NEWPORT BEACH, CALIF. — A joint venture between Bixby Land Co. and institutional partner AXA Investment Managers has planned to acquire approximately $400 million of core industrial properties in the Western United States. Bixby contributed an initial portfolio of seed assets to the venture as the partners seek to expand the relationship through the pursuit of additional acquisition opportunities. Bixby Land Co. currently owns more than 6 million square feet of office and industrial space in the West. The new venture will pursue middle-market properties, preferably one-off assets, between 100,000 square feet and 400,000 square feet in markets from San Diego to Seattle and as far east as Dallas. HFF’s Kevin MacKenzie, Michael Joseph, Doug Bond, Tom Mizo and Ryan Megowan represented Bixby in the joint venture arrangement.
DENVER — Etkin Johnson Real Estate Partners has obtained a $75 million refinancing for the Colorado Technology Center (CTC) II Portfolio in Denver. The portfolio contains five properties inside the Colorado Technology Center, including 1900 Cherry St., 1960 Cherry St., 2000 Taylor Ave., 1900 Taylor Ave. and 633 CTC Blvd., totaling 535,787 square feet. A 109,386-square-foot, built-to-suit building at 2035 Taylor Ave. will be added to the loan once construction is completed this fall. HFF arranged the 10-year, fixed-rate loan with MetLife.
THORNTON, COLO. — Greystar Real Estate Partners has purchased the 336-unit Waterford Place apartment complex in Thornton for an undisclosed sum. The community is located at 2801 E. 120th Ave. Waterford Place was built in 1998. Greystar’s value-add strategy will focus on renovating all units and common areas of the asset. Unit updates will include the addition of stainless steel appliances, extended plank flooring, quartz countertops, and new lighting and hardware packages. Renovations to the common areas will feature enhancements to the pool, clubhouse, fitness center, BBQ area, dog park and sport/tennis court.
PHOENIX — A joint venture between Life Care Services and Westminster Funds has broken ground on Desert Willow Assisted Living, a 44-unit assisted living building on the campus of Sagewood, a continuing care retirement community (CCRC) in Phoenix. Located within Sagewood’s Acacia Health Center, the assisted living expansion will be available to those currently in the community as well as new residents. The building will add to Sagewood’s current 316 units. The two-story building is scheduled to open in fall 2018. Todd & Associates is serving as the architect on the project. Spellman Brady & Co. is providing interior design. The Weitz Company is the general contractor.
LAS VEGAS — DC Building Group, a Las Vegas-based general contractor, has completed a new Taco Bell location on East Charleston Boulevard in Las Vegas, marking the first Taco Bell in downtown Las Vegas. Architect Gary Guy Wilson designed the project. The project is the second of this particular design prototype in the Las Vegas area. DC Building Group used rusted metal on the corner sign façade and horizontal silver aluminum on the slat wall for its metal aesthetics. The wall has back-lit LEDs to illuminate purple EIFS creating a branded purple glow at night. Founded in 2001, DC Building Group is a general contracting firm with a focus on the Western U.S.
HILLSBORO, ORE. — The Wolff Company has announced plans for Revel AmberGlen, a 140-unit independent living community in the Portland suburb of Hillsboro. Wolff plans to break ground later this year for a planned completion in 2020. The four-story property will be located in the Tualatin Valley on the west side of Portland. Revel AmberGlen is the 12th 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.
CORONA, CALIF. — A joint venture between Wermers Properties and Watermarke Properties has developed The Metro, a mixed-use property located in the center of the Main Street Corridor in Corona. The transit-oriented development features 286 residential units and more than 70,000 square feet of retail space. Currently signed retailers include Starbucks Coffee, Z-Pizza Tap Room, Poke Cat, Burgerim, America’s Best Eyeglass, Citibank, Organic Junkie, Paws at Main, Nail & Spa Today, D’Vine Mediterranean, Meraki Salon and Union Barber.
LOS ANGELES — Coda Equities has purchased Verdugo Plaza, a three-building asset located at 3322 Verdugo Road and 2614 Arthur St. in Northeast Los Angeles. A private trust sold the retail plaza for $6.2 million. The buyer was not disclosed. The asset consists of three freestanding buildings totaling 21,885 square feet. At the time of acquisition, the property was 53 percent occupied. Karol Le of CBRE represented the buyer and seller in the deal.
LOS ANGELES — Marcus & Millichap has arranged the sale of a mixed-use property located at 1300 W. 24th St. in Los Angeles. An individual/personal trust sold the asset to an undisclosed buyer for $1.8 million. The property features 6,657 square feet of mixed-use space. Floyd Shaheen of Marcus & Millichap represented the seller, while Sam Liberow, also of Marcus & Millichap, represented the buyer in the transaction.
MONTCLAIR, CALIF. — CIM Group has signed a lease with AMC Dine-in Theatre at Montclair Place, a 1.2 million-square-foot regional mall in the Inland Empire community of Montclair. The new theater will occupy 55,000 square feet of a new 134,000-square-foot, two-level building under construction at the site of the former Broadway department store. The theater will include 12 auditoriums and its signature MacGuffins adult beverage concept. In addition to AMC Theatres, the new building at Montclair Place will include 64,000 square feet of space for restaurant and entertainment concepts, and will provide a new grand entrance to the mall. The project is part of the multi-phased redevelopment and revitalization of the shopping center. A construction timeline for the project was not disclosed.