WALLA WALLA, WASH. — Walker & Dunlop Inc. has arranged a $25 million loan for Wheatland Village, an independent living, assisted living and memory care community in Walla Walla, located in the southeastern corner of Washington near the Oregon border. Portland, Ore.-based Generations Senior Living operates the Class A community. The company developed the property in 2004 through a partnership with a nonprofit hospital. Wheatland Village features 134 independent living units, 62 assisted living units and 38 memory care units. The memory care portion was added in 2013. Jeffrey Ringwald and William Jackson of Walker & Dunlop structured the 15-year, fixed-rate, Fannie Mae loan with a 30-year amortization schedule. The transaction consolidates two existing loans and features a 60 percent loan-to-value ratio.
VICTORVILLE, CALIF. — Stirling Capital Investments has completed construction on a 447,740-square-foot industrial facility within Southern California Logistics Centre in Victorville. The facility, known as Building 13B, was built in 19.3 acres within the 2,500-acre commercial and industrial complex. Arden Cos. has pre-leased 211,000 square feet at Building 13B, and Newell Brands leased the remaining space. Southern California Logistics Centre is entitled for 60 million square feet of development.
KENT, WASH. — BKM Capital Partners has purchased Andover Executive Park, a 181,163-square-foot industrial business park in the Kent submarket of Tukwila for $19.8 million. The park is located at 400-774 Industry Drive. BKM plans to implement a series of capital improvements to the business park, which was built in 1974. Upgrades will include the buildings’ roofs, exterior paint, landscaping, facades and signage. CBRE represented the seller, ScanlanKemperBard, in the transaction.
PASO ROBLES, CALIF. — MBK Rental Living has purchased the 144-unit Buena Vista Apartments in Paso Robles for $5.8 million. The community is located at 708-1002 Experimental Station Road. MBK plans to upgrade the property. The company represented itself in this transaction, while Marty Indvik of Lee & Associates and Jim Fisher and Michael Smith of Berkadia, represented the seller, Arjun Buena Vista Properties LLC.
IRVINE, CALIF. — Wet Seal will open 13 pop-up locations during the 2016 holiday season at GGP regional shopping centers throughout the United States, including Arizona and Washington. The temporary locations are slated to open simultaneously on Nov. 3. The stores will range from 3,000 to 5,000 square feet. The Tucson Mall in Tucson, Ariz., will receive a pop-up shop, as will Northtown Mall in Spokane, Wash. The Wet Seal LLC is an Irvine, Calif.-based specialty retailer of young contemporary women’s apparel and accessories with over 160 stores in the United States. Chicago-based General Growth Properties, Inc. (GGP) is an S&P 500 company focused on owning, managing, leasing and redeveloping high-quality retail properties throughout the United States.
ALLEN, TEXAS — WatchGuard Video, a manufacturer of law enforcement video systems, will be building its new corporate headquarters in Allen, accommodating up to 700 employees. The build-to-suit project will be completed in two phases for a total of 200,000 square feet of office space and a corporate investment of $46 million. WatchGuard’s new corporate headquarters will be located on 12 acres at the intersection of Exchange and Andrews parkways near Cabela’s and Topgolf, just east of Central Expressway. The first phase of the two-story, 140,000-square-foot office facility is expected to cost $36 million and will open at the end of 2017. The company’s second phase, set for a 2022 completion, will add another 60,000 square feet of space and is expected to require an additional $10 million investment. The company expects to move between 280 and 300 employees into the new office, with a total capacity of around 500 employees before further expansion is necessary. The facility will include open group areas for collaborating, training rooms, an outdoor recreation space, indoor racquetball court, gym, health clinic and a “customer experience room” that allows demonstrations of the company’s products.
CHICAGO — Developer Smithfield Properties is nearing completion of SoNu Digs, Chicago’s first ground-up, micro-apartment building. SoNu is located at 1515 N. Fremont St. in the Lincoln Park/SoNo neighborhood. The apartments, which will be ready for occupancy in December, range in size from 336 square feet to 438 square feet. Monthly rental rates range from $1,300 to $1,655. SoNu is the final part of a planned SoNo complex built by Smithfield Properties, which includes the SoNo East apartments and SoNo West condominiums. Calibrate Management will lease and manage the property.
MINNEAPOLIS — WNC has provided nearly $2 million in low-income housing tax credit (LIHTC) equity to fund the development of Linden Grove Veteran Apartments, a 37-unit affordable housing complex exclusively constructed for homeless veterans of the U.S. Armed Forces in the Minneapolis suburb of St. Cloud. The three-story building sits on six acres of land and is located at 4804 Veterans Drive. The apartments are part of the St. Cloud VA Health Care System and designated as permanent housing for low-income veterans who are homeless or at risk of homelessness. St. Michael Development Group LLC, a subsidiary of The Sand Companies Inc., developed the apartments. Affordable Housing Initiatives LLC served as the managing general partner of the project and Jamie Thelen as its developer.
ST. CLOUD, MINN. — Mid-America Real Estate-Minnesota LLC has brokered the sale of Division Place, a 130,000-square-foot shopping center in St. Cloud. Division Place is located on the corner of Division Street West and 27th Avenue South. Tenants include TJ Maxx, Dollar Tree and Famous Footwear. Joe Girardi and Mark Robinson of Mid-America Real Estate Corp. were the exclusive brokers in the transaction on behalf of the seller, Vanbarton Group. An affiliate of Core Acquisitions LLC purchased the center, and hired Mid-America Real Estate-Minnesota as the exclusive leasing and management firm.
KANSAS CITY, KAN. — Block & Co. Inc. has sold a 1.1-acre pad site at the Plaza at the Speedway development in Kansas City to Burger King. The pad site is located on the northwest quadrant of I-435 and Parallel Parkway in front of Sam’s Club and Kohl’s. The Plaza at the Speedway is an 850,000-square-foot retail shopping center located in the heart of a major tourism district. Other tenants include Walmart Supercenter, Taco Bell and Chick-fil-A. Anchor space, pad sites and small shop spaces are still available. Alex Block and David M. Block of Block & Company represented the seller, Plaza Speedway Development Inc., in the transaction.