KBS Realty of Newport, Calif. has acquired the Sepulveda Center, a 173,727 sq. ft., 12-story, high-rise from Younan Properties for $50.5 million. The Class-A office building is located in. Younan Properties yielded a total return of more than 300% of invested capital. The property is 98% leased, including occupants JAMDAT Mobile and Freeman, Freeman & Smiley.
The Bascom Group LLC has acquired The Breakers Resort, a 1,523-unit apartment community, from a joint venture between The Feld Co. and Koelbel & Co. for $190.5 million. The property features 692 one-bedroom apartments and 831 two-bedroom apartments. The 190-acre community is divided into six villages representing sixphases.
Sterling American Property has acquired a three-property multifamily portfolio from Holliday Fenoglio Fowler LP for $53 million. The properties, located in Lexington, Ky., have a total of 1,108 units. Each property includes a clubhouse, fitness center and swimming pool.
CIP Real Estate and Buchanan Street Partners have acquired a 39,995 sq. ft. office/flex building and adjacent 1.79-acre land parcel from Las Vegas-based Windrock Enterprises for $6.5 million. The building is vacant. Plans are in place to renovate and reposition the property for corporate oruse. Including this acquisition, the joint venture owns approximately 1.4 million sq. ft.
The Shidler Group has acquired a group of office buildings from Walton Stacy Commodore IV for $28 million. The purchase includes a 14-story building with two connected buildings of four and five stories totaling 320,506 sq. ft. in Austin, Texas. The first building, One Commodore Plaza, is tenanted by Consulado de Mexico, Capital Inc. and Anthony-Nak Jewelers. The second building, Capitol Towers, is tenanted by Comerica Bank and GTE Mobilnet. Shidler was represented by CB Richard Ellis. The seller represented himself.
Birtcher Anderson Realty LLC, a San Juan Capistrano-based commercial real estate, advisory and development firm, has acquired Potrero Business Center from Potrero Business Center LLC for $17.15 million. The three-building, 134,444 sq. ft. flex/office property is located on 4.55 acres at 1740, 1750 and 1760 Cesar Chavez Street in San Francisco. Including this acquisition, the company has purchased commercial real estate valued at more than $170 million in the past eight months.
Samantha Marketplace LLC has acquired Town Center West, a four-building, 83,433 sq. ft. retail center from Town Center West LLC for $18.5 million. The grocery-anchored retail center is located in Signal Hill, Calif. and was originally built on 7.58 acres in 2000. It is 100% leased and 90% of the center is occupied by credit tenants including Food 4 Less, McDonald's, Chevron, Nextel and Starbucks. Sperry Van Ness represented the buyer. Grubb & Ellis represented the seller.