SAN DIEGO — Wells Fargo’s Community Lending and Investment (CLI) group has provided a total of $57.9 million in financing for construction of La Sabila, an affordable housing community for seniors in San Diego. The borrower is Wakeland. CLI provided a $30.5 million construction loan and $27.4 million equity investment. The project will consist of 85 residential units reserved for low-income residents over age 55. Further details were not disclosed. Timothy McCann, Terence Cordero and Jessica Gonzalez of CLI arranged the financing.
CERES, CALIF. — Marcus & Millichap has arranged the sale of The Vineyard, an apartment property in Ceres, a suburb of Modesto. The asset traded for $32.6 million, or $153,774 per unit. Jon Mimms of Marcus & Millichap’s Fresno office represented the undisclosed seller and undisclosed buyer in the deal. Built in 1979, The Vineyard features 212 apartments, averaging 671 square feet, with open floor plans, large kitchen pantries and central heating and air conditioning. Community amenities include two swimming pools, five laundry rooms, covered parking, pathways and a walking and jogging trail.
HUMBLE, TEXAS — SRS Distribution Inc. has signed a 52,015-square-foot industrial lease in the northern Houston suburb of Humble. According to LoopNet Inc., the building at 19054 Kenswick Drive was built on 6.6 acres in 2011, and the lease is for the entirety of the property. Robert Alinger and Wes Williams of Colliers represented the landlord, Bertling Logistics, in the lease negotiations. Sarah Pickup and Will Clay of JLL represented the tenant.
ELK CITY AND ENID, OKLA. — Marcus & Millichap has arranged the sale of two retail properties that are net leased to urgent care clinics in Oklahoma for a combined price of $4.7 million. The facilities, both of which are operated by Xpress Wellness, are located in Elk City and Enid, about 100 miles west and north of Oklahoma City, respectively. Dominic Sulo and Benjamin Bach of Marcus & Millichap represented the seller and procured the buyer, both of which were undisclosed limited liability companies, in the transactions.
GILBERT, ARIZ. — Berkadia has arranged the sale and financing of Cambria, a garden-style multifamily community in Gilbert, southeast of Phoenix. Utah-based Bridge Investment Group Holdings sold the asset to a California-based private investor for an undisclosed price. Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix represented the seller in the transaction. Vincent Punzi and Lowell Takahashi of Berkadia Irvine, Calif., secured $31.5 million in permanent acquisition financing on behalf of the buyer. Cambria features 174 apartments, averaging 1,022 square feet per unit, with direct-access attached garages, nine-foot ceilings, side-by-side washers/dryers and a full slate of amenities.
PEORIA, ARIZ. — NAI Horizon has brokered the purchase of an industrial building located at 10857 N. 9th Ave. in Peoria, a suburb northwest of Phoenix. Glez C Properties LLC acquired the asset from Chris Finn for $9.5 million. The buyer plans to expand its construction and asphalt company, Gonzalez Asphalt, into the 81,060-square-foot, Class B warehouse facility, which was built in 2005. Jeffrey Garza Walker and Art Verdugo of NAI Horizon represented the buyer, while Gary Cornish of Newmark and Geoffrey Turbow of CBRE represented the seller in the deal. Eric Nutt of Commonwealth Title also helped facilitate the transaction.
Kraus-Anderson Begins $41.5M Expansion of Trillium Woods Retirement Community in Plymouth, Minnesota
PLYMOUTH, MINN. — Kraus-Anderson has begun a $41.5 million expansion of Trillium Woods, an independent retirement community in Plymouth, a western suburb of Minneapolis. Trillium Woods is a Life Plan Community that provides wellness services and levels of senior healthcare, including memory care, skilled nursing and rehabilitation. The 160,321-square-foot, five-story expansion calls for 18 assisted living units, 16 assisted living memory care units, 52 independent living units and 67 underground parking spaces. Construction is slated for completion in fall 2025. Pope Design Group was the architect.
FORISTELL, MO. — Brinkmann Constructors has broken ground on a 125,500-square-foot cold storage facility for Coastal Carriers in Foristell, about 43 miles west of St. Louis. The project marks the first of three phases. The property will include a 55,600-square-foot freezer with a 42-foot clear height; a 23,500-square-foot cold dock that will span 70 feet deep; a 29,300-square-foot cooler; and 15,500 pallet positions. There will also be an 8,600-square-foot office and a 7,500-square-foot battery charging and maintenance area. Plans call for 73 car parking spaces, 28 trailer spaces and 19 dock doors. Answers Inc. is the architect. Completion is slated for the fourth quarter of this year. Coastal Carriers is a Missouri-based transportation, warehouse and distribution company.
GREEN BAY, WIS. — NAI Pfefferle has brokered the sale of a 39,548-square-foot industrial building located at 1836 Sal St. in Green Bay. The sales price was undisclosed, but the asking price was $1.6 million. John Roberts of NAI Pfefferle arranged the sale. Bartlett Capital Group was the buyer.
BROOKFIELD, WIS. — Common Ground Healthcare Cooperative has leased 19,675 square feet of office space at Executive Center V in the Milwaukee suburb of Brookfield. The property is located at 300 N. Executive Drive. Ned Purtell and Andy Hess of Founders 3 Real Estate Services represented the tenant, which expects to take occupancy June 1.