SAN FRANCISCO-GlobeSt.com has learned that a private group of individual investors has sold 747 Front St., a creative-office building here, to Polidev International for just under $24 million. The buyer is based in Turkey and owns another property here that it purchased in 2010. Centrally located in Jackson Square, 747 Front St. lies directly adjacent to Sydney Walton Square and offers close proximity to the Embarcadero, Financial District, and San Francisco waterfront. Tony Crossley and Erik Hanson of Colliers International's San Francisco Investment Services Group represented the seller, while Colliers' SVP Jim Sobel and associate Brendon Kane have been retained as the building's leasing agents. Current tenants include a diverse mix of design, media, education, and Internet firms.

KENT, WA-Lake Fenwick Estates, a 216-unit, 191,536-square-foot multifamily property on 14.3 acres here, has been sold to Virtu Investments LLC by an undisclosed seller for $20.25 million. The buyer plans to upgrade all units and the clubhouse. Virtu also recently purchased Aspen Meadows, a 115-unit multifamily property in Jackson, WY, for $15.85 million and has targeted Seattle as a primary market. Dave Schumacher and David Mortensen of Colliers International brokered both transactions on behalf of the sellers.

SAN DIEGO-Lincoln Property Co., in a joint-venture partnership with Artemis Real Estate Partners, has purchased a two-building, 97,945 square-foot office property Cornerstone Heights Corporate Center at 5959 and 6059 Cornerstone Court West here from the Realty Associates Fund VI L.P. for $14.1 million. The seller was represented by Rick Reeder and Brad Tecca of Cassidy Turley San Diego, while the buyer represented itself.

LOS ANGELES-Local owner Melrose Camerford Partners LLC has sold a 128-unit multifamily property located at 930 S. Bonnie Brae St. here to locally based 930 S. Bonnie Brae LLC for $10.85 million. Hamid Soroudi of Charles Dunn Co. represented the seller, while the buyer represented itself. The sale closed at a 6.4% cap rate.

LOS ANGELES-Kimpton Hotels & Restaurants has purchased the 74-room Hotel Wilshire through a joint venture with OSM Investment Co. for an amount undisclosed to GlobeSt.com. The LEED-certified boutique hotel in the Miracle Mile section of Los Angeles marks the second LEED-certified hotel in the Kimpton collection, in addition to its Hotel Palomar Philadelphia.

FINANCING

SAN MARCOS, CA-HFF has closed the sale of the Golden Door Spa, a 41-room luxury spa resort situated on 377 acres here, to an unnamed buyer for $24.8 million free and clear of existing debt.
The spa is located approximately 40 minutes north of downtown San Diego. The HFF team representing the seller, whose identity was not disclosed, was led by senior managing directors Dan Peek and Bill Stadler, managing director Scott Hall and real estate analyst Alexandra Lalos.

EXECUTIVE MOVES

DANVILLE, CA-Jennifer Vo has joined Trumark Homes as senior land acquisitions manager. Vo comes to Trumark from San Jose-based Brocade Communications Systems Inc., where she was part of the Global Real Estate and Facilities team. Prior to that, she worked for Taylor Morrison (formerly Taylor Woodrow Homes) as land acquisitions analyst and later land acquisitions manager for Northern California. There, she placed over 900 single-family detached, townhome and condominium units in the San Francisco Bay Area, representing $150 million in acquisition value, managing acquisition transactions from purchase and sale agreements to escrow closing processes.

PORTLAND, OR-Norris & Stevens Inc. has added Rich Sabel to its sales and leasing team. Sabel, who will specialize in office sales and leasing in the Portland and Vancouver office markets, was formerly with CBRE. During his tenure there he negotiated more than 300 transactions totaling more than $250 million in property leased or sold.

INDUSTRY AWARDS

SAN RAMON, CA-Bishop Ranch received the “Green Company of the Year” award at the 28^th Annual City of San Ramon and the San Ramon Chamber of Commerce Community Awards earlier this month. The award was given for the development's demonstrated commitment to the environment through green programs, environmental leadership and practices that surpass basic compliance. Bishop Ranch recently earned LEED certification for approximately 30 office buildings, making it one of the largest LEED certification projects to date.