LAS VEGAS — McCarran Corporate Plaza, an 87,018-square-foot office property in Las Vegas, has sold to TNP Acquisitions, LLC for $10.2 million. The property is located at 5740 and 5820 S. Eastern Ave. near McCarran International Airport and the I-215 Beltway. The two office buildings were 68 percent leased at the time of sale. Notable tenants include Carrington College, United Healthcare Services and AARP. The buyer plans to hold the property as an investment.TNP was represented by Commerce TNP, LLC. The seller, P-38 Properties, LLC, was represented by Chuck Witters and Kris Watier of Lee & Associates’ Las Vegas office.
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BELLEVUE, WASH. — Mission Healthcare, a 70-unit skilled nursing and healthcare facility in Bellevue, has received $10.1 million in financing. The facility is located at 2424 156th Ave. NE. It specializes in comprehensive post-operative care, long-term and respite care. It also offers outpatient and home health services. The borrower plans to use the funds to refinance existing debt on the property. The 35-year, fixed-rate financing was secured by Heidi Brunet and Rob Affleck of Berkadia Commercial Mortgage through the U.S. Department of Housing and Urban Development’s (HUD) 232/223(a)(7) program. Berkadia worked with Careage to secure the financing.
REDWOOD CITY, CALIF. — A joint venture between Lennar Apartment Communities and Resmark Apartment Living has announced plans to develop a 196-unit apartment building in downtown Redwood City. It will be located at the intersection of Main and Marshall streets. The development calls for seven stories of apartments atop 3,500 square feet of ground-floor retail space. Construction is set to commence in the first quarter of 2014 and is scheduled for completion in early 2016. The joint venture also recently broke ground on an apartment community in Tempe.
TEMPE, ARIZ. — Broadway 101, a 162,484-square-foot office campus in Tempe, has sold to GLL Real Estate Partnersfor an undisclosed sum. The Class A campus is located at 2141 and 2151 E. Broadway Road.It is 94 percent leased to tenants like MOOG/Broad Reach Engineering, Amerifirst Financial, Inc. and the Arizona corporate headquarters for Quantum Integrated Solutions.The seller, Broadway 101 Office Park,was represented by Dennis Desmond, Brian Ackerman and Dave Seeger of Jones Lang LaSalle’s Capital Markets’ team. Seeger has been the campus’ exclusive leasing broker since 2000. He is actively marketing the property’s remaining vacancies.
LAS VEGAS — McCarran Corporate Plaza, an 87,018-square-foot office property in Las Vegas, has sold to TNP Acquisitions, LLC for $10.2 million. The property is located at 5740 and 5820 S. Eastern Ave. near McCarran International Airport and the I-215 Beltway. The two office buildings were 68 percent leased at the time of sale. Notable tenants include Carrington College, United Healthcare Services and AARP. The buyer plans to hold the property as an investment. TNP was represented by Commerce TNP, LLC. The seller, P-38 Properties, LLC, was represented by Chuck Witters and Kris Watier of Lee & Associates’ Las Vegas office.
BELLEVUE, WASH. — Mission Healthcare, a 70-unit skilled nursing and healthcare facility in Bellevue, has received $10.1 million in financing. The facility is located at 2424 156th Ave. NE. It specializes in comprehensive post-operative care, long-term and respite care. It also offers outpatient and home health services. The borrower plans to use the funds to refinance existing debt on the property. The 35-year, fixed-rate financing was secured by Heidi Brunet and Rob Affleck of Berkadia Commercial Mortgage through the U.S. Department of Housing and Urban Development’s (HUD) 232/223(a)(7) program. Berkadia worked with Careage to secure the financing.
The Orange County retail market, which consists of about 140 million square feet of space, continues to thrive as it sees an overall vacancy rate of just 5.5 percent. With strong income demographics, an improving job market and a limited supply of retail property, Orange County continues to be a target for both retailers and investors. As job growth is an indicator of a positive retail market due to increasing demand from the county’s consumer base, the positive data coming supports a well-held belief that the investor protects his or her downside risk by targeting ideally located retail property in Orange County. Through this, they benefit from consistent appreciation by virtue of owning retail property in a market characterized by very high barriers to entry. In its 2013-2014 Economic Forecast & Industry Outlook, the Los Angeles County Economic Development Corp. says that the county’s job market over the next couple of years will be strong. It anticipates an increase of nearly 52,000 jobs. LAEDC also reports that retail jobs will increase, and that taxable retail sales reached $39.3 billion last year. Those sales are expected to reach $42 billion this year and $43.7 billion next year. With that said, from …
LOS ANGELES – A seven-property multifamily portfolio that spans throughout Northern and Southern California has received $174.3 million in financing. The portfolio contains a total of 1,561 units consisting of manufactured housing communities and apartment complexes. Three of these properties are located in Northern California, while four are in Southern California. Six of the properties were financed with full-term, interest-only loans. One was structured with a five-year, interest-only loan. Financing was arranged by Andrew Tapley of Walker & Dunlop.
SAN DIEGO — Hawthorne Crossings, a 141,288-square-foot community shopping center in the San Diego submarket of Kearny Mesa, has sold to Retail Opportunity Investments Corp. for $41.5 million. The grocery-anchored center is located at 4200-4380 Kearny Mesa Road & 8055 Armour Street. Notable tenants at the center include Ross Dress for Less, Staples, Mitsuwa Marketplace, Dollar Tree, Sleep Train and Starbucks Coffee. Pete Bethea, Glenn Rudy and John Jennings of Cushman & Wakefield’s Capital Markets Group represented both the buyer and the seller, American Fund US Investments LP, in this transaction.
PRESCOTT VALLEY, ARIZ. — The Terraces at Glassford Hill Apartments, a 226-unit luxury community in Prescott Valley, has sold to Bascom Arizona Ventures for $22.3 million. The community is located at 5700 Market Street. This is Bascom’s 11th acquisition in Arizona over the past 12 months. The firm plans to recapitalize the property. Financing was arranged by CBRE’s Brian Eisendrath and Brandon Smith. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and the unnamed seller in this off-market transaction.