LAS VEGAS — The University of Nevada Las Vegas (UNLV) and The Midby Cos. have begun construction on a three-phased redevelopment of the University Park Apartments, a garden style apartment community located at the north end of campus. UNLV purchased the property, which will be converted into on-campus student housing, in 2015 and The Midby Cos. have entered into a 40-year ground lease to redevelop and operate the property. The Midby Cos. will invest $76 million into creating the community, called U District. Phase I of development, which is currently underway, includes the demolition of existing structures and the construction of The Degree, a 758-bed housing community expected for completion in fall 2017. The Degree will offer fully furnished two-bedroom double occupancy, two-bedroom single occupancy and four-bedroom single occupancy units with private bathrooms. Each unit features a washer and dryer, kitchen, balconies and air conditioning. Community amenities include fitness centers, study and team rooms, media and social lounges and a 2,000-square-foot resort-style pool with lounge areas, cabanas and grill stations. Within the next 10 years, the remainder of U District will be redeveloped in two more phases. The remaining units for Phase II and III are currently being renovated and …
PHOENIX — AFS Technologies has renewed its lease for office space at Park One in Phoenix. The Class A space is located at 2141 E. Highland Ave., within the Camelback Corridor. It was built in 1982 and renovated in 2014. The retail and supply chain solutions company uses this space as its corporate headquarters. It has occupied the building since 2007. Craig Coppola and Bill Blake of Lee & Associates represented AFS. Matthew Kaufold of the same firm represented the landlord, McCarthy Cook & Co., in this transaction.
KERMAN AND CLOVIS, CALIF. — Retail California, a division of Pearson Realty, has arranged two retail leases totaling 5,300 square feet. In Kerman, Sally Beauty Supply inked a lease for 1,300 square feet of retail space at 14051 W. Whitesbridge Ave. from CFTNV Developments LLC. Lewis Smith of Retail California represented the landlord, while Doug Cords of Commercial Retail Associates represented the tenant in the transaction. In Clovis, AAA Insurance leased 4,000 square feet of retail space with Trading Post Shopping Center from DN Clovis LLC. Lewis Smith and Peter Orlando of Retail California represented the landlord, while Nick Rendino of Colliers International represented the tenant in the deal.
VACAVILLE, LINCOLN, IRVINE AND WEST ROSEVILLE, CALIF. — Citivest Realty Services Newport Beach has arranged four leases for retail spaces totaling 7,546 square feet in California. Beach Hut Deli, a gourmet sandwich deli has signed a 10-year lease for 2,147 square feet within Vacaville Commons in Vacaville from R/M Vacaville Ltd.; a 10-year lease for 1,999 square feet at Lincoln Gateway in Lincoln from Lincoln Gateway Ventures; and a five-year lease for 1,600 square feet at Woodcreek Plaza in West Roseville from Woodcreek Plaza. Jim Donnell of Citivest Realty Services Newport Beach represented the tenant in each transaction, while Rick Martinez of CBRE Sacramento represented R/M Vacaville. Robb Osborne of TRI Commercial represented Lincoln Gateway Ventures and Scott Carruth of CBRE Sacramento represented Woodcreek Plaza in the transactions. Additionally, Images Luxury Nail Lounge inked a five-year lease for 1,800 square feet of retail space within Woodbury Town Center in Irvine. Donnell of Citivest represented the tenant, while Erin Drapkowski provided in-house representation for the landlord, The Irvine Company.
CORONA, CALIF. — The Shops at Dos Lagos are welcoming two new retailers to the retail center located at 2780 Cabot Drive in Corona. Creative Souls Art Lounge is opening a 2,800-square-foot location at the property. The art lounge will bring its paint-and-sip concept to the area, as well as space for private parties. Additionally, Stone Church Brewery is joining the tenant roster at The Shops at Dos Lagos with a 2,483-square-foot location with up to 12 beers on tap. Creative Souls Art Lounge is hosting its grand opening on April 7, and Stone Church Brewery is celebrating its grand opening on April 23.
RIVERSIDE, CALIF. — CBRE has arranged the $43.9 million sale of University Village, a 180,681-square-foot, movie theater-anchored shopping center located in Riverside. University Village is located near the University of California at Riverside campus, and serves as the primary commercial area for the college. Philip Voorhees, Todd Goodman, Jimmy Slusher, Megan Wood, Matt Burson, Brad Rable, and Kirk Brummer of CBRE represented the seller, a Los Angeles-based partnership, in the transaction. A China-based private investor acquired the property.
ISSAQUAH, WASH. — Grandbridge Real Estate Capital, an Atlanta-based lender, has closed a $19.4 million first mortgage loan for Aegis of Issaquah. The property is a 99-unit assisted living, memory care and short-term rehabilitation community in the Seattle suburb of Issaquah. Freddie Mac’s Capital Markets Execution (CME) Multifamily loan product provided the capital. Richard Thomas, senior vice president, and Meredith Davis, vice president, led the Grandbridge team on this transaction.
LOS ANGELES — Meridian Capital Group has arranged the $4.8 million refinancing of a 12,630-square-foot mixed-use property located in Los Angeles. The two-story building, located at 8431 Melrose Place, features retail and office components, including Waterwork’s new flagship showroom. Drew Anderman and Sean Robertson of Meridian secured the seven-year, fixed-rate loan on behalf of the borrower, VE Equities, through a balance sheet lender. The financing features no prepayment penalty, and an amortization schedule that is coterminous with the ground lease.
TIGARD, ORE. — Berkeley Point Capital has provided a $3.1 million Freddie Mac supplemental loan to Frontier Management LLC. The money will be used for strategic growth and property improvements at Washington Gardens Memory Care, a 48-unit memory care community in the Portland suburb of Tigard. The community opened in 2011. Frontier Management LLC manages 83 seniors housing properties serving more than 4,000 residents across the United States. The company is based in Portland. Doug Harper, director of seniors housing, and Casey Moore, director, led the Berkeley Point team. Harper operates out of the Columbus, Ohio, office while Harper works from the Boston office.
NEWPORT BEACH, CALIF. — Kenneth Brown Salons has signed a lease for 4,000 square feet of retail space at 2700 W. Coast Highway within Mariners Mile Square in Newport Beach. The 10-year lease begins in May. Rick Turner of DAUM Commercial represented the tenant, while Ned McCune of Mariners Mile Co. represented the landlord in the transaction.