Western

HighBridge to Develop 708-Bed Student Housing Community Near University of California, Davis

by Amy Works March 21, 2018

DAVIS, CALIF. — HighBridge Properties will soon break ground on Lincoln40, a 708-bed student housing community located near the University of California, Davis. The community will include a mix of three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include a fitness center, game room, café lounge, swimming pool with cabanas, and outdoor lounges with barbeque stations and gas fire pits. In addition, the community will offer LincolnLift, a student rental-assistance program that will offer reduced monthly rents to students based on 50 to 60 percent of the area’s median income. The program will be available for up to 10 percent of the property’s residents. Lincoln40 is expected to open in time for the 2020-2021 academic year.

March 21, 2018

Acquisitions California Industrial Western

Bridge Development Sells Three Industrial Buildings Totaling 224,000 SF in Santa Fe Springs, California

by Amy Works March 21, 2018

SANTA FE SPRINGS, CALIF. — Bridge Development Partners has completed the disposition of three industrial properties totaling 224,000 square feet at Bridge Point Santa Fe Springs in Los Angeles County. Two of the buildings were completed as build-to-suit developments for the companies that acquired them, while the third was sold to a real estate investment firm. UniFirst Corp. acquired the 74,120-square-foot Building I, located at 13101 Rosecrans Ave. Paul Sablock and Christopher Lawrence of JLL represented the buyer. Novella Plastics purchased 75,331-square-foot Building II, located at 13123 Rosecrans Ave. Michael Lee of Redpoint Realty represented Novella Plastics in the deal. Westcore Properties acquired the 74,038-square-foot Building III, located at 13915 Maryton Ave., upon completion of the shell. Westcore leased the property to Carroll Tire Co., a division of Sumitomo Tire. Scott Heaton and Chris Sheehan of Colliers International represented Bridge Development in all three transactions, as well as Westcore Properties. Financial terms of the deals were not disclosed.

March 21, 2018

Acquisitions Arizona Industrial Office Western

NAI Horizon Negotiates $2.7M Acquisition of Flex Property in Mesa, Arizona

by Amy Works March 21, 2018

MESA, ARIZ. — NAI Horizon has arranged the acquisition of an office and industrial facility located at 10646 E. Pecos Road in Mesa. Peoria, Ariz.-based YBL LLC purchased the facility from DMW Properties, an Oregon limited liability company, for $2.7 million. The buyer, which operates as Liberty Lumber, is a contractor of residential and commercial lumber and supplies. The buyer plans to relocate its operation to the 12,436-square-foot facility. Rick Foss of NAI Horizon represented the buyer, while Tom Bean, also of NAI Horizon, represented the seller in the transaction.

March 21, 2018

Acquisitions California Retail Western

Hanley Investment Arranges Sale of 31,980 SF Shopping Center in Sacramento

by Amy Works March 21, 2018

SACRAMENTO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of Westlake Village, a shopping center located at 3501-3511 Del Paso Road in Sacramento. The sale also included 4.3 acres of developable land. Donahue Schriber Realty Group sold the 31,980-square-foot property to a San Francisco-based family trust for an undisclosed price. Built in 2007, the center was 92 percent occupied at the time of sale. Tenants include Walgreens, Allstate Insurance, AIM Mail Center, Chase Bank, Creative Nail Spa, Donahue Schriber, Subway and Westlake Hair Studio. Bill Asher and Ed Hanley of Hanley Investment, in conjunction with Ten-X, represented the seller, while Eric Vu, also of Hanley, represented the buyer in the deal.

March 21, 2018

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $42.4M Sale of Multifamily Portfolio in Greater Los Angeles

by Amy Works March 20, 2018

SANTA ANA, CALIF. — Marcus & Millichap has arranged the sale of a four-property multifamily portfolio located in Santa Ana. An affiliate of Empire USA LLC acquired the portfolio from an undisclosed seller for $42.4 million, or $198,000 per unit. The 214-unit portfolio includes a 58-unit property at 510 N. Mortimer St.; a 46-unit property at 510 E. Chestnut Ave.; The Carlton Apartments, a 74-unit community at 215 E. 15th St.; and 36 units at 1717-1721 N. Spurgeon St. Mark Bridge of Marcus & Millichap represented the buyer, while Stephen Soqui, also of Marcus & Millichap, represented the seller in the deal. Shane Ryan McConnell of Marcus & Millichap also provided representation in the sale of 1717-1721 N. Spurgeon St.

