Western

JV to Break Ground on Next Phase of 750,000 SF Shopping Center in Hawaii

by Nellie Day February 1, 2018

KAPOLEI, HAWAII — DeBartolo Development, in partnership with OPTrust and the Department of Hawaiian Home Lands (DHHL), will break ground this month on the next phase of Ka Makana Ali’i, a more than 750,000-square-foot shopping center in Kapolei. Dubbed The Grove, the 109,000-square-foot phase will be home to healthy lifestyle retailers, restaurants and services, including Foodland Farms, Hawai’i Pacific Health and PetSmart. The Grove will be located adjacent to 24 Hour Fitness. The Macy’s-anchored Ka Makana Ali’i opened in 2016 and is home to more than 125 retailers and restaurants, including a Consolidated Theatres. In addition, the center is home to the state’s first Hampton Inn & Suites by Hilton. Swinerton Builders Hawai’i is the project’s general contractor, and HTH Architects and Architects Hawai’i Limited are the project architects. JLL will handle leasing assignment for The Grove, which is expected to open in 2019.

February 1, 2018

Loans Multifamily Oregon Seniors Housing Western

Harborview Arranges $13.3M Construction Loan for Seniors Housing Community in Oregon

by Nellie Day February 1, 2018

OREGON — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $13.3 million loan for the construction of an 84-unit assisted living and memory care community in Oregon. Avi Begun of Harborview closed the transaction for the Oregon-based client.

February 1, 2018

California Loans Multifamily Western

G.H. Palmer Associates Receives $97.2M Refinancing for Santa Clarita Multifamily Assets

by Nellie Day January 31, 2018

SANTA CLARITA, CALIF. — G.H. Palmer Associates has received $97.2 million in refinancing for two apartment communities in Santa Clarita. The communities include the 255-unit Sand Canyon Ranch ($39.4 million) and the 384-unit Village Apartments ($57.8 million). Sand Canyon Ranch is located at 28856 N. Silver Saddle Circle. The Village Apartments is located at 23700 Velle Del Oro. The deals were structured with 10-year, interest-only loan terms. NorthMarq’s Ory Schwartz arranged financing for the borrower through its Freddie Mac platform utilizing the Green Advantage program.

January 31, 2018

Arizona Multifamily Western

HQ Capital Real Estate Sells 248-Unit Apartment Complex in Phoenix

by Nellie Day January 31, 2018

PHOENIX — HQ Capital Real Estate has sold the 248-unit Crestone at Shadow Mountain apartments in Phoenix for an undisclosed sum. The community is located at 3033 E. Thunderbird Road in the Paradise Valley submarket. A group of institutional investors purchased the asset. The group plans to renovate the building’s common areas and unit interiors. CBRE represented HQ Capital Real Estate in this transaction.

January 31, 2018

California Loans Multifamily Seniors Housing Western

Cushman & Wakefield Arranges $20.6M Construction Loan for Assisted Living Community in Sonoma County

by Nellie Day January 31, 2018

ROHNERT PARK, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets Group has arranged $20.6 million in construction financing for Clearwater at Sonoma Hills, a 90-unit assisted living and memory care community in the Sonoma County metro of Rohnert Park. The borrower is Clearwater Living, which is developing and operating the community. It sits adjacent to Oak View of Sonoma Hills, an active adult community developed by Clearwater CEO Tony Ferrero in the early 2000s. PNC Bank provided the loan. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Aaron Rosenzweig, Timothy Hosmer and Alex Petrosian.

