ROSEVILLE, CALIF. — A joint venture between Barker Pacific Group and WHI Real Estate Partners has purchased a Class A office building at the Olympus Corporate Center in Roseville. The center is located at 3001, 3005, 3009, and 3013 Douglas Blvd. The price was not disclosed. Notable tenants at the four-building center include Direct Technology, Granite Bay Development, KB Home, Gallelli Real Estate, Orange Hook and UBS. Chris Lemmon and Zac Collie of Newmark Cornish & Carey are acting as Olympus’s leasing agents. BBVA Compass provided debt financing.
Western
LOS ANGELES — Mission Foods has leased a 50,689-square-foot distribution building in the Los Angeles submarket of Van Nuys. The building is located at 14400 Arminta St. The space was built in 2007. David Young and Chad Gahr of NAI Capital’s Encino office represented Gruma Corp., dba Mission Foods, in the lease.
ONTARIO, CALIF. — NorthMarq Capital has arranged a $65 million refinancing for a three-property industrial portfolio in the Inland Empire. The portfolio contains a total of nearly 1.6 million square feet. The transaction includes 3100 Milliken Ave. in Mira Loma and 5555 and 5772 E. Jurupa St. in Ontario. The financing will allow the borrower to recapitalize the portfolio. The 10-year loan features a forward rate lock of 3.65 percent and a 30-year amortization schedule. NorthMarq’s Michael Elmore arranged the loan through the firm’s correspondent relationship with Hartford.
MORENO VALLEY, CALIF. — Cherry Heights LLC has acquired the 206-unit Legends at Rancho Belago in Moreno Valley for $33.8 million. The community is located at 13292 Lasselle St. Legends was originally built as a 40-unit for-sale condominium property in 1993. The remaining 166 apartment units were built in 2006. The property was fully converted to a rental community in February 2016. Peter Sherman of Avison Young represented the LLC, a 1031 exchange buyer. Institutional Property Advisors represented the seller, the Reliant Group.
ST. GEORGE, UTAH — Evans Senior Investments (ESI) has arranged the sale of The Retreat at SunRiver and The Retreat at Sunbrook, two assisted living communities in St. George, approximately 120 miles northeast of Las Vegas. American Capital acquired both communities from an undisclosed seller for $26.5 million, or $236,500 per unit. Built in 2012, The Retreat at SunRiver features 36 assisted living units and 12 memory care units on 1.7 acres. Built in 2015, The Retreat at Sunbrook features 50 assisted living units and 14 memory care units. Totaling 57,344 square feet, the two-story community sits on 2.4 acres. Washington County, where St. George is located, saw an 86.5 percent growth in the over-85 population between the 2000 and 2010 census. The new owner will lease both properties to Meridian Senior Living.
LOS ANGELES — Kidder Mathews has merged with Los Angeles-based industrial firm Heger Industrial. The new company will retain the Kidder Mathews name and operating structure. Robert Thornburgh, Heger’s CEO, will join Kidder’s executive leadership committee. Heger Industrial manages one of the largest independent portfolios of industrial properties in the Los Angeles area. The firm employs 35 commercial real estate professionals and staff, maintaining offices in Long Beach and Commerce, Calif., and Phoenix.
DENVER — Parkview Financial has provided a $13.5 million loan for an 82-unit micro-apartment community in Denver. The funds will go toward the construction of this ground-up development.
SAN DIEGO — The Casey Brown Company has purchased a three-property office portfolio in San Diego for $77 million. The transaction includes Chesapeake Park Plaza at 9665 Chesapeake Drive in the Kearny Mesa submarket; Valley Corporate Center, a 176,132-square-foot office tower at 591 Camino De La Reina in Mission Valley; and Old Town Plaza, a two-building creative office project at 2251 San Diego Ave. in Old Town. CBRE’s Louay Alsadek and Hunter Rowe represented the seller on Chesapeake Park Plaza and Valley Corporate Center. Josh Buchholz, Doug Ceresia and Matt Midura of NAI San Diego represented the seller on the Old Town Plaza transaction.
EVERETT, WASH. — KeyBank has provided $54.5 million in construction financing for a 256-unit affordable housing development at Puget Park in Everett. The community will be situated 30 miles north of Seattle. The property will serve residents who earn 60 percent or less of the area median income. KeyBank’s Community Development Lending & Investing group provided the funds.
COLORADO SPRINGS, COLO. — A joint venture between Portfolio Hotels & Resorts, West Point Partners and Lions Gate Capital has received a $25.7 million acquisition loan for the 309-room Colorado Springs Marriott. The hotel is located at 5580 Tech Center Drive. Colorado Springs Marriott is situated near Garden of the Gods and the United States Air Force Academy. The hotel features 23,000 square feet of flexible indoor and outdoor function space, indoor and outdoor pools and spas, a fitness center, business center, concierge, and a full-service restaurant. HFF’s Eric Tupler and Kristian Lichtenfels arranged the 10-year, fixed-rate, securitized loan.