REBusinessOnline

G.H. Palmer Receives $158.8M Refinancing for 752-Unit Apartment Property in Santa Clarita

SANTA CLARITA, CALIF. — G.H. Palmer, a Southern California-based commercial real estate developer, has closed on $158.8 million in financing for Colony Townhomes, multifamily property located at 17621 Pauline Court in Santa Clarita. The property features 752 apartments in a mix of two- and three-bedroom layouts with personal garages. On-site community amenities include a fitness center, swimming pool and spa, and a picnic area. Gary Tenzer of George Smith Partners (GSP) arranged the …

CBRE Arranges $35.8M Acquisition Financing for 130-Unit Seniors Housing Community in Folsom, California

FOLSOM, CALIF. — CBRE has arranged financing for the acquisition of Prairie City Landing, a 130-unit independent living, assisted living and memory care community in Folsom, a suburb of Sacramento. A joint venture between AEW Capital Management, Tenfold Senior Living and Artēgan Senior Living acquired the property for an undisclosed price. The seller was another joint venture that developed the property. That group includes Tenfold, Artēgan and a global investment manager. The …

Marcus & Millichap Negotiates $28M Sale of Multifamily Property in Costa Mesa, California

COSTA MESA, CALIF. — Marcus & Millichap has negotiated the sale of Vio Costa Mesa, a multifamily property located in Costa Mesa. An undisclosed buyer acquired the property for $28 million in a 1031 exchange. Tyler Leeson, Kurt Hediger and Matt Kipp of Marcus & Millichap represented the buyer and arranged the sale of a 54-unit apartment asset in Westminster, Calif., in phase one of the exchange. Additionally, Michael Derk and Nick Gray of Marcus & Millichap Capital Corp. …

Akara Partners Acquires Development Site in Phoenix for Mixed-Use Property

PHOENIX — Akara Partners has completed the purchase of a development site at 355 N. Central Ave. in downtown Phoenix. The buyer plans to develop Kenect Phoenix, a mixed-use residential and retail property, on the site. Designed by Tempe, Ariz.-based RSP Architects and the Chicago office of Perkins + Will, the 23-story building will feature 320 residential apartments units and approximately 8,000 square feet of ground-floor retail space. The residential component will feature a mix of floor …

Pinnacle Brokers $1.3M Sale of Office Property in Aurora, Colorado

AURORA, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an office property located at 651 Chambers Road in Aurora. A church acquired the property from Life Skills International for $1.3 million. Built in 1978, the property features 16,500 square feet of office space. Corey Sandberg and Jeff Johnson of Pinnacle represented the seller in the

CBRE Negotiates Sale of 533,116 SF Entertainment District in Metro Phoenix for $133M

GLENDALE, ARIZ. — CBRE has arranged the sale of Westgate Entertainment District, a mixed-use development located near Loop 101 and Glendale Avenue in Glendale. YAM Westgate, a venture formed by Scottsdale-based YAM Properties, purchased the 46.6-acre entertainment, retail and office destination, including 30 acres of undeveloped land, from The New Westgate LLC, formed by iStar Properties. The price was $133 million. Philip Voorhees, Jimmy Slusher, Kirk Brummer, Sean Heitzler, Jesse …

Pacific Urban Residential Buys 314-Unit Multifamily Community in Vista, California

VISTA, CALIF. — Pacific Urban Residential has acquired Monarch at Shadowridge, an institutional-quality residential community in Vista, for an undisclosed price. Built in 2005, Monarch at Shadowridge features 314 apartments spread across 29 buildings, a clubhouse and a saltwater pool on more than 21 acres. On-site amenities include a 19-seat movie theatre, outdoor barbecue areas, private cabanas, a community kitchen and dining room, coffee lounge, game room, fitness center and yoga …

NKF Capital Markets Brokers $12.7M Sale of Medical Office Building in Metro Los Angeles

PALOS VERDES PENINSULA, CALIF. — NKF Capital Markets has facilitated the sale of a medical office building located at 501 Deep Valley Drive in Palos Verdes Peninsula, a city within the South Bay submarket of Los Angeles County. Deep Valley Drive LLC sold the property to Beverly Hills, Calif.-based Dayani Partners for $12.7 million. UCLA Health occupies 77 percent of the four-story, 33,770-square-foot building. Sean Fulp, Ken White, Michael Moore and Kevin Shannon of NKF Capital Markets …

Hunter Street Partners, Mana Investments Purchase 78,747 SF Vacant Office Complex in California

LIVERMORE, CALIF. — Minneapolis-based Hunter Street Partners, in partnership with California-based Mana Investments, has completed the acquisition of Sunset Office Plaza in Livermore for an undisclosed price. Situated on 13.5 acres, the asset features 10 single-story office buildings totaling 78,747 square feet of office space. The property was vacant at the time of acquisition. The name of the seller was not

Biltmore RE Acquires Office Building in Phoenix for $3.1M

PHOENIX — Biltmore RE, a net-leased investment group, has purchased an office building located at 2701 E. Camelback Road in Phoenix, for $3.1 million. The sale was an absolute triple-net leaseback to the seller, Arciterra Cos., a real estate investment and development company. The property features 8,501 square feet of Class A office space. Jenette Bennett of Kidder Mathews represented the buyer in the

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