HILLSBORO, ORE. — The Wolff Company has announced plans for Revel AmberGlen, a 140-unit independent living community in the Portland suburb of Hillsboro. Wolff plans to break ground later this year for a planned completion in 2020. The four-story property will be located in the Tualatin Valley on the west side of Portland. Revel AmberGlen is the 12th senior living community that The Wolff Company has developed since 2016. The company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to the purchase and renovation of existing communities.
CORONA, CALIF. — A joint venture between Wermers Properties and Watermarke Properties has developed The Metro, a mixed-use property located in the center of the Main Street Corridor in Corona. The transit-oriented development features 286 residential units and more than 70,000 square feet of retail space. Currently signed retailers include Starbucks Coffee, Z-Pizza Tap Room, Poke Cat, Burgerim, America’s Best Eyeglass, Citibank, Organic Junkie, Paws at Main, Nail & Spa Today, D’Vine Mediterranean, Meraki Salon and Union Barber.
LOS ANGELES — Coda Equities has purchased Verdugo Plaza, a three-building asset located at 3322 Verdugo Road and 2614 Arthur St. in Northeast Los Angeles. A private trust sold the retail plaza for $6.2 million. The buyer was not disclosed. The asset consists of three freestanding buildings totaling 21,885 square feet. At the time of acquisition, the property was 53 percent occupied. Karol Le of CBRE represented the buyer and seller in the deal.
LOS ANGELES — Marcus & Millichap has arranged the sale of a mixed-use property located at 1300 W. 24th St. in Los Angeles. An individual/personal trust sold the asset to an undisclosed buyer for $1.8 million. The property features 6,657 square feet of mixed-use space. Floyd Shaheen of Marcus & Millichap represented the seller, while Sam Liberow, also of Marcus & Millichap, represented the buyer in the transaction.
MONTCLAIR, CALIF. — CIM Group has signed a lease with AMC Dine-in Theatre at Montclair Place, a 1.2 million-square-foot regional mall in the Inland Empire community of Montclair. The new theater will occupy 55,000 square feet of a new 134,000-square-foot, two-level building under construction at the site of the former Broadway department store. The theater will include 12 auditoriums and its signature MacGuffins adult beverage concept. In addition to AMC Theatres, the new building at Montclair Place will include 64,000 square feet of space for restaurant and entertainment concepts, and will provide a new grand entrance to the mall. The project is part of the multi-phased redevelopment and revitalization of the shopping center. A construction timeline for the project was not disclosed.
LOS ANGELES — NKF Capital Markets has arranged the sale of Wedbush Center at 1000 Wilshire Blvd. in downtown Los Angeles for $196 million. Lincoln Property Co. sold the building to Cerberus Capital Management LP. The 476,491-square-foot office building is 86 percent leased. Financial services firm Wedbush Securities anchors the property. Located along Wilshire Boulevard, the Class A office tower is near entertainment destinations such as Staples Center and LA Live. The 21-story building recently underwent a $4 million renovation focused on repositioning the building’s ground-floor lobby, including the addition of a full-service bar and café. Designed by Kohn Pederson Fox Associates, 1000 Wilshire opened in 1987, according to The Skyscraper Center. Kevin Shannon, Rob Hannan, Laura Stumm, Michael Moll and Ken White of NKF represented the seller, while David Milestone and Brett Green of NKF procured financing on behalf of the buyer. Dallas-based Lincoln is a commercial real estate developer and property manager. Cerberus, headquartered in New York City, is a private investment firm. — Kristin Hiller
WOOD VILLAGE AND MCMINNVILLE, ORE. — Capital Pacific has arranged the sales of two shopping centers in the Portland area: Wood Village Town Center in Wood Village, located 15 miles east of Portland, and McMinnville Plaza in McMinnville, 37 miles southwest of Portland. Wood Village Retail I LLC acquired the 139,831-square-foot Wood Village Town Center for $26.6 million. Wood Village GARP LLC sold the asset, which is home to Kohl’s. Fred Meyer and Lowe’s shadow-anchor the property. March Hare LLC, in conjunction with Mcmincenter LLC, purchased the 135,873-square-foot McMinnville Plaza for $17.4 million. REEF McMinnville Plaza LLC sold the property, which is home to tenants such as Ross Dress for Less, Petco, T.J. Maxx and JCPenney. Safeway shadow-anchors the center. Capital Pacific represented the buyers and sellers in both transactions.
AURORA, COLO. — BMC Investments has acquired the 282-unit Vista Park apartments in Aurora for $31.5 million. The community is located at 12707 E. Mississippi Ave. Vista Park was built in 1973. About 60 percent of the units have undergone light renovations, including vinyl plank flooring, new cabinets and new plumbing hardware. Select units feature walk-in closets and dishwashers. The property’s community amenities include a swimming pool, courtyard, fitness center, on-site laundry and business center. Terrance Hunt and Shane Ozment of ARA Newmark represented the seller, Capital Real Estate, in this transaction.
SALT LAKE CITY — Strategic Student & Senior Housing Trust Inc. has acquired a portfolio of three assisted living communities in Salt Lake City totaling 294 units. The seller and price were not disclosed. The portfolio includes The Wellington, Cottonwood Creek and The Charleston at Cedar Hills. Although the operator was not named, all three communities appear on the website of California-based operator MBK Senior Living. The Wellington features 119 units, Cottonwood Creek features 111 units and The Charleston features 64 units. Strategic Student & Senior Housing Trust Inc. is a private real estate investment trust sponsored by SmartStop Asset Management. This acquisition marks SmartStop’s first entry into the seniors housing space. The company specializes in self-storage assets.
RENO, NEV. — Dermody Properties has started construction of LogistiCenter at 395 Phase II in the North Valleys of Reno. The building will add 436,368 square feet, bringing the total square footage of LogistiCenter at 395 Phase II to more than 1.1 million square feet. The project is slated for completion this September. The 130-acre, master-planned industrial business park will then be home to three buildings totaling more than 1.6 million square feet. The new building will feature a 36-foot clear height and parking, including 378 car stalls and 203 trailer stalls. The entire building is available for lease. Eric Bennett and Gordon Zack of CBRE are marketing the property. United Construction is the general contractor on the project. PCCP LLC is Dermody Properties’ strategic capital partner on the industrial park.