COSTA MESA, CALIF. — SRS Real Estate Partners has arranged the $2.4 million sale of a ground lease in the Orange County community of Costa Mesa. The 0.8-acre parcel of land currently houses a 13,200-square-foot property. The asset is triple-net leased to a Los Angeles-based entity that subleases the property to multiple tenants. Michael Walseth of SRS represented the undisclosed, Orange County-based seller in the transaction. The buyer, also based in Orange County, represented itself. The ground lease had approximately 14 years remaining.
RIVERSIDE, CALIF. — Marcus & Millichap has arranged the $1.3 million sale of a 13,200-square-foot retail property located at 9741 Magnolia Ave. in Riverside. Brandon Michaels of Marcus & Millichap arranged the transaction on behalf of both the seller, a limited liability company, as well as the buyer, 4GT Group LLC.
DENVER — Clarion Partners has purchased a 3.7 million-square-foot industrial portfolio for $200 million. The portfolio is situated in four states. The Denver portion of the portfolio includes more than 1.9 million square feet, marking Denver’s single largest industrial transaction on record, according to Clarion. This portion has been renamed Clarion Gateway. Clarion Gateway includes 14 Class A logistics properties situated in the Airport submarket, the region’s primary distribution corridor. The properties were constructed between 1995 and 2015. They feature ESFR sprinkler systems, dock-high and drive-in loading, and clear heights ranging from 22 ft. to 32 ft. The Denver portfolio is currently 96.5 percent leased. The remainder of the portfolio focuses on supply chain markets, including two Las Vegas properties totaling 698,300 square feet. The buildings are all new Class A construction, built in 2016 or 2017, with low office finishes and clear heights ranging from 32 feet to 36 feet. Tenants across the portfolio span a mix of global, national and local companies, including United Parcel Service, Simmons, M S International, Whirlpool, SITCO Lumber and Cardinal Health. The portfolio is diversified by industry with no single tenant occupying more than 13 percent of the total rentable area. CBRE represented …
SANTA CLARA, CALIF. — NorthMarq Capital has arranged $134 million in financing for two apartment communities in Santa Clara. The communities consist of the 340-unit Orchard Glen located at 101 Saratoga Ave. and the 173-unit Park Central located at 1050 Benton St. The transactions were structured on 10-year interest-only terms. NorthMarq arranged the financing on behalf of Prometheus Real Estate Group through its correspondent relationship with a life insurance company.
SALT LAKE CITY — Colliers International has acquired the operations of Coldwell Banker Commercial Advisors in Salt Lake City. The new company will be rebranded as Colliers International | Utah. Terms of the transaction were not disclosed. Colliers maintains 200 professionals who provide investment sales, lease brokerage, property management and consulting and advisory services to local, regional, national and global clients. “This addition is the latest in a series of strategic acquisitions that we have completed in the U.S., all of which have strengthened and diversified our operations to better serve our clients,” says Dylan Taylor, president and COO of Colliers International. “Our objective continues to be elevating the Colliers International platform as the global firm of choice for successful organizations anywhere they do business, and for professionals who thrive within an enterprising and entrepreneurial culture.”
LA VERNE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of La Verne Courtyard, an 84,368-square-foot shopping center in La Verne, located 30 miles east of Los Angeles. The sales price was not disclosed, but The Real Deal reports Evan & MC LLC acquired the asset from Charles Co. for $20.7 million. Ed Hanley, Bill Asher and Kevin Fryman of Hanley arranged the transaction on behalf of the seller, while Wendy Wong and Katherine Quach of Treelane Realty Group represented the buyer. La Verne Courtyard was 97 percent leased at the time of sale to tenants such as Aldi, Orchard Supply Hardware, Jersey Mike’s Subs, Pacific Dental, OneMain Financial, Pizza Hut and Rubio’s.
LOS ANGELES — iBorrow, a private direct lender for commercial and multifamily real estate, has provided a $6 million loan for Golden Cross Health Care, a skilled nursing facility in the Pasadena submarket of Los Angeles. Originally constructed in 1965 and since remodeled, the facility sits on approximately one acre of land. The asset features 42 units and 96 beds, and is 97 percent occupied. The loan will refinance existing debt, with plans to approach HUD for a permanent loan in the future.
PHOENIX — A joint venture between Confluent Development and DPC Companies has started construction of HUB 317, a spec distribution building in Phoenix. The project is located at 317 S. 48th St. The 225,000 square feet of industrial/distribution space is designed to accommodate multiple large tenants. The project will feature a contemporary design, 32-foot clear ceiling/stacking height, and dock-high loading. It will be completed in summer 2018.
SALEM, ORE. — Montecito Medical Real Estate has purchased WVP-The Doctors’ Clinic medical office building in Salem for an undisclosed sum. Constructed between 1996 and 1999, the 34,554-square-foot building is situated 50 miles south of Portland. The property is directly across the street from a large Kaiser Permanente outpatient facility and is strategically located on the corner of Skyline Road and Kuebler Boulevard.
PEORIA AND MESA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities in Arizona for an undisclosed price. Each property features 50 units. The first, located in Peoria, has been vacant since 2008. The second, located in Mesa, has been vacant since 2013. The buyer of the Peoria property is a regional owner-operator looking to expand its presence in Arizona. The buyer of the Mesa property intends to convert the community into a drug treatment center. The seller was not disclosed. Blueprint’s Amy Sitzman handled the transactions.