Western

Lincoln Property Co., Harvard Investments Selected to Build 1.35 MSF Office Project in Mesa, Arizona

by Amy Works May 23, 2018

MESA, ARIZ. — The Mesa City Council has selected Lincoln Property Cos. and Harvard Investments to develop 28.2 acres of city-owned land in the Riverview mixed-use district of Mesa. Upon completion, the “Union” project will bring 1.35 million square feet of Class A office space to the district. Union will include four buildings ranging from four to eight stories and fro 225,000 square feet to 450,000 square feet. Each building will feature large and open floorplates and high ceilings. Constructed in phases, the first building will be the four-story, 225,000-square-foot Building A located at the northwest corner of the property, followed by Buildings B and C, totaling up to six stories and 337,500 square feet. The final building, Building D, will feature eight stories and 450,000 square feet. Construction on Building A is slated to begin in 2019. DAVIS is the project architect, and Layton Construction Co. is serving as the general contractor. Dave Carder and Scott Boardman of Cushman & Wakefield are exclusive leasing brokers for the project.

May 23, 2018

Loans Nevada Retail Western

NorthMarq Arranges $37M Refinancing for Retail Center in Las Vegas

by Amy Works May 23, 2018

LAS VEGAS — NorthMarq Capital has secured a $37 million refinancing for Sahara Center, a retail property located at 10000 W. Sahara Ave. in Las Vegas. Scott Monroe of NorthMarq Capital’s Las Vegas office arranged the 10-year term on a 30-year amortization schedule. A conduit CMBS lender provided the capital. Sprouts Farmers Market, TJ Maxx, Petco, Raising Cane’s Chicken Fingers, In-N-Out Burger, Stein Mart and Burlington Coat Factory are major tenants at the 222,883-square-foot retail property.

May 23, 2018

Acquisitions Arizona Multifamily Western

Security Properties Buys 254-Unit Multifamily Property in Phoenix for $59M

by Amy Works May 23, 2018

PHOENIX — Security Properties, along with funds managed by Oaktree Capital Management, has purchased Pavilions on Central, a multifamily property located at the intersection of Central and Campbell avenues in Phoenix, for $59 million. The name of the seller was not released. Located within the Midtown neighborhood of Phoenix, Pavilions on Central features 254 apartments in a mix of one-, two- and three-bedroom floorplans with an average unit size of 1,109 square feet. Although the property underwent renovations in 2013 and 2016, Security Properties plans to renovate all of the bathrooms at the property to high-end specs to match the kitchen renovations. Security Properties Residential, an affiliate of Security Properties, will manage the property. With this acquisition, Security Properties owns nine assets totaling more than 3,700 units in the Phoenix marketplace.

May 23, 2018

Acquisitions California Multifamily Western

Kidder Mathews Negotiates $6.4M Sale of Apartment Building in Costa Mesa, California

by Amy Works May 23, 2018

COSTA MESA, CALIF. — Kidder Mathews has arranged the sale of Casa Del Mar, an apartment building located at 147 E. 18th St. in Costa Mesa. Newport 18th Partners acquired the 16-unit property from a private trust for $6.4 million. Steven Brombal and Joshua Rhee of Kidder Mathews represented the seller and buyer in the deal. The offering is the first time Casa Del Mar has been on the market.

May 23, 2018

Acquisitions Arizona Georgia Retail Southeast Western

Westwood Financial Acquires Two Sprouts-Anchored Centers in Metro Atlanta, Phoenix for $66.2M

by Camren Skelton May 22, 2018

DECATUR, GA. AND CHANDLER, ARIZ. — Westwood Financial LLC has acquired two Sprouts-anchored retail centers located in Decatur and Chandler for a combined $66.2 million. The properties were acquired in separate transactions, and the individual sales prices were not disclosed. In Atlanta, Westwood acquired Decatur Crossing, an 81,900-square-foot shopping center that was constructed in 2017. Atlanta-based Fuqua Development developed and sold the property, according to the Atlanta Business Chronicle. HFF arranged a loan through Unum Group on behalf of Westwood. Decatur Crossing was fully leased at the time of sale. In Chandler, an eastern suburb of Phoenix, Westwood acquired Boardwalk at Andersen Springs. Constructed in 2005, the property is the home of the original Sprouts Farmers Market. HFF arranged an acquisition loan through Nationwide Life Insurance Co. on behalf of Westwood. Boardwalk at Andersen Springs was 97 percent leased at the time of sale.