March 20, 2018

Acquisitions California Industrial Western

Rexford Industrial Buys 115,600 SF Industrial Facility in California for $17.2M

by Amy Works March 20, 2018

CERRITOS, CALIF. — Rexford Industrial Realty has acquired an industrial facility located at 16010 Shoemaker Ave. in Cerritos within the Los Angeles-Mid Counties submarket. An undisclosed company sold the property for $17.2 million, or $149 per square foot. Situated on 4.4 acres, the 115,600-square-foot property features 24-foot clearance and 12 dock-high positions with a secured concrete yard and immediate access to major transportation arterials. At the time of sale, the property was fully leased to a single-tenant user. Redford funded the acquisition through a combination of cash on hand and draws on the company’s line of credit.

March 20, 2018

Acquisitions Arizona Mixed-Use Office Restaurant Retail Western

DPC Acquires 145,000 SF Mixed-Use Development in Scottsdale for $16M

by Amy Works March 20, 2018

SCOTTSDALE, ARIZ. — DPC Cos. has purchased 7 Thousand Shea, a mixed-use property located at the intersection of Scottsdale Road and Shea Boulevard in Scottsdale. An undisclosed company sold the property for $16 million, or $110 per square foot. Situated on 8.3 acres, the property features 145,000 square feet of mixed-use space. DPC Cos. plans to upgrade the property to include high-end dining, retail and creative office space. ORION Investment Real Estate facilitated the transaction.

March 20, 2018

Loans Multifamily Utah Western

Tower Commercial Arranges $2.9M in Financing for Multifamily Property in Salt Lake City

by Amy Works March 20, 2018

SALT LAKE CITY — Tower Commercial Mortgage has arranged $2.9 million in Freddie Mac permanent financing for Brickyard Apartments, a multifamily property in Salt Lake City. The loan features a 10-year term with a 10-year floating-rate extension and a 30-year amortization schedule. The undisclosed sponsor completed the 24-unit property in August 2017, and the property was stabilized in December 2017. Mike Del Carlo of Tower Commercial Mortgage arranged the financing for the borrower.

March 20, 2018

Acquisitions Colorado Multifamily Seniors Housing Western

ESI Negotiates Sale of 54-Unit Independent Living Community in Colorado

by Amy Works March 20, 2018

BOULDER, COLO. — Evans Senior Investments (ESI) has arranged the sale of Flatirons Terrace, a 54-unit independent living community, for an undisclosed price. Built in 2007, Flatirons Terrace is a Class A community in the heart of Boulder. It was 95 percent occupied at the time of sale. ESI represented the seller, Golden West Senior Living, a Boulder-based nonprofit. The buyer was Dial Retirement Communities, which will also operate the community. The Omaha-based company operates 17 communities in Illinois, Iowa, Kansas and Nebraska, with Flatirons Terrace being its first Colorado community.

March 20, 2018

Belle-Harbour-Senior-Community-Bellevue-WA

Development Multifamily Seniors Housing Washington Western

Koelsch Plans $70M, 140-Unit Seniors Housing Community Near Seattle

by Amy Works March 19, 2018

BELLEVUE, WASH. — Koelsch Communities has announced plans for Belle Harbour Senior Community, a 140-unit assisted living and memory care community in the Seattle suburb of Bellevue. Groundbreaking is scheduled for October 2018 for a June 2020 opening. Development costs are estimated at $70 million. The campus will total 142,000 square feet on a 2.9-acre site. The two buildings will include The Inn Memory Care Community and The Park Assisted Living Community. Koelsch will operate the community upon completion. Partners include RJ Development. Koelsch Construction will act as general contractor, and Judy Koelsch and David Goularte of JSK Design will provide interior design services. Koelsch Communities operates 28 communities in eight states, with nine new communities in development.

March 19, 2018

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