PORTLAND, ORE. – The 293-unit Russellville Park retirement community in Portland has received $49.3 million in financing. The senior housing community is located at 20 SE 103rd Ave. It contains 186 independent living, 91 assisted living and 16 memory care units. The average occupancy is 95 percent. Russellville Park features two buildings. Russellville East was built in 2004. The facility has undergone two major renovations, which added a new dining room, front lobby and wine bar. Russellville West was built in 2009. Russellville Park is managed and partially owned by Leisure Care Retirement Communities. The 10-year, fixed-rate loan contains a 30-year amortization schedule and a 75 percent loan-to-value ratio. It was arranged by Heidi Brunet of Berkadia’s Seniors Housing and Healthcare group.
Western
PULLMAN, WASH. — MJW Investments has acquired the 405-bed Terre View Crossing student housing community near Washington State University in Pullman. It is located at 1540 NE Merman Drive. The acquisition was completed in partnership with MHE Enterprises through a $200-million student housing value-add fund. The fund is looking for B- and C-level assets that are within walking distance of college campuses. Terre View Crossing has been rebranded as Cougar Ridge. The partners may also add a retail component to the community, in addition to more residential units and common-area upgrades.
PHOENIX — CFA Cabinetry has signed a five-year lease for a 63,840-square-foot warehouse and distribution facility in Phoenix. The new space will be located at 420 S. 53rd Ave. The kitchen and bathroom cabinetry wholesaler will be relocating from its 32,000-square-foot space at 1725 E. Williams Road in Deer Valley. CFA was represented by Keri AmRhein-Scott and John Grady of Cushman & Wakefield. The landlord, Overton Moore Properties, was represented by Stein Ross of Lee & Associates.
If you had to summarize Orange County’s multifamily market in one word, it would be “robust.” Generally speaking, the apartment sector has thrived across the nation in recent years, but few markets have performed better than this booming, affluent slice of Southern California. Soaring occupancy rates, rent growth, compressing cap rates, strong investor demand — these are the characteristics of today’s Orange County multifamily market. Thankfully, they should be the trends of the future as well. Underpinning the multifamily sector’s health is the recovering Orange County economy. Over the past year, payrolls have increased by 2.3 percent, according to research by Jones Lang LaSalle (JLL). Although all the major employment sectors have experienced expansion, the largest gains have occurred in construction, financial activities and leisure/hospitality. These were the three industries hit hardest during the Great Recession. Overall, half of the jobs lost during the recession have been regained. The county’s unemployment rate in October was 5.8 percent, significantly lower than both the California and national rates, which were 8.7 percent and 7.3 percent, respectively. Looking ahead, the economic indicators are positive: both job and population growth should average 2 percent annually until 2017. A growing Millennial population and expensive for-sale …
MORENO VALLEY, CALIF. – An all-cash buyer has acquired TownGate Center, a 285,775-square-foot community shopping center in Moreno Valley, for $41.9 million. The center is located at 12625 Frederick Street, just east of Riverside. It is situated next to the Moreno Valley Mall. TownGate is anchored by TJ Maxx/Home Goods and Ross Dress for Less. Other notable tenants include Regency Theatres, BevMo!, ULTA, Dollar Tree, Planet Fitness and Chipotle. CBRE’s Philip D. Voorhees and the National Retail Investment Group – West (NRIG-West) team represented the buyer. Voorhees also represented the seller, a partnership between Walton Street and Fritz Duda Company, along with NRIG-West and CBRE’s Megan Read, Jimmy Slusher, John Read and Brad Rable.
PEORIA, ARIZ. — Baron Properties has acquired the 260-unit Alta Park West apartments in Peoria for $30 million. The community is located at 9680 West Northern Ave. in the Phoenix suburb. It is situated within Park West, a 250,000-square-foot, open-air lifestyle center. Alta Park also enjoys close proximity to Westgate Entertainment District, an 8-million-square-foot shopping, dining and entertainment venue. Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap represented the seller, a venture formed by Wood Partners and Boston Capital Real Estate Partners, in this transaction.
ESCONDIDO, CALIF. — Makena Medical Center, a 43,000-square-foot medical office building in Escondido, has received a $12.1-million refinance. It is the only medical office building located near the newly constructed Palomar Medical Center. It is also the only authorized off-campus medical office building in the Escondido Research & Technology Center. The seven-year, fixed-rate loan features a 30-year amortization schedule. The funds were used to refinance a bank loan. It was arranged by Nick West of Churchill Mortgage Capital through Guggenheim Commercial Real Estate Finance.
ONTARIO, CALIF. — Chenbro Micom has acquired an 88,797-square-foot manufacturing and distribution building in Ontario for $8 million. The building is located at 2800 Jurupa Street within IIT Hofer Ranch. The Tawain-based chassis manufacturer of computer equipment and products will use the space for its North American regional headquarters. It will relocate and expand from nearby 2888 E. Spruce Street. Chenbro Micom was represented by Andrew Herron of The Saywitz Company. The seller, Industrial Income Trust (IIT), was represented by CBRE’s Jim Koenig, David Consani, Dan de la Paz and Darla Longo.
LAS VEGAS — HMS Holdings Corp. has leased 65,000 square feet at The Gramercy in Las Vegas. The 500,000-square-foot, mixed-use development is currently under development just west of the 215 beltway at Russell Road. The cost containment solutions provider for the healthcare industry plans to move into the Class A space in early summer. The Gramercy is being developed by SWLV Development LLC, a collaboration between the principals of The Krausz Companies and WGH Partners. Wells Fargo provided the financing to complete the project.
RICHMOND, CALIF. — KTR Capital Partners and Sponsor Properties have acquired Pinole Point, a master-planned industrial park in Richmond, for an undisclosed sum. The three-building park is located atthe intersection of Atlas Road and Giant Highway near the Bay Area. It allows for more than 515,000 square feet of Class A warehouse/distribution and manufacturing space. The land is fully entitled and ready for construction. The groundbreaking is scheduled for this summer. Pinole Point Phase I is currently 100 percent leased to tenants like Restoration Hardware, Serena & Lily, Broadline Medical, International Delicacies and Bio-Rad Laboratories. Sponsor Properties and KTR were brought together by Preferred Capital Advisors. Greig Lagomarsino of Colliers International’s Oakland office represented both the buyer and seller, Sares-Regis Group, in this transaction. Todd Severson of the same firm assisted with this transaction. Lagomarsino and Severson will serve as the park’s exclusive leasing agents.