IRVINE, CALIF. — ValueRock Realty Partner has purchased a retail property located at 16171 Lake Forest Drive in Irvine. An undisclosed seller sold the property for $9 million in an off-market transaction. Best Buy has occupied the 41,150-square-foot property since 2004.
GILBERT, ARIZ. — Walker & Dunlop Inc. has provided $17 million in Freddie Mac financing for American Orchards, an assisted living and memory care community in the Phoenix suburb of Gilbert. Completed in June 2016, American Orchards consists of two distinct buildings: The Sapwood Building with 38 assisted living suites and The Heartwood Building with 35 memory care suites. The 10-year, non-recourse, fixed-rate financing features two years of interest-only payments. The transaction will allow the borrower — American Care Concepts — to pay off existing bank debt while cashing out equity for future projects. Walker & Dunlop’s team included Kevin Giusti, Jeff Ringwald and Bill Jackson.
SAN DIEGO — BLT Enterprises has completed the renovation of a two-story, 77,000-square-foot office building located at 5454 Ruffin Road in San Diego’s Kearny Mesa submarket. The company originally acquired the property in 2017 and has converted it back to its original 54,000-square-foot footprint by removing the dated addition of a second-story office space constructed in the late 1980s. The renovated space features modern office, research and development, and flex space, as well as an enhanced parking ratio. Additional renovations include an updated exterior, new HVAC equipment and a new roof membrane. Ware Malcomb provided architectural services and Bycor General Contracting served as the contractor for the project.
AURORA, CO. — Hillcrest Development and Pathfinder Partners have completed a $1.6 million renovation and rebranding program at V-Esprit, a 100-unit seniors housing independent living community in the Denver suburb of Aurora. Previously known as the Shalom Park Senior Living Campus, the two companies acquired the property in 2017. Situated on 14 acres, the community features 40 patio homes and 60 apartments ranging from 725 to 1,373 square feet. Residents are restricted to those aged 55 and older. Renovations to the community include converting four one-bedroom apartment units into a clubhouse and card room, as well as refurbishing and modernizing the theater room, library, communal dining area and leasing office. Apartment interiors were also upgraded along with hallways and corridors. Hillcrest Development Group LLC is a Denver-based development company. Pathfinder Partners LLC is a San Diego-based firm specializing in opportunistic and value-add real estate investments.
CHANDLER, ARIZ. — HFF has arranged $26.3 million in financing for Greentree Place, an apartment property located at 250 S. Elizabeth Circle in Chandler, a suburb of Phoenix. Josh Simon and Brad Miner of HFF worked on behalf of Western Wealth Capital, which acquired the property on behalf of the borrower, an MDC Realty Advisors USA-managed fund. The five-year, floating-rate loan was used to acquire the property and includes a future-funding component to provide the borrower with a capital expenditure program. The 256-unit property features a mix of one- and two-bedroom layouts, resort-style swimming pool, spa, tennis court, volleyball court, fitness center, business center and courtyards with a community playground.
BOZEMAN, MON. — Newmark has secured $11.8 million in permanent financing for Creekside Apartments in Bozeman. The new apartment building includes 72 residential units. Demetri Koston of Newmark’s Spokane, Wash., office arranged the financing for the undisclosed borrower. The non-recourse loan features five years of interest-only payments followed by a 30-year amortization schedule.
PORTLAND, ORE. — NKF Capital Markets has arranged the sale of the historic Towne Storage, an office property located in Portland’s Central Eastside submarket. CBRE Global Investors acquired the 100,022-square-foot property for an undisclosed price. Autodesk Inc., an investment-grade credit tenant, occupies property. Nick Kucha and James Childress of NKF Capital Markets represented the seller, Westport Capital Partners.
WESTLAKE VILLAGE, CALIF. — Lee & Associates-LA North/Ventura has arranged the sale of an office building located at 31248 Oak Crest Drive in Westlake Village in metro Los Angeles. K-Swiss, an athletic footwear maker, sold the property to Selleck Development Group for $11 million. The 53,133-square-foot building was constructed as a build-to-suit for K-Swiss and the company occupied the property from 1999 until it relocated to downtown Los Angeles. Joe Jusko of Lee & Associates represented the seller, while Mike Tingus and Grant Fulkerson of Lee & Associates represented the seller.
MONROVIA, CALIF. — CalBay Development has completed the acquisition and entitlement of a redevelopment site located on West Huntington Drive in Monrovia. McMahans Furniture sold the site for $2.1 million. The 29,000-square-foot site is comprised of two parcels and features a 21,000-square-foot retail store occupied by 3-Day-Suit Broker. CalBay plans to develop a freestanding 2,200-square-foot Starbucks drive-thru on the site. Construction is slated to begin in third-quarter 2018, with store opening scheduled for second-quarter 2019. The City of Monrovia Planning Commission approved the company’s development plans in earlier this year. Adam Fisher of JLL arranged the off-market transaction.
PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Escape, an apartment complex located at 4700 N. 16th St. in downtown Phoenix. P.B. Bell sold the property to Weidner Apartment Homes for $58.3 million, or $239,139 per unit. Built in 2016, the property features 244 apartment units, a resident lounge with billiards tables and views of Camelback Mountain. Steve Gebing and Cliff David of IPA represented the seller and procured buyer in the transaction.
