Western

311-Mathilda-St-Sunnyvale-CA

SUNNYVALE, CALIF. — Newmark Knight Frank (NKF) has secured $40.7 million in non-recourse construction financing and preferred equity for the development of 311 Mathilda Street, a multifamily property in downtown Sunnyvale. The borrowers and developers are Lane Partners and Bay West Development. The five-story development will feature 75 apartments, a landscaped courtyard, roof deck, state-of-the-art fitness center and clubhouse. Lane Partners and Bay West have secured entitlements for the project and will begin construction in the second quarter of 2019. California Bank & Trust provided the first mortgage construction loan, while PCCP provided the preferred equity investment. Chris Moritz and Ramsey Daya of NKF represented the borrowers in the financing.

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3775-N-First-St-San-Jose-CA

SAN JOSE, CALIF. — SVP Management has purchased a vacant flex/R&D office building, located at 3775 N. First St. in San Jose. Chandler HFP, an affiliate of Los Angeles-based Held Properties Inc. sold the property for $19 million. Built in 1985, Honeywell occupied the single-story, 67,733-square-foot building from its acquisition in 2013 through December 2017. Originally, the property served as the world headquarters for RAE Systems Inc. Held Properties owned the property since 2014. Bob Bower and Chip Sutherland of CBRE Capital Markets-Investment Properties represented both parties in the transaction.

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RN-Villa-Care-Center-Portland-OR

PORTLAND, ORE. — Senior Living Investment Brokerage has arranged the sale of RN Villa Care Center, a 38-unit residential care facility in Portland. Residential care is a form of seniors housing that utilizes a smaller, more home-like atmosphere. The 22,165-square-foot community sits on a one-acre plot. A local operator sold the community to a Southern California-based private equity firm for $8.5 million, or $233,000 per unit. The seller plans to use the proceeds to invest in other real estate assets. The seller was seeking to expand its Pacific Northwest portfolio. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.

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TUCSON, ARIZ. — SAFCO Capital has completed the disposition of a retail property, located at 3662-3692 S. 16th Ave. in Tucson. California-based CRE Strategic Investments acquired the asset for $2.5 million. At the time of sale, the 25,000-square-foot property was fully occupied by DaVita Dialysis and Desert Sports & Fitness. Craig Finfrock of Commercial Retail Advisors represented the seller, while the buyer was self-represented in the deal.

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SAN FRANCISCO — Airbnb has signed an agreement to acquire HotelTonight, a hotel-booking service focused on making last-minute trips for boutique and independent hotels. The deal will expand Airbnb’s ability to offer hotel listings. Terms of the deal were not disclosed, but The Wall Street Journal reports that HotelTonight was last valued at $463 million in March 2017. Airbnb expects the transaction to close in approximately 30 days. San Francisco-based Airbnb, an online lodging company, says the acquisition is part of its mission to create “an end-to-end travel platform that combines where you stay, what you do and how you get there, all in one place.” More than 400,000 companies are using Airbnb to help manage their travel, and same-day bookings are now growing twofold year over year, according to Airbnb. “Welcoming more boutique hotels to our platform will help us deliver on our commitment to make Airbnb for everyone, providing guests the authentic, local experience they have come to expect on every trip,” wrote Airbnb in a press release. In 2018, Airbnb more than doubled the number of rooms available on its platform in properties that hosts categorized as boutique hotels, bed and breakfasts and other hospitality venues like …

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Southwest-Village-Reno-NV

RENO, NEV. — Portland, Ore.-based PacifiCap Properties has completed the disposition of Southwest Village, a multifamily property located in Reno’s Old Southwest Reno neighborhood. A New York-based company acquired the property for $35.3 million, or $106,476 per unit. Constructed in 1972, the 14-building, controlled-access community features 332 apartments averaging 852 square feet, two swimming pools, three laundry facilities and 500 parking spaces. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer in the transaction.

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MANTECA, CALIF. — A Northern California-based family has purchased Stadium Center, a shopping center located at 2120 Daniels St. in Manteca. A Chicago-based REIT sold the property for an undisclosed price. The new owners have retained NAI Benchmark to manage the asset. The 185,000-square-foot shopping center is occupied by Famous Footwear, Mattress Firm, Queenbee Nails & Spa, Subway, Chili’s Bar & Grill, GameStop, Maurice’s, Ross Dress for Less, Supercuts, Jamba Juice, My Kid’s Dentist & Orthodontist, Round Table Pizza, Ulta Beauty, Jo-Ann Fabrics & Crafts, Old Navy, rue21, Wild Wings n’ Things, dressbarn, Justice, Ono Hawaiian BBQ, Stadium Dental Group, Eyebrow Arch, Panda Express and Starbucks Coffee.

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CircusTrix-Nampa-ID

NAMPA, IDAHO — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant net-lease investment property, located at 1460 N. Happy Valley Road in Nampa. An East Coast-based real estate investment acquired the property from Atlanta-based RCG-Nampa LLC for an undisclosed price. The tenant, CircusTrix, is a developer, operator and franchisor of indoor active recreation parks. The facility combines super trampoline arrays with obstacle courses, foam pits, slacklines and trapezes. Eric Wohl, Austin Blodgett and Andrew Cunningham of Hanley Investment Group represented the seller, while the buyer was self-represented in the deal.

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9209-Telegraph-Rd-Pico-Rivera-CA

PICO RIVERA, CALIF. — Lee & Associates has arranged the sale of a restaurant property, located at 9209 Telegraph Road in Pico Rivera. NLA Pico Rivera sold the property to Bellside Property Management for $1.2 million. The built-to-suit property was completed in late December for Little Caesars. Situated on 0.2 acres, the 1,252-square-foot building features a drive-thru. Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the seller, while Lee & Associates – Riverside represented the buyer in the deal.

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ARCADIA, CALIF. — CalBay Development has purchased a drive-thru restaurant redevelopment site in Arcadia. An undisclosed seller sold the asset for $1.9 million. Totaling 30,000 square feet of land, the property features a 3,000-square-foot building with an expiring lease. The current tenant is Burger King. Rory Holdstock of Pinnacle Estate Properties brokered the transaction.

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