Property Type

4455-W-Camelback-Rd-Phoenix-AZ

PHOENIX — San Diego-based Westcore has purchased an industrial warehouse property located in Phoenix for $12.4 million in a sale-leaseback transaction. Dreamfoam Bedding, doing business as Brooklyn Bedding, occupies the facility and will lease it back from Westcore for a short period of time. Located at 4455 W. Camelback Road in Phoenix’s Southwest Valley submarket, the property features 148,689 square feet of Class A industrial warehouse space. Phil Haenel, Andy Markham, Mike Haenel and Will Strong of Cushman & Wakefield represented the buyer, while Scott Backes and Rose Arck of Brydant Real Estate represented the buyer in the deal.

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1200-Lancaster-Dr-NE-Salem-OR

SALEM, ORE. — Neville & Butler Commercial Real Estate has brokered the sale of a retail building located in Salem. Raider Hill Advisors sold the asset for an undisclosed price. Located at 1200 Lancaster Drive NE, the former Toys R Us property features 47,000 square feet of retail space. Steven Neville and Natalie Butler of Neville & Butler Commercial Real Estate represented the seller in the deal. The name of the buyer was not released.

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KENNEWICK, WASH. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 36-unit assisted living community in Kennewick, located near the Oregon border in the eastern half of the state. The property was over 90 percent occupied at the time of sale, though it has struggled in recent years due to key leadership turnover, according to Blueprint. For this reason, it was still marketed as a value-add opportunity. The buyer was well capitalized and local, and this is the company’s fourth acquisition in Washington. The seller and price were not disclosed.

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WASHINGTON, D.C. — Hines, Urban Atlantic and Triden Development Group, along with joint venture partner Bridge Investment Group, have purchased 1.5 acres at The Parks at Walter Reed in Washington, D.C. to develop The Hartley. Whole Foods Market will anchor the luxury apartment project. Of The Hartley’s 323 units, 32 will be designated as affordable. The Hartley will also include 58,000 square feet of retail space. It is considered the focal point of Town Center, which will feature 100,000 square feet of dining, shopping and entertainment around an active plaza fronting Georgia Avenue. The project is part of the master plan for the redevelopment of the former Walter Reed Army Medical Center. Once complete, The Parks at Walter Reed will include more than 3.1 million square feet of new construction and adaptive reuse of existing structures. The 66-acre project will include a mix of green space, 130,000 square feet of retail, approximately 2,100 residential units, office space, ambulatory care by Howard University and two foreign language charter schools. The Hartley will be the third phase of construction at The Parks at Walter Reed. Previous projects were The Brooks, an 89-unit condo development, and The Vale, a 301-unit apartment project currently …

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True-Religion-Elizabeth-NJ

MANHATTAN BEACH, CALIF. — True Religion, a premium jeans retailer based in Manhattan Beach, filed papers in Delaware bankruptcy court on Monday, April 13. In its filing, the company stated that pandemic-related closure of all its retail location and all the stores of its wholesale buyers had accelerated “existing liquidity constraints.” Due to these factors, True Religion furloughed all nonessential employees and reentered Chapter 11, which it previously entered in July 2017. “While the debtors would have preferred to wait out the current instabilities of the financial markets and retail industry generally, [True Religion] simply could not afford to do so,” according to the filing. The company, which was founded in 2002, stated in its bankruptcy filings that it has just north of 1,000 employees, 92 percent of them currently furloughed. The Chapter 11 petition listed between $100 million and $500 million in liabilities.

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High-Point-Village-Enumclaw-WA

ENUMCLAW, WASH. — M&T Realty Capital Corp. has provided a $16.8 million Freddie Mac loan for High Point Village, a seniors housing community in Enumclaw, approximately 35 miles southeast of Seattle. The community features 108 units of independent living, assisted living and memory care. The loan, which will refinance existing debt, features a 60 percent loan-to-value ratio, 10-year term and fixed rate. It also includes five years of interest-only payments followed by a 30-year amortization. The borrower is a multi-generational, family-run business. The property is listed on the website of Village Concepts, which operates 25 seniors housing communities all located in Washington State. Steve Muth of M&T Realty Capital Corp.’s Richmond, Virginia, office led the transaction.

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NORTH HILLS, CALIF. — Marcus & Millichap has brokered the sale of Motel 6 Los Angeles – Van Nuys – North Hills, located at 15711 Roscoe Blvd. in North Hills. A limited liability company sold the asset to a private investor for $9 million. The hotel features 131,412 square feet of space. Brandon Michaels, Steven Schechter and Sean Brandt of Marcus & Millichap’s Encino, Calif., office represented the seller and buyer in the transaction.

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ALBUQUERQUE, N.M. — Hunt Real Estate Capital has funded a $7.7 million Fannie Mae conventional multifamily loan for the acquisition of Sage Canyon Apartments, a multifamily community located at 6134 Fourth St. NW in Albuquerque. The borrower is Engel Sage Canyon LLC, an Alabama-based, single-asset entity. The loan features a 12-year term, 30-year amortization schedule and 48 months of interest-only payments. Chad Hagwood of Hunt Real Estate Capital handled the financing for the borrower. Built in 1985 on four acres, Sage Canyon Apartments features 105 garden-style units spread across eight two-story residential buildings. The community also features an amenity building that includes the leasing office, fitness center and laundry facilities. Additionally, the gated property features 113 parking spaces. Since 2019, 48 of the apartments have been renovated, including new flooring, paint, lighting, plumbing fixtures, appliances and stackable laundry machines. During 2018, additional property improvements were completed including asphalt repairs, new pool gazebos, installation of new signage, exterior lighting improvements, solar screens, private balconies and exterior paint. The borrower plans to continue the renovation process.

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CENTENNIAL, COLO. — Denver-based Quiver Investments and NavPoint Real Estate Group have negotiated the sale of Arapahoe Plaza East II, an office building located in Centennial. An undisclosed buyer acquired the asset for $3.5 million. Located at 7955 E. Arapahoe Court, the property features 29,140 square feet of multi-tenant office space. At the time of sale, the asset was 96 percent occupied. John Witt of Quiver Investments and Matt Kulbe of NavPoint Real Estate Group represented the seller. Lon Welsh of Your Castle Real Estate represented the buyer in the deal.

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MELVILLE, N.Y. — A&G Real Estate Partners has negotiated the sale of the leasehold interest in 10 grocery stores previously occupied by organic specialty grocery chain Earth Fare. The grocer filed for Chapter 11 bankruptcy reorganization in early February and the final leasehold sale closed Friday, April 10. The 10 stores averaged 26,000 square feet. Southeastern Grocers’ Winn-Dixie chain acquired four stores in Boynton Beach, Jacksonville, Lakewood Ranch and Viera, Fla. Austin, Texas-based Whole Foods Markets acquired two stores in south Asheville, N.C., and Chattanooga, Tenn, and Aldi acquired one store in Tallahassee, Fla. An investor group that includes one of Earth Fare’s founders and several of the chain’s former executives acquired three stores, which are located in Athens, Ga.; Roanoke, Va.; and Asheville. The group also acquired Earth Fare’s trade name and other intellectual property. Joseph McKeska led an A&G team that represented Earth Fare in the transactions. The sales contributed a total of more than $6 million to the estate of Earth Fare. A&G, an asset disposition advisory firm based in Melville, also negotiated the lease terminations of nine Earth Fare locations. The agreements with landlords were in Gainesville, Ocala and Palm Beach Gardens, Fla.; Columbia and Rock Hill, S.C.; …

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