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AcquisitionsNevadaRestaurantRetailWestern

BIG Shopping Centers USA, Red Development Sell Mixed-Use Development in Northern Nevada for $103M

by Amy Works

SPARKS, NEV. — BIG Shopping Centers USA and Red Development have completed the sale of Legends at Sparks Marina, a 41-acre mixed-use development in northern Nevada, to Alturas Capital Partners for $103 million. Kyle Miller and Rob Ippolito of Newmark represented the seller in the deal. Located at 1310 Scheels Drive, Legends at Sparks Marina features 421,479 square feet that was 95.8 percent leased at the time of sale. Current tenants include Galaxy Theatres, Burlington, H&M, Nike, Sephora, Defy, Calendar’s and Yard House, which is currently under construction.

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Palm-Court-Apts-LA-CA
AcquisitionsCaliforniaLoansMultifamilyWestern

Walker & Dunlop Provides $33.2M Agency Acquisition Loan for Los Angeles Multifamily Community

by Amy Works

LOS ANGELES — Walker & Dunlop has provided a $33.2 million Freddie Mac acquisition loan for Palm Court Apartments in Los Angeles’ Miracle Mile neighborhood. Bryan Frazier, Blake Hockenbury, Steven Paskover, Sheri Blackburn and Dillon Hoffman of Walker & Dunlop Capital Markets Real Estate Financing secured the fixed-rate, full-term interest-only loan. Located at 740 S. Burnside Ave., Palm Court Apartments features 132 apartments within a four-story building. The property offers convenient access to downtown Los Angeles, Beverly Hills and the Wilshire Corridor.

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Edwards-Professional-Park-Scottsdale-AZ
AcquisitionsArizonaHealthcareLoansWestern

Cushman & Wakefield Arranges $19.9M in Acquisition Financing for Medical Office Buildings in Scottsdale

by Amy Works

SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged $19.9 million in acquisition financing for Edwards Professional Park I & II in Scottsdale. Tyler Morss of Cushman & Wakefield’s Healthcare Capital Markets team arranged the debt through an undisclosed regional bank on behalf of the borrower, Albany Road, a Boston-based private equity real estate investment firm. Located at 10752 N. 89th Place and 8952 E. Desert Cove Ave., Edwards Professional Park I & II features 91,469 square feet spread across two buildings. At the time of the loan closing, the buildings were 91 percent leased to 47 medical and healthcare-related tenants in fields such as dentistry, orthopedics, gastroenterology, dermatology, behavioral health, physical medicine, infusion therapy and aesthetic medicine practice.

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901-Webster-St-Alameda-CA
AcquisitionsCaliforniaRetailWestern

Marcus & Millichap Brokers $5M Sale of Single-Tenant Retail Property in Alameda, California

by Amy Works

ALAMEDA, CALIF. — Marcus & Millichap has brokered the $5 million sale of a single-tenant retail property located in the Bay Area city of Alameda. Peet’s Coffee & Tea occupies the 3,000-square-foot building on a 10-year lease with annual rent increases. Mark Mason of Marcus & Millichap procured the buyer, a California-based private corporate trust, in the transaction. Brandon Norton and David Lucas of Monarch Commercial Advisors represented the seller, a California-based private client.

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9211-NE-15th-Ave-Vancouver-WA
LoansMultifamilyWashingtonWestern

JLL Provides $42M Agency Loan for Refinancing of Multifamily Property in Vancouver, Washington

by Amy Works

VANCOUVER, WASH. — JLL has provided a $42 million Fannie Mae loan for the refinancing of Portola Bridge Creek, a 270-unit, garden-style community in Vancouver. The borrower was Irvine, California-based SB Real Estate Partners, which has owned the property since 2022. Built in 1989, Portola Bridge Creek offers one-, two- and three-bedroom floor plans along with a pool with poolside grills, playground, dog parks, automated Amazon package locker and a 24-hour fitness center. Charles Halladay, Rick Salinas and Elijah Lax led JLL’s team on the transaction.

