Western

MIG Real Estate Buys Dry Creek Business Park in Centennial

by Nellie Day December 18, 2015

CENTENNIAL, COLO. — MIG Real Estate has purchased Dry Creek Business Park, a 244,028-square-foot flex business park in Centennial, for an undisclosed sum. The 15-building park is located at 7300-7348 South Alton Way within the Denver Tech Center. The property was 92 percent leased at the time of sale. The area is known for a range of employers, including aerospace and energy companies. This is MIG’s 11th investment in Metro Denver. It also recently purchased Iliff Business Park; two hospitality properties; six multifamily communities; and a flex product that fronts Interstate 225. MIG Real Estate represented itself in the transaction. Brad Calbert and T.J. Smith of Colliers International represented the seller.

December 18, 2015

California Retail Western

Progressive Real Estate Brokers $3.1M Sale of Tustin Village Center

by Nellie Day December 18, 2015

TUSTIN, CALIF. — Progressive Real Estate Partners has arranged the sale of Tustin Village Center, a retail center located at 15761 Tustin Village Way in Tustin. The 15,367-square-foot center, which was recently built, sold for $3.1 million in an all-cash transaction. The 100 percent vacant multi-tenant center was sold in rough shell condition allowing the buyer the opportunity to complete improvements to its requirements and lease up the center. Victor Buendia and Brad Umansky of Progressive Real Estate Partners represented the seller, a Santa Ana, Calif.-based private investor, while Dennis Zhang of CBRE represented the buyer, an Alhambra, Calif-.based private investor, in the transaction.

December 18, 2015

Hawaii Multifamily Seniors Housing Western

New 17-Story Seniors Housing Community in Honolulu Nears Completion

by Nellie Day December 17, 2015

HONOLULU — Kalākaua Gardens, an independent living, assisted living, skilled nursing and memory care community in Hawaii’s capital, is slated to open its doors in early 2016. Although the operator, Avalon Health Care Group, doesn’t specifically identify the property as a continuing care retirement community, it notes that Kalākaua Gardens will be the only community on the island offering all levels of care on one site. The luxury community will comprise 17 stories in Honolulu’s vibrant Ala Moana commercial district.

December 17, 2015

Arizona Loans Multifamily Seniors Housing Western

Lancaster Pollard Provides $9.5M FHA Refinancing for Memory Care Community in Phoenix

by Nellie Day December 17, 2015

PHOENIX — Lancaster Pollard has provided a $9.5 million FHA loan for the refinancing of Sunshine Village, a 49-unit memory care community in Phoenix. The cottage-style community consists of seven single-story buildings. It was constructed in 1999 and renovated in 2013. The nonrecourse loan carries a 35-year term and fixed interest rate. The refinancing provides Sunshine Village with debt service savings as well as over $335,000 in funds for capital improvements. Jason Dopoulos led the transaction for Lancaster Pollard.

December 17, 2015

Industrial Oregon Western

Watumull Properties Buys Manufacturing Facility in Portland for $7.5M

by Nellie Day December 17, 2015

PORTLAND, ORE. — Watumull Properties Corp. has purchased a 205,303-square-foot manufacturing facility in Portland for $7.5 million. The property is located at 3901 SE Naef Road in the Milwaukie suburb. The seller was Blount International Inc., an outdoor equipment manufacturer. Steven Klein, Peter Stalick and Jeff Kiersey of Kidder Mathews represented Watumull. The Kidder Mathews team will also handle leasing at the facility.

December 17, 2015

Arizona Industrial Western

ASU Foundation of Tempe Acquires Flex Warehouse in Phoenix for $3.2M

by Nellie Day December 17, 2015

PHOENIX — The ASU Foundation of Tempe has purchased a 51,145-square-foot flex industrial warehouse in Phoenix for $3.2 million. The warehouse is located at 4525 E. McDowell Road. The foundation plans to upgrade and rehabilitate the property. Rich Sica of Daum Phoenix represented both the buyer and seller, AMK Properties, in this transaction.

December 17, 2015

California Loans Mixed-Use Multifamily Western

CBRE Arranges $47M Loan for The New Californian Mixed-Use Site in Berkeley

by Nellie Day December 16, 2015

BERKELEY, CALIF. — CBRE has arranged $47 in non-recourse financing for The New Californian, a mixed-use development in Berkeley. The property contains 148 apartment units and 15,700 square feet of retail space. The New Californian is located at 1988 Martin Luther King Jr. Way, about three blocks from UC Berkeley. The project was originally developed in 2010 by Hudson McDonald, the borrower. John Nelson, Michael Walker and Erik Franks of CBRE’s San Francisco office arranged the 10-year, fixed-rate loan.

December 16, 2015

Multifamily Nevada Western

ConAm Group Buys Two Multifamily Properties in Vegas, Phoenix

by Nellie Day December 16, 2015

LAS VEGAS AND PHOENIX — The ConAm Group has purchased two multifamily assets in Las Vegas and Phoenix. The acquisitions include the 200-unit Silver Shadow in Las Vegas, and The Greens, a 324-unit community in the Phoenix submarket of Chandler. The Las Vegas property sold for $22.6 million. The Phoenix purchase price was not disclosed. Glenn Dulaine at Realty Executives of Nevada represented ConAm and the seller, Bridge Investment Group Partners, in the Las Vegas transaction. ConAm plans to implement a series of interior and exterior upgrades to that property.

December 16, 2015

California Loans Office Western

Ready Capital Provides $6.1M Loan to Acquire Office Property in Los Angeles

by Nellie Day December 16, 2015

LOS ANGELES – Ready Capital has provided a $6.1 million loan for a 16,000-square-foot office property in Los Angeles. The property is located at 515 Shatto Place in the Koreatown neighborhood. The funds will be used to acquire, renovate and stabilize the property, which will be converted to creative office space. The loan features a two-year term with a one-year extension option. It also comes with a funding facility that can provide future capital expenses, tenant improvement and leasing commissions, with an advance of up to 75 percent loan-to-cost. The borrower was not named.

December 16, 2015

California Multifamily Western

Newark Family Trust II Acquires 10-Unit Apartment Building in San Diego for $5.5M

by Nellie Day December 16, 2015

SAN DIEGO — Newkirk Family Trust II has acquired Ten on Columbia, a 10-unit apartment building in the San Diego submarket of Little Italy, for $5.5 million. The community is located at 2104 Columbia St. The loft-style property debuted this past October. It achieved full occupancy by December. Peter Scepanovic and Corey McHenry of Colliers International’s Multi-Family Advisory Group represented both the buyer and seller, BAIA Vista LLC, in this transaction.

December 16, 2015

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