Western

Confluent Development, Bradbury Properties to Build Three Office, Industrial Buildings in Denver

by Nellie Day November 1, 2017

DENVER — A joint venture between Confluent Development and Bradbury Properties has agreed to build three new office and industrial buildings in Highfield Business Park in Denver. The park is situated near the intersection of E-470 and Peoria Street, southeast of Centennial Airport. The first project was completed in June and now houses two tenants. The 101,000-square-foot facility (Highfield Building 5), broke ground in October 2016 as a spec development. The building is occupied by Charter Communications and Gateway Classic Cars. The second project is a build-to-suit development for EdgeConneX. The third project in the business park is a 92,000-square-foot spec industrial facility. The project will break ground in November, with project completion scheduled for spring 2018.

November 1, 2017

California Loans Multifamily Western

Berkeley Point Capital Provides $105M in Financing for Avion at Spectrum in San Diego

by Nellie Day November 1, 2017

SAN DIEGO — Berkeley Point Capital has provided $105 million in acquisition financing for the 448-unit Avion at Spectrum apartment community in San Diego. The community is located at 8811 Spectrum Center Blvd. The property was purchased by an affiliate of Prime Residential. The luxury apartments were completed in 2002 and partially upgraded by the seller in 2012. Avion at Spectrum features oval garden soaking tubs, crown molding, nine-foot ceilings, granite countertops and stainless steel appliances. The pet-friendly community is near Interstate 15, Interstate 805 and Highway 163. Amenities include a resort-style spa, pool with cabanas, grilling area, fire pit and fitness studio.

November 1, 2017

California Multifamily Student Housing Western

TSB Realty Arranges Sale of Student Housing Community Near CSU Sacramento

by Nellie Day November 1, 2017

SACRAMENTO, CALIF. — TSB Realty LLC has arranged the sale of The Element, a 792-bed student housing community located near California State University-Sacramento. The community offers one-, two-, three- and four-bedroom, fully furnished units. Shared amenities include a resort-style swimming pool, updated fitness facility, covered basketball half-court, lighted sand volleyball court and game room. TSB represented the seller, a joint venture between VerTex Student Housing Partners and Harrison Street Real Estate Capital, in the transaction. Nelson Brothers acquired the property for an undisclosed price.

November 1, 2017

California Multifamily Seniors Housing Western

CareTrust Acquires Three Skilled Nursing Facilities in Southern California for $69M

by Nellie Day November 1, 2017

SAN CLEMENTE, CALIF. — CareTrust REIT Inc. has acquired three skilled nursing facilities in Southern California, and provided mortgage financing on a fourth. CareTrust entered into a tenant agreement with Providence Group, which has operated all four facilities since 2015. The names of the facilities were not disclosed. The total investment for the three-facility, 528-bed portfolio was approximately $69 million inclusive of transaction costs. The properties will yield approximately $6.1 million in initial annual cash rent, according to CareTrust. The mortgage on the 104-bed skilled nursing facility was $12.5 million inclusive of transaction costs, at an annual interest income of 9 percent. The master lease carries an initial term of 15 years, with two five-year renewal options and CPI-based rent escalators. The acquisition was funded using CareTrust REIT’s $400 million unsecured revolving credit facility.

November 1, 2017

California Retail Western

Marcus & Millichap Arranges $7.2M Sale of Rite Aid-Leased Property in Lancaster, California

by Nellie Day November 1, 2017

LANCASTER, CALIF. — Marcus & Millichap has arranged the $7.2 million sale of a 15,482-square-foot store in Lancaster net-leased to Rite Aid. Lior Regenstreif of Marcus & Millichap arranged the transaction on behalf of the buyer, an undisclosed partnership. The name of the seller was not released.

