Western

Newmark Arranges $43.4M in Financing for 285,000 SF Shopping Center in Colorado

by Amy Works May 31, 2018

LAKEWOOD, COLO. — San Francisco-based Newmark has arranged $43.4 million in financing for Lakewood City Commons, a shopping center located at 7740 W. Alameda Ave. in Lakewood. Mark Ritchie and Jasmine Polson of Newmark arranged the financing for the undisclosed borrower. The 15-year loan, which features a 30-year amortization schedule, was funded through a correspondent life insurance company. Newmark will service the loan. The borrower plans to use the long-term financing to pay off an existing CMBS loan, cover transaction costs and recoup a portion of its equity. At the time of financing, the 285,000-square-foot property was 95 percent occupied. Tenants include Ross Dress for Less, Old Navy, Michaels and King Soopers, a supermarket brand of Kroger.

May 31, 2018

California Healthcare Loans Office Western

CIT Funds $15.3M Acquisition Loan for Medical Office Building in San Diego

by Amy Works May 31, 2018

SAN DIEGO — CIT Group’s Healthcare Finance business, part of the Commercial Finance division, has funded a $15.3 million loan to finance the purchase of Coast Medical Center, a medical office building in San Diego. The borrower is a joint venture between Kayne Anderson and MB Real Estate. Situated 10 miles from downtown San Diego, the four-story building is occupied by a variety of healthcare tenants offering a range of medical services, including surgery, urology, orthopedics and dentistry.

May 31, 2018

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Negotiates $7.4M Sale of Multifamily Building in Denver

by Amy Works May 31, 2018

DENVER — Pinnacle Real Estate Advisors has arranged the sale of The Hanford House, a multifamily property located at 809 Dexter St. in Denver. RGD Properties sold the property to an undisclosed buyer for $7.4 million, or $330 per square foot. The building features 22,431 square feet. Kevin Calame of Pinnacle Real Estate represented the seller in the in the transaction.

May 31, 2018

Acquisitions Healthcare Office Washington Western

Colliers Brokers $3M Sale of Medical Office Property in Metro Seattle

by Amy Works May 31, 2018

BOTHELL, WASH. — Colliers International has brokered the sale of The Romero Professional Building, a medical office property located at 19110 Bothell Way NE in Bothell, a northeastern suburb of Seattle. LAIT Bothell LLC sold the property to Bothell RE Venture LLC for $3 million, or $307.88 per square foot. Built in 1987, the property features 9,744 square feet. Current tenants are Bothell Endodontics, Bothell Physical Therapy, Eastwind Acupuncture Clinic and Formo Enterprises. Pat Mutzel and Jeff Jeremiah of Colliers represented the seller, while Derek Heed and Gregg Riva, also of Colliers, represented the buyer in the off-market transaction.

May 31, 2018

Arizona Development Multifamily Western

Core Spaces to Develop 21-Story Apartment Complex in Tempe, Arizona

by Amy Works May 30, 2018

TEMPE, ARIZ. — Chicago-based Core Spaces is developing its third apartment complex in Tempe. Known as The Collective, the 21-story-plus-penthouse property will be located at the intersection of Seventh Street and Myrtle Avenue. The 319,148-square-foot building will feature 268 units, totaling 464 beds, and 6,000 square feet of ground-floor retail space. Slated to open in 2020, the property will also feature a 5,800-square-foot indoor/outdoor communal garden, amenity space on the fifth floor, a 5,500-square-foot rooftop pool deck and amenity terrace, and outdoor seating area on the ground level.

May 30, 2018

Acquisitions Nevada Office Western

NKF Facilitates $39.7M Sale of 161,924 SF Office Tower in Downtown Las Vegas

by Amy Works May 30, 2018

LAS VEGAS — NKF Capital Markets has brokered the sale of a Class A office tower and adjacent parking structure, located at 302 and 304 E. Carson Ave. in Las Vegas. Highbrook Investors sold the property to an undisclosed buyer for $39.7 million. Kevin Shannon, Brunson Howard, Ken White, David Scherer, Bryan Loewen and Rick Stumm of NKF Capital Markets represented the seller. Constructed in 1965, the 161,924-square-foot property was renovated from 2010 to 2015. Current tenants include Take Two Interactive Software, GSA (Housing and Urban Development), Zappos, an Amazon subsidiary and Flexential (formerly ViaWest). The sale also included the adjacent five-level parking structure.

May 30, 2018

Acquisitions California Industrial Mixed-Use Office Western

Irvine Co. Acquires 127,000 SF Mixed-Use Building in Irvine, California

by Amy Works May 30, 2018

IRVINE, CALIF. — Newport Beach, Calif.-based Irvine Co. has purchased 58 Discovery, a mixed-use building located within Irvine Spectrum in Irvine, for an undisclosed price. Built in 2000, the property features 60 percent office space and 40 percent R&D/warehouse space. Thales Avionics, a long-term Irvine Co. customer, occupies the 127,000-square-foot building. Jeff Cole, Ed Hernandez and Nico Napolitano of Cushman & Wakefield represented the undisclosed seller.

May 30, 2018

Acquisitions Healthcare Nevada Office Western

Sun Commercial Real Estate Negotiates $8.3M Sale of Office Portfolio in Las Vegas

by Amy Works May 30, 2018

LAS VEGAS — Sun Commercial Real Estate has brokered the sale of a single-tenant, absolute triple-net leased portfolio in Las Vegas. An undisclosed REIT sold the portfolio to an undisclosed buyer for $8.3 million, or $120 per square foot. The portfolio includes a 38,784-square-foot office building located at 2975 S. Rainbow Blvd. and eight residential rehabilitation facilities totaling 30,389 square feet. Cathy Jones, Jessica Cegavske, Roy Fitz, Paul Miachika and Taylor Vasquez of Sun Commercial Real Estate’s Investment Sale Group represented the seller and procured the buyer in the transaction.

May 30, 2018

Acquisitions Office Washington Western

Colliers Negotiates $7.7M Sale of Medical Office Property in Metro Seattle

by Amy Works May 30, 2018

BELLEVUE, WASH. — Colliers International has arranged the sale of Olympic Medical Center, an office property located at 1310 116th Ave. NE in Bellevue, a western suburb of Seattle. Healthcare Realty acquired the property from BH Properties I LLC for $7.7 million. Radiology Consultants of Washington, Center for Diagnostic Imaging, Overlake Arthritis, Lab Corp and Acute Pain Therapies occupy the 15,274-square-foot property, which was built in 1978. Pat Mutzel and Jeff Jeremiah of Colliers represented the seller in the deal.

May 30, 2018

Acquisitions Arizona California Multifamily Seniors Housing Washington Western

MBK to Acquire Nine-Property Seniors Housing Portfolio in West for $382M

by Amy Works May 29, 2018

IRVINE, CALIF. — MBK Real Estate has agreed to acquire a nine-property seniors housing portfolio in California, Washington and Arizona for $382 million. The Irvine-based investor is a subsidiary of Tokyo-based Mitsui & Co., and the parent company of MBK Senior Living. The seller is West Living LLC, a California-based owner-operator. Although the specific properties were not disclosed, West Living only lists 10 properties on its website. The portfolio totals 1,200 units and features an annual combined net operating income of $21 million. MBK plans to implement renovations to the properties. The acquisition is expected to close in June. MBK already owns a portfolio of 25 properties totaling 2,600 units, also all geographically centered in the West.

May 29, 2018

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