SANDY, UTAH — Pacific Retail Capital Partners (PRCP) has completed the sale of The Shops at South Town in Sandy to Smith Entertainment Group (SEG) for an undisclosed price. SEG plans to develop a state-of-the-art practice and training facility for its incoming National Hockey League franchise on the 111-acre site to create a mixed-use destination. PRCP plans to use the proceeds from the sale to pay off the outstanding balance of the loan in full and reinvest elsewhere in its portfolio. PRCP will continue to manage and lease The Shops at South Town to ensure continuity with the ownership transition and minimize disruption for consumers. PRCP will lead SEG’s leasing efforts for The Shops at South Town, in partnership with Woodley Real Estate.
GREAT FALLS, MONT. — SSG Realty Partners and Hanley Investment Group Real Estate Advisors have arranged the sale of Westwood Plaza, a regional shopping center in Great Falls. A Michigan-based private investor sold the asset to an East Coast-based private investment firm for an undisclosed price. Greg Swedelson and Jon-Eric Greene of SSG Realty Partners, Bill Asher and Beau Velten of Hanley Investment Group and Scott Reid of ParaSell Inc. represented the seller, while the buyer was self-represented in the transaction. Built in 2017, Westwood Plaza features 69,909 square feet of fully occupied retail space. Current tenants include TJ Maxx, Staples, Dollar Tree, ULTA Beauty and Mattress Firm. The asset is located at 135-209 Northwest Bypass.
PHOENIX — JLL Capital Markets has arranged an undisclosed amount of financing for Dignity Health Micro-Hospital, a 38,900-square-foot multi-specialty hospital with an emergency room and imaging center in Phoenix. The borrower is HPA Exchange LLC, a healthcare real estate investment company created by the executive team of Healthcare Property Advisors. John Chun and Daniel Digerness of JLL Capital Markets secured the five-year, fixed-rate acquisition loan through a national healthcare lender. Located at 7171 S. 51st Drive, Dignity Health Micro-Hospital consists of 24/7 emergency department, 16 patient beds, 10 emergency room beds, two advanced operating suites for surgical procedures, a full onsite lab, a full radiology suite with CT scan, X-ray and ultrasound capabilities, a pharmacy and a cafeteria. The asset was built to suit for Dignity Health, which leases the entire facility on a long-term, absolute net-lease basis. The property was built in 2014.
LA HABRA, CALIF. — Marcus & Millichap has brokered the sale of Harbor West Medical Plaza, an office property located at 860 E. La Habra Blvd. in the Orange County city of La Habra. An undisclosed seller sold the asset to a private investor for $1.8 million. The two-story Harbor West Medical Plaza features 12,760 square feet of medical and professional office space with 22 suites, most of which were occupied at close of escrow. Alex Mobin and Greg Bassirpou of Marcus & Millichap’s Orange County office represented the seller in the deal.
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Equity Residential to Acquire 11-Property Multifamily Portfolio from Blackstone for $964M
CHICAGO AND NEW YORK CITY — Equity Residential (NYSE: EQR) has agreed to acquire an 11-property apartment portfolio from Blackstone (NYSE: BX) for $964 million. The acquisition is the largest U.S. multifamily purchase by any public real estate investment trust in the past seven years, according to reports by The Wall Street Journal. The portfolio includes four properties totaling 1,357 units in Atlanta; four properties totaling 1,237 units in the Dallas/Fort Worth metropolitan area; and three properties totaling 978 units in Denver. Further details on the communities were not disclosed. The properties were attractive to Equity Residential — one of the largest owners of multifamily assets in the U.S. with 79,738 units across 299 properties — due to their locations in markets where the Chicago-based firm is targeting growth, as well as the properties’ appeal to high-end renters. The acquisition is expected to close in the third quarter and will include separate transactions with Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners. Eastdil Secured, RBC Capital Markets, Santander and Sumitomo Mitsui Banking Corporation (SMBC) acted as Blackstone’s financial advisors in the transaction. Simpson Thacher & Bartlett served as Blackstone’s legal counsel. Neal Gerber & Eisenberg, Hogan …
SAN LEANDRO, CALIF. — Colliers Mortgage’s California structured finance group has arranged a $33 million bridge loan on behalf of B3 & Gaw to refinance the Bayfair Mall in the Bay Area city of San Leandro. The 715,000-square-foot property is being redeveloped into a mixed-use retail power center and R&D campus in San Leandro. The borrower’s multi-phase business plan includes closing the indoor corridors of the mall, renewing leases for existing retail tenants and filling vacancies with more suitable tenants for the market. Additionally, B3 & Gaw is transforming a one third of the property into an R&D campus. Shahin Yazdi, Jonathan Lee, Tommy Adelson and William Hyatt of Colliers arranged the financing, which includes a 36-month term with optional extensions. The loan features a fully nonrecourse structure with no interest, carry or completion guarantees.
FREMONT, CALIF. — Boston-based Longpoint has acquired a three-building light industrial portfolio in Fremont for $31.5 million. Known as The Silicon Valley Portfolio, the 122,168-square-foot asset is Longpoint’s first acquisition in the Bay Area. The portfolio is situated on the East Bay area near the major transportation corridors of Interstates 680 and 880. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark’s Western region team handled the transaction. The name of the seller was not released. Joe Kelly of Newmark serves as the leasing advisor for the portfolio.
AUBURN, WASH. — Cushman & Wakefield has brokered the sale of Auburn Park 167, an industrial park at 3703 and 3941 I Street NW in Auburn, approximately 20 miles south of Seattle. Terms of the transaction were not released. Situated on 17.6 acres, the 385,986-square-foot Auburn Park 167 features two industrial warehouses with a variety of bay sizes, 30-foot clear heights and grade/dock-high loading doors. Currently, Auburn Park 167 is 100 percent leased. Bryce Aberg, Jeff Chiate, Jeffrey Cole and Matthew Leupold of Cushman & Wakefield’s national industrial investment advisory group represented the seller in the transaction.
FRENCH VALLEY, CALIF. — SRS Real Estate Partners has arranged the sale of a retail property located at 35914 Winchester Road in French Valley, located in the Inland Empire region. A Southern California-based private developer sold the recently developed building to a Southern California-based private investor for $13.3 million in a 1031 exchange. EoS Fitness occupies the 38,000-square-foot building under a 20-year, absolute triple-net, corporate-guaranteed lease. The gym, which is the anchor tenant at French Valley Marketplace, is slated to open in late August. Additional tenants at the 78,400-square-foot shopping center includes Grocery Outlet, McDonald’s, Chipotle and 7-Eleven. Matthew Mousavi, Patrick Luther and Jack Cornell of SRS Capital Markets represented the seller in the deal.
BH Properties Receives $3M Bridge Loan for Acquisition of Olympic Block Mixed-Use Complex in Seattle
SEATTLE — Gantry has arranged a $3 million bridge loan to finance the acquisition and repositioning of Olympic Block, a downtown Seattle mixed-use complex. The borrower is BH Properties. Located at 101 Yesler Way, the 75,000-square-foot property offers creative office space and ground-floor retail space. Acquired through a deed in lieu of foreclosure, the financing was based on a reset 2024 valuation, recognizing current vacancy and related cash flow challenges. Mark Ritchie and Alicia Sabanero of Gantry secured the three-year, fixed-rate loan through one of Gantry’s correspondent insurance company lenders. The financing features interest-only payments for the entirety of its duration.