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.
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..
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..
SAN JOSE, CALIF. — Lane Partners has obtained a $200 million loan to acquire [email protected], a 603,666-square-foot creative office property in the Silicon Valley city of San Jose. The asset is located at 110, 120 and 130 Holger Way. The Class A property features a campus environment with landscaped paths, natural light, views of the bay and hills, outdoor barbeque and patio areas, basketball court, fitness center and locker rooms, game room, executive business center, and 300-seat cafeteria...
LINCOLN, CALIF. — SyWest Development has acquired Parkway Plaza, a 205,452-square-foot retail center in Lincoln, for $21.6 million. Bob and Jared Dong of TRI Commercial/CORFAC International arranged the transaction on behalf of the seller, Parkway-Sterling Investors, which developed the property in 2007 in a joint venture with Catlin Properties. At the time of sale, Parkway Plaza was fully leased to tenants including Lowe’s Home Improvement, Dollar Tree, Big 5 Sporting Goods, Red Robin,..
TARZANA AND ORANGE COUNTY, CALIF. — iBorrow, a private direct lender for commercial real estate, has provided a $16.5 million loan for assisted living facilities in the Los Angeles suburbs of Tarzana and Orange County. The first property is an 88-unit, 50,054-square-foot facility and the second property is an 81-unit, 40,207-square-foot facility. Both properties are private pay, were built in 1974 and were renovated in 2016. Their names were not disclosed. The borrower is a local..
PHOENIX — NorthMarq Capital has secured an $11 million loan for the refinance and conversion into student housing of GC Square Apartments, a 163-unit multifamily community located near Grand Canyon University in Phoenix. The property will be the first off-campus property to directly serve the Grand Canyon University student base. Luke Donahue and Griffin Martin of NorthMarq secured the non-recourse, interest-only loan on behalf of the undisclosed borrower.
LAS CRUCES, N.M. — National Healthcare Development, an affiliate of National Healthcare Realty, has completed the development of Welbrook Las Cruces, a 50-bed skilled nursing facility in Las Cruces, approximately 40 miles north of El Paso, Texas. The 37,000-square-foot facility is located near Mountain View Medical Center. Welbrook Senior Living, a Utah-based provider, operates the property. This will be Welbrook’s first facility to open in New Mexico, while a second facility is also..