January 31, 2018

Arizona Retail Western

Triumph Real Estate to Acquire Retail Center in Arizona for $7.2M

by Nellie Day January 31, 2018

SCOTTSDALE, ARIZ. — Triumph Real Estate Investment Fund has agreed to acquire Bell Park Plaza, a 33,480-square-foot retail center in Scottsdale, for $7.2 million. The Canadian company will acquire the asset from Hanley Properties V LLC. Jon Rosenberg and Keri Davies of Levrose Commercial Real Estate/TCN Worldwide arranged the deal on behalf of the buyer. Bell Park Plaza is 93 percent leased to tenants including Subway, Hobby Bench, Banner Health Urgent Care and Papa John’s Pizza. Danielle Davis of Levrose Commercial Real Estate/TCN Worldwide will handle the property’s leasing, and MODE Commercial Property Management will manage the center. Triumph Real Estate will close on the acquisition at the end of February.

January 31, 2018

Arizona Industrial Western

Footprint Relocates Corporate Headquarters to Park Lucero in Gilbert

by Nellie Day January 31, 2018

GILBERT, ARIZ. — Footprint LLC has relocated its corporate headquarters to Park Lucero Phase II, a 131,796-square-foot, speculative industrial building in Gilbert. The building is situated on 48 acres at the northwest corner of Mustang Drive and Germann Road near the Gilbert/Chandler border. Park Lucero is a four-phase, Class A industrial park featuring a combination of buildings with dock-high, truck well and grade-level loading, 24- to 30-foot ceiling clear heights and an overall 2.1:1,000 parking ratio. Upon full buildout, Park Lucero will consist of nearly 600,000 square feet of industrial space in six buildings. Phase II is situated adjacent to Phase I, which was completed in 2015, and Phase III, completed this past summer. Phase II fronts the Santan Freeway (Loop 202), providing significant freeway visibility. Paul Gallo of First US Advisors represented Footprint, a sustainable technology firm. JLL’s Pat Harlan and Steve Sayre represented the landlords, Trammell Crow Co. and Artis REIT, in this transaction. Western Alliance Bank served as the lender.

January 31, 2018

Arizona Multifamily Western

Knightvest Capital Purchases 768-Unit Apartment Complex in Phoenix for $110M

by Nellie Day January 30, 2018

PHOENIX — Knightvest Capital has acquired the 768-unit Red Mountain Villas in Phoenix for $110 million. The community is located at 815 N. 52nd St. Red Mountain Villas was built on nearly 30 acres in three phases between 1987 and 1996. Community amenities include a koi pond, six resort-inspired swimming pools and access to the Papago Golf Course. Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, Weidner Apartment Homes, in this transaction.

January 30, 2018

California Industrial Loans Western

NorthMarq Arranges $47.8M in Bridge Financing for Warehouse Repositioning in California

by Nellie Day January 30, 2018

SANTA ANA, CALIF. — NorthMarq has arranged $47.8 million in bridge financing for a 414,309-square-foot vacant warehouse in Santa Ana. The warehouse is located at 515 E. Dyer Road. Hines acquired the property in December 2017. The firm plans to renovate and reposition the vacant warehouse into a last-mile distribution center. The property was formerly a manufacturing and distribution facility. It features 22-foot clear heights, 120-foot truck turning clearance, an office pod, and access to the 55, 5 and 405 freeways. The loan represents 65 percent of total project cost with a five-year term. NorthMarq shopped the non-recourse loan to both banks and debt funds, but the final lender was not disclosed. Mike Elmore, Joe Giordani and John Marshall led the NorthMarq team.

January 30, 2018

California Office Western

Kearny Real Estate Acquires Office Complex in Santa Ana for $34.8M

by Nellie Day January 30, 2018

SANTA ANA, CALIF. — Kearny Real Estate Co. has purchased a 197,370-square-foot office campus in Santa Ana for $34.8 million. The campus is located at 3100-3130 Harbor Blvd. The space has recently been rebranded Elevate@Harbor. It includes two mid-rise buildings on eight acres that were built in 1982. Kearny plans to invest about $15 million to reposition the office campus. The one-acre outdoor area surrounding the first floor of both buildings will be redesigned to incorporate outdoor areas that provide a mix of work, leisure and active spaces. The seller was The Colton Company. CBRE’s Carol Trapani and Allison Kelly will oversee leasing for Elevate@Harbor.

January 30, 2018

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