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575-Columbia-Richland-WA
AcquisitionsMultifamilyWashingtonWestern

CBRE Directs Sale of 94-Unit Multifamily Property in Richland, Washington

by Amy Works

RICHLAND, WASH. — CBRE has arranged the sale of 575 Columbia, a 77,700-square-foot multifamily property located along the Columbia River in Richland. Evergreen Housing Development Group sold the property for an undisclosed price. Phil Oester, Joe Nydahl and Josh McDonald of CBRE’s Portland office represented the seller in the deal. The name of the buyer was not released. Built in 2017, 575 Columbia features 58 one-bedroom units and 36 two-bedroom units with nine-foot ceilings, quartz countertops and ample storage. Community amenities include a resident pool and lounge, as well as a fitness center.

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Everett-Mall-Way-Plaza-Everett-WA
AcquisitionsRetailWashingtonWestern

JKL Real Estate Investment Buys 30,000 SF Retail Complex in Washington for $6.2M

by Amy Works

EVERETT, WASH. — JKL Real Estate Investment LP has acquired Everett Mall Way Plaza, a retail complex located at 500 S.E. Everett Mall Way in Everett. Robinson Properties & Investments sold the two-building asset for $6.2 million. Everett Mall Way Plaza features 30,000 square feet of retail space. XinXin Li of Colliers International and Godwin Moy of DBW Private Brokerage represented the buyer in the transaction.

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CaliforniaMarket ReportsOfficeWesternWestern Market Reports

Spec, New Development Continue in Orange County’s Office Sector

by Taylor Williams

The Orange County office market continues to remain healthy with an unemployment rate of 2.6 percent in the second quarter of 2018. This is down from 3.2 percent 12 months prior. The driving industry sectors for Orange County that occupy a large portion of office space include financial services, information technology, logistics and healthcare. We are currently seeing vacancy rates around 11.7 percent, which is about a 10 basis point increase from the second quarter of this year. The main reason for this increase has been momentum in completed construction projects with more than 2.2 million square feet that has been delivered over the past 12 months. At the mid-year point of 2018, more than 808,000 square feet of office space was under construction — the majority of which was speculative. The largest office projects under construction right now include Flight at Tustin Legacy in Tustin and the Quad at Discovery Business Center in Irvine Spectrum. There are four Class A, institutional-quality office projects currently under construction in the county that total nearly 1.3 million square feet — 75 percent of which is pre-leased to tenants. All this bodes well for the continued confidence in the Orange County market. We …

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Highlands-Campus-Tech-Bothell-WA
AcquisitionsIndustrialOfficeWashingtonWestern

Investcorp Sells 201,766 SF Tech Campus in Washington to Equus Capital Partners

by Amy Works

BOTHELL, WASH — Investcorp has completed the sale of Highlands Campus Tech Centre, a technology campus located at 21520, 21312 and 21222 30th Drive SE in Bothell. Equus Capital Partners acquired the asset for an undisclosed price. The 201,766-square-foot campus features two flex/R&D buildings and one office building. Kevin Shannon, Nick Kucha, Ken White, Michael Moll and Bill DeLacy of Newmark Knight Frank represented the seller in the deal.

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Park-View-Estates-Fountain-Valley-CA
CaliforniaDevelopmentLoansMultifamilySeniors HousingWestern

Lancaster Pollard Provides $36M HUD Financing for 145-Unit Seniors Housing Development Near Los Angeles

by Amy Works

FOUNTAIN VALLEY, CALIF. — Lancaster Pollard has provided $36 million in fixed-rate, HUD-insured financing for the construction of Park View Estates. The 145-unit seniors housing community will be located in Fountain Valley, approximately 35 miles southeast of Los Angeles. Welbrook Senior Living and Sunshine Retirement Living are developing the property, which is adjacent to Fountain Valley Regional Hospital. Once completed, the community will offer 106 assisted living units and 39 memory care units. The project is scheduled for completion in 2020. Jason Dopoulos led the transaction for Lancaster Pollard.

