REBusinessOnline

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 …

Commercial Retail Advisors Brokers $10M Purchase of Retail Property Near Tucson

ORO VALLEY, ARIZ. — Commercial Retail Advisors has arranged the acquisition of Safeway Vistoso Plaza, a retail property located in Oro Valley, a suburb approximately six miles north of Tucson. Brentwood Developments acquired the property from SB Vistoso Shopping Center LLC for $10 million. The acquisition includes 34,770 square feet of 100 percent occupied inline retail space at 12112, 12142 and 12115 N. Rancho Vistoso Blvd. The property also features a 55,000-square-foot Safeway, which …

Labor, Population Growth Drives Las Vegas Multifamily Market

Las Vegas continues to benefit from a strong labor market, which is driving demand and strong fundamentals in the multifamily sector. Employment in Southern Nevada increased by 3.4 percent over the past year, reaching one million workers, while the total population in Southern Nevada increased 2.2 percent, surpassing more than 2.2 million people. With a well-documented shortage in housing, developers added more than 3,200 new apartment units during the year and still saw vacancies decrease 30 …

MG Properties Acquires 396-Unit Country Brook Apartments in Metro Phoenix for $74M

CHANDLER, ARIZ. — San Diego-based MG Properties Group has purchased Country Brook Apartments, a multifamily property located at 4909 W. Joshua Blvd. in Chandler. An undisclosed seller sold the property for $74 million. The 396-unit community features three resort-style swimming pools with outdoor televisions and shade sails, two whirlpool spas, gas barbecues, a picnic area and ramadas surrounded by landscaping. The apartments feature in-unit washers/dryers and an average size of 936 square …

Sukut Real Properties Buys 293,800 SF Mira Mesa Distribution Center in San Diego

SAN DIEGO — Orange County, Calif.-based Sukut Real Properties has acquired Mira Mesa Distribution Center, a multi-building distribution park located in San Diego’s Sorrento Mesa submarket. The Sickels Group sold the property for an undisclosed price. The property resides on a ground lease, which has approximately 68 years remaining. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Dean Asaro and Brant Aberg of Cushman & Wakefield’s San Diego and Orange County offices …

CBRE Arranges $21.6M Financing for 167-Unit Seniors Housing Community Near Seattle

FEDERAL WAY, WASH. — CBRE has arranged $21.6 million in financing for Village Green Retirement Campus, a 167-unit independent living and assisted living community in the Seattle suburb of Federal Way. The borrower is The Powell Family, a Seattle-based developer and operator of many types of commercial real estate. The community is located less than a mile from St. Francis Hospital, which is a part of CHI Franciscan Health, one of the largest health care systems in the Puget Sound area. …

Ready Capital Closes Two Loans Totaling $8.1M in California

BALDWIN PARK AND SAN FRANCISCO, CALIF. — Ready Capital Structured Finance has arranged two loans totaling $8.1 million for properties in California. In the first transaction, Ready Capital secured a $5.8 million loan for the acquisition, renovation and stabilization of a 23,000-square-foot industrial property with 3.4 acres of exterior storage space. The property is located in Baldwin Park within the San Gabriel Valley industrial submarket. The non-recourse, interest-only, floating-rate …

NAI Alliance Negotiates $2.4M Sale of Apartment Community in Reno

RENO, NEV. — NAI Alliance has arranged the sale of Locust Apartments, a two-parcel multifamily property located 1700 Locust St. and 520 Colorado River Blvd. in Reno. A Reno-based private developer and investor sold the community to an undisclosed buyer for $2.4 million. Built in 1986 and renovated in 2016 and 2017, the property features 17 garden-style apartment units with granite countertops, stainless steel appliances, Tahoe wood-style cabinetry and all new blinds, windows, doors, roofs …

Sterling Organization Buys 76,797 SF Shopping Center in Metro Los Angeles for $23.7M

HUNTINGTON PARK, CALIF. — Sterling Organization, on behalf of Sterling United Properties I LP, has acquired Margarita Plaza. The grocery-anchored shopping center located at the northeast corner of Santa Fe Avenue and East Florence Avenue in Huntington Park, approximately four miles from downtown Los Angeles. Private investors sold the property in an off-market transaction for $23.7 million, or $309 per square foot. A 43,350-square-foot Food 4 Less grocery store anchors the …

KeyBank Provides $30.9M in Financing to Build Two Affordable Housing Projects in Seattle

SEATTLE — KeyBank Community Development Lending & Investment (CDLI) has provided $30.9 million in financing to Community House Mental Health Agency for the construction of two affordable housing properties located at the corner of 23rd and Jackson streets in Seattle. KeyBank funded a $13.6 million construction loan for the development of Judkins Junction, a 74-unit multifamily property. Additional funding was provided by the City of Seattle and King County. The tax credit investor is …

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