BAKERSFIELD, CALIF. — Marcus & Millichap has brokered the sale of a Chevron-occupied retail property located at 2525 White Lane in Bakersfield. A private investor acquired the property and bulk inventory assets for a total price of $2.4 million, with the real estate selling for $1.8 million. Bennet Pakdaman, Gregory Mills and Bruce Barnhard of Marcus & Millichap represented the seller, while Barnhard and Mills represented the buyer in the deal.
CLOVIS, CALIF. — Retail California has brokered a lease of retail space at the Trading Post Shopping Center at 930 Herndon Ave. in Clovis. Dollar Tree signed a lease for 1,360 square feet of retail space from DN Clovis LLC at the shopping center. Peter Orlando and Lewis Smith of Retail California brokered the transaction.
NEWPORT BEACH, CALIF. — Lyon Living has received $388.4 million in loans to refinance a seven-property multifamily portfolio located in California and Colorado. The 2,152-unit portfolio consists of Trabuco Highlands in Trabuco Canyon, Calif.; The Vineyards in Anaheim, Calif.; The Arbors in Lake Forest, Calif.; Sedona in Placentia, Calif.; Monarch Coast in Dana Point, Calif.; Capistrano Pointe in San Juan Capistrano, Calif.; and Autumn Chase in Highlands Ranch, Colo. The portfolio was 94 percent leased at the time of financing. Charles Halladay, Sebastian Trujillo and Lauren LaFever of HFF worked on behalf of Lyon Living to secure the financing in seven separate loans placed with Freddie Mac’s CME Program. HFF will service the securitized loans, each of which has a fixed-rate term of 10 years with a minimum five years of interest-only payments. Loan proceeds were used to refinance expiring debt on the properties. Newport Beach-based Lyon Living develops, owns and operates a portfolio of multifamily communities in California, Colorado, Georgia and Florida. — Katie Sloan
Rent an apartment or buy a home? That is the question now posed to many Millennials as they face the facts about the high barriers to homeownership that generations before them, at the same stage of life, could easily overcome. But since the Great Recession and the loose homeownership qualifications that helped spawn it, banks and other home-lending institutions have been under the tight-fisted control of government regulators who have demanded, rightly or wrongly, that prospective homeowners meet strict and often daunting qualifications to buy a house. While that’s bad news for a generation that was raised by families who owned homes and where a home was the primary financial asset for inheritance, it’s good news for multifamily investors, developers and contractors. The demand for apartments has risen to levels eclipsing demand for homeownership in one of the few times in modern history. This is especially true in Orange County where home prices have always been among the highest in the nation. In fact, demand among multifamily investors is so strong that nearly every recent offering for well-located apartment properties has garnered multiple offers, creating a perfect-storm situation for the sellers. One sale that involved an investment portfolio of four …
SALEM, ORE. — CBRE has arranged $72.5 million in financing for the acquisition of The Bonaventure Portfolio, five independent living and assisted living communities throughout the states of Washington and Oregon. NorthStar Healthcare Income, a non-traded REIT, acquired the portfolio, which totals 453 units. Based in Salem, Ore., Bonaventure is a family of companies that develops and operates seniors housing properties in the West. The company operates 24 properties in three states. Aron Will and Matthew Whitlock, both of CBRE National Senior Housing, arranged the 10-year, fixed-rate loan with 24 months interest-only payments through its Fannie Mae DUS Multifamily loan origination program.
TUALATIN, ORE. — NAI Elliott has arranged the $16.3 million sale of Martinazzi Square, a 51,060-square-foot shopping center located in Tualatin. Joe Sandahl of NAI represented the seller, Martinazzi Square LLC, in the disposition of the property to CH Retail/Acquisitions LLC. The property is home to tenants including Starbucks Coffee, Nothing Bundt Cakes and H&R Block.
MERCED, CALIF. — Envoy Net Lease Partners has closed on a $4.5 million ground lease acquisition and development loan for a CVS/pharmacy property in Merced. Envoy financed 100 percent of the total cost of the project, allowing the undisclosed developer to retain full control and ownership of the property. The 2.2-acre site is located on Olive Avenue near highways 59 and 99.
GARDENA, CALIF. — Marcus & Millichap has arranged the sale a retail property located at 14600 S. Broadway in Gardena. A limited liability company sold the 37,088-square-foot property for $5.4 million. Twin Dragon Marketing Inc. occupies the property. Brandon Michaels of Marcus & Millichap represented the seller in the deal. The name of the buyer was not released.
PAYSON, ARIZ. — MidCap Financial has arranged a $4.5 million bridge-to-HUD loan to refinance Compass Senior Living’s Majestic Rim Retirement Living, located in the Phoenix suburb of Payson. Majestic Rim is a 50-unit independent living facility built in 2006. Compass purchased the property in 2014 as an underperforming asset. MidCap’s bridge loan will refinance existing debt on the property.
IRVINE, CALIF. — A partnership between R.D. Olson Construction and DKN Hotels has completed construction of the 161-room Homewood Suites by Hilton Irvine/John Wayne Airport in Irvine. The hotel is situated in the Airport submarket near Newport Beach, Corona del Mar and Laguna Beach. The hotel features more than 1,500 square feet of meeting space equipped with high-speed internet access, audio-visual equipment and natural lighting. Lee & Sakahara Architects designed the project.
