PHOENIX — Meritex Enterprises has acquired Park Ladera at Spectrum Ridge, a three-building industrial campus in Phoenix, for $26.4 million. The campus is located at 750, 800 and 850 Covey Lane. It was built in 2015. CBRE’s Barry Gabel, Chris Marchildon, Darla Longo, Barbara Emmons Perrier, Brett Hartzell and Michael Kendall represented the sellers, Real Estate Investors and Trammell Crow Co. The firm’s Bruce Francis, Val Achtemeier and Doug Seylar arranged financing for both the buyer..
DENVER — Focus Property Group has received $69 million in financing to develop a 12-story Hilton Garden Inn in Denver. The hotel is situated at 20th Street and Chestnut Place. It sits adjacent to Denver’s Union Station. The Hilton Garden Inn is being built around the historic Denver Hose Company No. 1 building, which will be restored and incorporated into the hotel. The 42-month, fixed- and floating-rate structured financing included $18 million in mezzanine debt as well as $8 million..
CITRUS HEIGHTS, CALIF. — Newmark has secured $5.7 million in acquisition financing for a retail property located in Citrus Heights. Smart & Final, which opened in May 2016, occupies the 28,243-square-foot property. Mitch Zeemont and Darija Walker of Newmark arranged the non-recourse, 20-year loan that features a 20-year amortization schedule. The name of the borrower was not released.
SAN FRANCISCO — CBRE has hired Matt Kircher as managing director and executive vice president in San Francisco to lead the company’s Bay Area retail leasing business. In this role, Kircher will direct the company’s retail-leasing platform, professionals and offering in the Bay Area. A 27-year veteran of retail real estate, Kircher most recently served at Cushman & Wakefield/Terranomics.
SAN FRANCISCO — Paramount Group Inc. has received a $975 million loan for the refinancing of One Market Plaza, a property featuring two landmark office towers in San Francisco’s South Financial District. The property consists of 1.6 million square feet of Class A office and retail space. The buildings, originally constructed in 1976, underwent a $25 million lobby and atrium renovation that was completed in 2015. The 43-story Spear Tower and 27-story Steuart Tower are bridged by a..
DENVER — Pauls has received a $73 million loan to refinance a 14-building industrial portfolio in Aurora. The portfolio totals 1.9 million square feet of Class A distribution warehouse space. Properties included in the portfolio feature clear heights between 22’ to 32’ and buildings sizes ranging from 72,000 square feet to 347,840 square feet. All buildings were constructed between 1996 and 2015. The buildings are leased to 40 tenants, including Whole Foods Market, VWR..
Community Preservation Partners Acquires 179-Unit Affordable Seniors Community in Anaheim for $53.5M
ANAHEIM, CALIF. — Community Preservation Partners (CPP), in a joint venture with Jamboree Housing, has acquired Miracle Terrace Apartments, a 179-unit affordable seniors housing community in the Los Angeles suburb of Anaheim, for $53.5 million. A private owner sold the property. As part of the transaction, the Anaheim Housing Authority will help keep rents below market level. Irvine-based CPP plans to invest $7.4 million in renovations to the property, including new air conditioning..
SAN FRANCISCO — Mesa West Capital has provided $16 million in financing for a 12,281-square-foot Disney Store in San Francisco. The two-story building is located at 39 Stockton St., one and a half blocks south of Union Square. John Churchward of HFF placed the floating-rate loan on behalf of the borrower, Vanbarton Group.
LONG BEACH, CALIF. — CNR International has signed a five-year lease for 163,499 square feet of industrial space in the Long Beach submarket of Rancho Dominguez. The space is located at 2626 Vista Industria. The lease is valued at $6.8 million. Dylan Espley-Jones and Say Jeon of Lee & Associates represented the integrated logistics solutions provider. CBRE’s Brian Held and NGKF’s Jim Biondi and Terry Reitz represented the landlord, Prologis, in this transaction.
RENO, NEV. — Houston-based Asset Campus Housing has been awarded management of The Summit, a 709-bed community located near the University of Nevada-Reno (UNR) in Nevada. The Summit in Reno offers two-, three-, four- and five-bedroom, fully furnished units. Community amenities include a two-story clubhouse, resort-style pool and tanning deck, outdoor barbecue area, hot tub and private study rooms.