November 1, 2017

California Loans Retail Western

Walker & Dunlop Secures $24M Financing for Retail Center in Clovis

by Nellie Day October 31, 2017

CLOVIS, CALIF. — Walker & Dunlop has secured $24 million in permanent financing for The Trading Post Shopping Center, a 127,764-square-foot retail center in Clovis. Jeff Hudson, Riley Manke and Andrew Westling of Walker & Dunlop secured the 10-year, fixed-rate loan on behalf of the borrower, Rich Development Enterprises LLC. At the time of sale, The Trading Post Shopping Center was more than 95 percent leased to tenants including Sprouts Farmer’s Market, Ross Dress for Less, Sketchers, Tuesday Morning, Dollar Tree, Pieology, Deli Delicious and Union Bank.

October 31, 2017

California Industrial Western

Duke Realty Buys Two Industrial Assets in Southern California Totaling 873,870 SF

by Nellie Day October 31, 2017

FONTANA AND CITY OF INDUSTRY, CALIF. — Duke Realty Corp. has purchased two industrial buildings totaling 873,870 square feet in Southern California. The assets are part of a larger $700 million, 12-property industrial portfolio Duke has purchased from Bridge Development Partners. The assets include a 429,870-square-foot building at South Ajax Avenue in the City of Industry and a 444,000-square-foot facility at 11250 Poplar Ave. in Fontana. Poplar Avenue was completed and leased in 2016, while Ajax Avenue was completed in 2017. HFF’s Anthony Brent and Ryan Martin represented both the buyer and seller in this transaction.

October 31, 2017

California Retail Western

HFF Arranges Sale of 165,528 SF Grocery-Anchored Center in Burbank

by Nellie Day October 31, 2017

BURBANK, CALIF. — HFF has arranged the sale of Plaza del Sol, a 165,528-square-foot grocery-anchored center in Burbank. Gleb Lvovich and Bryan Ley of HFF represented the seller, Tourmaline Capital, in the transaction. The buyer and sales price were not disclosed. Constructed in 1984, Plaza del Sol served as a Costco store until a retrofit in 2005 and 2006 that transformed the project into a retail center with street-facing retail in the front and last-mile industrial space in the back. Vallarta Supermarkets anchors Plaza del Sol, which was leased to 23 tenants with food, fitness and distribution uses at the time of sale.

October 31, 2017

Arizona Industrial Western

AllState Buys Last-Mile Warehouse Facility in Tempe

by Nellie Day October 31, 2017

TEMPE, ARIZ. — AllState has purchased Tempe Logistics Center, a 175,314-square-foot industrial building in Tempe, for an undisclosed sum. The building is located at 1524 W. 14th St. The asset serves as a “last-mile” warehouse with 18- to 24-foot clear heights, automatic fire suppression, 23 dock loading doors, six grade-level doors, an over-standard parking ratio and 130-foot truck courts. Recent tenant improvements include the installation of full air conditioning in the office and warehouse space, a new office and kitchen buildout, and an upgraded power supply. The asset is fully leased to investment-grade tenants. CBRE Global Investors acquired the property on behalf of AllState. Will Strong, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller, LBA Realty, in this transaction.

October 31, 2017

California Loans Multifamily Student Housing Western

Positive Investments Receives $16.9M Refinancing for Student Housing Property in Riverside, California

by Nellie Day October 31, 2017

RIVERSIDE, CALIF. — Positive Investments has received a $16.9 million refinancing for International Village, a 341-bed student housing community located on the University of California, Riverside campus. Positive Investments acquired the property, which is subject to a ground lease agreement with regents of the University of California, in 2016. The community partners with the University of California, Riverside, to provide housing for students from around the world attending the university’s International Education programs. Capital One provided the Fannie Mae, fixed-rate loan, which features a 30-year amortization schedule. Andrew Kwok of Capital One originated the transaction. The property offers studio, loft, two-, three- and five-bedroom units. Shared amenities include a fitness center, music room with a piano, soccer field, bike rental, basketball court, barbecue areas, study lounges and TV lounge with billiards tables.

October 31, 2017

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