Realty Center Management sold a 492-unit apartment complex in Murrieta for $146.5M. The community, formerly the Silverado Apartment Homes, features one-, two- and three-bedroom floor plans with an average unit size of 948 SF. Amenities include an extensive green belt, pools and a clubhouse.
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The seller was represented by Institutional Property Advisors Executive Managing Directors of Investment Kevin Green and Gregory Harris and Executive Director Joseph Grabiec. The team also procured the buyer, Bell Partners, which bought the property through its eighth value-add fund.
Bell Partners now owns 3,100 apartments in 11 complexes across Southern California.
SALES
Rexford Industrial Realty bought a Fullerton warehouse for $94.2M, according to The Real Deal. The 279K SF warehouse at 1911 E. Rosslynn Ave. is fully leased. As no financing information is available through property records, it is likely Rexford paid cash for the property, TRD reported.
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CBRE’s Eric Chen, Kevin Sin, Blake Torgerson, Dean Zander and Stew Weston arranged the $14M sale of the 63-unit apartment complex Ariana at El Paseo in Palm Desert. CBRE represented the seller, 45278 Deep Canyon Road.
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7949 Stromesa Court, a nearly 108K SF multitenant industrial building in San Diego’s Miramar submarket, sold for $26.5M. Colliers represented the buyer, a joint venture of Birtcher Anderson & Davis and Nuveen. Dean Asaro of Kidder Mathews represented the seller. The industrial park was 95% leased at the time of sale.
LEASES
Quiksilver, an apparel and accessories company, leased roughly 14K SF of industrial space in the Harbor Gateway Business Center in South Coast Metro in Orange County. Savills’ Steve Card and Chris O’Connor represented Quiksilver
CONSTRUCTION AND DEVELOPMENT
C.W. Driver Cos. completed and opened 1650 Euclid St., a three-story, 65K SF office complex in Santa Monica. The project was designed by House & Robertson Architects for owner Redcar Properties.
FINANCING
Gantry secured a $17M permanent loan to refinance Magnolia Towne Center, a 133K SF, 10-building grocery-anchored retail center in Riverside. The neighborhood center at 6033-6189 Magnolia Ave. features a Ralphs, a Wells Fargo, and restaurant and professional services tenants.
Gantry Senior Director James Ruiz secured the funding on behalf of the borrower, a private real estate investor. The 10-year, fixed-rate loan was provided by one of Gantry’s life company correspondents.
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