Western

The Confluence Apartment Building in Denver Receives $79M in Financing

by Nellie Day March 11, 2015

DENVER — The Confluence, a 288-unit residential development in Denver, has received $79 million in financing. The project is located at the southwest corner of 15th Street and Little Raven Street, in the Riverfront Park area of the city’s Lower Downtown (LoDo) district. The 34-story tower will include 10,000 square feet of retail space and a 300-space underground parking garage. Community amenities will include a fitness center, swimming pool with lounge and cabanas, spa, fire pit, game room, clubhouse and business center. The Confluence is being developed by PM Realty Group and National Real Estate Advisors. The construction loan was arranged by HFF’s Rob Rizzi, Josh Simon, Colin Oberg, Leon McBroom and Matt Gangawar through a national bank. It features a 48-month term at 65 percent loan-to-cost. HFF also arranged the joint venture partnership in 2013.

March 11, 2015

Loans Retail Washington Western

Seattle Design Center Receives $40M in Financing

by Nellie Day March 11, 2015

SEATTLE — Seattle Design Center, a 410,000-square-foot, high-end home furnishings and design services center, has received $40 million in financing. The two-building center is located at 5701 6th Ave. S. The center first opened in 1973. Its two buildings are connected via a skybridge walkway. Seattle Design Center also contains 400 parking spaces. The borrower will use the floating-rate loan to acquire and reposition the center. It features a three-year initial term and two, one-year extension options. A debt fund provided the loan. Jordan Roeschlaub and Daniel Fromm of NGKF Capital Markets served as the exclusive advisor to the Los Angeles-based sponsor.

March 11, 2015

Arizona Multifamily Western

MG Properties Group Buys Trillium Papago Apartments in Phoenix

by Nellie Day March 11, 2015

PHOENIX — MG Properties Group (MGPG) has acquired the 270-unit Trillium Papago Apartments in Phoenix for $36.2 million. The community is located at 4950 E. Van Buren Street. The property is situated northeast of Phoenix Sky-Harbor Airport. It was built in 2007. Common-area amenities include a resort-style pool and spa, modern fitness center, movie theater and pool room. MGPG plans to rebrand the property as Ascent at Papago Park. This is the firm’s fourth acquisition in the past six months. MGPG is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon and Washington. The acquisition was financed with a 10-year, fixed-rate mortgage from Fannie Mae that was arranged by CBRE. The seller was Trillium Residential.

March 11, 2015

California Multifamily Western

Frank Gehry to Design New Mixed-Use Development in Los Angeles

by Nellie Day March 11, 2015

LOS ANGELES — Acclaimed architect Frank Gehry has been selected to design a new mixed-use project in Los Angeles. The new project will be located at 8150 Sunset. The development will be situated on one of the largest contiguous parcels of land on the Sunset Strip, at the intersection of Crescent Heights Boulevard. The development will contain 249 units, in addition to ground-floor restaurant and retail space and open-air space on the rooftop. Extensive open spaces will also connect to a central plaza, which will have pedestrian and bicycle access. Gehry has started the initial design development process. Plans are expected to be released this spring. The site of the new development was formerly home to the Garden of Allah hotel, which was demolished in 1959. The master site plan was developed in 2013 by Hart Howerton. The firm established the initial design principles focused on environmental sustainability, open spaces, and pedestrian and public transit accessibility. Last year, the development became the first project in Los Angeles County to be designated a California Environmental Leadership Development Project (ELDP)—and the only mixed-use project in California to receive that designation. To qualify as an ELDP, a project must include an investment in …

March 11, 2015

Arizona Retail Western

Smart & Final Opens Three Stores in Phoenix

by Nellie Day March 11, 2015

PHOENIX – Smart & Final has opened three new stores in the Phoenix Valley. The expansion includes a 28,985-square-foot space at the northeast corner of 35th Avenue and Greenway Road; a 28,280-square-foot space at the northeast corner of Tatum Boulevard and Thunderbird Road; and a 35,949-square-foot space at the southwest corner of Gilbert Road and Guadalupe Road in Gilbert. The grocer was represented by Martin Leon and Chris Corso of De Rito Partners in all three transactions.

March 11, 2015

Arizona Retail Western

Augusta Ranch Marketplace in Mesa Sells for $14M

by Nellie Day March 10, 2015

MESA, ARIZ. – Augusta Ranch Marketplace, an 80,247-square-foot shopping center in Mesa, has sold to an undisclosed investor for $14 million. The center is located at 9931 E. Baseline Road. It is anchored by Bashas’ grocery store. Other notable tenants include Great Clips, Sylvan Learning Center, Geno’s Pizza and Fat Willy’s Family Sports Grill. The center was built between 2005 and 2006. The acquisition included an adjacent developable pad. The seller was Shopoff Realty Investments.

March 10, 2015

California Multifamily Western

Village at Park View Apartments in Antioch Sells for $12.4M

by Nellie Day March 10, 2015

SAN FRANCISCO – The 85-unit Village at Park View Apartments in the San Francisco submarket of Antioch has sold to an unnamed buyer for $12.4 million. The community is located at 2800 Gentrytown Drive. It was built in 1980. Michael Henshaw of Marcus & Millichap represented the buyer. The unnamed seller was represented by Adam Levin and Nathan Gustavson of the same firm.

March 10, 2015

Arizona Industrial Western

ReCommunity Recycling Center in Tucson Sells for $7M

by Nellie Day March 10, 2015

TUCSON, ARIZ. – ReCommunity Recycling Center, a 59,000-square-foot, built-to-suit complex in Tucson, has sold to a joint venture composed of three Alaska-based partnerships for $7 million. The complex is located at 3780 E. Ajo Way. It contains 53,783 square feet of warehouse space and 5,258 square feet of office space. The property is wholly leased and operated by ReCommunity Holdings. ReCommunity is the nation’s largest pure-play recycler. It also operates recycling and recovery facilities in Phoenix and Scottsdale. The company has a total of 36 facilities operating in 13 states across the country. Mike Sandahl, David Blanchette and Wyatt Campbell in CBRE’s Tucson office represented both the buyer and seller, Olyver Land LLC, in this transaction.

March 10, 2015

California Office Western

La Jolla Medical Office Building Sells for $7M

by Nellie Day March 10, 2015

SAN DIEGO – A 17,800-square-foot medical office building in La Jolla has sold to Monarch La Jolla LLC for $7 million. The property is located at 7630 Fay Ave. The LLC intends to convert the building into an upscale assisted living facility. The seller, Executive Leasing of Nevada LLC, was represented by Brandon Keith of Voit Real Estate Services’ San Diego office and Stephen Dok of Lee & Associates. The buyer also operates as Monarch Living and Monarch Communities.

March 10, 2015

California Multifamily Western

San Antonio Apartments in Long Beach Sells for $2.9M

by Nellie Day March 10, 2015

LONG BEACH, CALIF. – The 20-unit San Antonio Apartments in Long Beach has sold to Rio Company for $2.9 million. The community is located at 1090 E. San Antonio Drive in the Bixby Knolls area. It was built in 1948. Robert Stepp and Michael Toveg of Stepp Commercial represented both the buyer and seller, Alray Trust, in this transaction.

March 10, 2015

Newer Posts

Older Posts

Upcoming Events

Aug
18