Property Type

Envoy Provides $4.5M Construction Loan to Finance Goodwill Store in Henderson

by Nellie Day December 5, 2014

HENDERSON, NEV. — Envoy Net Lease Partners LLC has closed a $4.5 million loan for a new Goodwill of Southern Nevada store, the first to be funded under a multi-property construction facility. The first project, a 16,000-square-foot freestanding retail store in Henderson, will be situated across the street from the Nevada DMV and a Walmart Neighborhood Market anchored-shopping center. Envoy worked in tandem with its senior bank partner to provide the subordinated “B-piece” financing that allowed the developer borrower, Brentwood Capital Partners, to fund the construction of the Henderson store.

December 5, 2014

Colorado Multifamily Western

Ultra-Luxury Apartment Community The Confluence Breaks Ground in Denver

by Nellie Day December 5, 2014

DENVER –The Confluence, an ultra-luxury, 288-unit apartment community, has broken ground in Denver. The high-rise tower will be located at 2166 15th Street, in the Lower Downtown (LoDo) District. The new project is named after its unique location: at the confluence of the South Platte River and Cherry Creek. It will feature a mix of studio to three-bedroom units that range in price from $1,500 to $12,000 per month. The new multifamily high-rise will be the tallest building in Riverfront Park once it’s completed. It is being designed by GDA architects. The glass apartment tower will feature common-area amenities that include a large terrace with a saltwater infinity-edge pool, underwater sound system, heated Jacuzzi, outdoor cabanas and fire pit, Skyline Lounge with catering kitchen, fitness center, concierge, a dog washing station and a 24-hour coffee bar. All homes feature views of either Downtown Denver or the Rocky Mountains. The ground floor of the building is intergraded into Confluence Park, which contains more than 8,000 square feet of high-end, ground-floor retail and restaurant space. It includes access to the trails along Cherry Creek and the South Platte River. The Confluence is being developed by a joint venture between PM Realty Group …

December 5, 2014

Multifamily Oregon Western

Honeyman Hardware Lofts in Portland Sells for $37M

by Nellie Day December 5, 2014

PORTLAND, ORE. – DiNapoli Capital Partners has purchased the 100-unit Honeyman Hardware Lofts in Portland for $37 million. The community is located at 555 NW Park Ave., in the city’s Downtown Pearl District. Honeyman Hardware also features 10,800 square feet of street-level retail space. It was originally built between 1903 and 1920 as three individual buildings. All three buildings were renovated and converted into residential and retail uses between 1989 and 1991. The Cotter Building, the largest of the three structures, was originally home to the Honeyman Hardware Company. It is listed on the National Register of Historic Places. The Cotter Building now houses 66 residential units. The remaining two buildings, the Bindery Building and the Metro Building, both contain 17 additional units. Select Honeyman Hardware apartments feature two-level floor plans, exposed brick walls, vaulted ceilings, private balconies, Jacuzzi baths and built-in window seats. The seller, a joint venture between Lubert-Adler Partners and Security Properties, had invested $4.9 million to upgrade the community. It also converted a portion of the retail space into 11 live-work lofts, in addition to creating a new resident lounge with free Wi-Fi and a gourmet coffee bar. The sale was executed by HFF’s Ira Virden.

December 5, 2014

California Industrial Western

TIAA-CREF Buys Eastvale Industrial Building for $36.7M

by Nellie Day December 5, 2014

EASTVALE, CALIF. – TIAA-CREF has purchased a 377,100-square-foot industrial building in the Inland Empire community of Eastvale for $36.7 million. The Class A building is located at 4000 Hamner Ave. The building, commonly referred to as Park Mira Loma West, is fully occupied by Lennox International. The HVAC firm uses the building for warehousing and distribution. The company’s current lease agreement expires in 2020. Park Mira Loma West was built in 2000. It is situated near Interstates 10 and 15, as well as the 60 Freeway and Ontario International Airport. The seller, TA Associates, was represented by CBRE’s Darla Longo, Barbara Emmons and Rebecca Perlmutter Finkel. The team was assisted by Ian DeVries and Chris DeVries of Colliers International.

