Western

Tesla Motors Leases Tempe Facility

by Nellie Day November 25, 2015

TEMPE, ARIZ. — Tesla Motors has agreed to lease a 42,281-square-foot facility in Tempe. The free-standing building is located at 2077 E. University Drive. This is Tesla’s second Phoenix Valley location, in addition to its retail showroom at Scottsdale Fashion Square. Wentworth Property Co. recently purchased the property for $3.6 million. Andy Markham of Cushman & Wakefield represented the buyer in the transaction. Dave Johnson and Jerry Marrell of Lee & Associates represented the seller, Essex-Scot LLC, a window manufacturer that previously occupied the facility until it outgrew the space.

November 25, 2015

Loans Multifamily Washington Western

Lancaster Pollard Provides $10.4M Refinancing for Two Communities near Seattle

by Nellie Day November 25, 2015

PORT TOWNSEND and BUCKLEY, WASH. — Lancaster Pollard has secured two HUD loans totaling $10.4 million to refinance San Juan Villa, a 32-bed memory care community in Port Townsend, and Heritage House, a 76-unit assisted living and memory care community in Buckley. Both towns are suburbs of Seattle. Oregon-based operator Caring Places Management manages both communities. Each loan is nonrecourse and features a 35-year term. The loans will provide annual debt service savings and fund replacement reserves for ongoing repairs at each property. Matt Lindsay led the transactions for Lancaster Pollard.

November 25, 2015

California Retail Western

Majestic Realty to Open Mountain Grove at Citrus Plaza in California

by Nellie Day November 25, 2015

REDLANDS, CALIF. — Majestic Realty Retail, a division of Majestic Realty Co., has announced the grand opening of Mountain Grove at Citrus Plaza, a 67-acre retail and entertainment shopping center in Redlands. Scheduled for Dec. 5, the grand opening will include 24 businesses, ranging from fashion, food and fitness to health and beauty, entertainment and home goods. Mountain Grove tenants include Banana Republic, Buy Buy Baby, Justice, Nordstrom Rack, Old Navy, TJ Maxx, Lane Bryant, Bahama Buck’s, MOD Pizza, Yogurtland, Waba Grill, 24 Hour Fitness, ULTA Beauty, Harkins Theaters, Hobby Lobby, HomeGoods and Kirkland’s.

November 25, 2015

California Retail Western

Pine Tree Commercial Acquires 216,683 SF Shopping Center in Grass Valley

by Nellie Day November 25, 2015

GRASS VALLEY, CALIF. — Pine Tree Commercial Realty has acquired Pine Creek shopping center in Grass Valley for an undisclosed price. Built in 1988, the 216,683-square-foot property is occupied by a 60,000-square-foot Raley’s grocery store, JC Penney, Petco, Dollar Tree, Starbucks Coffee, Carl’s Jr., International House of Pancakes, Jamba Juice, Sally Beauty and GNC. Jon DuBois of Core Commercial’s Sacramento office brokered the transaction. Goldman Sachs Mortgage Company provided acquisition financing. The name of the seller was not released.

November 25, 2015

Colorado Multifamily Western

Invesco Buys the Retreat at the Flatirons near Denver for $95M

by Nellie Day November 24, 2015

DENVER — Invesco Real Estate has purchased the Retreat at the Flatirons, a 374-unit luxury apartment community in the Denver submarket of Broomfield, for $95 million. The community is located at 13780 Del Corso Way. The property was 96.8 percent occupied at the time of closing. The seller, Etkin Johnson Real Estate Partners, built the Retreat in 2012. ARA Newmark’s Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment represented Etkin Johnson in the deal. This is Invesco’s second apartment acquisition in Metro Denver in this past month. The company also recently purchased the Retreat at Park Meadows for $125 million.

November 24, 2015

California Loans Retail Western

Newmark Realty Capital Arranges $40M Loan for Regional Power Center in South Gate

by Nellie Day November 24, 2015

SOUTH GATE, CALIF. — Newmark Realty Capital Inc. has arranged $40 million in permanent financing for a 370,000-square-foot regional power center in South Gate. The center was completed in 2014. George Mitsanas, Peter HIllakas and Doug Tisdale of Newmark’s Los Angeles office arranged the fixed-rate, non-recourse financing for the borrower, a Los Angeles-based developer. The 10-year, interest-only loan was placed with one of Newmark’s correspondent life insurance lenders.

November 24, 2015

California Loans Retail Western

Ready Capital Closes $9.1M Loan for the Hangars at Playa Vista

by Nellie Day November 24, 2015

LOS ANGELES — Ready Capital Structured Finance has closed a $9.1 million loan for the Hangars at Playa Vista. The property contains four separate industrial/office buildings that total 22,675 square feet in the Los Angeles submarket of Playa Vista. The funds will be used to refinance and renovate the property. Hangars at Playa Vista will undergo a complete renovation that will convert it to a creative office space catering specifically to the Silicon Beach tech corridor. The loan features a two-year term with a one-year extension and an 80 percent loan-to-cost ratio. Ready Capital Structured Finance originates, manages and finances non-recourse floating- and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities.

November 24, 2015

California Retail Western

Majestic Realty Co. Selects Marketing Team for Los Angeles Outlets

by Nellie Day November 24, 2015

LOS ANGELES — Majestic Realty Co. has selected Strategy+Style Marketing Group and FFO Realty to lead marketing and leasing efforts for Los Angeles Outlets, a ground-up outlet center in City of Industry area of Los Angeles. The project includes a 353,000-square-foot Phase One and a 58,000-square-foot expansion.

November 24, 2015

Arizona Multifamily Seniors Housing Western

Wolff Announces Plans To Develop Six Seniors Housing Communities in Western U.S.

by Nellie Day November 24, 2015

SCOTTSDALE, ARIZ. — The Wolff Company, a private equity firm based in Scottsdale, has announced plans to begin development on six independent living communities in the first quarter of 2016. The developments are expected to break ground over the next six months in Issaquah, Lacey and Spokane, Wash.; Henderson, Nev.; Oxnard, Calif.; and Colorado Springs, Colo. Wolff intends to invest $300 million to $400 million annually in the development or acquisition of independent living and assisted living communities.

November 24, 2015

California Retail Western

Cushman & Wakefield Arranges $10.2M Sale of Sun City Plaza in Menifee

by Nellie Day November 23, 2015

MENIFEE, CALIF. — Cushman & Wakefield has brokered the sale of Sun City Plaza, a retail center located at 26100 Newport Road in Menifee, a southwestern suburb of Los Angeles, for $10.2 million. The seller, a developer, recently repositioned the former Alberston’s into a multi-tenant property. New tenants include 99 Cents Only, Fitness 19 and True Value. Dixie Walker, Charley Simpson, Tom Blake and Andrew Milne of Cushman & Wakefield brokered the transaction. The name of the buyer was not released.

November 23, 2015

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