July 30, 2010
SONOMA LANDING TRADES FOR $20 MILLION IN GILBERT
GILBERT, ARIZ. — Kirkland, Wash.-based Sonoma Landing Apartments LLC has purchased Sonoma Landing, a multifamily property located at 4776 E. Guadalupe Road in Gilbert. Built in 2001, the property offers 84 one-bedroom, 112 two-bedroom and 24 three-bedroom units. Additionally, the gated community offers garages, two pools, a spa and a movie theater. Aspen, Colo.-based CTA Venture NO. 9 LLC sold the property for $20 million. Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix brokered the transaction.
CARAVAN TRADING CO. ACQUIRES INDUSTRIAL PROPERTY IN UNION CITY
UNION CITY, CALIF. — Caravan Trading Co. has exercised its option to acquire 33333 Western Ave. in Union City. Situated on 6.2 acres, the approximately 70,000-square-foot manufacturing building was purchased for $6.2 million. The buyer, Caravan Trading, will now occupy the former waste management building. Todd Severson of Colliers International represented the buyer; Robert Ferraro and Michael Ferraro of CB Richard Ellis represented the undisclosed seller in the transaction.
$17.9 MILLION LOAN SECURED FOR FRESNO MULTIFAMILY PROPERTY
FRESNO, CALIF. — Cohen Financial has arranged a $17.9 million loan for the acquisition of Torrey Ridge apartment complex, which is located at 222 S. Clovis Ave. in Fresno. The multifamily property features 418 units. Mark Strauss and Kevin Greenberg of Cohen Financial secured the 7-year, fixed-rate loan at 80 percent loan-to-value with a 30-year amortization schedule. Wells Fargo Multifamily Capital funded the loan through its Fannie Mae program for Real Estate Opportunity Capital Fund.