SEATTLE

Property owner Terry Avenue Apartments LLC has chosen Jones Lang LaSalle to market a luxury multifamily high-rise known as Aspira at 1823 Terry Ave. that is being offered for sale. The owners are a partnership formed by New York City-based O’Connor Capital Partners and Urban Partners LLC of Los Angeles and Seattle. The 37-story, 324-unit class A tower is the only new glass tower apartment building in Seattle and was delivered in 2010. The Aspira is in Seattle's South Lake Union/Central Business District neighborhood and "is expected to fetch intense interest from buyers all over the world," according to a JLL announcement. Leading the Jones Lang LaSalle team are managing directors David Young and Jubeen Vaghefi and vice presidents Corey Marx and Seth Heikkila. International director Steve Collins will provide international capital expertise. The Aspira comprises 285,897 square feet of rentable space and 6,394-square-feet of retail space.

OREGON

Principal Real Estate Investors of Des Moines has acquired the Beverly, an 89,000-square-foot, class A mixed-use building at the corner of NE Sandy Boulevard and NE 43rd Avenue in Portland’s Hollywood District. The building was completed in 2009 and is LEED Silver certified. It was developed by Gerding Edlen Development, which will manage the asset for Principal Real Estate. Both the buyer and the seller were represented by N. Kirk Taylor, Ann Blume and Graham Taylor of CBRE's Portland office. The five-story building includes 48,684 square feet of retail space, 43,113 of which are currently leased to Whole Foods. The remaining 40,402 square feet are made up of 53 fully leased apartment units, and Chase Bank leases 4,006 square feet. CBRE did not disclose the seller, but according to other sources Principal Real Estate acquired the property from Bank of America.

ORANGE COUNTY

The owners of a three-story, 30,786-square-foot medical office building called Harbor Medical at 2720 N. Harbor Blvd. in Fullerton have financed the property with a $6 million loan arranged by Johnson Capital with a local bank. Managing director Greg Richardson and VP Scott Watson of Johnson Capital's Irvine, CA office arranged the loan, which carries a fixed rate of below 5% for seven years. It is non-recourse and has no prepayment penalties. Harbor Medical is located directly across Harbor Boulevard from the Fullerton Golf Course less than a quarter mile north of St. Jude Medical Center and about one mile south of Imperial Highway. Watson said the loan allowed the borrower to lock in an attractive fixed rate while maintaining maximum flexibility with no prepayment penalty.

LOS ANGELES COUNTY

La Ventana Apartments

The 15-unit La Ventana apartments at 1031 N. Crescent Heights Blvd. in West Hollywood has sold for more than $5.55 million in one of the few West Hollywood in recent years that was not under the city’s rent control. The transaction, which closed in 15 days, was negotiated by partner Robin Ossenbeck of the Los Angeles office of Hendricks & Partners and associate partner Peter Hauser of the Hendricks & Partners Newport Beach office, who report that the property generated eight offers, of which three were all-cash and a quick close. La Ventana was owned since 1995 by the seller who purchased the property then as an REO. The apartments are large compared to other 1990-constructed properties in the area, averaging 1,236 square feet.

Three buyers have acquired apartment buildings totaling 61 units for a combined $7.2 million in three separate transactions by The Berzack Group at Lee & Associates-LA North/Ventura Inc. Warren Berzack, a principal of Lee and The Berzack Group, and Berzack Group partner and SVP Stephen Geiger represented both the buyer and seller in the sale of a 14-unit complex 5401 Carpenter Ave. in Valley Village and a 39-unit property at 7627 Laurel Canyon in North Hollywood, as well as the seller of an eight-unit building at 1127-1131 Acacia in Glendale. “The market for well-priced, quality assets is extremely active,” said Berzack, “and there is considerable demand for non-rent controlled assets in the San Fernando Valley. There is little to no new apartment construction and, with the population increasing, there is every expectation of significant rental upside long-term. In addition, financing is readily available and banks are aggressive in their loan-to-value calculations and have aggressive interest rates in the four to five percent range depending on the length of term.” The buyer in the Glendale sale was represented by Greg Astorian of Re/Max TriCity.

Watt Plaza has closed three lease deals for more than 25,000 square feet of space in the twin 23-story office tower complex totaling 900,000 square feet in Century City. Law firm Glancy Binkow & Goldberg signed for 11,400 square feet for five years in a deal valued at more than $2 million, with Jeff Mintz of Travers Realty representing the law firm. Another law firm, Weidmann & Yun, signed a new, 10-year lease for 5,500 square feet at a total consideration of more than $2 million and was not represented by a real estate broker in the transaction. Chase Bank, the ground-floor bank branch on the corner of Century Park East and Constellation Boulevard, renewed its lease for 8,600 square feet. Hayley Blockley and Carl Muhlstein from Cushman & Wakefield represented the bank in negotiating the five-year deal with a price tag of more than $1.5 million. “Despite the strained commercial leasing market, Watt Plaza has seen continued tenant interest in recent months,” said Kathy McKay, vice president of Leasing at Watt Plaza.

INLAND EMPIRE

The Carson Cos. has named SVPs Mark Kegans and Ron Washle of Grubb & Ellis Co.'s global logistics group as leasing agents for a 398,000-square-foot industrial project at 16043 El Prado Rd. in Chino South Business Park in Chino that is one of the first speculative developments in the Inland Empire in some time. The cross dock loading facility is planned for LEED certification. It sits on 18.7 acres at the 142-acre Chino South Business Park and features 100 trailer parking positions, with the capacity to expand to accommodate an additional 90 trailers. The project broke ground in early September and is scheduled for completion in the first quarter of 2012.

Private investors have acquired Date Palm Self Storage at 69100 Converse Rd. in Cathedral City for nearly $5.8 million and plan to rebrand the property as Extra Space Storage. The single-story facility comprises 552 self-storage units and 73 outside RV/boat-storage spaces, according to Stephen Grossman of NAI Capital Self Storage Investment Group, who handled the off-market transaction on behalf of the seller. The buyers plan to make improvements to the property and launch a new marketing program with Extra Space Storage for the property, which was 75% occupied at the time of the sale.

A one-story office building totaling 25,939 square feet in Rancho Cucamonga has sold for $4.3 million, according to Cushman & Wakefield. The property is called Milliken Point at Empire Lakes and sold for a strong price per square foot for the market, according to Ed Hernandez of C&W's Capital Markets Group, who led the C&W transaction team along with Kyle Kehner and Jeffrey Cole in representing the seller, the Lindsay Group. Eileen Schuler and Suzanne Schuler of Schuler Commercial Real Estate represented the buyer. C&W has been associated with this property since its inception, with Kehner representing the Lindsay Group in the purchase of the site in 2003.

UTAH

Home2 Suites by Hilton has opened the brand's fifth US hotel at 4028 West Parkway Blvd. in West Valley City, Utah's second-largest city. It was the first hotel to break ground for the brand in 2011 and joins four other properties already open in Fayetteville, NC, Layton, Utah, Baltimore and San Antonio, TX. The 79-suite, four-story hotel is owned by HWV LLC and managed by Inn Management Inc. Alma Erekson, owner of Inn Management Inc., notes that the property features an indoor saline swimming pool, an indoor whirlpool and three different room layouts. Surrounded by Stonebridge Golf Course, the hotel connects to miles of walking and jogging trails inside Lake Park Business Centre.