Western

Macland Investments Purchases Office Building in Los Angeles for $4.7M

by Nellie Day February 22, 2016

LOS ANGELES — Macland Investments has acquired a 10,300-square-foot office building in the Warner Center/Woodland Hills submarket of Los Angeles for $4.7 million. The building is located at 5947-5951 Variel Ave. The gas station operator will use the space for administrative offices. The seller, a private investor, acquired the property in 2012 as a two-tenant property. It renovated the space for single-tenant use with high-end, modern finishes. Scott Romick of Lee & Associates-LA North/Ventura represented the seller.

February 22, 2016

Colorado Multifamily Western

Steadfast Apartment REIT Buys Horseshoe Lake Apartments in Loveland

by Nellie Day February 22, 2016

LOVELAND, COLO. — Steadfast Apartment REIT has acquired the 222-unit Horseshoe Lake in Loveland for an undisclosed sum. It is located at 341 Knobcone Drive. The community is situated an hour north of Denver near Colorado State University. Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks of ARA Newmark represented the seller, Buckley Brothers, in this transaction. The firm’s founder and owner, John Buckley, built this community in 2002.

February 22, 2016

Industrial Washington Western

Harsch Acquires Riverfront Business Park in Woodinville

by Nellie Day February 22, 2016

WOODINVILLE, WASH. — Harsch Investment Properties has purchased Riverfront Business Park, a 137,916-square-foot industrial property in Woodinville, for an undisclosed sum. The Class A property is located one mile south of downtown Woodinville, approximately 20 miles northeast of Seattle. Bret Jordan and Derek Heed of Colliers International executed the transaction.

February 22, 2016

Arizona Hospitality Western

Grossman Co. Properties Buys FireSky Resort & Spa in Scottsdale for $62.5M

by Nellie Day February 19, 2016

SCOTTSDALE, ARIZ. — Grossman Co. Properties has purchased the 204-room FireSky Resort & Spa in Scottsdale for $62.5 million. The resort is located at the intersection of Camelback and Scottsdale roads. It is situated across from Scottsdale Fashion Square Mall. FireSky will undergo an extensive renovation to the guestrooms and public spaces over the next 18 months. Classic Hotels & Resorts will manage the hotel. Bill Murney of HREC Investment Advisors’ Phoenix office represented the seller, KHP Capital Partners, in this transaction.

February 19, 2016

Colorado Multifamily Western

Steadfast Apartment REIT Acquires PeakView at T-bone Ranch Apartments in Colorado

by Nellie Day February 19, 2016

GREELEY, COLO. — Steadfast Apartment REIT has purchased the 224-unit PeakView at T-bone Ranch in Greeley for an undisclosed sum. The community is located at 4750 W. 29th St. It is situated adjacent to the University of Northern Colorado. Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks of ARA Newmark represented the seller, Buckley Brothers, in this transaction.

February 19, 2016

Nevada Retail Western

Wynn Las Vegas to Develop Wynn Plaza Retail Center

by Nellie Day February 19, 2016

LAS VEGAS — Wynn Las Vegas is set to develop Wynn Plaza, a 75,518-square-foot luxury retail complex set to augment the existing retail collection at Wynn Las Vegas and Encore on Las Vegas Boulevard. The design of Wynn Plaza will be influenced by European elements, specifically the Avenue Matignon in Paris. The two-story center will feature two entrances off the Strip, a dedicated valet service, atriums and a skylight rotunda. Steve Wynn, chairman and CEO of Wynn Resorts, designed the project in collaboration with Roger Thomas, executive vice president of Architecture DeRuyter Butler, and Wynn Design and Development. The project is set for completion in 2017.

February 19, 2016

California Multifamily Seniors Housing Western

Assisted Living Community in San Joaquin Sells for $5.3M

by Nellie Day February 19, 2016

SAN JOAQUIN, CALIF. — An unnamed assisted living community in San Joaquin has changed hands. The community was built in 1970. It includes 44 units. A real estate investment fund, largely funded from China, purchased the community from a single-asset owner for $5.3 million, or $120,455 per unit. The community was 69 percent occupied at the time of sale. The new owners plan to make $1.5 million of improvements. Jim Hazzard and Nick Stahler arranged the transaction as the lead agents for JCH.

February 19, 2016

California Loans Multifamily Nevada Retail Western

Ready Capital Closes Three Loans Totaling $15.9M in California, Nevada

by Nellie Day February 19, 2016

LOS ANGELES AND LAS VEGAS — Ready Capital Structured Finance has closed three loans throughout California and Nevada for a total of $15.9 million. Properties that received financing include a 24-unit multifamily community in Beverly Hills that will use the funds for renovation and stabilization; a 499-unit self-storage facility in Corona that will use the funds for refinancing and stabilization; and a 32,800-square-foot retail center in Las Vegas that will use the funds for the development and stabilization of the property.

February 19, 2016

Loans Nevada Retail Western

Meridian Arranges $20 Million in Acquisition Financing for Walgreens on Las Vegas Strip

by Nellie Day February 18, 2016

LAS VEGAS — Meridian Capital Group has arranged $20 million in financing for the acquisition of a single-tenant, 16,000-square-foot Walgreens located on the Las Vegas Strip. Steven Tessler of Meridian secured the 10-year, interest-only loan through a balance sheet lender. The property is located at 3025 S. Las Vegas Blvd. near the Wynn and Encore hotels. The buyer and seller were not disclosed.

February 18, 2016

California Multifamily Seniors Housing Western

JCH Arranges $13.6M Sale of San Bernardino Assisted Living Community

by Nellie Day February 18, 2016

SAN BERNADINO, CALIF. — JCH Consulting Group has arranged the sale of an assisted living community in San Bernardino. The community was built in 2002. It includes 86 units, of which 24 are for memory care. A national owner/operator purchased the community from the single-asset owner for $13.6 million, or $158,140 per unit. The community was 86 percent occupied at the time of sale.

February 18, 2016

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