May 22, 2018

Acquisitions California Loans Office Western

HFF Arranges $109.8M Sale of, $103.6M Financing for Office Building in San Francisco

by Amy Works May 22, 2018

SAN FRANCISCO — HFF has arranged the sale of a subdivided office condominium interest in 1390 Market St., a transit-oriented office building in San Francisco. Broadreach Capital Partners sold the property to Swift Real Estate Partners for $109.8 million. Michael Leggett, Gerry Rohm, David Dokko, Ben Bullock, Thomas Foley and Austin White of HFF represented the seller and procured the buyer in the deal. Additionally, Jordan Angel and Bercut Smith, also of HFF, arranged a $103.6 million floating-rate loan through Brookfield for the buyer. Located in San Francisco’s Mid-Market, the property features 218,791 square feet of office space and 920 square feet of ground-floor retail space. Originally built in 1967, the property was renovated in 2007. Current tenants include Twitter, Jones Clifford and several branches of the City of San Francisco. The property also includes apartments on the top floors, which were not included in the sale or financing.

May 22, 2018

Acquisitions Colorado Multifamily Seniors Housing Western

Confluent Sells 69,000 SF Seniors Housing Property in Fort Collins to Kayne Anderson

by Amy Works May 22, 2018

FORT COLLINS, COLO. — Confluent Senior Living has sold MorningStar of Fort Collins, an assisted living and memory care community in Fort Collins. Kayne Anderson Real Estate purchased the property for an undisclosed price. Confluent co-developed the project with MorningStar Senior Living, which will stay on as operator following the transaction. The 79-unit, 69,000-square-foot community opened in December 2015.

May 22, 2018

Acquisitions Multifamily Nevada Western

Northcap Multifamily Brokers $8.2M Sale of Multifamily Property in Las Vegas

by Amy Works May 22, 2018

LAS VEGAS — Northcap Multifamily has arranged the sale of Decatur Point, a multifamily property located at 1760 N. Decatur Blvd. in Las Vegas. Vegas Venture Holdings LLC sold the asset to an undisclosed buyer for $8.2 million. The property features 100 apartments. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Multifamily arranged the transaction.

May 22, 2018

Acquisitions California Multifamily Seniors Housing Western

Clearwater Living Acquires Independent Living Community from The Wolff Company in Southern California

by Amy Works May 22, 2018

OXNARD, CALIF. — Clearwater Living has acquired Clearwater at Riverpark, a newly delivered, 136-unit independent living community in Oxnard. Clearwater already operated the community, which seller The Wolff Company developed. The transfer of ownership was part of the development plan, according to Clearwater. The price was not disclosed. The property is located along the Santa Clara River approximately 75 miles west of Los Angeles. It is adjacent to The Collection at Riverpark, a 600,000-square-foot lifestyle retail center including restaurants, shops and theaters. Clearwater already operates nine communities in Western markets, but this is the first community the company will also own.

May 22, 2018

Acquisitions California Office Western

Voit Real Estate Negotiates $1.5M Sale of Office Building in Chula Vista, California

by Amy Works May 22, 2018

CHULA VISTA, CALIF. — Voit Real Estate Services has arranged the sale of an office building located at 2090 Otay Lakes Road in Chula Vista. Stars Intervention Inc. purchased the building from Pathfinder Otay Holdings, an affiliate of Pathfinder Partners, for $1.5 million. Located within Eastlake Medical and Professional Center, the property features 6,638 square feet of office space. Tracy Clark and Kimberly Clark of Voit Real Estate Services’ San Diego office represented the seller, while Denisse Sanchez of Remax Clarity represented the buyer in the transaction.

May 22, 2018

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