MESA, ARIZ. — Newport Beach, Calif.-based BKM Capital Partners has completed the sale of Broadwood Business Centre, a multi-tenant light industrial property in Mesa. A joint venture between Bendetii and Westport Capital Partners acquired the asset for $32.9 million. Originally built in mid-1980s and extensively renovated to be competitive in the upper tier of business parks, Broadwood Business Centre features 156,154 square feet of space spread across eight freestanding buildings at 2452 W. Birchwood Ave. and three multi-tenant buildings at 2450 W. Broadway Ave. and 2451 W. Birchwood Ave. At the time of sale, the property was fully leased. The industrial park can accommodate a broad range of user types, including showroom users, quasi retailers, manufacturers and distributors. Bob Buckley and Tracy Cartledge of Cushman & Wakefield Capital Markets, along with Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield National Industrial Advisory Group – Mountain West, represented the seller in the deal.
Western
IRA Capital Buys 253-Unit Quail Park of Lynnwood Seniors Housing Community in Washington
by Amy Works
LYNNWOOD, WASH. — IRA Capital, a California-based private equity firm, has acquired Quail Park of Lynnwood, a 253-unit, Class A property in the Seattle suburb of Lynnwood. Quail Park is spread across 15 acres and was developed in two phases in 2013 and 2020. The property offers independent living, assisted living, “enhanced assisted living” and memory care. IRA made the acquisition in an all-cash deal alongside an institutional joint-venture partner. The new owners plan to invest in updates to common areas and amenities. The seller and price were not disclosed.
SCOTTSDALE, ARIZ. — A joint venture between Phoenix-based developer George Oliver and Ascentris has purchased an office building located at 4141 N. Scottsdale Road in Scottsdale’s Old Town district. Terms of the transaction were not released. Situated on three acres, the 162,227-square-foot property offers three stories of office space and two levels of subterranean parking. Georgie Oliver Design is leading a redevelopment at the property. Concepts are underway now and renovations are slated to begin in 2025.
Marcus & Millichap Brokers $2.9M Sale of AutoZone-Occupied Property in Shoreline, Washington
by Amy Works
SHORELINE, WASH. — Marcus & Millichap has arranged the sale of a retail property, located at 18217 Aurora Ave. North in Shoreline, a suburb north of Seattle. A private investor sold the asset to an undisclosed buyer for $2.9 million. AutoZone occupies the 6,030-square-foot property on a net-lease basis. The tenant recently inked an early 10-year extension with scheduled rental increases every five years for the property. Carson Breshears and Hank Wolfer of Marcus & Millichap represented the seller in the deal.
— By Kelly Reenders — The California coastal city of Dana Point sought to redevelop its underutilized Town Center, with the goal being to create a pedestrian-friendly live-work-play neighborhood that encouraged further reinvestment and development. Now called the Lantern District, the four-block downtown is anchored by Prado West, a three-building mixed-use complex with 109 apartments and nearly 30,000 square feet of ground-floor restaurants, shops and public outdoor space. Though the endeavor is now something the city and residents can be proud of, the project had its share of challenges. These included gaining community support for proposed changes, in addition to overcoming a leasing timeline that included a pandemic shutdown. Embracing the Local Community For Dana Point and Prado West’s developer, Raintree Partners, the solution was to embrace local entrepreneurs. Raintree recognized the value of encouraging other owners to reinvest in their properties early on as the downtown plan took shape. This caught the attention of Max Fisher, owner of the Shwack Beach Grill, which sits across the street from Prado West. Soon enough, Fisher and his partners agreed to open HomeSlice, an Italian- and pizza-focused restaurant, in Prado West across from their existing grill. As local owners, the partners felt the …
Investor Capital Group Divests of 288-Unit The Falls at Canyon Rim Apartments in Ogden, Utah
by Amy Works
OGDEN, UTAH — Investor Capital Group has completed the disposition of The Falls at Canyon Rim, a multifamily property in the Salt Lake City suburb of Ogden. TruAmerica Multifamily purchased the asset for an undisclosed price. Built in 2001 on more than 14 acres, the 12-building community features 288 one-, two- and three-bedroom apartments ranging in size from 937 square feet to 1,420 square feet. Each unit offers full-size washers/dryers, plank flooring and a private patio or balcony. Community amenities include two playground areas, a swimming pool and tennis court. Danny Shin and Brock Zylstra of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
BOISE, IDAHO — Lument has provided a $9 million bridge loan to finance three The Cottages-branded communities in metro Boise: Alpine Meadows, The Cottages of Boise, and The Cottages of Lochsa Falls. Lument will carry the loan directly on its balance sheet. Rob McAdams, a director based in Denver, led the transaction for Lument. The transaction is structured as a single loan secured by the three assets and includes financing the acquisition of Alpine Meadows, a 34-bed assisted living facility in Meridian, and refinancing existing debt of the Boise and Lochsa locations, both 32-unit assisted living and memory care facilities in Garden City and Meridian, respectively. The loan features a two-year term, floating interest rate and interest-only payments. Once performance at Alpine Meadows has stabilized, Lument plans to convert the financing into a HUD scattered-site loan to create a larger base of beds and diversify the operational risk across buildings.
Brikwell Receives $5.8M Loan for Benjamin Square Affordable Housing Community in Eaton, Colorado
by Amy Works
EATON, COLO. — Brikwell has received $5.8 million in financing for Benjamin Square, an affordable housing property in Eaton, a small town east of Fort Collins. Located at 55 Juniper Ave., Benjamin Square features 60 one-bedroom apartments spread across 10 single-story buildings. The units are all Section 8 affordable housing. Community amenities include a laundry room, community lounge and a covered gazebo/picnic area. Brock Yaffe and Tony Nargi of JLL Capital Markets Debt Advisory secured the fixed-rate senior loan through Freddie Mac Multifamily. JLL and Freddie Mac were able to craft a structure that provided the borrower time to renew and extend the Project-Based Section 8 HAP contract prior to acquisition and loan closing, preserving affordability at Benjamin Square for 20 years. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the loan.
MERCER ISLAND, WASH. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 50-unit assisted living and memory care community in Mercer Island, located in Lake Washington just east of Seattle. The property was built in 1990. Its name was not disclosed. The seller was a private real estate fund. The buyer is a Northwest-based owner-operator looking to expand its portfolio in Washington. The new owner plans to remodel the community Jason Punzel and Daniel Geraghty handled the transaction for SLIB.
RIO RICO, ARIZ. — Arizona Food Bank Network has acquired 35,920 square feet of industrial space at 13 Calle Cristina in Rio Rico, approximately 60 miles south of Tucson near the Mexico border. ACKA #3 Partnership sold the property for $2.7 million. Jose Dabdoub of Cushman & Wakefield | PICOR represented the seller, while Brian Uretzky of Keyser represented the buyer in the deal.