PHOENIX — A joint venture between Arizona-based Defer Gain LLC and Pacific Oak Capital Advisors is developing three apartment communities that combine affordability with amenities in downtown Phoenix. The projects are valued at $61 million. Situated within the Presidential District, the projects include the 241-unit St. Ambrose Apartments and the 84-unit Presidential Apartments. Located along the light rail line, the two communities are one stop from downtown Phoenix and three stops from Sky Harbor Airport. Additionally, the properties will feature luxury lobbies with mail rooms, including secured lockers for packages and cold/freezer storage for grocery deliveries; clubhouses; multi-purpose rooms; private conference rooms; exercise facilities; resort-style swimming pools; cabanas with private barbecues; and secured ingress/egress. Both properties will also feature street-level retail and mixed-use space. In September, the joint venture plans to break ground on The Imperial Apartment, a 140-unit workforce housing project located in the Edison Eastlake Choice Neighborhoods, which is undergoing a $150 million redevelopment.
RENO, NEV. — Panattoni Development Co. has completed the construction of Longley Commerce Center, a Class A industrial building located at 6550 Longley Lane in Reno. Built on the last large industrial site in south Reno, the asset features 270,975 square feet of flex units ranging in size from 8,400 square feet to 16,800 square feet, as well as bulk industrial units from 24,000 square feet to 218,775 square feet. The project features 30-foot clear heights in all suites, ESFR sprinkler systems, LED lighting and build-to-suit office space. Additionally, the property’s location allows access to Interstate 580, a variety of amenities and the Reno-Tahoe International Airport. Longley Commerce Center is owned by Longley Commerce Center LLC, a joint venture between Markaz and Panattoni Development. Alston Construction served as general contractor for the project, which began in July 2018. Kidder Mathews is providing brokerage services for the project.
DENVER — JLL has secured $20 million in refinancing for Central Park Retail, a multi-tenant retail center located at 1400 Plaza Drive in the Denver-area community of Highlands Ranch, Colo. The borrower is Shea Properties. Completed in 2018, the 61,443-square-foot property is occupied by 21 national and regional tenants, including Ent Credit Union, Rock Bottom Restaurant & Brewery, Shake Shack, Starbucks Coffee, Old Chicago Pizza and Taproom, Torchy’s Tacos and Orangetheory Fitness. Additionally, the nine-building property can be expanded to 64,243 square feet via development of the final pad site. Eric Tupler and Kristian Lichtenfels of JLL arranged the 12-year, fixed-rate loan with a correspondent life insurance company for the borrower. Loan proceeds will be used to refinance the borrower’s construction loan.
PORT ANGELES, WASH. — Crystal Investment Property (CIP) has arranged the sale of All View Motel, an independent economy motel located in Port Angeles on Washington’s Olympic Peninsula. Terms of the transaction, including the names of the seller and buyer and acquisition price, were not disclosed. Built in the 1930s, the single-story motel features 20 guest rooms in a mix of standard rooms with mini-fridges and microwaves and family suites with complete kitchens. Additionally, the property features a 1,400-square-foot owner/manager quarters with private laundry room, fenced front yard and storage area. Visible from Highway 101, All View Motel is situated close to downtown and the ferry port, and is less than a mile from the main entrance to Olympic National Park.
RIVERSIDE, CALIF. — Northstar Commercial Partners has completed the sale of an office building located at 1595 Spruce St. in Riverside. An undisclosed buyer acquired the asset for $6 million. An affiliate of Northstar originally purchased the 67,076-square-foot property in 2015 as one of 24 total assets in a portfolio acquisition totaling $224.3 million. Gary Stache, Doug Mack, Vindar Batoosingh and Phil Woodford of CBRE represented the seller in the deal.
GRAND BLANC, MICH. — Stan Johnson Co. has negotiated the sale of Waretech Industrial Park in Grand Blanc for $14.9 million. The multi-tenant industrial property is located at 7075 S. Dort Highway in suburban Flint. JASCO International, Joshen Paper & Packaging and WGS Global Services fully occupy the 667,000-square-foot property. Rob Gemerchak and BJ Feller of Stan Johnson represented the seller, Dallas-based developer Covington Group. Triyar Cos. LLC, a Los Angeles-based private equity group, purchased the asset.
ST. LOUIS — Fields Foods has opened an 8,200-square-foot grocery store at the Lofts@Euclid, an apartment building in the Central West End of St. Louis. Cullinan Properties owns the building, which is located at the intersection of Euclid and Delmar streets. Fields Foods now shares the ground floor of the 87-unit property with The Medicine Shoppe. A grand opening took place on Thursday, Aug. 15. Many products offered at Fields Foods come from small- and mid-sized farmers and local vendors within 300 miles of St. Louis. Chris Goodson is the owner of Fields Foods.
MISHAWAKA, IND. — Marcus & Millichap has brokered the sale of Cedar Crest Apartments and Jefferson Estates, two adjacent multifamily properties in Mishawaka near South Bend. The sales price was $5 million. Cedar Crest Apartments is comprised of 56 units while Jefferson Estates includes 112 units. The properties feature swimming pools, clubhouses, covered parking and on-site laundry facilities. Scott Harris and Samuel McCarthy of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, neither of which were disclosed.
HIGHLAND PARK, MINN. — Upland Real Estate Group Inc. has arranged the sale of a single-tenant property net leased to Caribou Coffee in Highland Park for $1.2 million. The 1,544-square-foot building is located at the intersection of Fairview and Randolph avenues. Caribou Coffee, founded in Edina, Minn., has just over five years remaining on its lease. Upland represented the 1031 exchange buyer, the Rush family. The seller was not disclosed.
IRVINE, CALIF. — The Bascom Group LLC, an Irvine, Calif.-based private equity firm, has refinanced an 11-property multifamily portfolio. Bascom received individual loans for each asset totaling $235 million. Bascom worked with several capital market partners and lenders to complete the refinancing. Comerica Bank provided five loans while Silvergate Bank provided two of the loans. TCF Bank, New York Life, Citizens Business Bank and Texas Capital Bank each funded one loan as well. Brian Eisendrath and Annie Rice from CBRE, Charles Halladay and Jamie Kline from JLL and Tom Sherlock and Erich Pryor from Talonvest arranged the debt financing The portfolio includes six properties that are located in California and two that are located in Las Vegas. The other three properties are located in Colorado, Arizona and Texas. All of the properties are part of Bascom’s third fully discretionary fund, Bascom Value Added Apartment Investors III LLC The transaction yielded more than $39 million in additional loan proceeds for Bascom Group, enabling the firm to reduce its debt service requirement by 16 percent. Most of the loans were structured with interest-only terms for 24 to 36 months and rates between 180 and 200 basis points over LIBOR. “Our lending partners …