RENO, NEV. — Berkadia has arranged the sale of The Element, a garden-style apartment property in Reno. A Los Angeles-based private owner sold the asset to a private buyer for $41 million. Jared Glover of Berkadia Nevada represented the seller in the deal. Built in 1975 and 1977, The Element features 206 apartments and walkable proximity to Whole Foods Market, Target and a variety of restaurant and retail offerings.
HUNTINGTON BEACH, CALIF. — Matthews Real Estate Investment Services has directed the purchase of Mora Kai Apartment Homes, a multifamily property located at 18881 Mora Kai Lane in Huntington Beach. A local private value-add investor acquired the asset from an undisclosed seller for $16.1 million in an off-market transaction. Situated on 2.7 acres, Mora Kai Apartments features 12 residential buildings offering a total of 42 two- and three-bedroom townhome-style apartments. According to Matthews, the property offers more than 60 percent rental upside potential through interior renovations and rental repositioning, as in-place rents are currently well below market. The buyer plans to implement a strategic capital program to increase rents, stabilize operations and refinance into long-term debt. Kyle Mirrafati of Matthews represented the buyer in the transaction. Matthews Capital Markets secured nonrecourse, 24-month bridge financing at an 80 percent loan-to-cost ratio for the buyer.
BURLINGTON, COLO. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 44-bed skilled nursing facility in Burlington, a city in eastern Colorado. The building totals roughly 25,003 square feet. A group of California-based investors sold the property to a Colorado-based owner and operator for an undisclosed price. Vince Viverito, Jason Punzel, Jeff Binder and Nick Cacciabando of SLIB brokered the transaction.
FARMINGTON, N.M. — Mavin Capital has completed the disposition of a single-tenant restaurant property located at 2700 E. Main St. in Farmington. FCPT Acquisitions LLC c/o Four Corners Property Trust purchased the property for $2.8 million. Buffalo Wild Wings occupies the 6,178-square-foot building, which includes a drive-thru, ample parking and prominent frontage on Main Street, on a triple-net lease basis. Cushman & Wakefield’s Chris Hollenbeck and Shane Carter, along with local broker of record Brett Preston of PIRES International (part of the Cushman & Wakefield Alliance), represented the seller in the transaction.
ONTARIO, CALIF. — Rancho Cucamonga, Calif.-based IHC State LLC has completed the disposition of a fully occupied industrial and office building in Ontario. Santa Fe Springs, Calif.-based Orden Co. acquired the asset for $57.1 million. Located at 875 W. State St., the cross-dock facility offers 257,722 square feet of space, a 40-foot minimum clear height, 51 dock-high doors, two GL doors and 2,000 amps of power. Eric Fikse and Eric Burney of DAUM Commercial represented the seller, while Fikse procured the buyer in the deal.
FORT COLLINS, COLO., AND MERIDIAN, IDAHO — The Milestone Group has purchased two apartment properties in Colorado and Idaho totaling 602 units. Terms of the transactions were not released. Milestone acquired Bucking Horse Apartments, a 322-unit, garden-style asset within the 160-acre Bucking Horse master-planned community in Fort Collins. The property features low-density residential buildings offering one-, two- and three-bedroom units, as well as three-bedroom garage townhomes. Additionally, Milestone purchased Prelude at Paramount, a 280-unit garden-style property in Meridian. The resort-style community features one-, two- and three-bedroom units with smart home technology and recently renovated common area amenities.
ALISO VIEJO, CALIF. — BMO Healthcare Real Estate has provided financing for the acquisition of Belmont Village Aliso Viejo in southern California’s Aliso Viejo. Harrison Street Asset Management was the borrower. Opened in 2019, the community totals 156 assisted living and memory care units. Belmont Senior Living developed and operates the property. Harrison Street currently has more than $108 billion in assets under management.
SAN FRANCISCO — Los Angeles-based Palomar Fitness Partners has acquired a retail building located at 1515 Sloat Blvd. in San Francisco. Lucky California Supermarket occupied the 50,000-square-foot property on a long-term lease. The buyer purchased the asset as part of a 1031 tax-deferred exchange. Additional terms of the transaction were not released. Patrick Wade and Alexander Kozakov of CBRE represented the undisclosed seller in the deal.
ESCONDIDO, CALIF. — CBRE has brokered the sale of Valley Parkway Health Center, a medical office building located at 488 E. Valley Parkway in Escondido. Neighborhood Healthcare acquired the asset for $36.4 million. Lars Eisenhauer and Dan Henry of CBRE represented the undisclosed seller, while Chris Ross and Ben Schiesl of JLL represented the buyer in the deal. The four-story, 72,000-square-foot multi-tenant facility includes an ambulatory surgery center, endoscopy center, onsite pharmacy and cardiology lab services.
ENGLEWOOD AND SHERIDAN, COLO. — A joint venture between ErvoSquare and Matrix Group has purchased a 10-building small-bay industrial portfolio in Englewood and Sheridan for $33.4 million, or $130.91 per square foot. Michael DeSantis and Brett MacDougall of Unique Properties Inc. / TNC Worldwide represented the buyer in the deal. Situated on 13.9 acres, the 225,150-square-foot portfolio features small-bay industrial units ranging from approximately 1,840 square feet to 8,000 square feet. A majority of the units include drive-in doors. At the time of sale, the portfolio was 90 percent occupied. The new ownership group plans to complete extensive capital improvements across the portfolio, including roof replacements, mechanical system upgrades, interior renovations, parking lot improvements and exterior paint.
