOYMENT

LOS ANGELES—PeerStreet has hired Sara Priola as general counsel. She joins the company from Dechert LLP, where she served as a finance attorney. She brings 13 years of experience to the firm, with special expertise in overseeing multi-office teams in complex real estate and financing transactions and securitizations. In this new role, Priola will oversee the company's legal operations working closely with co-founders Brew Johnson and Brett Crosby. She will be based in the firm's Manhattan Beach office.

NEWPORT BEACH, CA—Daniel Gehman has joined Humphreys & Partners Architects as studio director, where he will focus on business development and the conception of new projects. He brings with him 15 years of experience designing housing and mixed-use developments to the firm.