Western

Heritage to Develop Third Phoenix-Area Community for $22M

by Nellie Day July 13, 2015

PEORIA, ARIZ — Heritage Communities of Omaha, Neb., has announced its plans to develop the company’s third seniors housing community in the Phoenix metro area: Orchard Pointe at Terrazza. Working in partnership with Telis Commercial Real Estate of Phoenix, the $22 million project will be located in Peoria as part of the Terrazza mixed-use development. When completed, Orchard Pointe at Terrazza will feature 118 units: 40 independent living, 56 assisted living and 22 memory care. Reece Angel Rowe, the architect for Heritage Communities’ other Phoenix properties, will also design this third location. Construction on the new project is slated to begin in 2016 with a projected open date in 2017. Heritage Communities’ first project in Arizona, Orchard Pointe, is located in Surprise. Opening in 2013, the community serves nearly 100 residents. Construction on Orchard Pointe at Arrowhead — Heritage’s second Phoenix-area community — is scheduled to begin this month in Glendale. Established in 2001, Heritage Communities owns and operates 10 senior living communities throughout Nebraska, Iowa and Arizona.

July 13, 2015

California Loans Multifamily Seniors Housing Western

Cain Brothers Arranges $13.7M FHA Loan for California Community

by Nellie Day July 13, 2015

GRANITE BAY, CALIF. — Cain Brothers Funding LLC, the mortgage banking affiliate of Cain Brothers, has arranged a $13.7 million mortgage loan for Eskaton Lodge Granite Bay, a 105-unit nonprofit assisted living facility in Northern California. The proceeds of the FHA loan were used to retire existing bank debt and an interest rate swap. As a result of the refinancing, Eskaton was able to eliminate the risks associated with the bank debt/swap structure and replace it with a 35-year fully amortizing loan with a fixed mortgage note interest rate of 3.07 percent.

July 13, 2015

Industrial Oregon Western

Subaru of America to Lease 600,000 SF Facility in Oregon

by Nellie Day July 10, 2015

PORTLAND, ORE. — Subaru of America has announced its plans to lease 600,000 square feet at Gresham Vista Business Park, just east of Portland. The new facility will be developed at the intersection of NE 38th Drive and NE 242nd Drive. The space will break ground this August. Subaru is scheduled to occupy the facility in October 2016. The 220-acre Gresham Vista Business Park is situated at the Port of Portland. The new space is being developed by a joint venture between Trammell Crow Company and a commingled fund managed by Clarion Partners. This is the second development Trammell Crow has handled for Subaru on port-owned property. It is also the largest development at Gresham Vista since the property was acquired by the port in 2011, according to Trammell Crow. The new space will allow Subaru to relocate its master distribution facility, which serves regional facilities from Japan to Portland. The facility will sit on 40 acres, which will also allow for future expansion of up to 236,000 square feet. Subaru’s existing 413,900-square-foot regional distribution center in the Port’s Rivergate Industrial Park will continue to operate.

July 10, 2015

California Multifamily Western

Pair of Denver-Area Apartment Communities Receives $77.5M in Financing

by Nellie Day July 10, 2015

DENVER — A pair of multifamily properties in the Greater Denver area has received $77.5 million in financing. The properties include the 240-unit Terra Vida and Block 32 at RiNo. Terra Vida is located at 3707 Precision Drive in the Fort Collins submarket. It is situated near the Interstate 25 and Harmony Road interchange, less than eight miles from Colorado State University’s main campus. Community amenities include a Junior Olympic swimming pool and a 5,400-square-foot clubhouse, which features a 24-hour fitness club, pet washing station, pool table and complimentary wireless internet. Terra Vida was completed in 2012. Block 32 at RiNo is located at 3200 Brighton Blvd. in Denver’s River North (RiNo) neighborhood. It is situated near interstates 70 and 25, less than two miles from Downtown Denver’s Union Station. Community amenities include a resort-style swimming pool and hot tub, poolside bar, 15,000-square-foot landscaped courtyard with fire pits and ping pong, barbecue area, dog spa with enclosed dog park, clubhouse, fitness center, community kitchen, pool tables, lounge and business center. It was built in 2014. Terra Vida received a $36.9 million, 20-year, 3.95 percent fixed-rate loan, while Block 32 received a $37.8 million, 20-year, 3.98 percent fixed-rate loan. Both loans …

