Western

Avenida Partners Starts Construction of 230-Unit Active Adult Community Near Denver

by Nellie Day December 8, 2017

LAKEWOOD, COLO. — Avenida Partners has started the construction of Avenida Lakewood, a 230-unit age-restricted community in the Denver suburb of Lakewood. KTGY Architecture + Planning designed the project, which is located six miles from downtown Denver. The four-story community is located on 6.1 acres and is restricted to residents age 55 and older. Avenida Lakewood is part of the Oak Station Marketplace mixed-use development serving the newly-constructed W Light Rail Oak Station. The apartments at Avenida Lakewood range in size from 793 square feet to 1,238 square feet and include a mix of 92 one-bedroom apartments and 138 two-bedroom apartments. The presale office is slated to open in May 2018. The community grand opening is planned for spring 2019. Avenida Partners LLC is a real estate development, investment and property management firm focused solely on building active adult, market-rate rental communities. Headquartered in Newport Beach, Calif., the company has current developments in Oklahoma, Tennessee, Colorado and Illinois.

December 8, 2017

Arizona Multifamily Western

Gelt Baseline Holdings Sells Mission Springs Apartments in Tempe for $33.8M

by Nellie Day December 8, 2017

TEMPE, ARIZ. — 29th Street Management II LLC has acquired the 306-unit Mission Springs apartment complex in Tempe for $33.8 million. The community is located at 1311 W. Baseline Road. Mission Springs was built in 1987. Each unit includes modern appliances, hardwood flooring, washer and dryer, oversized closets, private balcony or patio, and vaulted ceilings. The community offers a swimming pool with a sun deck and spa, picnic area with barbecues, business center with WiFi and covered parking. Jim Crews of Cushman & Wakefield represented the seller, Gelt Baseline Holdings LLC, in this transaction.

December 8, 2017

California Hospitality Western

Brighton Management Acquires 50-Room Hyatt Place in Vista, California

by Nellie Day December 8, 2017

VISTA, CALIF. — Brighton Management has purchased the 50-room Hyatt Place hotel in the San Diego submarket of Vista for an undisclosed sum. The hotel is located at 2645 S. Melrose Drive. The four-story hotel opened in 2012. It offers 1,200 square feet of meeting space, a 24/7 guest kitchen, gallery market and bakery café. CBRE Hotels represented the seller, an affiliate of Irvine-based CoreCapital that purchased the hotel in 2014. Brighton Management represented itself in the transaction. The company will also manage the hotel.

December 8, 2017

Hawaii Loans Multifamily Seniors Housing Western

Lancaster Pollard Closes Two Refinancings Totaling $57.1M for Seniors Housing Communities in Hawaii, Arizona

by Nellie Day December 7, 2017

HONOLULU AND GREEN VALLEY, ARIZ. — Lancaster Pollard has arranged two Fannie Mae loans totaling $57.1 million for seniors housing communities in Honolulu and the Tucson suburb of Green Valley. The first transaction was a $51.2 million loan that refinanced construction debt for The Plaza at Waikiki in Honolulu. MW Group owns the property, which was built in 2015. The community has been named Hawaii’s best senior living facility by The Honolulu Star Advertiser for three consecutive years. Jason Dopoulos, Doug Harper and Casey Moore led this transaction for Lancaster Pollard. In the second transaction, Lancaster Pollard assisted Frontier Management with the $5.85 million refinancing of a 52-unit memory care community in Green Valley. The 15-year loan refinanced maturing debt. Harper and Moore led the effort for Lancaster Pollard on the second closing.

December 7, 2017

California Retail Western

NCC Brokers $32.5M Sale of 120,893 SF Retail Center in Sacramento

by Nellie Day December 7, 2017

SACRAMENTO, CALIF. — Newmark Cornish & Carey (NCC) has arranged the $32.5 million sale of Laguna Village, a 120,893-square-foot retail center in Sacramento. Mike Zylstra and Forrest Gherlone of NCC arranged the transaction on behalf of the seller, Hall Equities Group. NCC’s Tom Fehr, Anthony Pappageorge and Zachary LeBeouf represented the buyer, Laguna Village Investors LLC, a private investor from the Sacramento area. At the time of sale, Laguna Village was 98 percent leased to tenants including Regal Cinemas, 24 Hour Fitness, Subway, Papa Murphy’s and My Gym.

