AURORA, CO—Germany-based Union Investment Real Estate GmbH has sold a logistics property here to a fund managed by US-based Stoltz Real Estate Partners for $37.5 million. The building, which contains 38,100 square meters of rental space and was part of the portfolio of open-ended real estate fund Unilmmo: Global, is occupied by Whirlpool Corp. as the sole tenant. The sale price exceeded the most recent expert valuation. Union intends to reinvest the sale proceeds in the Americas, focusing in particular on the secondary cities in the US, with the plan of investing some $2 billion in the region over the next three years on behalf of its open-ended real estate funds.
SALT LAKE CITY—Gelt has acquired the 247-unit Murray Ridge Apartments at 4118 S. 500 E. here for $25.5 million from an undisclosed seller. This marks the first acquisition for Gelt in this market.
BURBANK, CA—Creative International Investments Inc., a China-based investment group, has acquired a four-story, 76,698-square-foot, class-A office building at 250 E. Olive Ave. downtown here for $22 million, or $286.84 per square foot, from Burbank Civic Plaza LLC. Tenny Tsai, an SVP with Cassidy Turley, represented the buyer in the transaction.
BEAVERTON, OR—HFF has closed the sale of Arbor Creek, a 440-unit garden-style multi-housing community at 3280 Southwest 170th Ave. here, on behalf of seller Holland Partner Group to Jackson Square Properties, which purchased the property for an undisclosed amount. The HFF investment sales team was led by director Ira Virden and associate director Kerry Hughes. Partially renovated in 2013, the property includes one- and two-bedroom units averaging 768 square feet each. Community amenities include a swimming pool, spa, fitness center, basketball/sport court, indoor racquetball court, playground, clubhouse and business center.
DENVER—Industrial Property Trust Inc. acquired during the month of September eight industrial buildings totaling approximately 1.1 million square feet, located across four major markets nationwide for an aggregate purchase price of approximately $81.9 million. The properties include a single-tenant distribution center totaling 138,000 square feet in the Atlanta market; a 121,000-square-foot, multi-tenant industrial center in the Baltimore/D.C. market; a 100% leased, single-tenant distribution center totaling 249,000 square feet in the Chicago market; an 83,000 square foot, single-tenant distribution center located in Pennsylvania; a multi-tenant industrial center composed of three buildings aggregating 429,000 square feet in the Baltimore/D.C. market; and a single-tenant distribution center totaling 55,000 square feet located in Chicago. As of September 30, the firm had acquired 15 buildings totaling approximately 1.9 million square feet in eight major industrial markets for an aggregate purchase price of approximately $147.4 million.
BUENA PARK, CA—Argent Retail Advisors has represented Burns Family Trust in a 12,000-square-foot lease at Valley View Center with Out of the Park Pizza. Other tenants include Ralphs, Petco and Wells Fargo.
HUNTINGTON BEACH, CA—Pacific City, the dining, entertainment and shopping hub currently under construction here, has signed leases with five new restaurant tenants. The Bungalow will feature an intimate lounge setting with a private dining room, main bar space, and al fresco patio; Lemonade will offer seasonal Southern California comfort food in a modern cafeteria setting; Bear Flag Fish Co., which features fish tacos, burritos, sushi and a full bar, will serve as the anchor for LOT 579; Simmzy‘s will feature pub-style fare, burgers and local beer; and Ola will fuseusing elements of authentic Mexican comfort food with elevated South of the Border culinary influences.
COSTA MESA, CA—Albert J. Miller Family Partners LP has leased the 29,645-square-foot industrial building at 350 Kalmus here to Bio Creative Enterprises Inc. in a multi-year lease transaction. Bill Garrett and Jedd Zaun of Lee & Associates – Newport Beach Inc. represented the landlord and John Passafiume of Lee & Associates – Orange Inc. represented the tenant.
LOS ANGELES—Irwin Hyman and Jesse Paster with NAI Capital‘s Encino office have represented tenant Shoe Palace in the opening of four new stores in Los Angeles County. The combined sales and lease transactions for all four properties total more than $8 million. Transactions include a 4,460-square-foot lease for 7721-7725 Melrose Ave. here with landlord 499 Canon LLC; a 4,945 square-foot lease at 214 Santa Monica Blvd. in Santa Monica from Schrober Investments (outside brokerage was represented by Thomas Finn of Metropolitan Pacific Commercial); a sales transaction for a 14,800-square-foot store at 6351-6353 Pacific Blvd. in Huntington Park from Fine Discounts (outside brokerage was represented by Carlos Lopez of Hanley Investment Group); and a Panorama City-based property that is in currently in escrow, located on Van Nuys Blvd., which is slated to open before the end of the year.
TRACY, CA—Marcus & Millichap Capital Corp. has arranged $38.5 million in construction financing for 300 multifamily units in here. Jeffery Shaddy, a director in MMCC’s Sacramento office, arranged the financing on behalf of an unnamed borrower.
VAIL, CO—John Kinser, VP, and Luke Donahue, SVP, of NorthMarq Capital’s Phoenix office collaborated with David Link, SVP/senior director of NorthMarq Capital’s Denver office to secure a $21.4-million construction loan for Lion’s Ridge Apartments, a 114-unit, workforce-housing, multifamily development located at 1280 North Frontage Rd. here. NorthMarq arranged the transaction for the borrower, Gorman Inc. through its relationship with TCF Bank.
SAN FRANCISCO—Ethan Pang has joined the San Francisco office of Kidder Mathews, where he will work with the firm’s China services, a group that offers advisory, brokerage, and property-management services to Chinese companies looking to invest in the US and vice versa. Prior to joining the firm, Pang was with the Greenwich Group International.
SOUTHERN CALIFORNIA—Jones Lang LaSalle has expanded its project-and-development services group here with the hiring of five project managers including Ivan Kesian, Joshua Tickenoff, Andrew Hurley, Tom Donkin and Adam Rubin. Kesian joins as a senior project manager in Los Angeles, specializing in entertainment, education and commercial industries; Tickenoff joins as project manager in Orange County, charged with currently overseeing the LED lighting retrofit to the stores of a major US wireless operator; Hurley joins as project manager in Century City, working on training facilities for Jaguar LandRover as wells as capital-improvement projects at the Forum for MSG; Donkin joins as VP in Los Angeles, leading the execution of projects for TIAA-CREF in the Southwest as well as overseeing projects for various clients; and Rubin joins in Century City as an assistant project manager focused on working with TIAA-CREF and assisting on various other projects. To date, the firm has brought on board 25 PDS professionals to the team in 2014.
SAN DIEGO—The local office of Colliers International has added an urban property group team composed of Bill Shrader, David Maxwell, Joe Brady and Serena Patterson. For more than 25 years, the team has specialized in urban sales, retail leasing, and advisory services and has completed more than 700 lease and sale transactions with a total consideration of $730 million and 3 million square feet. The team was previously affiliated with Cushman & Wakefield.