Western

MG Properties Group Buys Broadstone Azure Apartments in North Las Vegas

by Nellie Day October 20, 2015

LAS VEGAS — MG Properties Group (MGPG) has purchased the 312-unit Broadstone Azure apartment complex in North Las Vegas for an undisclosed sum. The community was built in 2007. Broadstone Azure features a resort-style pool, spa, lounge and fitness center. The property is located in North Las Vegas with access to the 215 and 15 freeways. MG financed the acquisition with a $22 million, 10-year mortgage from Fannie Mae that Bryan Frazier of Walker & Dunlop arranged. Doug Schuster of Newmark Grubb Knight Frank represented the unnamed seller.

October 20, 2015

Multifamily Washington Western

Lowe Enterprises, First Capital Advisors Buy Deer Creek Apartment Homes in Puyallup

by Nellie Day October 20, 2015

PUYALLUP, WASH. — A joint venture between Lowe Enterprises Investors and First Capital Advisors has purchased the 256-unit Deer Creek Apartment Homes in Puyallup for an undisclosed sum. The community is located at 6115 111th St. East. The 18-acre, garden-style property was built in 2000. It was 95 percent occupied at the time of sale. Deer Creek is situated at the base of Mt. Rainier, 10 miles outside of Tacoma and 35 miles south of Seattle. Greystar will manage the property. Jones Lang LaSalle represented the unnamed seller.

October 20, 2015

Arizona Retail Western

Cushman & Wakefield Arranges $10.5M Sale of North Mountain Plaza

by Nellie Day October 20, 2015

PHOENIX — Cushman & Wakefield has arranged the $10.5 million sale of North Mountain Plaza, a 95,000-square-foot shopping center located in Phoenix. Dan Salley and Jack Wilson of Cushman & Wakefield represented the buyer, Pivot Development LLC, and Cam Stanton of CBRE represented the seller, CT Retail Properties Finance IV LLC, in the transaction. Fry’s grocery store anchors the center, which is 82 percent occupied.

October 20, 2015

Arizona Industrial Office Western

Harsch Buys Two Office/Industrial Buildings in Tucson

by Nellie Day October 20, 2015

TUCSON, ARIZ. — Harsch Investment Properties has purchased an office and flex industrial portfolio in Tucson for an undisclosed sum. The portfolio includes two buildings that total 190,000 square feet. The acquisition consists of the 60,000-square-foot Butterfield Corporate Plaza office/R&D flex property and the Tucson Airport Center, a 130,000-square-foot project with office and industrial tenants. Both properties are situated near Tucson International Airport and Interstate 10. CBRE’s Bill DiVito and Jesse Blum acted as the leasing agents for both properties. The seller was not named.

October 20, 2015

Colorado Industrial Western

American Tire Distributors Leases 127,000 SF at Crossroads Commerce Park in Denver

by Nellie Day October 19, 2015

DENVER — American Tire Distributors (ATD) has leased a 127,000-square-foot building at Crossroads Commerce Park in Denver. The park is located at the southwest corner of 55th Avenue and Washington Street in Unincorporated Adams County. ATD is the first full-building tenant at Crossroads. The company is one of the largest independent suppliers of replacement tires in North America. Crossroads Commerce Park is a modern, master-planned development of nearly 1 million square feet of Class A industrial space in multiple buildings. Josh Allred of Jackson Cooksey represented ATD. Mike Wafer and Tim D’Angelo of Newmark Grubb Knight Frank represented the landlord, Trammell Crow Company.

October 19, 2015

California Multifamily Western

Mauna Loa Apartments in Santa Ana Sells for $14.6M

by Nellie Day October 19, 2015

SANTA ANA, CALIF. — An unnamed buyer has purchased the 60-unit Mauna Loa Apartments in Santa Ana for $14.6 million. The community is located at 1311 Washington Ave. It is situated near Westfield MainPlace Mall and the Discovery Cube Orange County science museum. Tyler Leeson of Marcus & Millichap’s Newport Beach office represented the seller, an LLC.

October 19, 2015

California Industrial Western

Rexford Buys Industrial Facility in Irwindale for $8.1M

by Nellie Day October 19, 2015

IRWINDALE, CALIF. — Rexford Industrial Realty has purchased a 64,296-square-foot industrial facility in Irwindale for $8.1 million. The facility is located at 16321-16327 Arrow Highway. It is fully leased to one tenant that has used the property as its corporate headquarters, production and distribution facility for several decades.

October 19, 2015

Loans Multifamily Nevada Seniors Housing Western

Lancaster Pollard Arranges $1.8M Bridge Loan for Community in Nevada

by Nellie Day October 19, 2015

RENO, NEV. — Lancaster Pollard has arranged a $1.8 million bridge loan for Reno Valley Assisted Living & Retirement Center (RVALRC), a 118-unit assisted living facility located in Reno. The community was acquired in 2013 and has undergone a turnaround process. The loan, provided by a local lender, has a five-year term and will fund further capital improvements, debt repayment and recapitalization. The improvements will also allow RVALRC to accept Medicaid residents, opening its doors to a wider range of customers. The community plans to refinance the loan within three years once improvements are implemented. Grant Goodman led the transaction for Lancaster Pollard.

October 19, 2015

California Multifamily Western

AvalonBay Buys Hollywood Land Parcel for New Mixed-Use Development

by Nellie Day October 16, 2015

LOS ANGELES — AvalonBay has purchased a 5.8-acre land parcel in Hollywood for more than $100 million. The parcel is located at 6677 Santa Monica Blvd. AvalonBay plans to demolish the existing site where it will build a mixed-use multifamily and retail development. The proposed development will include 24,900 square feet of retail space and 695 apartment units, including 56 affordable housing units. The project is currently in the pre-development stage. CBRE’s Curtis Palmer, Anthony Muhlstein and Peter Sherman represented the buyer. The seller was Calico and Tinseltown.

October 16, 2015

Loans Office Washington Western

Kemper Development Refinances Eddie Bauer Building in Bellevue for $220M

by Nellie Day October 16, 2015

BELLEVUE, WASH. — Kemper Development Company has received $220 million to refinance the Eddie Bauer Building in Bellevue. The 538,705-square-foot office building is situated within the Bellevue Collection on the corner of NE 8th and Bellevue Way NE. The Class A building is fully leased to Eddie Bauer and Microsoft Corp. The Bellevue Collection contains retail, office, hotel and residential properties. It features more than 250 retail brands, dozens of restaurants, more than 1 million square feet of Class A office space and more than 1,000 hotel rooms. TIAA-CREF provided the financing. Dave Karson, Alex Hernandez and Chris Moyer of Cushman & Wakefield Equity represented Kemper Development.

October 16, 2015

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