SACRAMENTO, CALIF. — Newmark Cornish & Carey (NCC) has arranged the $32.5 million sale of Laguna Village, a 120,893-square-foot retail center in Sacramento. Mike Zylstra and Forrest Gherlone of NCC arranged the transaction on behalf of the seller, Hall Equities Group. NCC’s Tom Fehr, Anthony Pappageorge and Zachary LeBeouf represented the buyer, Laguna Village Investors LLC, a private investor from the Sacramento area. At the time of sale, Laguna Village was 98 percent leased to..
Lancaster Pollard Closes Two Refinancings Totaling $57.1M for Seniors Housing Communities in Hawaii, Arizona
HONOLULU AND GREEN VALLEY, ARIZ. — Lancaster Pollard has arranged two Fannie Mae loans totaling $57.1 million for seniors housing communities in Honolulu and the Tucson suburb of Green Valley. The first transaction was a $51.2 million loan that refinanced construction debt for The Plaza at Waikiki in Honolulu. MW Group owns the property, which was built in 2015. The community has been named Hawaii’s best senior living facility by The Honolulu Star Advertiser for three consecutive..
ESCONDIDO, CALIF. — CBRE has arranged $29.8 million in financing for Westmont Town Court, a 144-unit independent living, assisted living and memory care community in the San Diego suburb of Escondido. The borrower is Westmont Living, which purchased the property in 2012. Following the acquisition, Westmont implemented a three-year capital improvement plan that renovated the property and added the 22-unit memory care wing. The property is 92 percent occupied. Aron Will of CBRE National..
SAN MATEO, CALIF. — HFF has secured a $15 million loan for the renovation of The Baywood, a 26,157-square-foot retail and office building in San Mateo. Chris Gandy of HFF arranged the three-year, floating-rate loan through a national bridge lender on behalf of the borrower and developer, B St Development. Proceeds of the loan will be used to remodel the façade and will add a third floor totaling approximately 5,000 square feet of rentable space.
SAN DIEGO — CBRE has arranged the $10.1 million sale of Riverdale Shopping Center, a 66,416-square-foot retail center in San Diego. Philip Vorhees, Reg Kobzi, Jimmy Slusher, Kirk Brummer, Megan Wood and Sean Heitzler of CBRE arranged the transaction on behalf of the seller, a partnership advised by SENTRE that includes Peckham Properties Inc., Commercial Sites Limited and Wells Fargo Bank. Kobzi also represented the buyer, Becker Properties LLC. CVS/pharmacy anchors Riverdale Shopping..
BOULDER, COLO. — J.P. Morgan Asset Management has obtained $75.3 million in acquisition financing to purchase a three-property office portfolio in Boulder. The portfolio includes 1050 Walnut Street, 1881 9th Street and 1900 15th Street. The Class A assets are situated just a few blocks from Boulder’s vibrant Pearl Street Mall. J.P. Morgan acted on behalf of institutional investors in this acquisition. Deutsche Bank provided the five-year, floating rate loan. JLL’s Capital Markets team..
PHOENIX — Lee & Associates has arranged the $11 million sale of Pueblo Point Shopping Center, a 54,430-square-foot retail center in Phoenix. Jan Fincham, Patrick Dempsey and Andrew Lundahl of Lee & Associates arranged the transaction on behalf of the seller, Arneil Pueblo LLC, and the buyer, Paradise Valley Ventures LLC. Pueblo Point Shopping Center is home to Smart & Final Extra, Domino’s Pizza, The UPS Store and an Ace Hardware store, which was not included in the sale.
CYPRESS, CALIF. — Meridian Capital Group has arranged $8.5 million in permanent financing for The Boardwalk, a shopping center in the Southern California town of Cypress. Seth Grossman and Andy Strauss of Meridian arranged the 10-year, CMBS loan on behalf of the borrower, The Festival Cos. The 13,700-square-foot, single-story property is home to Noodles & Co., Uroko Café, Which Wich, Pita 360 and Fisherman’s Market Grill.
LAS VEGAS — SR Construction has completed construction on Henderson Medical Office Building, an 84,450-square-foot medical office building in the Las Vegas submarket of Henderson. The four-story building is situated just 200 feet from Henderson Hospital. The project includes a finished lobby, restrooms, two elevators and complete mechanical and electrical systems with future tap-ins.
SCOTTSDALE, ARIZ. — ICON Builders and Multi-Family Renovation Group (MFRG) have merged to form a new company called MFRG-ICON Construction. The new company will focus on affordable housing renovation. Justin Krueger is the owner and will act as president of the new company. Allen “Kelly” Sands will be his partner. The new firm will draw from nearly three decades of experience to push this now $100 million annual construction business to raise the standard in occupied affordable..