DENVER—A joint venture between ColRich Multifamily and Harbert Management Corp. has sold Rockledge Bear Valley, a 230-unit, garden-style multifamily community at 3550 S. Kendall St. here, to Jackson Square Properties for $26.25 million free and clear of existing debt. The property was partially renovated between 2012 and 2014, is 96% leased and includes 10 three-story buildings with one- and two-bedroom units averaging 808 square feet each. Community amenities include a resort-style swimming pool, bocce-ball court, outdoor grilling areas, state-of-the-art fitness center, dog park, clubhouse and business center. The HFF team representing the seller was led by director Jordan Robbins, associate director Jeff Haag and real estate analyst Jared Buffington.
SAN DIEGO—Gunder Creager and David Santistevan of Colliers International‘s San Diego office represented the seller, PHR Village LLC, and the buyer, Carmel Village LLP, in the sale of an 8.5-acre parcel of land approved for 252 luxury apartments located within the Village at Pacific Highlands Ranch, a 170,000-square-foot, mixed-use lifestyle center on the southeast corner of Del Mar Heights Rd. and Carmel Valley Rd. here., for $17.5 million. The luxury apartments are at Village at Pacific Highlands Ranch, which is anchored by Trader Joe’s and will also include restaurants, fashion retailers, and other specialty amenities and services. The apartment community will feature a state-of-the-art clubhouse, gym, resort-style pool, bocce ball court, community garden and dog park.
LOS ANGELES—Avison Young has completed the sale of the Richmond Building, a two-story, 7,260-square-foot office-over-retail building at 12029 Ventura Blvd. within the Studio City submarket here, to Sunset Las Palmas Management Group LLC for nearly $2.9 million. Avison Young’s Steven Tronson, a VP in the company’s North Los Angeles office, represented the buyer, while the Piken Co. represented the seller, Richman Enterprises Inc. The transaction closed at a cap rate of approximately 5%.
SALT LAKE CITY—KBS Real Estate Investment Trust III, a non-traded REIT based in Newport Beach, CA, has signed 39,123 square feet in leases with Mastery Connect, the Pelorus Group and Perfectly Posh at its 222 Main 21-story, class-A office tower in the business district here. The building is LEED Gold Core & Shell certified, and the ground floor hosts restaurants and retail amenities. Scott Wilmarth and Nadia Letey with CBRE represented KBS REIT III in the lease.
IRVINE, CA—Citadel Servicing Corp., a provider of non-qualified mortgage products, has leased 14,588 square feet in Irvine Spectrum Office Plaza at 15707 Rockfield here through 2018. Oliver Fleener, SVP of PM Realty Group, represented the tenant, while Adam Espinoza, director at landlord PRES Cos., represented the owner in the transaction. The renewal and expansion nearly tripled Citadel’s original size at this location.
REDWOOD CITY, CA—Equinix Inc.‘s board of directors has declared a special distribution of $416 million, or approximately $7.57 per share based on the number of shares currently outstanding, to its common stockholders in connection with the firm’s previously announced plan to convert to a REIT. Steve Smith, president and CEO of Equinix, says the firm will begin operating as a REIT on January 1, 2015.
ROSEVILLE, CA—SPI Solar, a vertically integrated photovoltaic solar developer, has completed its private placement of common stock for an aggregate $43.8 million, as announced on October 7. The private placement was led by Evergrande Real Estate Group, one of the largest real estate developers in China. Net proceeds from the sale of the shares are intended to be used for expansion of SPI’s global PV project activities, continued investment in ramping its YES!® Solar solution for the residential and small-business segments and working capital purposes. The company will also use a portion of the net proceeds to make a strategic investment in Guocang Group Ltd., as also announced on October 7.
TUMWATER, WA—HomeStreet Bank Commercial Real Estate VP Katie Plett has arranged a $26.7-million permanent loan to refinance Town Center East III, an office property here, on behalf of developer Vine Street Group. Built in 2006, the property is primarily leased by two Washington state agencies: the Department of Labor & Industries and the Department of Health. Office space leases in the Thurston County market are dominated by state government. VSG has been the largest lessor to the state for two decades.
THORNTON, CO—Suzanne Jones, VP of NorthMarq Capital‘s Dallas-based regional office, has secured acquisition financing of $23.2 million for Summit at Thornton, a 322-unit multifamily property at 101 E. 88th Ave. here. The transaction was structured with a seven-year term with two years interest-only and 30-year amortization schedule. NorthMarq arranged financing for the borrower, RADCO Cos., through its seller-servicer relationship with Freddie Mac.
SAN FRANCISCO—Greystone, a national provider of multifamily and healthcare mortgage loans, has funded several large loans through its recently expanded West Coast operations team. Recent transactions Tim Thompson of the firm’s San Francisco office originated under the Fannie Mae Delegated Underwriting and Servicing program include a $23.4-million loan to refinance a 90-unit apartment complex Sausalito, CA; a $10.4-million, 10-year loan to refinance a class-A multifamily project in Mountain View, CA; and a $12.7-million, 10-year acquisition loan of a class-A multifamily property in Goodyear, AZ.
SAN DIEGO—Marcus & Millichap has promoted Phil Sambazis and Ben Tashakorian to first VPs investments in the San Diego office. Both most recently held the title of VP investments. Sambazis specializes in the acquisition and disposition of net-leased property investments and shopping centers throughout the US. Tashakorian, an office and investment sales specialist, has arranged more than 100 investment sales transactions totaling in excess of $350 million in sales in 13 different states.
LOS ANGELES—Jones Lang LaSalle has hired Danielle Cornwell as associate of retail brokerage for the expansion of its retail platform here. Cornwell will work on the team lead by SVP David Thomas. In her new role, Cornwell is tasked with developing and executing leasing strategies to maximize the full potential for the firm’s retail investor and owner clients’ assets in Downtown Los Angeles and the greater Los Angeles area. She most recently worked at a local brokerage firm where she served as an expert in pairing retail concepts with the best fit in location and space to match the client’s vision and optimal success.
IRVINE, CA—Ryan Dopp and Chris Arvizu of NAI Capital‘s Orange County office will be representing the firm by competing in the 8th annual Give Blood Play Hockey Charity Hockey Tournament, an annual fundraising event taking place Oct. 23-26 at the Rinks – Irvine Inline at 3150 Barranca Pkwy. here. The event goes to benefit children in need at CHOC Children’s Hospital, whose real estate activities have been represented by Sonya Dopp-Grech, SVP at NAI Capital, for more than 27 years. The event also includes a blood drive for the hospital. The team will be playing all four days in the tournament. The Give Blood Play Hockey website offers more information on donating.