Western

NewMark Merrill Cos. Receives $5.2M Refinancing for 207,000 SF Retail Center in Ontario

by Nellie Day June 22, 2017

ONTARIO, CALIF. — NewMark Merrill Cos. has received $5.2 million in refinancing for The Marketplace on Grove, a 270,000-square-foot shopping center located in Ontario. A 165,643-square-foot Lowe’s Home Improvement Warehouse, which was built in 2007, anchors the center. Additional tenants are Chipotle Mexican Grill, El Pollo Loco, Jersey Mike’s Subs, McDonalds, Panda Express, US Bank and Pizza Pirates. William McPadden, Jeffrey Packard, Tom Treacy and Chris Bingham of John Hancock arranged the financing, which is NewMark’s third completed refinance with John Hancock Life Insurance. Kostas Kavayiotidis of Pacific Southwest Realty helped facilitate the transaction.

June 22, 2017

California Restaurant Retail Western

Flocke & Avoyer Arranges 1,300 SF Restaurant Lease in Pacific Beach

by Nellie Day June 22, 2017

PACIFIC BEACH, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the lease of 1,300 square feet of restaurant space at 1038 Garnet Ave. in Pacific Beach. Square Bar Café signed a five-year lease for the space from Dayani Partners. Ashley Tiefel and Steve Avoyer of Flocke & Avoyer represented the landlord, while the tenant was self-represented in the transaction.

June 22, 2017

California Multifamily Western

MG Properties Receives $84.9M Loan to Acquire Alexan Melrose Apartments in Vista

by Nellie Day June 21, 2017

VISTA, CALIF. — MG Properties has received an $84.9 million loan to acquire the 410-unit Alexan Melrose in the San Diego submarket of Vista. The Class A complex is located at 1401 N. Melrose Drive. Alexan Melrose was built in 2015. It is 94 percent leased. The garden-style community features one- to three-bedroom units. The buyer plans to rebrand the property as the Preserve at Melrose Apartments. The 10-year loan features a fixed rate through Freddie Mac. CBRE’s Scott Peterson, Bill Chiles and Brian Cruz secured the financing.

June 21, 2017

California Multifamily Western

Van Nuys Apartment Complex Sells for $4.5M

by Nellie Day June 21, 2017

VAN NUYS, CALIF. – An unnamed buyer has acquired a 28-unit apartment building in Van Nuys for $4.5 million. The community is located at 15843 Saticoy St. It recently underwent an upgrade and has little deferred maintenance. Clyde Isaacson of Marcus & Millichap represented the seller, an individual/personal trust, in this transaction.

June 21, 2017

Arizona Multifamily Student Housing Western

Asset Campus Housing Awarded Management of 250-Bed Community Near University of Arizona

by Nellie Day June 21, 2017

TUCSON, ARIZ. — Asset Campus Housing has been awarded management of INDI Tucson, a 250-bed community located near the University of Arizona. The property offers two-, three- and four-bedroom, fully furnished units. Community amenities include two resort-style pools, an outdoor media lounge, state-of-the-art fitness center and on-site laundry facilities.

June 21, 2017

California Loans Multifamily Seniors Housing Western

PSRS Arranges $2.6M Acquisition Financing for 26-Unit Seniors Housing Community in San Diego

by Nellie Day June 21, 2017

SAN DIEGO — PSRS has arranged $2.6 million in acquisition financing for Melroy Investments, which will use the funds to purchase a three-story, 26-unit seniors housing community in San Diego’s North Park neighborhood. The total purchase price was $5.1 million. The property is restricted to those over the age of 55. The name of the property was not disclosed. In addition to the $2.6 million loan, PSRS included $700,000 in “earn outs” for hitting certain benchmarks as far as rent growth. If earned, Melroy will use that money for property improvements and future acquisitions. The nonrecourse loan features a 4 percent fixed rate and three years of interest-only payments.

June 21, 2017

Colorado Retail Western

Faris Lee Brokers $2.4M Sale of Pueblo West Retail Center in Colorado

by Nellie Day June 21, 2017

PUEBLO WEST, COLO. — Faris Lee Investments has arranged the $2.4 million sale of Pueblo West Retail Center, a 13,000-square-foot, Walmart Supercenter shadow-anchored strip center located in Pueblo West. The triple-net-leased property is fully occupied by eight tenants including Little Caesars, Jackson-Hewitt, Fantastic Sam’s and Sally Beauty Supply. Tom Chichester of Faris Lee represented the buyer, a private investor from San Clemente, Calif. CBRE represented the seller, a private investor from San Diego.

June 21, 2017

California Multifamily Seniors Housing Western

Avanath Capital Purchases Three Affordable Communities in Sacramento for $56.5M

by Nellie Day June 20, 2017

SACRAMENTO, CALIF. — Avanath Capital Management LLC, an institutional fund manager that specializes in affordable and workforce housing investments, has acquired a three-property affordable housing portfolio in Sacramento for $56.5 million. The properties total 468 units and offer a mix of seniors housing, family housing and mixed-income housing. The acquisition nearly doubles Avanath’s footprint in Sacramento, which it cites as one of the hottest real estate markets in the country. The properties include: • Sierra Creek, a 144-unit property with all units reserved for seniors earning 50 to 60 percent of area median income (AMI). The property has a 200-person wait list and offers educational classes, transportation services and activities. • Lincoln Creek, a 172-unit community with 95 affordable family units, 48 affordable seniors housing units and 29 market-rate units. • Geneva Pointe, a 152-unit community reserved for families earning between 50 and 60 percent of AMI. There are no age restrictions on the property. Built in 2005 and 2006 under the Low Income Housing Tax Credit program, the three-building portfolio was 98.5 percent occupied at the time of acquisition. Units average 922 square feet. Planned renovations include upgrading exterior paint, installing LED lighting throughout the portfolio to optimize energy …

June 20, 2017

Multifamily Seniors Housing Washington Western

Columbia Pacific Advisors to Acquire Hawthorn Retirement Group

by Nellie Day June 20, 2017

SEATTLE AND VANCOUVER, WASH. — Columbia Pacific Advisors, a real estate investment fund manager, has agreed to acquire Hawthorn Retirement Group, a seniors housing owner-operator, for an undisclosed price. Both firms are based in Washington state, Columbia Pacific in Seattle and Hawthorn in Vancouver. Hawthorn’s portfolio includes 55 communities in operation and 24 under construction or in pre-development across 20 states and two Canadian provinces. The acquisition includes the portfolio as well as Hawthorn’s management and construction business. Though terms of the deal are not disclosed, a press release from Columbia Pacific implied that the existing corporate structure of Hawthorn will be maintained. Pat Kennedy, CEO of Hawthorn, will stay on as a Hawthorn senior executive. Seniors housing has long been a focus of Columbia Pacific, which has developed or acquired more than 300 communities totaling 25,000 units over the last 10 years. The company also invests in standard multifamily and other commercial real estate sectors. The acquisition is expected to close by the end of the summer.

June 20, 2017

California Office Western

Harbor Associates Buys Century City Office Property for $14.7M

by Nellie Day June 20, 2017

LOS ANGELES — Harbor Associates has purchased a 30,000-square-foot office property in the Los Angeles submarket of Century City for $14.7 million. The four-story building is located at 10281 West Pico Blvd. It was built in 1981. NKF’s Kevin Shannon, Ken White, Rob Hannan and Brad Feld represented the seller, Spanish Broadcasting System (SBS), in this transaction. SBS owned and occupied the building since 1994.

June 20, 2017

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