LOS ANGELES — Newmark Grubb Knight Frank has arranged a $27 million loan for a 151,013-square-foot office building in downtown Los Angeles. The Class A building is located at 626 Wilshire Blvd. The property features ground-floor retail atop two below-grade parking levels. It was originally built in 1966 as the headquarters for State Mutual Savings & Loan, one of Southern California’s leading financial institutions at the time. The borrowers, Barker Pacific Group and Golden Boy Enterprises, will use these funds to retire existing debt. The financing will also be used for property upgrades. Jordan Roeschlaub, Daniel Fromm and Scott Selke of NGKF Capital Markets team arranged and restructured the loan.
BERKELEY, CALIF. — Landmark Properties has acquired The Bancroft Center, a mixed-use site that sits adjacent to UC Berkeley, for $18.5 million. The property is located at 2580 Bancroft Way. The center currently houses nine retail tenants. It also contains the Fred Turner Building, a city-designated landmark that will be preserved in any future development. Frank Wheeler, Brandon Geraldo, Tony Crossley and Tim Maas of Colliers represented the seller, Bancroft Center Company.
PHOENIX — Liv Biltmore LLC has purchased Willowick Square, a 53,417-square-foot office building in Phoenix, for $5.9 million. The Class B complex was built in 1974. The seller was Presson Advisory LLC. Brad and Cindy Cooke of Colliers International executed the transaction.
DENVER — Laramie Energy Company has subleased 19,592 square feet of office space in downtown Denver. The space is located at the former offices of Pioneer Natural Resources Company in the Lower Downtown (LoDo) district. The address is 1401 17th St. Laramie Energy has outgrown its space at nearby Writer Square. CBRE’s Greg Holm represented the natural gas exploration and production company.
PHOENIX — Liv Biltmore LLC has acquired the 395-unit Sienna Springs apartment complex in Phoenix for $20.5 million. The Class B community is located at 5120 N. 16th St. It was built in 1973 and renovated in 2006. The seller was P.B. Bell. Brad and Cindy Cooke of Colliers International executed the transaction
MAUI, HAWAII — Lowe’s has acquired an 11-acre site at Maui Business Park II in Kahului for $18.7 million. The property is situated in Maui’s retail and industrial core near Kahului Airport. Lowe’s plans to build a 167,000-square-foot store on the site. The new property will be 16 percent larger than its current store in Kahului, which is leased from a third party. Maui Business Park is anchored by Maui’s first Target store. Recent buyers within the park include the County of Maui, Servco Pacific, American Savings Bank, Pacific Pipe and Shelton Holdings (BMW). Maui Business Park I is home to Walmart, Home Depot, Costco, Sports Authority, Office Max, Kmart and Pier1 Imports. The seller was A&B Properties, the real estate subsidiary of Alexander & Baldwin.
LOS ANGELES — The LA Opera has leased a 27,500-square-foot industrial/flex building in downtown Los Angeles. The opera production organization will use the space as a costume design shop. It is located at 1655 E. 14th St. The company will relocate from the nearby Arts District. The 10-year lease is valued at $4.6 million. Chris Steck, Chris Giordano and John Anthony of Charles Dunn Company represented LA Opera. Major Properties represented the landlord, Danjon Realty.
PHOENIX — Granite Investment Group has purchased a 104,016-square-foot office tower in Phoenix for $9.8 million. The 14-story property is located at 2828 N. Central Ave. It recently underwent a renovation. The building is currently 53 percent occupied. DTZ’s Bob Buckley, Tracy Cartledge, Steve Lindley, Ben Geelan, Mark Stratz and Scott Baumgarten represented the seller, Ironline.
PORTLAND, ORE. — National Health Investors has acquired Golden Age Senior Living in Portland for $6.7 million. Renovated in 2010 and expanded in 2013, the 40-bed memory care community was 88 percent occupied at the time of sale. The community will be leased to Chancellor Health Care for 15 years with renewal options at an initial lease rate of 7.75 percent plus annual escalators. The purchase was funded with cash on hand and borrowings from NHI’s revolving credit facility. NHI is a REIT specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of seniors housing and medical investments.
SANTA CLARA, CALIF. — NorthMarq Capital has arranged $93 million in financing for Timberleaf Apartments and Alderwood Apartments, a pair of apartment buildings in the Silicon Valley submarket of Santa Clara. The funds will allow the borrower, Prometheus Real Estate Group, to lock in low interest rates. Prometheus will also enjoy a period of interest-only payments for part of the loan term. Prometheus built both properties in the late 1980s. The company has made substantial upgrades to both assets over the past 10 years. Jeffrey Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco office arranged the new senior mortgage loans were arranged by through the firm’s correspondent relationship with a life insurance company.