Western

Passco Buys Almeria at Ocotillo Multifamily Community in Chandler for $80M

by Nellie Day August 17, 2016

CHANDLER, ARIZ. — Passco Cos. has acquired the 389-unit Almeria at Ocotillo apartment community in Chandler for $80 million. The community is located at 2470 and 2471 W. Edgewater Way within the Ocotillo master-planned community. Almeria is walking distance to three of the largest employers in an area known as Silicon Desert. These include Intel, Orbital ATK and Wells Fargo, which is planning to expand within the area. The bank will soon occupy an additional two 13-story office towers that may eventually bring more than 13,000 employees to the area. CBRE’S Sean Cunningham represented both Passco and the seller, PB Bell, in this transaction.

August 17, 2016

Multifamily Utah Western

Sage Gate at Haynes Landing Apartments Near Salt Lake City Sell for $52.6M

by Nellie Day August 17, 2016

WEST VALLEY CITY, UTAH — An unnamed buyer has acquired the 278-unit Sage Gate at Haynes Landing multifamily community for $52.6 million. The community is located at 2700 S. Anna Caroline Drive, about 11 miles from Salt Lake City. Sage Gate was built in 2014. Nearby employers include Discover Financial, UPS and Verizon Wireless. Daniel Shin and Brock Zylstra of Marcus & Millichap represented both the buyer and seller in this transaction.

August 17, 2016

Industrial Nevada Western

Fanatics Leases 400,000 SF at Northgate Distribution Center in North Las Vegas

by Nellie Day August 17, 2016

NORTH LAS VEGAS — Fanatics has leased 400,000 square feet of distribution space at the Northgate Distribution Center in North Las Vegas, which is currently under construction. The 108-acre industrial property will be situated on Lamb Boulevard off Interstate 15. Phase I of the 2 million-square-foot industrial park will include the largest speculative industrial building ever constructed in Southern Nevada, according to the developer, VanTrust Real Estate LLC. This phase will include six buildings once completed this October. Phase II, which will add 600,000 square feet to the project, will commence this month. The sports merchandise retailer is the first tenant to sign at Northgate Distribution Center. The project’s general contractor is Martin Harris Contracting. HPA Architecture will design the center. Dan Doherty of Colliers International represented Fanatics in the deal. CBRE’s Kevin Higgins represented VanTrust in the lease transaction.

August 17, 2016

California Multifamily Seniors Housing Western

CBRE Negotiates $25M Refinancing for 102-Unit Seniors Housing Community in Santee

by Nellie Day August 17, 2016

SANTEE, CALIF. — CBRE has arranged a $25 million Freddie Mac loan for The Grant Companies to refinance The Pointe at Lantern Crest, a 102-unit independent living and assisted living community in the San Diego suburb of Santee. The Class A community is Phase II of a larger campus. Phase I, The Ridge at Lantern Crest, was also financed with a CBRE-originated Freddie Mac loan in 2014. Lantern Crest Management operates the communities. The 10-year, fixed-rate mortgage includes 72 months of interest-only payments. Aron Will of CBRE National Senior Housing and Bill Chiles and Scott Peterson of the CBRE Debt & Structured Finance team in San Diego, arranged the financing. Founded in 1989, The Grant Companies has developed more than $500 million in medical office buildings, seniors housing and other commercial developments.

August 17, 2016

Arizona Multifamily Seniors Housing Western

Welbrook Starts Construction of $13M Skilled Nursing Facility in Flagstaff

by Nellie Day August 17, 2016

FLAGSTAFF, ARIZ. — Welbrook Senior Living has started construction of a 50-bed skilled nursing facility in Flagstaff. Services at the facility will focus on transitional rehabilitation. Development costs were estimated at $13 million. Welbrook has partnered with Embree Asset Group to develop the facility. Construction is slated for completion in late 2017. Based in California, Welbrook is a seniors housing operator just entering the transitional rehab space. Embree is a construction and development company that has worked in all 50 states.

August 17, 2016

Multifamily Seniors Housing Washington Western

CBRE Arranges $60M Acquisition Loan for Four-Property Portfolio in Metro Seattle

by Nellie Day August 16, 2016

SEATTLE — CBRE has arranged $60 million in acquisition financing for a joint venture between Capitol Seniors Housing and the Carlyle Group. The JV will use the funds to purchase a four-property seniors housing portfolio throughout the Seattle metro area. The four communities total 368 units of assisted living and independent living. Following the acquisition, MBK Senior Living will operate all the properties. The seller and the names of the four properties were not disclosed. The non-recourse, floating-rate loan includes a five-year term with 36 months of interest-only payments. Total loan proceeds include a loan of $51.9 million for the acquisition of the property along with $8 million for planned capital improvements. Aron Will of CBRE National Senior Housing arranged the financing.

August 16, 2016

California Multifamily Seniors Housing Western

M&M Brokers $15.6M Sale of 87,526 SF Seniors Housing Community in Sacramento

by Nellie Day August 16, 2016

SACRAMENTO, CALIF. — Marcus & Millichap has arranged the sale of Gramercy Court, an 87,526-square-foot assisted living and skilled nursing facility in Sacramento, for $15.6 million. The eight-building community sits on a 5.4-acre campus. It features 71 assisted living units and 120 skilled nursing beds. Max McCabe and Krone Weidler both in Marcus & Millichap’s Tampa office represented both the buyer, a fund manager, and the seller, an individual trust, in the transaction.

August 16, 2016

California Office Western

Savi Ranch Property Holdings Buys Savi Tech Center in Yorba Linda

by Nellie Day August 16, 2016

YORBA LINDA, CALIF. — Savi Ranch Property Holdings has purchased Savi Tech Center, a 376,808-square-foot office/technology campus in Yorba Linda, for an undisclosed sum. The campus is located within the Savi Ranch business park at 22705-22745 Savi Ranch Parkway, about 40 miles south of downtown Los Angeles. The campus is fully leased to five tenants within the technology, healthcare and housing sectors. The seller, a joint venture between Hines and Oaktree Capital Management, previously invested $13 million to update the campus’ common areas, roof, HVAC systems, and interiors and exteriors. Jeffrey Cole, Jeff Chiate, Ed Hernandez and Rick Ellison of Cushman & Wakefield represented the sellers in the transaction.

August 16, 2016

California Industrial Western

Badiee Development Plans Speculative Flex Industrial Campus in Carlsbad

by Nellie Day August 16, 2016

CARLSBAD, CALIF. — Badiee Development has acquired two land parcels totaling 8.4 acres in the Carlsbad Oaks North Business Park for $6 million. The development firm plans to build a speculative flex industrial campus named Carlsbad Oaks Innovation Park on the lots. The two-building campus will contain a total of 102,937 square feet offering a mix of office and functional warehouse space. Badiee will break ground on the campus in the first quarter of 2017, with an expected completion date in the fourth quarter of that year. Tucker Hohenstein and Mike Erwin of Colliers International represented both Badiee and the seller, Kilroy Realty, in this transaction. The team also serves as the project’s listing brokers, along with Conor Boyle.

August 16, 2016

Colorado Multifamily Seniors Housing Western

Drever to Build 64-Unit Memory Care Community in Fort Collins

by Nellie Day August 16, 2016

FORT COLLINS, COLO. — Drever Capital Management has unveiled plans for a new Windsong-branded memory care community in Fort Collins, about 60 miles north of Denver. Vista Pointe Development will assist in the development of the project. Construction is slated to begin in September. Rental rates are expected to range between $4,900 and $5,200, well below the market’s average, according to Drever. Based in California, Drever Capital Management acquires, manages and develops commercial real estate properties.

August 16, 2016

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