Property Type

Glendale-Plaza-Glendale-CA

GLENDALE, CALIF. — CBRE has secured $145 million in refinancing for Glendale Plaza, a recently renovated, Class A office tower in Glendale. Located at 655 N. Central Ave., the 24-story, 542,000-square-foot tower was originally constructed in 1999 and is currently 77 percent leased to a mix of media companies, blue-chip financial services firms and law firms. The property includes an adjacent eight-level parking structure. Brad Zampa, Michael Walker and Greg Grant of CBRE’s Debt & Structured Finance group represented the borrower and building owner, DivcoWest, in the financing. The five-year, floating-rate loan was secured through a multinational investment banking company. DivcoWest acquired Glendale Plaza in 2017 and has invested more than $17 million into building upgrades, including the addition of an indoor/outdoor experience, common areas, event and conference space for tenants, a fitness area and modernization of the restrooms. The company is also planning to add a restaurant and café to the asset.

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Arboretum-South-Mountain-Phoenix-AZ

PHOENIX — Sares Regis Multifamily Value-Add Fund IV has acquired Arboretum at South Mountain, a multifamily property in the Ahwatukee Foothills Village region of Phoenix. Khosro Khaloghli sold the asset for $118.2 million, or $379,006 per unit. Built in 1999 on 12.5 acres, the 15-building property features 312 apartments with nine-foot ceilings, full-size washers/dryers and private balconies or patios. The community also offers a swimming pool and freestanding fitness center with pool views. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in transaction.

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Marina-Pacific-Long-Beach-CA

LONG BEACH, CALIF. — Gantry has arranged a $33.3 million refinancing for Marina Pacific Shopping Center, located on Pacific Coast Highway in Long Beach. George Mitsanas, Peter Hillakas and Austin Ridge of Gantry’s Los Angeles production office represented the borrower, a private investor, in the financing. Situated on 20 acres, the property features 296,958 rentable square feet of retail space in nine buildings. Anchor tenants include Ralphs Supermarket, Nordstrom Rack, Barnes & Noble, AMC Theatres, LA Fitness and Howards Appliances.

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10300-W-Buckeye-Tolleson-AZ

TOLLESON, ARIZ. — Stos Partners has completed the disposition of a single-tenant industrial facility located at 10300 W. Buckeye in Tolleson. An undisclosed institutional buyer acquired the property for $27.5 million. Built in two phases in 2005 and 2016, the 227,000-square-foot property features 32-foot clear heights, dock-high loading doors and a variety of high-quality amenities. Stos Partners originally purchased the facility in December 2020 for $16.3 million.

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Venice-Mar-Portfolio-Los-Angeles-CA

LOS ANGELES — LA Apartments has purchased Venice-Mar Vista Portfolio, a six-property apartment portfolio in the Westside region of Los Angeles. A family trust sold the asset for $30 million. Built between 1961 and 1971, the portfolio includes: 17 units at 11735 Culver Blvd. 14 units at 11964 Lindblade St. 10 units at 4316 Berryman Ave. 18 units at 2712 Abbot Kinney Blvd. 24 units at 711 and 715 Machado Drive 16 units at 450 S. Venice Blvd. Kevin Green, Joseph Grabiec and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, and Peter Castleton of Voit Real Estate Services represented the seller and procured the buyer in the deal.

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CHICAGO — The Habitat Co., a Chicago-based multifamily developer and operator, plans to build a 33-story apartment high-rise in its hometown. The firm closed on the site acquisition at 344 N. Canal St. in Chicago’s Fulton River District that is currently home to the five-story Cassidy Tire brick building. Designed by Solomon Cordwell Buenz, the new tower will rise 375 feet and feature a glass façade. Habitat’s joint venture partner on the project is Diversified Real Estate Capital LLC, a private equity investment firm based in Chicago. The land seller was not disclosed. “As we know from experience, there will always be a demand for Class A rentals in prime city locations like 344 N. Canal, so the fact that a highly experienced and successful developer like The Habitat Co. was behind the building only made it that much more attractive for us to be part of the project,” says Jeff Cherner, executive vice president of Diversified Real Estate Capital. Habitat Co. will begin demolition and break ground on the 343-unit property this spring, though a target delivery date was not disclosed. Upon completion, the unnamed community will feature a mix of studio, one- and two-bedroom units, as well as …

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COVID-19 has changed many investors’ approaches to the seniors housing sector.  The pandemic caused a major shift in who’s buying and who’s selling. Some of the biggest buyers in 2019 were the biggest sellers in 2021. For example, institutional investors went from buying more than $2 billion in 2019 to selling more than $3 billion through the first three quarters of 2021. That’s according to Real Capital Analytics, a New York City-based data firm. The numbers are based on publicly announced deals over $2.5 million. “There still is an element of fear and uncertainty,” says Jim Costello, senior vice president with Real Capital Analytics. “We saw early in the pandemic that some of the management issues resulted in more fatalities. It’s not the problem now that it was then, but that comes with higher costs. More spending has to be done to mitigate the risks involved. That changes the investment opportunities.” These changes have led to a growing bid-ask spread in the marketplace. Buyers aren’t willing to spend as much, knowing that expenses are higher now, but sellers aren’t necessarily willing to reduce prices, says Costello. At least in 2020, this resulted in a massive dip in overall deal volume, …

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GLENVIEW, ILL. — McShane Construction Co. has completed a 429,524-square-foot addition to the warehouse and showroom for Abt Electronics in the Chicago suburb of Glenview. The expansion more than doubled the tenant’s space. The project includes 22,230 square feet of office space and 407,294 square feet of warehouse space. The office buildout includes trucking offices, security offices, a break room and open office space. The single-story warehouse features a clear height of 32 feet and 39 semi-truck docks. Abt sells home appliances and electronics.

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ILLINOIS, INDIANA AND WISCONSIN — Ryan Cos. US Inc. has completed three new healthcare facilities in the Midwest. The properties include Edward-Elmhurst Health Center in Woodridge, Ill.; U.S. Department of Veterans Affairs community-based outpatient clinic in Brownsburg, Ind.; and Froedtert & the Medical College of Wisconsin Community Hospital in Mequon, Wis. The Woodridge facility rises two stories and spans 36,100 square feet at the southwest corner of Route 53 and 75th Street. The property includes offices for primary care physicians and specialists. Additional services include a walk-in clinic, behavioral health, physical therapy, laboratory and diagnostic imaging. The Brownsburg facility is located just west of Indianapolis. The clinic provides primary care and specialty services such as mental health, orthopedics, podiatry, neurology, cardiopulmonary, women’s health, blood draw, optometry, audiology, radiology, prosthetics and physical therapy to veterans. The building also houses a pharmacy, meeting spaces for 175 staff members, food services, a chem lab, training classroom, locker rooms and police services. Lantz-Boggio Architects served as architect. The 17,000-square-foot hospital in Mequon is located across the street from the 89,300-square-foot Froedtert Mequon Health Center that Ryan developed in 2017. The suburban Milwaukee facility will house eight inpatient beds, a seven-bed emergency department, laboratory, pharmacy …

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CLEVELAND — IWG, a provider of flexible workspaces, has opened Spaces Cleveland in the city’s historic Warehouse District. The 27,000-square-foot flexible workspace is situated within the Western Reserve Building and features 48 offices and three meeting rooms. IWG says it added 2 million new customers globally in 2021, reflecting the largest growth in its 30-year history.

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