Western

Avison Young Arranges $3.7M Acquisition of Industrial Building in Lake Elsinore, California

by Amy Works May 14, 2018

LAKE ELSINORE, CALIF. — Avison Young has brokered the acquisition of a newly constructed industrial building located at 470 Third St. in Lake Elsinore. An entity of San Diego Ice Co. purchased the property from TOLD Properties for $3.7 million. The ice manufacturer and distributor will occupy the 24,026-square-foot building. Situated on 1.4 acres, the property features 2,800 square feet of office space, 1,400 square feet of mezzanine space, skylights, two dock-high loading doors, two grade-level loading doors and 59 parking spaces. Stan Nowak and Cody Lerner of Avison Young represented the buyer, while Lee & Associates represented the seller in the deal.

May 14, 2018

Acquisitions California Retail Western

Dental Practice Buys 3,600 SF Retail Property in California for $2.3M

by Amy Works May 14, 2018

ORANGE, CALIF. — A local dentist practice has purchased a single-tenant retail property located at 1936 E. Katella Ave. in Orange. A local private investor sold the property for $2.3 million. The buyer plans to convert the 3,600-square-foot space, which is currently a Japanese restaurant, into a dental office. Jones Real Estate represented the buyer, while Thomas Chichester, Joseph Chichester and Matt Brooks of Faris Lee represented the seller in the deal.

May 14, 2018

Acquisitions California Industrial Western

Rexford Industrial Buys Two Properties for $127.1M Near Los Angeles

by Amy Works May 11, 2018

COMMERCE, ANAHEIM AND ONTARIO, CALIF. — Rexford Industrial Realty has acquired two industrial properties in Southern California for a total investment of $127.1 million. The company also sold two industrial assets in the Inland Empire for $9.1 million. In an off-market transaction, Rexford Industrial purchased 5300 Sheila St. in Commerce for $121 million, or $174 per square foot. Situated on 35.8 acres, the 695,120-square-foot property features 36-foot clear heights, 118 cross-dock loading positions and nearly 4 acres of excess land accommodating storage of up to 435 trailer/containers. At the time of sale, the property was fully occupied by a credit tenant on a long-term, triple-net lease. Rexford also acquired 1190 E. Stanford Court in Anaheim for $6.1 million, or $176 per square foot. Situated on 1.4 acres, the 34,494-square-foot property features 24-foot clear heights, dock-high loading and a large fenced yard. The property was 100 percent leased to a single tenant at the time of acquisition. Additionally, the company sold 1910 and 1920 S. Archibald Ave. in Ontario for $9 million, or $116 per square foot. Originally purchased as a part of a three-building portfolio, the sale represents a planned disposition as these two 69 percent-occupied flex buildings are not …

May 11, 2018

Acquisitions Multifamily Utah Western

Security Properties Acquires 96-Unit Affordable Multifamily Property in Park City, Utah

by Amy Works May 11, 2018

PARK CITY, UTAH — Security Properties has purchased Elk Meadows, an affordable multifamily property located at 2627 Kilby Road in Park City, for an undisclosed price. The garden-style community comprises 96 units that are income restricted. The property was originally developed in 1993 utilizing Low-Income Housing Tax Credits from the Utah Housing Corp. A regulatory agreement tied to that original source of financing restricts the property to affordable housing through 2023. KeyBank provided a five-year, floating-rate loan for the property. Security Properties Residential, an affiliate of Security Properties, will manage the property. This acquisition is Security Properties’ first purchase in Utah.

May 11, 2018

Acquisitions Arizona Multifamily Seniors Housing Western

Blueprint Brokers Sale of 128-Bed Skilled Nursing Facility Near Phoenix

by Amy Works May 11, 2018

PEORIA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Plaza Del Rio, a 128-bed skilled nursing and long-term acute care facility in the Phoenix suburb of Peoria. The seller is a Florida-based philanthropist and senior living developer that held the asset in a charitable remainder trust. The buyer is The Ensign Group, which already owned a seniors housing portfolio in the region. At the time of the sale, Plaza Del Rio was 80 percent occupied. The price was not disclosed. Amy Sitzman and Jacob Gehl led the transaction for Blueprint.

