Western

CBRE Arranges $40M Sale of New Retail Center Near Los Angeles

by Nellie Day January 26, 2018

WHITTIER, CALIF. — CBRE has arranged the $40 million sale of Friendly Hills Marketplace, an 89,826-square-foot shopping center in Whittier, located 20 miles southeast of Los Angeles. Philip Voorhees, Kirk Brummer, James Tyrrell, Megan Wood, Preston Fetrow and Jim Leary of CBRE arranged the transaction on behalf of the seller and property developer, Oppidan Inc. Golden Capital Whittier LLC acquired the asset. Bruce Francis and Shaun Moothart of CBRE arranged acquisition financing on behalf of the buyer. Constructed in 2017, Friendly Hills Marketplace is fully leased to tenants including Orchard Supply Hardware, HomeGoods, ULTA Beauty and Sketchers.

January 26, 2018

California Retail Western

ValueRock Realty Acquires Two Retail Properties in California for $28.4M

by Nellie Day January 26, 2018

ALBANY AND FOLSOM, CALIF. — ValueRock Realty Partners has purchased two retail properties in Albany and Folsom. The company acquired University Village at 1075-1095 Monroe St. in Albany for $19.2 million and Sprouts Farmers Market at 90 S.E. Bidwell St. in Folsom for $9.2 million. Twin Cities-based Oppidan sold the properties. University Village is occupied by Sprouts Farmers Market, Pet Food Express, Starbucks Coffee, Banfield Pet Hospital and The Habit Burger. Located in Folsom, the Sprouts Farmers Market was recently converted into a Sprouts from an Orchard Supply Hardware.

January 26, 2018

California Retail Western

Baker Ranch Investment Buys Retail Center for $4.8M in Lake Forest, California

by Nellie Day January 26, 2018

LAKE FOREST, CALIF. — Baker Ranch Investment LLC acquired Baker Ranch Center, a retail center located at 20491 Alton Parkway in Lake Forest, for $4.8 million. The 6,000-square-foot property is 100 percent triple-net leased to four tenants, including Tenko Sushi & Teriyaki, Ameci Pizza, Sage Nail Lounge and Sheesh Lebanese Kitchen. Patrick Toomey, Thomas Chichester, Joseph Chichester and Matt Brooks of Faris Lee represented the seller, Shea/Baker Ranch, while John Carpenter from The 949 Group represented the buyer in the deal.

January 26, 2018

California Retail Western

Scott Holmes to Lead Marcus & Millichap’s National Retail Division

by Nellie Day January 26, 2018

CALABASAS, CALIF. — Marcus & Millichap has hired Scott Holmes as senior vice president and national director of its retail division. The industry veteran will be responsible for directing the firm’s retail business strategy nationwide. Most recently, Holmes served as senior vice president at Cole Real Estate Investments Inc., where he was responsible for leading the company’s shopping center acquisitions team, overseeing national investment activities and sourcing acquisitions nationally. Holmes has held leadership roles at AEW Capital Management LP and American Realty Advisors. Over the course of his career, he has closed more than $6 billion in commercial real estate transactions.

January 26, 2018

Arizona Loans Multifamily Seniors Housing Western

Cain Brothers Issues $252M Bond Financing for CCRC on Arizona State Campus

by Nellie Day January 25, 2018

TEMPE, ARIZ. — Pacific Retirement Services (PRS) has received $252 million in bond financing for the construction of Mirabella at ASU, a 20-story continuing care retirement community (CCRC) on the campus of Arizona State University in Tempe. Once completed, Mirabella at ASU will feature 252 units across 500,000 square feet. Cain Brothers was sole underwriter on the bonds, issued in partnership with University Realty, the real estate affiliate of ASU. University Realty contributed land equity and local real estate expertise and will partner with PRS in Mirabella’s governance and marketing. The ASU affiliation will allow residents access to the university’s academic, sporting and cultural programming. Cain Brothers also assisted PRS in securing seed capital to cover pre-development expenses. Mirabella at ASU is the third project under the Mirabella brand, PRS’ luxury, urban, high-rise CCRC concept. PRS is the developer and contributed funds for start-up capital and financial support. Both parties provided further support through the purchase of subordinated debt. PRS will operate the community. A development timeline was not released.

January 25, 2018

Nevada Retail Western

Brixton Capital Sells 122,133 SF Retail Center in Las Vegas

by Nellie Day January 25, 2018

LAS VEGAS — Brixton Capital has sold a 122,133-square-foot retail center in Las Vegas for an undisclosed price. Brixton, along with limited partner ALTO Real Estate Funds, originally acquired the former Target building in 2014 and subsequently subdivided the building, adding new tenants Burlington and InStyle Furniture. An affiliate of Tiberti Management Co. acquired the center, which was fully leased at the time of sale.

January 25, 2018

Idaho Multifamily Seniors Housing Western

Wolff Starts Construction 146-Unit Independent Living Community in Idaho

by Nellie Day January 25, 2018

EAGLE, IDAHO — The Wolff Company has broken ground on Revel Eagle, a 146-unit independent living community in the Boise suburb of Eagle. The property is located within the Eagle River development along the Boise River. It will feature a combination of studio, one- and two-bedroom units. Wolff, an Arizona-based developer, plans to open the three-story community in late 2018. Revel Eagle is the eighth senior living community that The Wolff Company has developed since 2016. The company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to the purchase and renovation of existing communities.

January 25, 2018

Arizona Loans Multifamily Seniors Housing Western

HJ Sims Arranges $19M Refinancing, $5M Line of Credit for CCRC in Arizona

by Nellie Day January 25, 2018

SCOTTSDALE, ARIZ. — HJ Sims has arranged a $19 million refunding loan and $5 million non-revolving line of credit for Westminster Village, a nonprofit continuing care retirement community (CCRC) in Scottsdale. The community features 250 independent living apartments, 23 assisted living units and 49 skilled nursing beds. It “has historically operated near full occupancy,” according to HJ Sims. Western Alliance Bank provided the loan at a 3.42 percent fixed interest rate over a 10-year term. The transaction lowers the borrower’s debt service payment by more than $1 million a year.

January 25, 2018

California Industrial Western

Engineered Floors Renews 127,375 Industrial Lease in Fullerton, California

by Nellie Day January 25, 2018

FULLERTON, CALIF. — Engineered Floors has renewed its lease for 127,375 square feet of industrial space at Fullerton Industrial Park. The Class B facility is located at 675-679 S. Placentia Ave. in Fullerton. Engineered Floors and CJ Foods, which renewed its lease this past November, occupy the 254,750-square-foot building. Sam Chanin of Transwestern represented the landlord, Bailard, in this transaction. Bill Blackwood of Coldwell Banker Kinard Realty represented Engineered Floors.

January 25, 2018

Multifamily Washington Western

IPA Arranges $39M Sale of 139-Unit Apartment Complex in Washington

by Nellie Day January 24, 2018

MILL CREEK, WASH. — Institutional Property Advisors has arranged the sale of the 139-unit Monterra in Mill Creek apartment complex just south of Everett for $39 million. The community is located at 13401 Dumas Road. Neither the buyer nor seller were disclosed. Monterra in Mill Creek was built in 2003. It contains one- to three-bedroom units with an average unit size of 974 square feet. The new ownership plans to increase revenue through expiration of below-market leases while participating in the rent growth currently experienced and projected to continue in Mill Creek. Pete Shelton and Kim Grant of Institutional Property Advisors represented both the buyer and seller in this transaction.

January 24, 2018

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