Western

Unbridled Holdings Acquires Grant Street Mansion in Denver

by Nellie Day November 24, 2014

DENVER – Unbridled Holdings LLC has acquired Grant Street Mansion, a 20,000-square-foot, historically designated mansion in Denver, for an undisclosed sum. The mansion is located at 1115 Grant Street in the Capitol Hill neighborhood. The property was originally built in 1892. It currently contains 28 converted office suites within the four-story, 16,000-square-foot main house, and three office suites within a two-story, 4,000-square-foot carriage house. The mansion was 95 percent occupied at the time of sale. The seller was Pathfinder Partners. The transaction was executed by Tim Finholm of Unique Properties.

November 24, 2014

Arizona Retail Western

Raising Cane’s Building in Glendale Sells for $3.5M

by Nellie Day November 24, 2014

GLENDALE, ARIZ. – A 3,033-square-foot building in Glendale that is net leased to Raising Cane’s has sold to an unnamed buyer for $3.5 million. The building is located at 7930 West Bell Road. The seller, a limited liability company, was represented by Mark Ruble and Jamie Medress of Marcus & Millichap’s Phoenix office.

November 24, 2014

California Office Western

Independent Capital Management Leases Space in Newport Beach

by Nellie Day November 24, 2014

NEWPORT BEACH, CALIF. – Independent Capital Management has leased 3,975 square feet of space at an office building in Newport Beach. The 75,333-square-foot building is located at 1401 Dove. The firm is relocating from nearby Irvine. Independent Capital Management was represented by Cameran Lindee of CBRE. The landlord, Palm Springs Village-309 LLC, was represented by Oliver Fleener of PM Realty Group.

November 24, 2014

California Retail Western

Jiffy Lube Plus Building in Oceanside Sells for $2.9M

by Nellie Day November 24, 2014

OCEANSIDE, CALIF. – A free-standing building in Oceanside that is triple-net leased to Jiffy Lube Plus has sold to Cali Oceanside LLC for $2.9 million. The building is located at 4106 Oceanside Blvd. It is situated at the base of Ocean Ranch, North County’s largest business park. The buyer was represented by Randi Cali of Coldwell Banker Commercial NRT. The seller, Roberts Investment Group, was represented by CBRE’s Matt Pourcho and Melissa Foster Scofield.

November 24, 2014

Arizona Mixed-Use Western

Construction Commences on Phase I of Rivulon Development in Gilbert

by Nellie Day November 21, 2014

GILBERT, ARIZ. — Construction has commenced on Phase I of Rivulon, a $750-million, master-planned development in Gilbert. The project is located at the corner of Gilbert Road and AZ 202. Rivulon will eventually include about 3 million square feet of office space, 500,000 square feet of integrated retail and restaurants and a hotel component. Health and wellness leader Isagenix International recently announced it will relocate its world headquarters to a 150,000-square-foot office building at Rivulon. The building is scheduled for completion late next year. A 125,000-square-foot, speculative Class A office building is also under construction at the site, in addition to a 45,000-square-foot LA Fitness. These buildings will soon be joined by two more 60,000-square-foot, Class A office buildings, as well as a 17,000-square-foot retail center, all of which is included in this initial development phase. Rivulon is being developed by Nationwide Realty Investors.

November 21, 2014

Arizona California Multifamily Western

MG Properties Buys Two Apartment Communities for $50M

by Nellie Day November 21, 2014

NAPA, CALIF., AND TEMPE, ARIZ. — MG Properties Group has acquired two apartment communities out West for a total of $50 million. The transaction includes the 376-unit Garden Grove Apartments in Tempe and the 72-unit Bella Vista Apartments in Napa. Garden Grove Apartments was built in 1988. It was purchased from MetLife for $35.6 million. The transaction was financed through a 10-year, fixed-rate Fannie Mae mortgage that was arranged by CBRE. MG plans to invest nearly $1.5 million in capital improvements. It will also enhance the property’s common-area amenities, which will include landscaping improvements and upgrades to the fitness facility and pools. Bella Vista Apartments was built in 1972. It is situated near CA-29 highway, about a block from the Queen of the Valley Medical Center. Bella Vista was purchased from Trinity Real Estate for $14 million. This transaction was similarly financed through a 10-year, fixed-rate Fannie Mae mortgage that was arranged by Key Bank. MG plans to invest about $500,000 for capital improvements.

November 21, 2014

Arizona Multifamily Western

Domain Acquisitions, BH Equities Buy Autumn Ridge Apartments in Phoenix

by Nellie Day November 21, 2014

PHOENIX — A partnership between Domain Acquisitions and BH Equities has acquired the 672-unit Autumn Ridge Apartments in North Phoenix. The Class B community is located at 1944 W. Thunderbird Road. The garden-style complex sits adjacent to Cave Creek Golf Course. It is located between Deer Valley’s employment center and the North I-17 employment corridor, Phoenix’s second-largest employment area. This acquisition marks Domain’s re-entry into the Phoenix market since selling its local portfolio in 2006. BH Management Services will oversee the Autumn Ridge’s property management and construction. The JV plans to spend about $5 million renovating the community. The venture received $30.9 million in financing to acquire and renovate the asset. The loan was arranged by Laura Cathlina and Andy Hill of Berkadia Commercial Mortgage. The seller was Summit Autumn Ridge LLC. The transaction was executed by Cindy and Brad Cooke of Colliers International.

November 21, 2014

Colorado Multifamily Western

Sonoma Resort at Saddle Rock in Aurora Changes Hands

by Nellie Day November 21, 2014

AURORA, COLO. — A private investor has acquired the 604-unit Sonoma Resort at Saddle Rock in Aurora for an undisclosed sum. The Class A apartment community is located at 21904 East Ontario Drive, just east of Denver. Sonoma Resort at Saddle Rock was originally built in 2001 and 2002 as two separate properties. The combined property now sits on 19.4 acres, about 10 minutes east of the Denver Tech Center. The community is 97 percent occupied. Common-area amenities include two fitness centers, a business center, two resort-style clubhouses with pools and a spa, an outdoor barbeque area and a playground. The seller, a joint venture between the Bascom Group and GE Capital Real Estate, was represented by HFF’s Jordan Robbins, Sean Deasy, Jeff Haag and Jared Buffington.

November 21, 2014

California Hospitality Loans Western

Hilton Garden Inn in Cupertino Receives $32M in Financing

by Nellie Day November 21, 2014

CUPERTINO, CALIF. — The 164-room Hilton Garden Inn in Cupertino has received $32 million in financing. The hotel is located at 10741 North Wolfe Road. Employers in the area include Trend Micro, Cloud.com and Seagate Technology. The limited-service hotel is also situated near the new Main Street Cupertino development and the Vallco Mall redevelopment. The fixed-rate, permanent financing was arranged by John Nelson of CBRE’s San Francisco office, on behalf of a partnership between Terracommercial and Heil and Associates. Funds were provided by a Wall Street lender. They will be used to refinance the property.

November 21, 2014

California Loans Multifamily Western

Laurel Court at Quail Park in Visalia Receives $9.4M Refinance

by Nellie Day November 20, 2014

VISALIA, CALIF. – Laurel Court at Quail Park, a 40-unit memory care community in Visalia, has received a $9.4-million refinance. The facility is located at 5050 W. Tulare Ave. It is operated by Living Care Lifestyles. The cash-out refinance was arranged by Stuart Oswald of NorthMarq Capital’s Seattle regional office through the firm’s correspondent relationship with a life insurance company.

November 20, 2014

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