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.
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.
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.
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.
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.
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.
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.
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.
SAN FRANCISCO — Social media giant Facebook Inc. (NASDAQ: FB) has signed a long-term lease to fully occupy Park Tower at Transbay, a 43-story office tower under construction in San Francisco’s Financial District. According to the San Francisco Business Times, the transaction is the largest office lease in the history of the city and will make Facebook the market’s third-largest tech tenant by square footage. Park Tower is co-owned by MetLife Investment Management, the asset management arm of MetLife Inc. (NYSE: MET), as well as Chicago-based owners and developers The John Buck Co. and Golub & Co. The ownership group plans to deliver the 764,700-square-foot office tower in the fourth quarter of this year. “We’re pleased to welcome Facebook to Park Tower,” says Joel Redmon, San Francisco-based managing director for MetLife Investment Management’s real estate business. “We’ve worked hard to design an office of the future that will facilitate technological innovation and provide a great foundation for Facebook’s future success.” Designed by Goettsch Partners and Solomon Cordwell Buenz, Park Tower at Transbay will feature approximately 26,000 square feet of outdoor and open space that includes 14 sky decks. The project will also feature a three-story, open-air lobby, and about 70 …
MARINA DEL REY, CALIF. — Institutional Property Advisors (IPA) Capital Markets has arranged $63.8 million for the refinancing of a multifamily property located in Marina del Rey. Danny Abergel of IPA Capital Markets secured the financing for the undisclosed borrower. The debt placement was structured with 10 years interest-only payments fixed at 4.2 percent. The multifamily property features 268 apartments.