PHOENIX – The 144-unit Metro Gardens in Phoenix has sold to an unnamed buyer for $5.1 million. The community is located at 10227 North 32nd Lane.The seller, Federal Home Loan Mortgage Corporation, was represented by Steve Chaben and Cliff David of Marcus & Millichap’s Phoenix office.
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NEWARK, CALIF. – The NewPark Mall in Newark has received a $71.5-million refinance. The mall is located at 2086 NewPark Mall. It contains nearly 1.2 million square feet of retail space and serves the tri-cities of Newark, Fremont and Union City in the East Bay area. The mall is anchored by Macy’s, jcpenney, Sears and Burlington Coat Factory. The non-recourse, floating-rate mortgage loan features an initial interest rate of 4.3 percent. The loan’s initial funding is $66.5 million. The remaining $5 million will be earned out once the mall achieves certain milestones, according to its owner, Rouse Properties. The bank loan has a four-year term and a one-year extension option.
EL SEGUNDO, CALIF. — A 200,000-square-foot office complex in El Segundo has sold to Rockwood Capital and Marshall Property & Development for about $25 million. The three-building complex is located at 2100 E. Grand Ave. It was previously occupied by Rhythm & Hues, an Academy Award-winning visual effects firm that filed for bankruptcy protection in February. That company was acquired last month by an affiliate of Prana Studios through a bankruptcy auction. The complex’s new owners plan to invest up to $20 million to redevelop the six-acre property into a creative office campus. The seller, 2100 Grand, LLC, was a related entity of Rhythm & Hues. The off-market, all-cash sale was arranged by Lucent Capital.
LOS ANGELES — Artemis Real Estate Partners has teamed with Primestor Development on behalf of New York Common State Retirement Fund’s $300-million real estate emerging manager program. The joint venture will focus on acquiring institutional-quality, core-plus retail properties in mainstream locations throughout California. The program is looking to invest with best-in-class operating partners.
PHOENIX – The 144-unit Metro Gardens in Phoenix has sold to an unnamed buyer for $5.1 million. The community is located at 10227 North 32nd Lane. The seller, Federal Home Loan Mortgage Corporation, was represented by Steve Chaben and Cliff David of Marcus & Millichap’s Phoenix office.
LOS ANGELES — Canyon Capital Realty Advisors and Citi have teamed up to launch Canyon Multifamily Impact Fund, a multifamily workforce housing fund that will focus on underserved communities in California, Texas and Illinois. The fund is positioned to acquire and manage up to $800 million in apartment communities. Individual investments will range from $20 million to $90 million for both individual properties and multisite portfolios.
ORANGE, CALIF. – An 11-property multifamily portfolio has received a $450-million refinance. The properties contain 3,369 total units. They are located throughout Dublin, Orange, San Ramon, San Diego and Vacaville, Calif.; Denver; Portland, Ore.; Chicago; and North Bergen and Wayne, N.J. The borrowers are 11 separate entities within a fund managed by UBS Global Asset Management. The 7-year and 10-year, fixed-rate loans carry a weighted average rate of 3.01 percent. They are not cross-collateralized or cross-defaulted. Financing was arranged by CBRE Capital Markets’ Debt & Equity Finance group. The team was led by Michael Riccio. Freddie Mac provided $218.2 million in financing, while Fannie Mae provided $231.7 million.
FREDERICK, COLO. – A 43,919-square-foot building that is triple-net leased to Precision Manufacturing has sold to Merritt Companies, LLC for $3.1 million. The single-tenant industrial building is located at 7755 Miller Drive within the Frederick West Business Park. Merritt was represented by Sam Leger and Tim Finholm of Unique Properties, LLC – TCN Worldwide.
RENO, NEV. — Broadbent & Associates has leased 10,083 square feet of office and warehouse space in Reno. The space is located at 5450 Louie Lane. Broadbent was represented by Scott Shanks of NAI Office Properties Group. The landlord, J & S Erlach Properties 50, LLC, was represented by Dave Simonson of NAI Alliance’s Industrial Properties team.
LOS ANGELES — Canyon Capital Realty Advisors and Citi have teamed up to launch Canyon Multifamily Impact Fund, a multifamily workforce housing fund that will focus on underserved communities in California, Texas and Illinois. The fund is positioned to acquire and manage up to $800 million in apartment communities. Individual investments will range from $20 million to $90 million for both individual properties and multisite portfolios.