REBusinessOnline

It’s All About Job Growth for Phoenix Multifamily, Say InterFace Panelists

With moderator John Lotardo, senior vice president of Commonwealth Land Title Co., at the helm, owners and developers dove into a discussion about Phoenix’s multifamily market — current trends, future activity and more — at the InterFace Phoenix Multifamily Conference on Sept. 11 in Scottsdale. And the main consensus for the Phoenix market? It’s all about the job growth, absorption is steady and the current activity should continue for the next few years. Decrease in …

Bixby Land Co. Acquires 335,459 SF Industrial Facility in Phoenix for $27.2M

PHOENIX — Newport Beach, Calif.-based Bixby Land Co. has purchased Riverside @ 51st Avenue, an industrial property located at 2300 S. 51st Ave. in Phoenix. BLC Industrial Venture I – CO 3 LLC, WFG Riverside LLC and Pacifica Riverside LLC — a group of tenant-in-common entities — sold the property for $27.2 million, or $81.15 per square foot. Situated on 19.3 acres, the 335,459-square-foot facility was developed in 2007. At the time of acquisition, the property was 95 percent …

NXT Capital Provides $29M Acquisition Loan for 120-Unit Apartment Community in Concord, California

CONCORD, CALIF. — NXT Capital has funded a $29 million first-mortgage loan for the acquisition of Summit at Lime Apartments, a Class B apartment community in Concord. The name of the borrower was not released. The community features 120 apartment units, a swimming pool, fitness center, two outdoor barbecue areas and a dog park. Annie Rice of CBRE’s Los Angeles office placed the loan with NXT

Equity Residential Purchases 354-Unit Multifamily Tower in Denver

DENVER — Equity Residential has acquired SkyHouse Uptown, a high-rise multifamily community located in Denver. Simpson Housing and Novare Group sold the property for an undisclosed price. David Martin, Pamela Koster and Mike Grippi of JLL represented the sellers in the deal. Completed in 2017, the property features 354 residential units, 6,650 square feet of street-level retail space and parking for 485 vehicles. On-site amenities include a rooftop pool, open-air lounge, fireplaces, …

Voit Real Estate Negotiates $18.2M Sale of Warehouse Property in Southern California

SAN BERNARDINO, CALIF. — Voit Real Estate Services has arranged the sale of a newly developed industrial warehouse building located at 2705 Lexington Ave. in San Bernardino. A partnership between Hartford, Conn.-based Penwood Select Industrial Partners III and Newport Beach, Calif.-based Shaw Development Partners sold the property to a global consumer products company for $18.2 million. The 154,451-square-foot facility features 2,200 square feet of office space, an ESFR sprinkler system, a …

Colliers Brokers $3.4M Sale of Apartment Complex in Kirkland, Washington

KIRKLAND, WASH. — Colliers International has arranged the sale of The Residences at 518, an apartment complex located at 518 Second St. in Kirkland. Greenwood Pub LLC sold the property to Goodwin DC LLC for $3.4 million, or $339,000 per unit. Colliers’ Tim McKay, Dan Chhan and Sam Wayne handled the transaction. Built in 1901, the 10-unit property was fully renovated in 2016 resulting in additional units and exterior

Invesco Real Estate Acquires 503,592 SF Meridian Distribution Center in Riverside, California

RIVERSIDE, CALIF. — Invesco Real Estate has purchased Meridian Distribution Center II, located at 22000 Opportunity Way in Riverside. Sun Life Assurance Co. of Canada, through its advisor Bentall Kennedy, sold the property for an undisclosed price. Newcastle Partners completed construction of the 503,592-square-foot property earlier this year. Situated on 26.9 acres, the facility features 36-foot interior clearance, 88 dock-high doors, 150 trailer parking stalls and 217 car parking spaces. …

HFF Arranges $113.5M in Financing for 12-Property Multifamily Portfolio in San Francisco

SAN FRANCISCO — HFF has arranged $113.5 million in financing for a 12-building multifamily portfolio in San Francisco. The borrower is Mosser Capital. Peter Smyslowski and Bercut Smith of HFF secured the six-year (including extension options), floating-rate loan through an affiliate of Walton Street Capital. The financing includes interest-only payments through the first five years of the term. The planned use of the funding was not disclosed. The portfolio features a total of 455 …

Granite Properties Buys 346,334 SF Office Building in Southern California

NEWPORT BEACH, CALIF. — Granite Properties has purchased 100 Bayview — a six-story, Class A office property located in Newport Beach — for undisclosed price. The 346,334-square-foot building features an on-site fitness center and close proximity to a 250-room Marriott hotel, restaurants, retail and walking trails. The building has undergone a number of renovations. Granite Properties plans to further invest in the property by improving the lobby and outdoor common spaces, including …

Colliers Negotiates Three Office, Retail Sales Totaling $19M in Las Vegas

LAS VEGAS — Colliers International – Las Vegas has brokered three sales of properties in Las Vegas for a total consideration of $19 million. In the first deal, Dan Gluhaich of Colliers represented Green Circle Foundation in the purchase of a retail property located at 3815-3835 Blue Diamond Road. An undisclosed seller sold the 24,447-square-foot property for $9.1 million. In the second transaction, 325 SW LLC purchased a 70,000-square-foot office property located at 325 E. Warm …

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