May 11, 2018

Acquisitions Colorado Multifamily Western

ARA Newmark Negotiates $21.2M Sale of Multifamily Property in Greeley, Colorado

by Amy Works May 11, 2018

GREELEY, COLO. — ARA, A Newmark Co., has brokered the sale of University Flats, a multifamily property located at 1758 Sixth Ave. in Greeley. Greeley Flat DTS and Greeley Land LLC acquired the property from Greeley Realty Investors for $21.2 million, or $227,946 per unit. The property features 93 apartments. Andrew Hellman and Justin Hunt of ARA Newmark represented the seller in the transaction.

May 11, 2018

California Loans Multifamily Western

Money360 Secures $5M Loan for Manufactured Housing Community in Sacramento

by Amy Works May 11, 2018

SACRAMENTO, CALIF. — Money360 has arranged a $5 million bridge loan for a manufactured housing community in San Francisco. The non-recourse, three-year loan features an interest-only amortization and a 46 percent loan-to-value ratio. The borrower was not disclosed.

May 11, 2018

Acquisitions California Office Western

Cruzan, Cigna Investment Management Acquire 106,890 SF Office Building in Beverly Hills

by Amy Works May 10, 2018

BEVERLY HILLS, CALIF. — A joint venture between Cruzan and Cigna Investment Management has purchased an office building located at 9171 Wilshire Drive in Beverly Hills. An undisclosed seller sold the property for $69.2 million. At the time of sale, the six-story, 106,890-square-foot building was 83 percent occupied. Current tenants include Avalon Holdings, Kaplan Perrone Entertainment and Mejia & Kaplan. The buyer plans to renovate the building. Andrew Harper, Matthew Fisher and Ryan Gallagher of HFF represented the seller and procured the buyer in the deal. Additionally, Paul Brindley, Todd Sugimoto, Steven Paskover and Ryan Ashe, also of HFF, arranged a $51.5 million acquisition loan through Mesa West Capital for the buyer.

May 10, 2018

Loans Retail Washington Western

KeyBank Originates $25.9M in Financing for Retail Center in Marysville, Washington

by Amy Works May 10, 2018

MARYSVILLE, WASH. — KeyBank Real Estate Capital has originated $25.9 million in CMBS first-mortgage financing for The Marketplace at Smokey Point, located at 2615 172nd St. in Marysville. Completed in 2016, the 185,352-square-foot retail center comprises 10 single-story buildings. Hobby Lobby, Dick’s Sporting Goods, Ulta Beauty, Party City, Tuesday Morning and Fitness Evolution are current tenants at the 19-tenant property. Josh Berde of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term and 30-year amortization schedule. The undisclosed borrower will use loan proceeds to refinance existing debt.

May 10, 2018

Arizona Development Multifamily Seniors Housing Western

Ryan Cos., Cadence Senior Living Start Construction of 170-Unit Project in Arizona

by Amy Works May 10, 2018

MESA, ARIZ. — Ryan Cos. and Cadence Senior Living have unveiled plans for Azure Mesa, a 170-unit independent living, assisted living and memory care community in Mesa, a suburb of Phoenix. The upscale, 183,000-square-foot property will feature 142 units that may be used for independent living or assisted living, plus 28 units devoted to memory care. Construction is already underway, with a planned delivery of summer 2019. HFF worked on behalf of Cadence and Ryan to arrange a joint venture equity partnership with an undisclosed institutional partner. Azure Mesa is located on an eight-acre site adjacent to Granite Reef Park, close to restaurants, retail, recreation and medical services. Ryan A+E is designing the community, while Studio SIX5 is designing the interiors. The Cadence-Ryan team is working on a second Azure location in North Scottsdale, which recently received Scottsdale City Council approval. Ryan Companies currently has over 600,000 square feet of senior living projects under construction in Arizona and nationally has completed over 4 million square feet of senior living communities. Cadence Senior Living has over 30 years of seniors housing development and management experience.

May 10, 2018

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