AURORA, COLO. – The 480-unit Conifer Creek community has sold to Grand Peaks Properties for $38,150,000. It was 98 percent occupied at the time of sale. ARA Denver principals Jeff Hawks, Doug Andrews and Terrance Hunt, along with senior vice president Shane Ozment, represented the seller, TGM Associates.
Western
INGLEWOOD, CALIF. — PM Realty Group and the Steve Miller Company have co-brokered a lease agreement for nearly 30,000 square feet of medical office space for Didi Hirsch Community Mental Health Center at the 70,000-square-foot Freeman Medical Towers in Inglewood. The lease is value at more than $6 million. PM Realty and Steve Miller represented the landlord, Grabel Financial & Linton Financial, in the transaction.
DENVER – Seagate Properties has opened an office in Denver after deciding to expand its commercial real estate portfolio in Colorado. The company’s first area acquisition was 246-unit The Dakota at Governors Ranch in nearby Littleton, Colo., for $24.55 million. Seagate has also purchased the 77-unit Cascade Park Apartments, the 33-unit Boulder Crescent Apartments, both in Downtown Colorado Springs, and the 115-unit Fillmore Ridge Apartments in Colorado Springs. Seagate’s Denver office is temporarily co-located with Cassidy Turley/Fuller’s office at 1515 Arapahoe Street, Suite 1200, in Denver.
TEMPE, ARIZ. – The mixed-use Crossroads of Tempe development has been sold to a joint venture between Via West Properties, LLC, and Southwest Value Partners for $4,055,000. The property is composed of three buildings that contain 96,600 square feet of office and 15,460 square feet of retail space. The office space is currently vacant. The retail space is 55 percent leased. Cushman & Wakefield’s Gustin, Karsten Peterson, Dave Seeger, Ryan Bartos and Rachael Kimsey represented both the buyer and the seller, Castle & Cooke.
FONTANA, CALIF. – A 410,000-square-foot, Class A industrial warehouse in Fontana that is currently leased by Anna's Linens has been purchased for about $25 million by 10721 Jasmine LLC. The facility, which includes a 20,000-square-foot office space, is used by the retailer as a centralized distribution center for the Western United States. Jeff Cannon, corporate managing director, and associate Paul Jones of Studley’s Southern California Industrial Services Group represented 10721 Jasmine. Colliers' Tom Taylor and Steve Bellitti represented the seller, BlackRidge Real Estate Group.
GRANT PASS, ORE. – Oak Grove Capital has originated $25 million in variable rate, permanent financing for three senior housing communities in Oregon and Montana. The financing was obtained through Freddie Mac’s Senior Housing Capped ARM program. The three communities are operated by Emeritus Corporation and owned by a joint venture between affiliates of Emeritus, Blackstone Real Estate Advisors and Columbia Pacific Advisors. The funds were used to refinance existing low-leverage mortgage debt on the three senior properties, which include the 61-unit Cambridge Place in Great Falls, Mont., the 82-unit Spring Village in Grants Pass, Ore., and an 88-unit assisted/independent/memory care facility in Redmond, Ore. This is a seven-year variable-rate loan with pre-payment flexibility. Lisa Lautner and Heidi Brunet of Oak Grove's Senior Housing and Healthcare Group originated the loans.
COLORADO SPRINGS, COLO. – Advenir has purchased the 220-unit Briarglen Apartments in Colorado Springs for $16.35 million. It plans to invest $1.1 million in capital improvements for the apartment community. Briarglen was built in 1986 and partially renovated in 2007. It is currently 97 percent leased. This is Advenir's first Colorado-based acquisition. The multifamily real estate investment and management firm hopes to acquire 1,500 to 2,000 units in Denver and the surrounding area in the next 24 months. Advenir represented itself in the transaction, while Apartment Realty Advisors' Doug Andrews represented the seller, RedPeak Properties.
GILBERT, ARIZ. – Cassidy Turley BRE Commercial has sold the 120-unit Orion at Heritage Square Apartments in Gilbert to Clear Sky Capital Heritage Square L.P. for $7.5 million. It was purchased from Orion Pacific Note Investors LLC, an affiliate of Orion Residential Advisors LLC. Executive vice presidents David Fogler and Steven Nicoluzakis with Cassidy's Multi-Family Group performed the sales transaction.
PORTLAND, ORE. – NBS Real Estate Capital has closed four separate multifamily investments on behalf of the Morrison Street Funds. The total cost of these transactions was $69,105,000, which includes invested equity from Morrison, as well as partner equity and mortgage financing. The multifamily investments consist of the 217-unit, Class B Foothills Apartments in Denver; the 248-unit, Class B Berry Ridge Apartments in Gresham, Ore.; a 111-unit, Class A asset in Loveland, Colo.; and the 516-unit Class B/C Lantana Apartments in Las Vegas.
CARSON, CALIF. – Calko Transport has signed a five-year lease for a 135,727-square-foot industrial property inside the master-planned Watson Industrial Center in Carson. The building is located on about 10 acres and will serve as a third-party logistics site for the company's new corporate headquarters as it relocates from nearby Carson. Lee & Associates' Don Smith and NAI Capital's Kent Choi represented Calko. Watson Land Company was represented in-house by Lance Ryan and Mike Bodlovich.