December 5, 2014

California Mixed-Use Western

The Jensen’s Recreation Center in Echo Park Sells for $15M

by Nellie Day December 4, 2014

LOS ANGELES – The Jensen’s Recreation Center, a 50,000-square-foot, mixed-use building in the Echo Park submarket of Los Angeles, has sold to Vista Investment Group LLC for $15 million. The center is located at 1706 Sunset Blvd. It includes 46 apartment units and 21,000 square feet of ground-floor retail and commercial space. The residential portion is fully leased, while the retail portion is 96 percent leased to tenants like Blue Bottle Coffee and Sage Vegan Bistro. Vista will invest up to $1.2 million in capital improvements to upgrade the building entry, lobby and other common areas. Darin Beebower of Madison Partners represented both the buyer and seller, Sunset Holding Co. LLC, in this off-market transaction. Andrew Kirsh of Sklar Kirsh LLP served as Vista’s attorney.

December 4, 2014

California Industrial Western

Vista Industrial Building Sells for $7.4M

by Nellie Day December 4, 2014

SAN DIEGO – A 76,954-square-foot industrial building in the San Diego submarket of Vista has sold to PacVentures for $7.4 million. The building is located at 970 Park Center Drive in the Vista Business Park. It is fully leased to two unnamed tenants. Russ Jabara and Dave Pinnegar of Colliers International represented both the buyer and seller, FG&S LLC, in this transaction.

December 4, 2014

California Retail Western

The Marketplace at Windingwalk in Chula Vista Nabs Four New Tenants

by Nellie Day December 4, 2014

SAN DIEGO – The Marketplace at Windingwalk, a 104,206-square-foot retail center in the San Diego submarket of Chula Vista, has received four new tenants. The new residents include Denny’s, Sally Beauty, Millenia Dental and Massage Eden. The center is currently 92 percent occupied. Notable tenants include Wells Fargo, Bank of America, In-N-Out Burger and Oggi’s Pizza & Brewing Company. The newest tenants to open at the Marketplace at Windingwalk include El Michoacano, Moose’s Barbershop, Love Cupcake Café and Super Pollo. The property is owned by Shea Properties.

December 4, 2014

Arizona Office Western

Scottsdale Office Building Sells for $5.1M

by Nellie Day December 4, 2014

SCOTTSDALE, ARIZ. – A 30,120-square-foot office building in Scottsdale has sold to Garland’s Oak Creek Lodge for $5.1 million. The building is located at 6910 E. Chauncey Lane within the North Scottsdale Corporate Center. It was constructed in 2006. Garland’s was represented by Francis Marotta of MarCor Commercial Real Estate. The seller, CM & PM Acquisitions LLC, was represented by Colton Trauter and Bill Blake of Lee & Associates.

December 4, 2014

Arizona Office Western

Progressive Leasing Takes Space at Talavi Corporate Center in Glendale

by Nellie Day December 4, 2014

GLENDALE, ARIZ. – Progressive Leasing has absorbed 20,000 square feet at Talavi Corporate Center in Glendale. The office campus is located at 5651 W. Talavi Blvd. This will be the financial services vendor’s first operations center in Arizona. CBRE’s Ashley Brooks, Jim Bayless and Jenny Aust negotiated the lease on behalf of Progressive and its landlord, ROF II Talavi LLC.

December 4, 2014

Multifamily New Jersey Northeast

HFF Brokers $23.8M Sale of 294-Unit Apartment Community in Newark

by Amy Works December 4, 2014

NEWARK, N.J. — HFF has brokered the sale of Parkwood Place Apartments, a mid-rise apartment community located in the Forest Hill neighborhood of Newark. A joint venture between Alex Brown Realty and Treetop Development sold the 294-unit property for $23.8 million, or $80,952 per unit, to an undisclosed buyer. Parkwood Place Apartments comprises seven six-story buildings featuring 71 studio, 147 one-bedroom and 76 two-bedroom units. Jose Cruz, Andrew Scandalios, Kevin O’Hearn and Michael Oliver of HFF represented the seller in the transaction.

December 4, 2014

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