DENVER — Big Brothers Big Sisters of Colorado has signed a seven-year lease for a new headquarters facility in Denver. The space is located at 750 West Hampden Ave. JLL’s Andy Cullen represented the organization. Jim Cortney of NAI Shames Makovsky represented the landlord.
SEATTLE — Bridge Development Partners has broken ground on a 241,140-square-foot refrigerated facility near Seattle’s Sea-Tac Airport. The facility is located at 1010 S. 146 St. Western Distribution Services will operate the property, which Tippmann Innovation will build.
CITY OF INDUSTRY, CALIF. — Ardmore Home Design has leased a 128,810-square-foot industrial facility in the City of Industry. The Class A facility is located at 768 Turnbull Canyon Road. The property provides immediate access to California State Route 60 and is minutes from Interstate 605. The space will serve as the corporate headquarters for Ardmore’s home décor business lines Made Goods and Pigeon & Poodle. Ty Newland of Cushman & Wakefield represented Ardmore in the deal.
SAN FRANCISCO — Colliers International has arranged the sale of 220 Post Street, a 37,500-square-foot retail building located in the Union Square neighborhood of San Francisco, for over $70 million. Saks Fifth Avenue currently occupies the property, but will vacate the location in October. An undisclosed Taiwanese investor sold the property to Los Angeles-based Angelo, Gordon & Co. Julie Taylor, Tony Crossley, Tim Maas, Darren Kuiper and Frank Wheeler of Colliers International represented the seller in the transaction. The Colliers team worked alongside China capital expert Yang Chen to negotiate the sale.
THOUSAND OAKS, CALIF. — Dekel Strategic Investors, the equity fund of Dekel Capital, has provided $16.1 million for the development of Sage Mountain Senior Living, a 130-unit assisted living and memory care community in the Los Angeles suburb of Thousand Oaks. The four-story, 58,154-square-foot facility will feature 98 assisted living units and 32 memory care units. Construction started earlier this month for scheduled completion in early 2018. Los Angeles-based bank Dekel Capital launched Dekel Strategic Investors in January 2014, and has invested more than $100 million through the platform so far.
SAN DIEGO — CBRE has arranged the $14 million sale of Taco Bell and Shops, an 18,175-square-foot retail strip center in San Diego. Tenants at the center include Taco Bell, El Pollo Loco, Pick Up Stix, AT&T and T-Mobile. Philip Voorhees, Jimmy Slusher, Megan Wood, Matt Burson, Kirk Brummer, Preston Fetrow, John Read and Reg Kobzi of CBRE represented the seller, Los Angeles-based MVR LLC. David Lachoff of Newmark Grubb Knight Frank represented the buyer, an undisclosed, California-based private investor.
KINGMAN, ARIZ. — Boston Capital has invested an undisclosed amount of capital for the rehabilitation of Kingman Heights Apartments and Amy Neal Retirement Center, two affordable seniors housing communities in Kingman, located approximately midway between Phoenix and Las Vegas. The two communities feature a total of 57 units. Tax credit equity from the Low Income Housing Tax Credit (LIHTC) program will help fund the rehabilitation. The Foundation for Senior Living (FSL), a nonprofit senior living organization, owns the communities. This will be Boston Capital’s sixth partnership with FSL. Kingman Heights features seven one-story buildings containing 33 one-bedroom units and a community building. Amy Neal Retirement Center features four one-story buildings containing four studios and 20 one-bedroom units and a community building. After the rehabilitation, units will feature central air conditioning, blinds, ceiling fans, microwaves and patios. Improvements will also feature the installation of new smoke detectors, windows, doors, flooring, cabinets, kitchen appliances and roll-in showers. Boston Capital is a Boston-based investment and advisory firm specializing in affordable housing.
PORT HUENEME, CALIF. — HFF has arranged $5.5 million in joint venture equity for the acquisition of Oliveira Plaza, a 116,000-square-foot shopping center located in the Southern California community of Port Hueneme. The center consists of six single-story buildings that are 92 percent leased to tenants including Big Lots, Bank of America, Rite Aid, Citibank, West Marine, Dollar Tree, Panda Express and Carl’s Jr. Greg Brown and Jamie Kline of HFF worked on behalf of Progression REI to arrange the joint venture equity with an institutional equity investor.
CHATSWORTH, CALIF. — Marcus & Millichap has brokered the $72.5 million sale of Waterstone Apartment Homes, a 348-unit multifamily community located in Chatsworth, roughly 30 miles outside Los Angeles. The property was built in 1971 at 9901 Lurline Ave. The community is located one block south of the 615,400-square-foot Westfield Topanga shopping mall and approximately one mile away from the Chatsworth Metrolink station. Waterstone offers studio, one- and two-bedroom units with community amenities including lighted tennis courts; barbecue and picnic area with fire pit; clubhouse with billiards; a fitness center; pool and hot tub; and laundry facilities. Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec and Paul Darrow of Marcus & Millichap’s IPA division represented the seller and procured the buyer in the transaction. Both parties were undisclosed. “The acquisition gives the new ownership the ability to complete a strategic renovation in a market where there is a significant affordability gap to home ownership, and strong demand for high-end rental housing,” says Green. — Katie Sloan
SEATTLE — Cushman & Wakefield has arranged $145 million in acquisition financing for Merrill Gardens, which will use the funds to purchase a 456-unit seniors housing portfolio on the West Coast. Merrill Gardens, a seniors housing owner-operator based in Seattle, already operates the four communities that it will now own, along with a joint venture partner that was not named. The portfolio includes properties in the high-barrier-to-entry markets of Orange County, San Francisco, Silicon Valley and downtown Seattle. The properties acquired are Merrill Gardens of Huntington Beach, Merrill Gardens at Lafayette, Merrill Gardens at Campbell, and Merrill Gardens at First Hill. The communities offer independent living, assisted living and memory care. Cornerstone Real Estate Advisors, acting on behalf of an institutional investor, provided the $145 million in long-term financing. The Cushman & Wakefield team, which arranged both the loan and the transaction, included Richard Swartz, managing director; Jay Wagner, managing director; Aaron Rosenzweig, senior director; Michael Kane, senior director; and Timothy Hosmer, director.