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.
Western
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.
RANCHO CUCAMONGA, CALIF. — MCS Industries has signed a lease for 115,000 square feet in Rancho Cucamonga. The space is located at 11089 Tacoma. MCS also has the option to absorb an additional 100,000 square feet of space. The firm will begin directing inbound ocean freight to the new location this month, and will complete its move by July. It is relocating from a 86,000-square-foot location in Visalia.
SAN FRANCISCO – A Nordstrom Rack is set to open on Market Street. The location will be right across from its flagship store in San Francisco. It will occupy 45,495 square feet at 901 Market Street. The discounter will absorb a portion of the building’s ground floor, as well as the entire second floor. It is scheduled to open in spring 2014. Nordstrom was represented by Randy Cantrell of Northwest Retail Partners and Jim Randolph and Danielle Bromstead Cornish & Carey CommercialNewmark Knight Frank (C&CCNKF) Retail. The landlord, an LA-based REIT, was represented by Julie Taylor of C&CCNKF Retail.
LONG BEACH, CALIF. — Special Olympics of Southern California (SOSC) has signed a new lease for 12,029 square feet in Long Beach. The office property, located at 1600 Forbes Way, will act as the organization’s headquarters. The unnamed landlord was represented by Doug Wubbena and Randy Matusoff of NAI Capital. They also worked in collaboration with Bill Townsend of Inco Commercial Real Estate to bring SOSC into the space.
RANCHO CUCAMONGA, CALIF. — MCS Industries has signed a lease for 115,000 square feet in Rancho Cucamonga. The space is located at 11089 Tacoma. MCS also has the option to absorb an additional 100,000 square feet of space. The firm will begin directing inbound ocean freight to the new location this month, and will complete its move by July. It is relocating from a 86,000-square-foot location in Visalia.
SAN FRANCISCO – A Nordstrom Rack is set to open on Market Street. The location will be right across from its flagship store in San Francisco. It will occupy 45,495 square feet at 901 Market Street. The discounter will absorb a portion of the building’s ground floor, as well as the entire second floor. It is scheduled to open in spring 2014. Nordstrom was represented by Randy Cantrell of Northwest Retail Partners and Jim Randolph and Danielle Bromstead Cornish & Carey Commercial Newmark Knight Frank (C&CCNKF) Retail. The landlord, an LA-based REIT, was represented by Julie Taylor of C&CCNKF Retail.
LONG BEACH, CALIF. — Special Olympics of Southern California (SOSC) has signed a new lease for 12,029 square feet in Long Beach. The office property, located at 1600 Forbes Way, will act as the organization’s headquarters. The unnamed landlord was represented by Doug Wubbena and Randy Matusoff of NAI Capital. They also worked in collaboration with Bill Townsend of Inco Commercial Real Estate to bring SOSC into the space.