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ArizonaLoansMultifamilyWestern

Hunt Real Estate Capital Funds $22.5M in Acquisition Financing for Two Multifamily Properties in Arizona

by Amy Works

PHOENIX AND GLENDALE, ARIZ. — Hunt Real Estate Capital has funded agency loans totaling approximately $22.5 million for the acquisition of two multifamily properties: Canyon Woods Apartments in Phoenix and Shadow Rose Apartments in Glendale. The borrowers for both transactions are The Barone Group and its strategic partners. Duke Stone of Churchill Capital Co. represented the borrowers on both transaction. Bear Holdings Group provided acquisition, investment and asset management services. Built in 1984, Canyon Woods Apartments features 224 apartments spread across 12 two-story buildings, a swimming pool, spa, picnic/playground area and laundry facility. Hunt Real Estate Capital provided a Freddie Mac loan facility featuring a 12-year term with six years of interest-only payments. The borrower plans to implement a $2 million value-add capital improvements program at the property. Shadow Rose Apartments, built in 1985, features 148 apartments across 14 two-story buildings, a swimming pool, spa, playground, laundry facility and clubhouse. Hunt Real Estate Capital funded a Fannie Mae loan facility featuring a 12-year term with nine years of interest-only payments. Additionally, the transaction qualified for Fannie Mae’s Green Rewards loan program where the borrower will implement certain water-saving improvements to lower future utility expenses — in return, the borrower was …

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AcquisitionsCaliforniaIndustrialWestern

Rexford Industrial Buys Multi-Tenant Industrial Asset in Southern California for $18.2M

by Amy Works

COMMERCE, CALIF. — Rexford Industrial Realty has purchased a multi-tenant industrial property in Southern California for $18.2 million, or $245 per square foot. Located at 6100 Sheila St. in Commerce, the 74,527-square-foot freezer/cooler building sits on 4.3 acres. The 22-foot clear height building features 40 dock positions with units from 6,000 square feet to 18,000 square feet. At the time of sale, the property was 100 percent leased to seven tenants. Rexford plans to improve the building’s functionality and energy efficiency with the potential to roll in-place leases to higher market rates. The name of the seller was not disclosed.

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Mountain-Green-Upland-CA
CaliforniaLeasing ActivityRetailWestern

SRS Real Estate Brings Three New Tenants to Mountain Green Shopping Center in Upland

by Amy Works

UPLAND, CALIF. — SRS Real Estate Partners has signed three additional tenants to Mountain Green Shopping Center, located at 357 S. Mountain Ave. in Upland. A 20,390-square-foot ALDI will anchor the retail center under a 15-year lease. Optima Salons and Pathway Vet Alliance signed 10-year leases for 3,800 square feet and 2,100 square feet, respectively. Additional tenants at Mountain Green include Dunkin’ Donuts, GNC, CVS/pharmacy, Michaels, Sprint, Sally Beauty and Jersey Mike’s Subs, among others. Terrison Quinn, Casey Mahony and Adam Handfield of SRS represented the landlord, DMP Properties, while Jason Gordon of Epsteen & Associates represented ALDI. Karen Sunday represented Optima Salons and Ryan Gast of CBRE represented Pathway Vet Alliance in the lease transactions.

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Esplanade-Shopping-Center-Oxnard-CA
AcquisitionsCaliforniaRetailWestern

Investec Real Estate Acquires The Esplanade Shopping Center in Oxnard, California

by Amy Works

OXNARD, CALIF. — Investec Real Estate Cos., in partnership with DRA Advisors, has purchased The Esplanade Shopping Center. The retail center is situated on 31.4 acres on the southeast corner of North Oxnard Boulevard and the 101 Freeway in Oxnard. The acquisition price was not released. Redeveloped in 2002 from an enclosed mall into an open-air center, the regional power center features 356,864 square feet of retail space. Tenants include Dick’s Sporting Goods, Walmart Neighborhood Market, Bob’s Discount Furniture, Nordstrom Rack, TJ Maxx, Cost Plus World Market, Party City, Staples, Starbucks Coffee and In & Out Burger. At the time of sale, the property was 93 percent occupied with only one vacancy, a 25,000-square-foot end-cap anchor space. The buyers were self-represented, while Bill Bauman, Kyle Miller and Matthew Schwartz of NKF Capital Markets of Los Angeles advised the undisclosed seller in deal.

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South-Beach-Resort-Las-Vegas-NV
LoansMultifamilyNevadaWestern

KeyBank Arranges $35.5M in Financing for South Beach Resort in Las Vegas

by Amy Works

LAS VEGAS — KeyBank Real Estate Capital has secured a $35.5 million Fannie Mae first mortgage loan for the acquisition of South Beach Resort in Las Vegas. Situated on 9.8 acres, the property is comprised of 16 two-story residential buildings and features a total of 220 Class A apartment units. Paul Angle of Key’s Commercial Mortgage Group provided the non-recourse, fixed-rate loan with 10 years of interest-only payments for the undisclosed borrower.

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