REBusinessOnline

STAG Industrial Sells Two Industrial Buildings in Southern California for $88M

CAMARILLO, CALIF. — STAG Industrial has completed the disposition of two freestanding industrial buildings in Camarillo for $88 million. An undisclosed Southern California-based real estate investment and development company acquired the assets. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark Knight Frank represented the seller, while DeGrinis, DuRoss, Abraham, Kevin Shannon, Jim Linn, Bret Hardy and Andrew Briner, also of NKF, represented the buyer in the transaction. Located …

Mystic Sands Divests of Inspirado Apartments in Las Vegas for $52M

LAS VEGAS — Mystic Sands has completed the sale of Inspirado Apartments, a 247,072-square-foot multifamily property in Las Vegas’ Centennial Hills neighborhood. NNC Apartment Ventures acquired the asset for $52 million. Located at 6885 W. Lone Mountain Road, Inspirado Apartments features 116 one-bedroom/one-bath, 120 two-bedroom/two-bath and 16 three-bedroom/two-bath units. Built in 2010 on 11.1 acres, the property offers a European-style swimming pool, hot tub, cabana area with built-in …

PMB Completes Seniors Housing Project as Part of Mixed-Use Development in Tacoma, Washington

TACOMA, WASH. — PMB has opened the doors on GenCare Lifestyle at Point Ruston, a 159-unit independent living, assisted living and memory care community in Tacoma. The 144,000-square-foot, six-story senior community is located on the southern edge of Puget Sound in Point Ruston, a master-planned, mixed-use urban village. The location puts residents within walking distance of retail establishments, restaurants, a luxury hotel, residential developments, a movie theater, local and organic …

Ready Capital Closes $13.2M Refinancing for Industrial/Flex Portfolio in Metro Seattle

FEDERAL WAY AND AUBURN, WASH. — Ready Capital has closed $13.2 million in financing for the recapitalization, renovation and stabilization of an industrial/flex portfolio located in Federal Way and Auburn, located in metro Seattle. The assets offer approximately 138,000 square feet of Class B industrial and flex space. Proceeds will be used for the recapitalization of funds, capital improvements, tenant leasing costs, and interest and operating shortfalls. The non-recourse, floating-rate …

Legend Investment Group Arranges $2.2M Sale of Four-Tenant Retail Asset in Colorado

GREELY, COLO. — Legend Investment Group (LIG), a division of Legend Partners, has arranged the sale of a grocery out-parcel strip center, located at 6628 W. 10th St. in Greely. A local private investor sold the property to an undisclosed buyer for $2.2 million. Papa Murphy’s, Dickey’s BBQ, 420 Friendly’s and Hiroshi Teriyaki Grill fully occupy the 6,694-square-foot property. Situated on a 0.88-acre site, the property was built in 2013. Peter Peluso of LIG represented the seller in …

ACRES Capital: What can borrowers and lenders do to keep a loan from default?

  When beginning the loan process, borrowers and lenders start with a solid foundation. But what happens if a new or renovated project doesn’t lease up as quickly as expected? What happens if construction delays push past the end of the construction loan? What happens if construction cost overruns jeopardize completion of a project? And what if the economic upcycle turns downward before your project is completed? Mark Fogel, President and CEO of ACRES Capital, talks about the role …

Ledra Brands Buys Industrial Building in Southern California for $16.6M

IRVINE, CALIF. — Ledra Brands, a local lighting manufacturer, has purchased an industrial property located at 88 Maxwell in Irvine. University Medical sold the asset for $16.6 million. Ross Fippinger and Ross Bourne of CBRE represented the buyer, while Gregg Haly and Dave Desper, also of CBRE, represented the seller in the deal. Situated on 3.7 acres within the Irvine Spectrum submarket of Orange County, Calif., the 55,285-square-foot building features 14,684 square feet of office …

Marcus & Millichap Arranges $12.3M Sale of Multifamily Community in Los Angeles

LOS ANGELES — Marcus & Millichap has arranged the sale of an apartment property located at 4325 Berryman Ave. in the Mar Vista neighborhood of Los Angeles. A member of the original builder’s family sold the asset to an undisclosed buyer for $12.3 million. Built in 1972, the community features 41 one-bedroom floor plans in a two-story building situated on 33,890 square feet of land. Paul Darrow and Kevin Green of THG Multifamily of Marcus & Millichap represented the seller in …

CareTrust REIT Acquires 62-Unit Barton Creek Senior Living in Utah

BOUNTIFUL, UTAH — CareTrust REIT Inc. (NASDAQ:CTRE) has acquired Barton Creek Senior Living, a 62-unit assisted living facility located on the campus of Lake View Hospital in Bountiful, a suburb of Salt Lake City. The acquisition price of the off-market transaction was not disclosed. The Barton Creek facility has been added to CareTrust’s existing master lease with seniors housing operator Bayshire LLC. For the seller, the nonprofit South Davis Community Hospital Campus, the sale was …

Cushman & Wakefield Brokers $5.6M Acquisition of Industrial Building in Phoenix

PHOENIX — Cushman & Wakefield has arranged the purchase of a vacant industrial building located in Southwest Phoenix. KKR, a New York-based global investment firm, acquired the property from LMI Solutions for $5.6 million. The 82,288-square-foot property features 28-foot clear heights, 16 dock-high loading doors and an evaporative cooled warehouse area. The freestanding, fully-fenced building is situated on 5.2 acres at 46 N. 49th Ave. Phil Haenel of Cushman & Wakefield …

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