Western

Hanley Investment Arranges Sale of 31,980 SF Shopping Center in Sacramento

by Amy Works March 21, 2018

SACRAMENTO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of Westlake Village, a shopping center located at 3501-3511 Del Paso Road in Sacramento. The sale also included 4.3 acres of developable land. Donahue Schriber Realty Group sold the 31,980-square-foot property to a San Francisco-based family trust for an undisclosed price. Built in 2007, the center was 92 percent occupied at the time of sale. Tenants include Walgreens, Allstate Insurance, AIM Mail Center, Chase Bank, Creative Nail Spa, Donahue Schriber, Subway and Westlake Hair Studio. Bill Asher and Ed Hanley of Hanley Investment, in conjunction with Ten-X, represented the seller, while Eric Vu, also of Hanley, represented the buyer in the deal.

March 21, 2018

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $42.4M Sale of Multifamily Portfolio in Greater Los Angeles

by Amy Works March 20, 2018

SANTA ANA, CALIF. — Marcus & Millichap has arranged the sale of a four-property multifamily portfolio located in Santa Ana. An affiliate of Empire USA LLC acquired the portfolio from an undisclosed seller for $42.4 million, or $198,000 per unit. The 214-unit portfolio includes a 58-unit property at 510 N. Mortimer St.; a 46-unit property at 510 E. Chestnut Ave.; The Carlton Apartments, a 74-unit community at 215 E. 15th St.; and 36 units at 1717-1721 N. Spurgeon St. Mark Bridge of Marcus & Millichap represented the buyer, while Stephen Soqui, also of Marcus & Millichap, represented the seller in the deal. Shane Ryan McConnell of Marcus & Millichap also provided representation in the sale of 1717-1721 N. Spurgeon St.

March 20, 2018

Acquisitions California Industrial Western

Rexford Industrial Buys 115,600 SF Industrial Facility in California for $17.2M

by Amy Works March 20, 2018

CERRITOS, CALIF. — Rexford Industrial Realty has acquired an industrial facility located at 16010 Shoemaker Ave. in Cerritos within the Los Angeles-Mid Counties submarket. An undisclosed company sold the property for $17.2 million, or $149 per square foot. Situated on 4.4 acres, the 115,600-square-foot property features 24-foot clearance and 12 dock-high positions with a secured concrete yard and immediate access to major transportation arterials. At the time of sale, the property was fully leased to a single-tenant user. Redford funded the acquisition through a combination of cash on hand and draws on the company’s line of credit.

March 20, 2018

Acquisitions Arizona Mixed-Use Office Restaurant Retail Western

DPC Acquires 145,000 SF Mixed-Use Development in Scottsdale for $16M

by Amy Works March 20, 2018

SCOTTSDALE, ARIZ. — DPC Cos. has purchased 7 Thousand Shea, a mixed-use property located at the intersection of Scottsdale Road and Shea Boulevard in Scottsdale. An undisclosed company sold the property for $16 million, or $110 per square foot. Situated on 8.3 acres, the property features 145,000 square feet of mixed-use space. DPC Cos. plans to upgrade the property to include high-end dining, retail and creative office space. ORION Investment Real Estate facilitated the transaction.

March 20, 2018

Loans Multifamily Utah Western

Tower Commercial Arranges $2.9M in Financing for Multifamily Property in Salt Lake City

by Amy Works March 20, 2018

SALT LAKE CITY — Tower Commercial Mortgage has arranged $2.9 million in Freddie Mac permanent financing for Brickyard Apartments, a multifamily property in Salt Lake City. The loan features a 10-year term with a 10-year floating-rate extension and a 30-year amortization schedule. The undisclosed sponsor completed the 24-unit property in August 2017, and the property was stabilized in December 2017. Mike Del Carlo of Tower Commercial Mortgage arranged the financing for the borrower.

