ST. GEORGE, UTAH — Dixie State University will break ground this month on Campus View Suites, the university’s first student-housing complex on campus in nearly 50 years. The project will feature 350 beds and come online for the 2016-2017 school year. Suites at the 90,000-square-foot Campus View Suites will accommodate six students each and offer each student the option to share a bedroom with another student or have one to themselves. Each suite will include a living room space, larger kitchenette and eating space, and bathroom with sinks separate from shower/toilet rooms to alleviate congestion during heavy usage times. Additionally, the complex will include a large full kitchen, computer area and laundry room on each floor. The facility will also feature a multipurpose room, three activity/lounge areas, an exercise room and a conference room. Outdoor amenities will include volleyball courts, barbecue pits and grassy areas. Nisson Towers, built in 1968, was the last student housing complex added to campus and will remain operational after the opening of Campus View Suites. Method Studio Architects designed the project and Layton Construction will build it.
EMERYVILLE, CALIF. — HFF has arranged $38.5 million in financing for EmeryStation Greenway, a 100,000-square-foot medical office building in Emeryville. The building is located at 5800 Hollis St. in the East Bay biotechnology research and innovation corridor. The newly built space is situated near interstates 580, 880 and 980. HFF’s Bruce Ganong and Jordan Angel secured the fixed-rate loan on behalf of the borrower, Wareham Development. Thrivent Financial for Lutherans provided the capital.
SEATTLE — Zenith Capital and Village Concepts have announced joint plans for The Linden Village Assisted Living Community, a new 100-unit assisted living and memory care community in North Seattle. Linden Village will offer 79 units of assisted living housing in studio, one- and two-bedroom configurations. There will also be 21 units available in the memory care wing. Development cost was not disclosed. Seattle-based Zenith Capital is overseeing development and financing for Linden Village. Village Concepts, a seniors housing developer and operator based in nearby Federal Way, Wash., will operate the community.
DENVER — MorningStar Senior Living plans to open four new senior communities throughout the Southwest before the end of 2015. MorningStar Assisted Living & Memory Care of Boulder will open Sept. 11 in Boulder, Colo. The $25 million community will offer 94 suites (48 for assisted living; 46 for memory care). MorningStar Assisted Living & Memory Care at Arrowhead will open Sept. 25 in Glendale, Ariz. The $18 million community will offer 85 suites (60 for assisted living; 25 for memory care). MorningStar Assisted Living & Memory Care of Fort Collins will open in early December in Fort Collins, Colo. The $18 million community will offer 79 suites (55 for assisted living; 24 for memory care). MorningStar Assisted Living & Memory Care of Albuquerque will open in December in Albuquerque, N.M. The $17 million community will offer 69 suites (48 for assisted living; 21 for memory care). Based in Denver, MorningStar Senior Living is an operator, owner and developer of senior living communities. The company has over 2,600 units currently under management or in development across 23 communities in seven states.
WOODLAND HILLS, CALIF. — Venture West Funding Inc. has arranged a $10.2 million loan for the refinance of Pride Center, a 185,265-square-foot shopping center located in Woodland Hills. Albertsons anchors the center, with tenants including Bank of America, CVS/pharmacy, Pep Boys, Tuesday Morning, HomeGoods, Harbor Freight Tools and Jo-Ann Stores. Jean-Marc Herrouin of Venture West Funding arranged the financing through Farmers & Merchants Bank.
WEST COVINA, CALIF. — Waterton Associates has acquired the 183-unit Sunset Plaza apartment complex in West Covina for an undisclosed sum. The community is located at 1234 W. Cameron Ave. Sunset Plaza amenities include two outdoor pools, a fitness center, resident clubhouse with business center and a children’s playroom. Waterton plans to implement a value-add renovation program that will update individual units and amenity spaces, as well as refresh the community’s exterior. This is Waterton’s fifth acquisition so far in 2015. The firm’s Southern California portfolio now contains six communities with nearly 1,400 units.
SACRAMENTO, CALIF. — The Garibaldi Co. has acquired 3310 Apartments, a 384-unit apartment building in Sacramento, for $35 million. The Class B community is located at 3310 Winter Park Drive in the city’s South Natomas area. The property was built in 1985. Though minor interior improvements were completed prior to the sale, the buyer plans to implement an improvement plan that will focus on building exteriors and common areas. Mark Leary of ARA Newmark represented both Garibaldi and the seller, Prometheus, in this transaction.
PLEASANTON, CALIF. — Britannia Business Center III, a 191,000-square-foot office and R&D portfolio in Pleasanton, has received $27.4 million in acquisition financing. The portfolio is located at 5870 Stoneridge Drive. The center contains about 125,000 square feet of office space and 66,000 square feet of research and development facilities. This space is situated in three non-contiguous buildings. The R&D portion is fully occupied by contact lens developer CooperVision. The non-recourse loan was secured by Steven Buchwald and Lexington Henn of Mission Capital Advisors’ Debt & Equity Finance Group on behalf of Ridge Capital Investors. The firm’s Will Sledge, Patrick Arnold and Gregg Applefield executed the $35.1 million sale.
OXNARD, CALIF. — CBRE Group, in collaboration with Red Mountain Group, has arranged three retail leases at the vacated Kmart property at the corner of Ventura Road and Channel Island Boulevard in Oxnard. The 137,175-square-foot retail site is being redeveloped into an anchored multi-tenant retail center. LA Fitness has leased 37,500 square feet, Smart & Final inked a deal for 31,044 square feet, and Star World, an appliance and electronic company, signed a lease for 26,487 square feet at the property. Each company signed a 15-year lease for the space. Scheduled for completion in the second quarter of 2016, the proposed renovations include new storefront elevations, parking lot, landscaping and lighting, as well as the construction of a new drive-thru pad along Ventura Road. The new tenants are scheduled to open for business in 2016. Several restaurant and retail spaces, ranging from 1,200 to 15,000 square feet, will be available for lease at the property. Scott Siegel, Larry Tanji and Lisa Engle of CBRE, along with Kristin Ambrose of Red Mountain, negotiated the leased on behalf of the investor, Red Mountain Group.
GLENDALE, ARIZ. — Lee & Associates has arranged the sale of Arrowhead Plaza, an 84,389-square-foot shopping center, for $14 million. The center is located at 7700 W Arrowhead Towne Center. It was purchased by Beardsley-67th Avenue LLC. Ian Fincham and Patrick Dempsey of Lee & Associates worked on behalf of the buyer and seller.