SUN CITY, ARIZ. — MC Companies has partnered with an investment group to acquire The Fountains at Sun City, a 182-unit apartment community located in Sun City. Terms of the transaction were not disclosed. This transaction is MC Companies’ third apartment acquisition within the last 150 days. Most recently, the company acquired Bay Harbour in Houston and Cooper’s Hill in Austin, Texas.
Western
LAS VEGAS — EJM Development Co. has completed the development of Arroyo Buffalo Plaza, a retail center located at the southeast corner of Sunset Road and Buffalo Drive in The Arroyo master-planned business park in Las Vegas. The plaza comprises three retail buildings totaling 25,625 square feet. Additionally, the property includes a tavern site, which is currently under construction for a PT’s Pub. The buildings are divisible to 1,200 square feet. Kit Graski of Voit Commercial Brokerage is handling the leasing of the property.
ENCINO, CALIF. — Newmark Realty Capital has arranged a $45 million construction loan for a fully entitled mixed-use development in Encino. Located along Ventura Boulevard, the property will consist of 125 Class A multifamily residential units and more than 17,000 square feet of ground-level retail space. The development is currently under construction and slated for completion in 2010. George Mitsanas of Newmark Realty Capital arranged the financing for the undisclosed borrower.
PHOENIX — Kachina Investments LLC has purchased Phoenix Tech Center for $3.1 million. Located at 10220 S. 51st St. in Phoenix, the 22,978-square-foot property was 100 percent leased at the time of acquisition. First Industrial Realty Trust sold the property, which was built in 1986. Steve Bodeman of Daum represented the buyer; Bruce Calfee, Josh Wyss, Paul Boyle, Rick Danis and Pat Feeney of Grubb & Ellis|BRE Commercial represented the seller in the transaction.
NORTH LAS VEGAS, NEV. — UNEV Pipeline LLC has purchased a 53.2-acre land parcel within Mountain View Industrial Park for $3.8 million. The property is located at Grand Valley Parkway in North Las Vegas. Pat Marsh and Mike Mixer of Colliers International – Las Vegas represented the buyer. The seller was Kapex LLC.
LONG BEACH, CALIF. — Long Beach-based HCP Inc., a real estate investment trust, has placed $319 million of secured financing for 16 of the company’s senior-housing assets. The company placed $140 million of 5-year secured debt on four assets and $179 million of 8-year secured debt on 12 assets. The properties are cross collateralized and the debt has a weighted average interest rate of 6.39 percent. The debt was purchased by Fannie Mae. As of June 30, 2008, HCP’s portfolio of properties totaled 706 properties — 267 senior housing, 107 life science, 256 medical office, 25 hospital and 51 skilled nursing.
DENVER — Transwestern Realty Finance Partners, a subsidiary of Chicago-based Transwestern Investment Company, has closed a $20 million mezzanine loan for The Ritz-Carlton in Denver. Located in downtown Denver, the 202-room hotel recently underwent a $136 million redevelopment program. According to Transwestern Realty Finance, the borrowers are Charles Biederman, Steve Roitman and James Cobb Jr. The investment was made on behalf of Transwestern Mezzanine Realty Partners III LLC, a fully-discretionary investment fund with more than $400 million in equity capital.
BELLEVUE, WASH. — Red Lion Hotels Corp. has closed on a $14 million loan for its 181-room hotel in Bellevue. Terms of the 5-year loan include a variable spread over LIBOR based on certain financial ratios. The current pricing is 1.75 percent over LIBOR. The company used a portion of the loan to pay off an existing approximately $8.2 million loan. The remainder will be used for general corporate purposes.
MURRIETA, CALIF. — Regency Centers Corp. is breaking ground for the development of Murrieta Marketplace in Murrieta. Located at Clinton Keith Road and Winchester Road, the project will feature approximately 469,776 square feet of brand-name retailers, banks and restaurants, including a 137,940-square-foot Target and a 124,076-square-foot Lowe’s Home Improvement Warehouse. Regency Centers acquired the property in July 2007.
COMPTON, CALIF. — Principals of FallTech, doing business as 1306 S. Alameda Street LLC, have acquired a 51,675-square-foot warehouse/distribution facility in Compton for $6.89 million. The facility, which is located at 1306 S. Alameda St., features 10 dock-high loading positions, two ground-level doors, a 146-foot truck court, 24-foot minimum warehouse clear height and 69 on-site parking spaces. FallTech plans to relocate to the facility in December following building improvements, which includes the addition of 4,300 square feet of office space. Matt Stringfellow and Courtney Bell of The Klabin Company’s Torrance, Calif., office represented the buyers; James Min and Lary Carlton of Colliers Internationals’ Torrance office represented the seller, Bixby Village Golf LLC, in the transaction.