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Parc-Roundtree-Ranch-Peoria-AZ
AcquisitionsArizonaMultifamilyWestern

IPA Brokers Sale of 275-Unit Multifamily Property in Peoria, Arizona

by Amy Works

PEORIA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Parc Roundtree Ranch, a 275-unit multifamily property located between Loop 101 and U.S. Route 60/Grand Avenue in Peoria. Terms of the transaction were not released. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer, both of which requested anonymity, in the deal. Completed in 2021, Parc Roundtree Ranch features apartments with nine-foot ceilings, private patios or balconies with exterior storage, walk-in closets and full-size washers and dryers. Situated on 10 acres, the community includes a resort-style pool, spa, fitness center, pet spa and outdoor grilling areas.

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SDSU-Mission-Valley-SD-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

PMB, Pillar Properties to Develop 224-Unit Seniors Housing Community at San Diego State University

by Amy Works

SAN DIEGO — PMB and Pillar Properties will develop a 224-unit senior living community at San Diego State University. Dubbed SDSU Mission Valley, the project will total 295,000 square feet across seven stories and will feature independent and assisted living units, as well as 26 memory care residences. Amenities at the property will include a restaurant and bistro, community room, fitness center, rooftop deck, pool and outdoor courtyard. Urbal Architecture is serving as the architect. Construction is scheduled to begin at the end of 2027, with completion expected in 2030. Merrill Gardens will manage the community.  The project is subject to approval by the California State University governing Board of Trustees. Once open, the university plans to partner with Merrill Gardens to provide students with internships, employment and community engagement opportunities. Residents will have access to campus programming and learning opportunities, and the community will collaborate with SDSU’s Center for Excellence in Aging and Longevity. 

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548-568-S-Coast-Hwy-101-Encinitas-CA
AcquisitionsCaliforniaRetailWestern

RPG Acquires 4,939 SF Multi-Tenant Retail Property in Suburban San Diego

by Amy Works

ENCINITAS, CALIF. — RPG has acquired a 4,939-square-foot multi-tenant retail property located in Encinitas, roughly 25 miles north of downtown San Diego. The building was fully leased at the time of sale to five tenants, including three retailers and two restaurants. The seller and terms of the transaction were not released.

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The-Mark-Fort-Collins-CO
ColoradoDevelopmentMultifamilyStudent HousingWestern

Landmark Properties Completes 397-Bed Student Housing Development Near Colorado State University 

by Amy Works

FORT COLLINS, COLO. — Landmark Properties has completed The Mark Fort Collins, a 397-bed student housing development located at 255 Johnson Drive near the Colorado State University campus in Fort Collins. The six-story community was developed in partnership with Silverpeak Real Estate Partners and Peninsula Investments. The property offers 193 fully furnished units in a mix of studio through four-bedroom configurations with bed-to-bath parity. Shared amenities include a heated outdoor pool, sky deck and lounge, gaming lawn, hammock grove, fitness center, coffee bar, sports simulator, private study and coworking rooms, three courtyards, multiple fire pits with seating areas, outdoor grilling space and a wellness center. The development team for the project included Mode 3 Architecture and Landmark Construction. 

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Terra-Nova-Plaza-Chula-Vista-CA
AcquisitionsCaliforniaRetailWestern

JLL Negotiates $30.4M Sale of Fully Leased Retail Center in Chula Vista, California

by Amy Works

CHULA VISTA, CALIF. — JLL Capital Markets has arranged the $30.4 million sale of Terra Nova Plaza, a fully leased retail center in the San Diego Bay city of Chula Vista. A global investment manager sold the property to an undisclosed buyer. Located at 390 H St., Terra Nova Plaza features 96,114 square feet of retail space that is home to a 44,477-square-foot Dick’s Sporting Goods store and a 51,637-square-foot Floor & Decor store, both of which are subject to long-term leases. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Capital Markets represented the seller in the transaction.

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