December 7, 2017

California Loans Multifamily Seniors Housing Western

CBRE Negotiates $29.8M Loan for 144-Unit Seniors Housing Community Near San Diego

by Nellie Day December 7, 2017

ESCONDIDO, CALIF. — CBRE has arranged $29.8 million in financing for Westmont Town Court, a 144-unit independent living, assisted living and memory care community in the San Diego suburb of Escondido. The borrower is Westmont Living, which purchased the property in 2012. Following the acquisition, Westmont implemented a three-year capital improvement plan that renovated the property and added the 22-unit memory care wing. The property is 92 percent occupied. Aron Will of CBRE National Senior Housing and Andrew Behrens of CBRE Multifamily Institutional Group arranged the 10-year, fixed-rate loan with 60 months of interest-only payments through Freddie Mac. The use of the funds was not disclosed. Westmont currently owns and/or operates 11 seniors housing communities located throughout California and Oregon.

December 7, 2017

California Loans Retail Western

HFF Arranges $15M Financing for Renovation of Retail Property in San Mateo

by Nellie Day December 7, 2017

SAN MATEO, CALIF. — HFF has secured a $15 million loan for the renovation of The Baywood, a 26,157-square-foot retail and office building in San Mateo. Chris Gandy of HFF arranged the three-year, floating-rate loan through a national bridge lender on behalf of the borrower and developer, B St Development. Proceeds of the loan will be used to remodel the façade and will add a third floor totaling approximately 5,000 square feet of rentable space.

December 7, 2017

California Retail Western

CBRE Secures $10.1M Sale of CVS-Anchored Center in San Diego

by Nellie Day December 7, 2017

SAN DIEGO — CBRE has arranged the $10.1 million sale of Riverdale Shopping Center, a 66,416-square-foot retail center in San Diego. Philip Vorhees, Reg Kobzi, Jimmy Slusher, Kirk Brummer, Megan Wood and Sean Heitzler of CBRE arranged the transaction on behalf of the seller, a partnership advised by SENTRE that includes Peckham Properties Inc., Commercial Sites Limited and Wells Fargo Bank. Kobzi also represented the buyer, Becker Properties LLC. CVS/pharmacy anchors Riverdale Shopping Center, which was fully leased at the time of sale to food and service tenants including Black Angus and Armstrong Nursery.

December 7, 2017

Colorado Loans Office Western

J.P. Morgan Asset Management Obtains $75.3M Loan to Buy Three-Building Office Portfolio in Boulder

by Nellie Day December 6, 2017

BOULDER, COLO. — J.P. Morgan Asset Management has obtained $75.3 million in acquisition financing to purchase a three-property office portfolio in Boulder. The portfolio includes 1050 Walnut Street, 1881 9th Street and 1900 15th Street. The Class A assets are situated just a few blocks from Boulder’s vibrant Pearl Street Mall. J.P. Morgan acted on behalf of institutional investors in this acquisition. Deutsche Bank provided the five-year, floating rate loan. JLL’s Capital Markets team secured the loan.

December 6, 2017

Arizona Lee & Associates Retail Western

Lee & Associates Negotiates $11M Sale of Retail Center in Phoenix

by Nellie Day December 6, 2017

PHOENIX — Lee & Associates has arranged the $11 million sale of Pueblo Point Shopping Center, a 54,430-square-foot retail center in Phoenix. Jan Fincham, Patrick Dempsey and Andrew Lundahl of Lee & Associates arranged the transaction on behalf of the seller, Arneil Pueblo LLC, and the buyer, Paradise Valley Ventures LLC. Pueblo Point Shopping Center is home to Smart & Final Extra, Domino’s Pizza, The UPS Store and an Ace Hardware store, which was not included in the sale.

December 6, 2017

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