Western

MIG Buys 274-Unit Berkshire Apartments in Renton

by Nellie Day January 14, 2016

RENTON, WASH. — MIG Real Estate has purchased the 274-unit Berkshire apartment community in the Seattle submarket of Renton. The purchase price was not disclosed. The community is located at 1300 South Eagle Drive, on the south shore of Lake Washington. The Berkshire is MIG’s second investment in the Seattle area. The company previously purchased Canyon Park 228 Corporate Center, a two-building office park in Bothell. MIG represented itself in this latest transaction, while CBRE’s Jon Hallgrimson and Eli Hanacek represented the unnamed seller.

January 14, 2016

Arizona Multifamily Western

Hamilton Zanze Buys Centrepoint Apartments in Tucson for $33.6M

by Nellie Day January 14, 2016

TUCSON, ARIZ. — Hamilton Zanze has purchased the 320-unit Centrepoint apartment complex in Tucson for $33.6 million. The community is located at 3220 West Ina Road. Centrepoint was 96 percent occupied at the time of sale. The property is situated near some of Tucson’s largest employers, including Raytheon and Davis-Monthan Air Force Base. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Mike Sandahl executed the transaction. The seller was Independence Realty Trust.

January 14, 2016

Arizona Hospitality Western

MCR Development Completes Renovation of Homewood Suites by Hilton Yuma

by Nellie Day January 14, 2016

YUMA, ARIZ. — MCR Development LLC has completed the renovation of the 108-room Homewood Suites by Hilton Yuma. The hotel is located at 1955 E. 16th St. in Yuma. The renovation included an update to the hotel’s public gathering spaces and guest suites. Homewood now features modern furniture and décor in each guestroom, while the lobby was redesigned to provide open gathering space. Yuma is home to the U.S. Army Proving Ground, the principal demand testing facility for weapons and missile systems, which is one of the largest military installations in the world. The hotel is also situated near a variety of other government and healthcare demand generators. MCR Development owns and operates the property.

January 14, 2016

California Loans Office Western

NorthMarq Arranges $11M Refinancing for Office Project in San Diego

by Nellie Day January 14, 2016

SAN DIEGO — NorthMarq Capital has arranged an $11 million bridge loan for the refinancing of an office project in San Diego. The non-recourse loan includes a future funding provision that provides the borrower with capital to complete renovations to the property, according to Steve Hollister of NorthMarq Capital’s San Diego office. Hollister arranged the three-year, interest-only financing, along with Aaron Beck.

January 14, 2016

California Office Western

Office Tower in Oakland’s City Center Changes Hands

by Nellie Day January 13, 2016

OAKLAND, CALIF. — An unnamed buyer has purchased a 521,177-square-foot office tower in Oakland’s City Center mixed-use development for an undisclosed sum. The 24-story tower is located at 1221 City Center, at the intersection of 12th Street and Broadway. The tower’s lobby and common areas have recently undergone a $21.5 million renovation. The property also enjoys immediate access to the Bay Area Rapid Transit (BART). The space is now 98 percent occupied. The seller was a joint venture between American Realty Advisors and Westcore Properties. Eastdil Secured represented the joint venture in the sale.

January 13, 2016

California Industrial Western

Mazda to Relocate North American Headquarters within Irvine

by Nellie Day January 13, 2016

IRVINE, CALIF. — Mazda North American Operations has announced its plans to relocate its headquarters to a new facility in Irvine, less than a mile from its current location. The 10-year lease will allow Mazda to occupy 102,000 square feet, or five floors, within the 21-story building. The new space is located at 200 Spectrum Center Drive. Mazda will also have exclusive naming rights atop the building. The car maker will occupy half of the lobby, which will include vehicle displays. Mazda has been based at 7755 Irvine Center Drive for nearly 30 years. The new space is owned by the Irvine Company. It was designed by Pei Cobb Freed & Partners.

January 13, 2016

Arizona Multifamily Seniors Housing Western

Watermark, Freshwater, Weitz Break Ground on $21M Seniors Housing Community in Arizona

by Nellie Day January 13, 2016

TUCSON, ARIZ. — The Weitz Company, a design and construction firm based in Phoenix, has broken ground on Hacienda at the River, a $21 million seniors housing community in Tucson. A joint venture of The Freshwater Group and Watermark Retirement Communities is developing the community, which Watermark will manage upon completion. The new community will feature a 74,000-square-foot, two-story health care center offering short-term, long-term and hospice care. Hacienda at the River will include a 50-bed rehab unit, 12 long-term nursing care beds and 12 hospice beds. Also included are 69 assisted living and memory care units spread over a 43,000-square-foot village of single-story homes. The property will also house a 1,600-square-foot stable to offer equine therapy to residents.

January 13, 2016

California Multifamily Western

TCA Unveils Multifamily Component at Neptune Marina in Marina Del Rey

by Nellie Day January 13, 2016

MARINA, DEL REY, CALIF. — TCA Architects has unveiled the multifamily component of Neptune Marina, a waterfront development that will include a new marina and boater facilities in Marina Del Rey. The 526 units will feature a mid-century modern design. The project will include elevated courtyards only accessible to residents, as well as lobbies and boater facilities on the public edges to supplement the surrounding promenades. Neptune Marina is already under construction, and is scheduled for completion in 2018.

January 13, 2016

California Multifamily Seniors Housing Western

American Healthcare Investors Hires Former Brookdale Regional President Christopher Belford

by Nellie Day January 13, 2016

IRVINE, CALIF. — American Healthcare Investors, an Irvine-based investment firm specializing in the acquisition and management of healthcare-related properties, has hired Christopher Belford as executive vice president, asset management. Belford joins American Healthcare Investors from Brookdale Senior Living, the largest owner and operator of seniors housing communities in the United States, where he served as the president of the western division. While with Brookdale, Belford managed 269 senior living and retirement communities, representing 24,400 units and over 14,000 employees in 11 Western states. In his new role, Belford will oversee all seniors housing, skilled nursing and hospital properties within American Healthcare Investor’s $8 billion portfolio of assets under management. Christopher Rooney, who holds the same title as Belford, will continue to oversee all medical office buildings within the portfolio. Prior to Brookdale, Belford worked as senior vice president of operations for Emeritus Assisted Living from January 2001 until its merger with Brookdale in July 2014. With Emeritus, he was responsible for the operation of 270 communities in 18 states across the Western U.S. He also previously served in executive capacities with BPM Assisted Living/Regent Assisted Living and ERA Care Inc., where he began his healthcare career in 1991. Belford received …

January 13, 2016

California Loans Multifamily Western

NorthMarq Arranges $22.1M Refinancing for Apartment Complex in Los Angeles

by Nellie Day January 12, 2016

LOS ANGELES — NorthMarq Capital has arranged a $22.1 million refinancing for The Meadows, a 690-unit apartment complex in the Los Angeles submarket of Culver City. The community is located at 6100-6500 Green Valley Circle. The loan features a 10-year term with three years of interest-only payments followed by a 30-year amortization schedule. Jeffrey Weidell, Nathan Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco office arranged the financing through the firm’s correspondent relationship with a life insurance company.

January 12, 2016

Newer Posts

Older Posts