March 20, 2018

Acquisitions Colorado Multifamily Seniors Housing Western

ESI Negotiates Sale of 54-Unit Independent Living Community in Colorado

by Amy Works March 20, 2018

BOULDER, COLO. — Evans Senior Investments (ESI) has arranged the sale of Flatirons Terrace, a 54-unit independent living community, for an undisclosed price. Built in 2007, Flatirons Terrace is a Class A community in the heart of Boulder. It was 95 percent occupied at the time of sale. ESI represented the seller, Golden West Senior Living, a Boulder-based nonprofit. The buyer was Dial Retirement Communities, which will also operate the community. The Omaha-based company operates 17 communities in Illinois, Iowa, Kansas and Nebraska, with Flatirons Terrace being its first Colorado community.

March 20, 2018

Belle-Harbour-Senior-Community-Bellevue-WA

Development Multifamily Seniors Housing Washington Western

Koelsch Plans $70M, 140-Unit Seniors Housing Community Near Seattle

by Amy Works March 19, 2018

BELLEVUE, WASH. — Koelsch Communities has announced plans for Belle Harbour Senior Community, a 140-unit assisted living and memory care community in the Seattle suburb of Bellevue. Groundbreaking is scheduled for October 2018 for a June 2020 opening. Development costs are estimated at $70 million. The campus will total 142,000 square feet on a 2.9-acre site. The two buildings will include The Inn Memory Care Community and The Park Assisted Living Community. Koelsch will operate the community upon completion. Partners include RJ Development. Koelsch Construction will act as general contractor, and Judy Koelsch and David Goularte of JSK Design will provide interior design services. Koelsch Communities operates 28 communities in eight states, with nine new communities in development.

March 19, 2018

California Loans Multifamily Western

Quantum Capital Secures $25 Million Refinancing for Apartment Community Near USC

by Amy Works March 19, 2018

LOS ANGELES — Quantum Capital Partners has secured a $25 million refinancing on behalf of Park City LLC for City Park Apartments, a 130-unit community located near the University of Southern California in downtown Los Angeles. The property consists of two four-story buildings offering two- and three-bedroom units. Shared amenities include on-site parking, a fitness center and a recreation room. Although the property is not operated as traditional student housing, the community’s proximity to USC has made it an option for students. The community was 99 percent occupied at the time of financing.

March 19, 2018

Acquisitions Arizona Multifamily Western

Alpha Wave Investors Acquires 110-Unit Multifamily Property in Tucson for $10.5M

by Amy Works March 19, 2018

TUCSON, ARIZ. — Alpha Wave Investors has purchased Orange Tree Village, a townhome-style multifamily property located at 645 W. Orange Grove Road in the Casas Adobes neighborhood of Tucson. A Texas-based private investor sold the property for $10.5 million. Alpha Wave plans to invest more than $2 million in capital upgrades at the property, including new paint and roofing, an upgraded pool and clubhouse, a new fitness center and children’s playground, interior unit renovations and a dog park. Constructed in 1981, the property features one-, two- and three-bedroom floor plans with private patios. At the time of acquisition, the 110-unit property was 85 percent occupied. Alon Shnitzer of ABI Multifamily represented the buyer, while John Ibrahim, also of ABI Multifamily, represented the seller in the deal. David Walkin of Meridian Capital Group arranged the acquisition financing for the buyer. Thorofare Capital funded the loan.

March 19, 2018

Acquisitions Arizona Retail Western

NKF Capital Markets Brokers $8.8M Sale of Retail Property in Prescott, Arizona

by Amy Works March 19, 2018

PRESCOTT, ARIZ. — NKF Capital Markets has arranged the sale of Prescott Gateway Mall, located at 3250 Gateway Blvd. in Prescott. T. Prescott AZ LLC sold the property to Prescott Gateway Mall Realty Holding for $8.8 million. Situated on 37.9 acres, the 318,503-square-foot property was approximately 75 percent occupied at the time of sale. Dillards, JCPenney, Sears, Bed Bath & Beyond, Michaels, Cost Plus World Market, Pier 1 Imports, Texas Roadhouse, Wild Flower Bread Co., Buckle, Chico’s, Maurie’s, Rue 21 and Victoria’s Secret are tenants at the mall. Thomas Dobrowski and David Guido of NKF aided the buyer and seller in the transaction.

March 19, 2018

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