IRVINE, CALIF. — Newport Beach, Calif.-based Irvine Co. has purchased 58 Discovery, a mixed-use building located within Irvine Spectrum in Irvine, for an undisclosed price. Built in 2000, the property features 60 percent office space and 40 percent R&D/warehouse space. Thales Avionics, a long-term Irvine Co. customer, occupies the 127,000-square-foot building. Jeff Cole, Ed Hernandez and Nico Napolitano of Cushman & Wakefield represented the undisclosed seller.
LAS VEGAS — Sun Commercial Real Estate has brokered the sale of a single-tenant, absolute triple-net leased portfolio in Las Vegas. An undisclosed REIT sold the portfolio to an undisclosed buyer for $8.3 million, or $120 per square foot. The portfolio includes a 38,784-square-foot office building located at 2975 S. Rainbow Blvd. and eight residential rehabilitation facilities totaling 30,389 square feet. Cathy Jones, Jessica Cegavske, Roy Fitz, Paul Miachika and Taylor Vasquez of Sun Commercial Real Estate’s Investment Sale Group represented the seller and procured the buyer in the transaction.
BELLEVUE, WASH. — Colliers International has arranged the sale of Olympic Medical Center, an office property located at 1310 116th Ave. NE in Bellevue, a western suburb of Seattle. Healthcare Realty acquired the property from BH Properties I LLC for $7.7 million. Radiology Consultants of Washington, Center for Diagnostic Imaging, Overlake Arthritis, Lab Corp and Acute Pain Therapies occupy the 15,274-square-foot property, which was built in 1978. Pat Mutzel and Jeff Jeremiah of Colliers represented the seller in the deal.
IRVINE, CALIF. — MBK Real Estate has agreed to acquire a nine-property seniors housing portfolio in California, Washington and Arizona for $382 million. The Irvine-based investor is a subsidiary of Tokyo-based Mitsui & Co., and the parent company of MBK Senior Living. The seller is West Living LLC, a California-based owner-operator. Although the specific properties were not disclosed, West Living only lists 10 properties on its website. The portfolio totals 1,200 units and features an annual combined net operating income of $21 million. MBK plans to implement renovations to the properties. The acquisition is expected to close in June. MBK already owns a portfolio of 25 properties totaling 2,600 units, also all geographically centered in the West.
CASA GRANDE, ARIZ. — New Jersey-based Lamar Cos., in partnership with Real Capital Solutions, has acquired the Promenade at Casa Grande in Case Grande, a suburb of Phoenix. Macerich sold the 550,000-square-foot property for an undisclosed price. The Promenade at Casa Grande is a portion of an open-air shopping center totaling more than 1 million square feet. Tenants at the property include Harkins Theaters, Ross Dress for less, Marshalls, PetSmart, Bed Bath & Beyond, Shoe Dept., Michaels, Beall’s Outlet, Dollar Tree and Ulta Beauty.
TEMPE, ARIZ. — Phoenix-based Alliance Residential has acquired a 9.3-acre land parcel located at the southeast corner of Rio Salado Parkway and Price Road in Tempe. Arizona State University sold the parcel, which was surplus land, for $11.2 million. David Fogler and Steven Nicoluzakis of Cushman & Wakefield Phoenix represented the seller in the deal. Alliance plans to develop a 276-unit apartment community called Broadstone Rio Salado on the property. Upon completion, the project will feature 12 buildings offering a total of 28 studio units, 144 one-bedroom units and 104 two-bedroom units. Community amenities will include a pool, spa, game lawns, outdoor cooking area, fire pits, dog park and fitness center.
LYNNWOOD, WASH. — CA Senior Living has started construction of a 122-unit expansion at Quail Park of Lynnwood, a seniors housing community in the Seattle suburb of Lynnwood. The project will add 96 assisted living apartments, as well as 26 independent living units split among 13 duplex cottages. Sixteen of the new assisted living apartments will be enhanced units that provide high-acuity assisted living services to residents in need of more direct and frequent care. The expansion will nearly double the community’s existing 130 units. The first new units are scheduled to come on line in September 2019. CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, formed a joint venture with Living Care Lifestyles and an affiliate of Goldman Sachs to purchase the 15-acre community in 2017. The sellers were affiliates of Living Care Lifestyles, which continues to operate the property.
BAKERSFIELD, CALIF. — Hunt Mortgage Group has provided two Freddie Mac Small Balance Loans and a Fannie Mae Conventional Green mortgage to refinance a multifamily portfolio in Bakersfield. The loans totaled $16.9 million. The transactions include: A $6 million Freddie Mac Small Balance Loan for the refinance of Village Lane Apartments, a 200-unit property at 5101 Marsha St. The community features 33 one- and two-story buildings with 79 one-bedroom units, 120 two-bedroom units and one three-bedroom unit. A $1.9 million Freddie Mac Small Balance Loan for the refinance of River Oaks Apartments, a 46-unit multifamily property located at 336 Roberts Lane and 314 and 400 Locust St. The property includes 15 one- and two-story buildings consisting of all two-bedroom units. A $9 million Fannie Mae Conventional Green mortgage for the refinancing of Park Village Apartments, located at 1405 White Lane. Built in 1973, the property features 224 apartments and 371 open parking spaces. The two Freddie Mac loans feature a 10-year term and fixed rate with no interest-only period and a 30-year amortization schedule. The conventional mortgage features a 12-year term with a 30-year amortization.
BEVERLY HILLS, CALIF. — Global real estate investment firm Kennedy Wilson (NYSE: KW) has sold a 2,199-unit multifamily portfolio mostly located on the West Coast for $422 million. The Beverly Hills-based company had a 41.3 percent average ownership stake in the six properties. The buyer was undisclosed. The properties in the portfolio include: • Slate Creek in Roseville, Calif. (612 units) • Xander 3900 in Las Vegas (480 units) • Big Trout Lodge in Liberty Lake, Wash. (297 units) • Heatherbrae Commons in Milwaukie, Ore. (174 units) • Montair at Somerset Hill in Tumwater, Wash. (396 units) • StonePointe in University Place, Wash. (240 units) The garden-style apartment communities were originally built between 1989 and 1999. During Kennedy Wilson’s ownership the properties have undergone improvement plans, including exterior renovations and unit upgrades. The asset sales generated cash proceeds of $223 million for Kennedy Wilson, its commingled funds and equity partners, including net proceeds to Kennedy Wilson of approximately $104 million. “This portfolio sale enables us to recycle capital into other strategic investment opportunities,” says William McMorrow, chairman and CEO of Kennedy Wilson. “These six properties represent the successful rollout of our value-add asset management initiatives, and we are pleased to …
COLORADO SPRINGS, COLO. — Nexus Commercial Realty has arranged the acquisition of a multifamily portfolio in Colorado Springs. Denver-based Slipstream Properties purchased the seven-building portfolio from a Colorado Springs-based apartment owner for a total consideration of $102.2 million. Adam Riddle and Jason Koch of Nexus Commercial Realty represented the buyer and seller in the deal. The properties are: Pine Creek Village Apartments, a 312-unit property that sold for $29.2 million. Shannon Glen Apartments, a 192-unit property that sold for $17.8 million. Cedar Creek Club Apartments, a 175-unit community that sold for $14.2 million. El Vecino Apartments, a 174-apartment community that sold for $12.2 million. 162-unit South Pointe Apartments, which sold for $13.3 million. 84-unit Timbers Apartments that sold for $7.3 million. New Horizons Apartments, a 79-unit property that sold for $8 million.
