Western

Stos Partners Sells Industrial Building in San Diego for $21M

by Nellie Day February 2, 2018

SAN DIEGO — Stos Partners has sold a 91,541-square-foot industrial building in the National City submarket of San Diego for $21 million. The single-tenant building is located at 901 Bay Marina Drive. The asset is fully occupied. An undisclosed Fortune 500 company anchors the building. A large institutional investor acquired the property after it underwent several improvements, including a new roof, new exterior paint, an upgraded parking lot and new monument signage. CBRE’s Anthony DeLorenzo, Matt Pourcho and Gary Stache represented Stos in this transaction.

February 2, 2018

Arizona Multifamily Western

Stoneweg Buys 300-Unit Apartment Complex in Tucson for $20.5M

by Nellie Day February 2, 2018

TUCSON, ARIZ. — Stoneweg has acquired the 300-unit River Oaks Apartments in Tucson for $20.5 million. The community is situated along East Broadway Boulevard. River Oaks is surrounded by the Central Tucson Office Corridor, a 5 million-square-foot concentration of office space. The corridor is home to the Williams Centre and 5151 East Broadway office complexes, along with employers like ASARCO Mining, 3M Motor Vehicle Systems and IBM. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, HSL Properties, in this transaction.

February 2, 2018

California Office Western

Smashtech Leases Office Space at Symphony Towers in Downtown San Diego

by Nellie Day February 2, 2018

SAN DIEGO — Smashtech has leased 22,000 square feet of office space at Symphony Towers in downtown San Diego. The marketing company will occupy the penthouse suite on the 33rd floor. Smashtech will relocate from the Union Bank Building in June 2018. Irvine Co. owns the property.

February 2, 2018

Arizona Office Western

McCarthy Cook, Morgan Stanley Sell 485,687 SF Office Tower in Phoenix for $80.7M

by Nellie Day February 1, 2018

PHOENIX — A joint venture between McCarthy Cook & Co. and Morgan Stanley Real Estate Investing has sold BMO Tower at Central Arts Plaza, a 485,687-square-foot office tower in Phoenix, for $80.7 million. The Class A building is located at 1850 and 1884 N. Central Ave. in the Central Arts District. The transaction included an adjacent 1.9-acre parcel. BMO Tower was built in 1991 and designed for the Dial Corp. international headquarters. The building is currently 77 percent leased. Notable tenants include Dickinson Wright, The Cavanaugh Law Firm, PwC, Viad Corp. and BMO Harris Bank. Amenities include a fitness center, conference center, café with indoor/outdoor dining areas, a 200-seat theater, sundry shop and 24/7 security. The property also offers 360-degree views of Phoenix’s skyline and Camelback Mountain, a main lobby with 20-foot high ceilings, and a rotating art gallery. CBRE will serve as property manager, while JLL will lease the asset. CBRE also secured the financing and represented both parties in this transaction.

February 1, 2018

Multifamily Utah Western

Kennedy Wilson Buys 492-Unit Apartment Community in Utah for $79.5M

by Nellie Day February 1, 2018

SANDY, UTAH — Kennedy Wilson (KW) has acquired the 492-unit Santa Fe Apartments in Cottonwood Heights for $79.5 million. The community is located at 1550 Fort Union Blvd. Santa Fe offers market-rate and affordable units with one- and two-bedroom layouts at an average of 790 square feet. KW plans to initiate its value-add asset management plan to execute interior unit renovations, as well as upgrades to the fitness center, sport court, leasing center and other common areas.

February 1, 2018

California Loans Office Western

NorthMarq Secures $57.1M in Construction Financing for 158,000 SF Office Building in San Diego

by Nellie Day February 1, 2018

SAN DIEGO — NorthMarq Capital has secured $57.1 million in construction financing for Watermark II, a 158,000-square-foot office building in San Diego. The loan was structured with a five-year term, the first three of which feature interest-only payments followed by a 25-year amortization schedule. NorthMarq arranged the financing through a regional bank. The borrower is an owner-user who previously developed a neighboring Class A office building that it currently occupies.

February 1, 2018

Hawaii Retail Western

JV to Break Ground on Next Phase of 750,000 SF Shopping Center in Hawaii

by Nellie Day February 1, 2018

KAPOLEI, HAWAII — DeBartolo Development, in partnership with OPTrust and the Department of Hawaiian Home Lands (DHHL), will break ground this month on the next phase of Ka Makana Ali’i, a more than 750,000-square-foot shopping center in Kapolei. Dubbed The Grove, the 109,000-square-foot phase will be home to healthy lifestyle retailers, restaurants and services, including Foodland Farms, Hawai’i Pacific Health and PetSmart. The Grove will be located adjacent to 24 Hour Fitness. The Macy’s-anchored Ka Makana Ali’i opened in 2016 and is home to more than 125 retailers and restaurants, including a Consolidated Theatres. In addition, the center is home to the state’s first Hampton Inn & Suites by Hilton. Swinerton Builders Hawai’i is the project’s general contractor, and HTH Architects and Architects Hawai’i Limited are the project architects. JLL will handle leasing assignment for The Grove, which is expected to open in 2019.

February 1, 2018

Loans Multifamily Oregon Seniors Housing Western

Harborview Arranges $13.3M Construction Loan for Seniors Housing Community in Oregon

by Nellie Day February 1, 2018

OREGON — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $13.3 million loan for the construction of an 84-unit assisted living and memory care community in Oregon. Avi Begun of Harborview closed the transaction for the Oregon-based client.

February 1, 2018

California Loans Multifamily Western

G.H. Palmer Associates Receives $97.2M Refinancing for Santa Clarita Multifamily Assets

by Nellie Day January 31, 2018

SANTA CLARITA, CALIF. — G.H. Palmer Associates has received $97.2 million in refinancing for two apartment communities in Santa Clarita. The communities include the 255-unit Sand Canyon Ranch ($39.4 million) and the 384-unit Village Apartments ($57.8 million). Sand Canyon Ranch is located at 28856 N. Silver Saddle Circle. The Village Apartments is located at 23700 Velle Del Oro. The deals were structured with 10-year, interest-only loan terms. NorthMarq’s Ory Schwartz arranged financing for the borrower through its Freddie Mac platform utilizing the Green Advantage program.

January 31, 2018

Arizona Multifamily Western

HQ Capital Real Estate Sells 248-Unit Apartment Complex in Phoenix

by Nellie Day January 31, 2018

PHOENIX — HQ Capital Real Estate has sold the 248-unit Crestone at Shadow Mountain apartments in Phoenix for an undisclosed sum. The community is located at 3033 E. Thunderbird Road in the Paradise Valley submarket. A group of institutional investors purchased the asset. The group plans to renovate the building’s common areas and unit interiors. CBRE represented HQ Capital Real Estate in this transaction.

January 31, 2018

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