SANTA CLARITA, CALIF. — An unnamed buyer has acquired the 232-unit Monterra Ridge apartment complex in Santa Clarita for $45.5 million. The community is located at 28085 Whites Canyon Road. Monterra Ridge is situated near interstates 14 and 5, which provide access to greater Los Angeles. The property was built in 1985. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and seller in this transaction.
SUNNYVALE, CALIF. — An unnamed buyer has purchased The Bungalows at Mathilda, a 68-unit apartment complex in the Silicon Valley submarket of Sunnyvale, for $22.5 million. The community is located at 126 Ahwanee Ave. The Bungalows at Mathilda has undergone extensive exterior and interior renovations over the past year. It is situated near major employers, including the new campuses for Google and Apple. Adam Levin and Robert Johnston in Marcus & Millichap’s Palo Alto office represented the buyer and seller, Interstate Equities Corp., in this transaction.
SAN FRANCISCO — SRS Real Estate Partners has secured a ground lease on a 58,040-square-foot property located at 1501 Harrison St. in San Francisco’s South of Market district. The tenant plans to construct a new BMW Service center on the site. Matt Alexander and Andrew Lindsey of SRS Real Estate Partners, along with Chris Hamey of HC&M Commercial Properties, brokered the transaction. The names of the tenant and landlord were not released.
PHOENIX — NorthMarq Capital has arranged $5.2 million in acquisition financing for Ahwatukee 48, an 87,772 –square-foot office/warehouse property in Phoenix. The space is located at 15905-15915 S. 46th St. and 15920-15930 S. 48th St. The transaction was structured with a 20-year term and 25-year amortization schedule. Shari Stults of NorthMarq arranged the financing through its correspondent relationship with Ohio National. Keller Williams Desert Foothills Realty and Synaptics Inc. are the property’s major tenants.
FRESNO AND MADERA, CALIF. — Retail California has arranged three leases totaling 39,144 square feet of retail space in Fresno and Madera. In the first deal, Lumber Liquidators Inc. leased 8,144 square feet of retail space at 5091 N. Fresno St. in Fresno from 5561 Sultana LLC. Nick Frechou and Mike Arfsten of Retail California worked with Doug Cords and Shane Anderson of Commercial Retail Associates to arrange the transaction. In the second transaction, Dollar Tree leased 10,000 square feet of retail space at 333 W. Olive Ave. within Bethard Square Center in Madera from First Priority Funding. Arfsten along with Cords and Anderson brokered the deal. In the final deal, PF Madera LLC leased 21,000 square feet of retail space at 313 W. Olive Ave. within Bethard Square Center in Madera from First Priority Funding. Arfsten and Anderson arranged the transaction.
SANTA CLARA, CALIF. — LeEco has received $140 million in first mortgage debt for a 48.6-acre site in Santa Clara in the heart of Silicon Valley. The Beijing-based tech company plans to develop its 3 million-square-foot world headquarters on the site. LeEco is buying the site, located at 3005 Democracy Way, from Yahoo for $250 million. The property includes several vacant buildings and a parking lot that formerly served the nearby Levi’s Stadium — the new home of the San Francisco 49ers completed in 2014. Hudson Mesa West SA Democracy Way LLC, a limited liability company managed by Mesa West Capital, and Hudson Pacific Properties Inc. (NYSE: HPP) provided the $140 million loan. Brad Zampa of CBRE’s San Francisco office arranged the financing. “LeEco is a very dynamic technology firm with exciting plans for the future,” says Brandon Bachner, vice president of Mesa West Capital. “The firm saw this site as a terrific opportunity to develop a global headquarters and plant a flag in the U.S., realizing that having a strong presence in Silicon Valley is pivotal for talent acquisition and continued growth. Our short-term floating rate loan will provide LeEco with enough runway to complete its pre-development plan.” LeEco will team up with …
ISSAQUAH, WASH. — LCS Development, a developer of continuing care retirement communities (CCRCs) throughout the United States, has nearly completed the Phase II expansion of Timber Ridge at Talus, a CCRC in the Seattle suburb of Issaquah. National Health Investors (NYSE: NHI), a major healthcare REIT, is providing the funding for the $154.5 million expansion. When completed, the project will add 145 independent living apartments, 14 assisted living apartments, a new 12-bed memory care neighborhood and nine private nursing suites. The project will also add a new dining venue, an indoor swimming pool and a 190-seat auditorium. Phase I of Timber Ridge was completed in 2008 as a 10-acre portion of a 630-acre, master-planned Talus community. The site is located near the 3,100-acre Cougar Mountain Wildland Park. The expansion is 80 percent completed, according to LCS Development. The auditorium and memory care neighborhood will open for residents this month. Westminster Capital is a joint venture partner on the development. LCS Development is a subsidiary of LCS and a sister company of Life Care Services, which operates Timber Ridge at Talus.
ARVADA, COLO. — Co-developers MorningStar Senior Living and Confluent Development have broken ground on MorningStar Senior Living of Arvada, a 141-unit independent living, assisted living and memory care community in the Denver suburb of Arvada. The developers expect to complete construction in fall 2017, with an information center opened by January of that year. The 160,000-square-foot development will feature 71 suites for independent living, 41 suites for assisted living and 29 suites for memory care. The community will be situated on 4.5 acres, encircled by six parks and Arvada Reservoir. Suites will range from studio to two-bedroom layouts, and 340 to 1,200 square feet. MorningStar of Arvada is the sixth joint venture between affiliates of MorningStar Senior Living, a Denver-based senior living developer and operator, and Confluent Development, a Denver-based development and investment firm. It will be MorningStar’s 16th ground-up seniors housing development. Rosemann & Associates of Denver is serving as the architect for the new development, and Thoma-Holec Design of Phoenix is the interior designer.
SAN DIEGO — SVN|Asset Advisory Group has arranged the sale Boulevard Plaza Shopping Center, located at 2800-2820 El Cajon Blvd. in the North Park section of San Diego. Boulevard Plaza San Diego LLC sold the 12,623-square-foot retail property to 2800 El Cajon Blvd LLC for $3.7 million. At the time of sale, the property was fully leased. Chris Rink of SVN|Asset Advisory Group represented the seller and buyer in the deal.
PALMDALE, CALIF. — Marcus & Millichap has arranged the sale of ALDI – Palmdale, a retail center located at 732 W. Rancho Vista Blvd. in Palmdale. The 17,750-square-foot, net-leased property sold for $3.5 million. Richard Vincent and Pablo Rodriguez of Marcus & Millichap represented the seller, a developer, and the buyer, a private investor, in the deal.