July 10, 2015

California Multifamily Seniors Housing Western

ABHOW, be.group to Merge, Forming Largest Seniors Housing Nonprofit in California

by Nellie Day July 10, 2015

GLENDALE AND PLEASANTON, CALIF. — Two California-based, nonprofit seniors housing owner/operators have announced plans to merge, creating the largest nonprofit seniors housing provider in California, according to the two companies. Pleasanton-based American Baptist Homes of the West (ABHOW) and Glendale-based be.group, made the announcement Tuesday. The unified company will provide continuing care, affordable housing, assisted living and memory support to 9,800 residents in 83 communities across California, Arizona, Nevada, Washington and Oklahoma. When the merger is finalized, Ferguson will become executive advisor to aid in the transition until his official retirement from ABHOW in early 2017. Ferguson has been with the company for 25 years. John Cochrane, be.group CEO, will assume leadership of the combined organization at the close of the merger. The merger must be approved by several state agencies. During this review period, the two companies will conduct due diligence regarding finances, operations and development plans. Upon regulatory approval, the two companies will merge, which is expected to occur early next year.

July 10, 2015

California Retail Western

Progressive Inks Two New Restaurant Leases at Colonies Crossroads

by Nellie Day July 10, 2015

UPLAND, CALIF. — Progressive Real Estate Partners has signed two new restaurant leases, totaling 7,940 square feet, at Colonies Crossroads in Upland. Oggi’s Pizza and Brewing, a sports-themed microbrewery with fresh made-to-order pizza, will occupy 5,240 square feet, and open in late 2015 or early 2016. California Fish Grill will occupy 2,700 square feet and is slated to open in early 2016. Both restaurants are ground-up construction at the 1.1 million-square-foot shopping center and will join Chili’s Grill and Bar, Panera Bread, Chipotle, The Habit, Pick Up Stix and Pieology. Paul Galmarini of Progressive handled the lease transactions.

July 10, 2015

California Loans Mixed-Use Western

Parkview Financial Funds $10.7M Construction Loan for Mixed-Use Project

by Nellie Day July 10, 2015

SANTA CLARA, CALIF. — Parkview Financial has funded a $10.7 million construction loan for a mixed-use project located in Santa Clara. The new project will feature more than 6,500 square feet of retail space and 28 condominiums. The sponsor is an experienced developer, which began purchasing the development parcels for the project in 2012. Paul Rahimian of Parkview Financial arranged the financing.

July 10, 2015

Arizona Hospitality Western

Holiday Inn Hotels & Suites Phoenix Airport North Changes Hands

by Nellie Day July 9, 2015

PHOENIX – The 44th and McDowell Hotel Group LLC has purchased the 228-unit Holiday Inn Hotels & Suites Phoenix Airport North for an undisclosed sum. The hotel is located at 1515 N. 44th Street. The property underwent an $11 million conversion to Holiday Inn & Suites in 2011. It is situated just two miles from Phoenix Sky Harbor Airport. The seller, Jordan Hotels LLC, was represented by Bill Murney of HREC Investment Advisors’ Phoenix office.

July 9, 2015

California Retail Western

College Plaza in Glendale Sells for $6.3M

by Nellie Day July 9, 2015

GLENDALE, CALIF. – College Plaza, a 5,528-square-foot retail building in the Los Angeles submarket of Glendale, has sold to James Hsu for $6.3 million. The building is located at 1500 Canada Blvd. It was built in 2005. Notable tenants include Coffee Bean and Flame Broiler. The buyer was represented by Peggy Chen of Ko Tai Realty. The seller, Hovik Khatchaturian of Turian Properties, was represented by Alex Vasquez of Stevenson Real Estate Services.

July 9, 2015

California Multifamily Western

Rosemont Apartments in Concord Sells to 29th Street Capital

by Nellie Day July 9, 2015

CONCORD, CALIF. – The 48-unit Rosemont Apartments in Concord has sold to 29th Street Capital for an undisclosed sum. The community is located at 1431 Monument Blvd., near Cambridge Park. The buyer plans to invest about $450,000 to renovate the property. Enhancements will include upgraded cabinets, countertops, flooring, paint and appliances. Exterior renovations will include fresh landscaping, paint and signs.

July 9, 2015

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