PHOENIX — Atlanta-based RADCO Cos. has purchased Aloft Phoenix-Airport, a six-story hotel located at 4450 E. Washington St. in Phoenix. Terms of the transaction were not released. RADCO plans to renovate the 143-room hotel, which is located across the street from the airport Sky train station and the light rail station that provides immediate access to downtown Phoenix and Tempe. Bill Murney of Cushman & Wakefield’s Hospitality team in Phoenix represented the undisclosed seller in the deal.
LOS ANGELES — JLL Capital Markets has arranged $16.7 million construction take-out financing for The Hobart, a mid-rise multifamily property in the Koreatown submarket of Los Angeles. Chris Collins and Brad Vansant of JLL Capital Markets’ debt advisory team secured the two-year, floating-rate loan for the borrower, Jannone Development. Built in 2023, the community features 39 one-, two- and three-bedroom floor plans ranging from 877 square feet to 1,424 square feet. The property is located at 3050 W. 11th St.
GLENDALE, ARIZ. — Westcore has completed a $92.7 million acquisition of the 906,125-square-foot Hatcher Industrial Park from Ryan Cos. US. Westcore partnered with Ryan one year ago for the development of the property, and this transaction marks the completion of the project and sale. Located in Glendale, the two-building industrial campus includes a 519,167-square-foot facility at 15101 W. Hatcher Road and a 386,958-square-foot asset at 15151 W. Hatcher Road. The warehouses feature 40-foot clear heights, ESFR sprinklers, eight grade-level doors, 167 dock-high doors and ample parking, including electric vehicle parking. Westcore is building out speculative office suites, equipping the buildings with full HVAC, LED warehouse lighting and dock packages with 40,000-pound-capacity levelers. Ryan Cos. served as the developer and builder for Hatcher Industrial Park and Ryan A+E Inc. served as architect. Tony Lydon, Marc Hertzberg, Riley Gilbert and Kelly Royle of JLL assisted with the transaction and are managing the leasing efforts for the property.
PERRIS, CALIF. — Rockefeller Group has completed the $13.4 million acquisition of a 14-acre parcel in Perris for the development of Patterson Commerce Center, a 259,000-square-foot distribution center. The project will be located adjacent to Optimus Logistics Center, a 1.4 million-square-foot, two-building logistics center. Full construction is slated to commence in September. The building will feature 36-foot clear heights, 56-foot by 60-foot column spacing, 145 parking spaces and a 185-foot to 240-foot truck court with 59 trailer stalls. Completion of Patterson Commerce Center is scheduled for summer 2024. The project team includes HPA Architects, Huitt-Zollars and RM Dalton. Jo McKay, Michael McKay and Michael Fine of Lee & Associates represented the Rockefeller Group on the land purchase and will oversee leasing of the project.
LA PALMA AND LA HABRA, CALIF. — DMI Real Estate Group has completed the dispositions of two shopping centers — La Palma Collection and The Row on Harbor — for a combined $25.5 million. Joseph Lising of Cushman & Wakefield’s Southern California retail team, along with Daniel Sydor of Cushman & Wakefield’s Valuation & Advisory Services, represented and advised DMI in the dispositions. Located at 7811-7971 Valley View St. in La Palma, La Palma Collection features 23,882 square feet of multi-tenant retail space. A private 1031 exchange buyer acquired the asset for $13 million. Ron Duong of Marcus & Millichap represented the buyer in the deal. The Row on Harbor, located at 1450-1478 S. Harbor Blvd. in La Habra, features 23,314 square feet of retail space. At the time of sale, the property was fully leased to 14 tenants, including EggBred, AkaFuji, Furai Chicken, Bodhi Leaf Coffee Traders, Code Ninjas and Club Pilates. A 1031 all-cash buyer acquired the property for $12.5 million.
DAVIS, CALIF. — Michaels Student Living has completed Orchard Park, a 1,549-bed residence hall developed through a public-private partnership with the University of California, Davis and the Collegiate Housing Foundation. The development spans 11 buildings, offering 613 units for graduate students and students with families. The community also includes indoor amenity spaces, two community centers and programmed outdoor space. This property is the second phase of development for the public-private partnership, following The Green at West Village, a nine-building community offering 3,290 beds.
COLORADO SPRINGS, COLO. — Berkadia has arranged the financing of a 72-bed memory care facility in Colorado Springs. Jay Healy and Andrew Lanzaro of Berkadia Seniors Housing & Healthcare secured a $14.4 million bridge loan to retire the existing construction debt and transaction costs. Berkadia Seniors Housing & Healthcare was able to offer an 18-month, floating-rate, bridge-to-HUD loan to allow the borrower enough time to continue improving NOI to a level that will support a HUD refinancing. Berkadia Seniors Housing & Healthcare anticipates submitting the HUD application within 12 months. The Washington-based borrower completed the community in 2018 and, despite strong lease-up velocity in 2019, struggled throughout much of 2020 and 2021 due to key staff turnover and multiple COVID-19 lockdowns. Occupancy hit a low point of 30 percent in December 2020 before new facility-level leadership stepped in to stabilize the community, managing to increase occupancy to 72 percent by March 2023.
FULLERTON, CALIF. — Capital One has provided $43 million in Fannie Mae loans for the refinancing of two multifamily communities owned by SC Development. The portfolio includes the 271-unit The Streams and the 222-unit La Villita-La Costa properties in Fullerton. Greg Reed, Kristen Croxton and Tina Quirin of Capital One originated the transactions, which closed in June. The separate 10-year, fixed-rate loans feature interest-only payments for the entire term. The Streams features one- and two-bedroom apartments with all-electric kitchens, modern appliances, fireplaces and additional storage. La Villita-La Costa offers one- and two-bedroom units with large closets, patiso or balconies and washer/dryer hookups. Both communities feature a swimming pool, spa and fitness center. SC Development has maintained both properties since they were constructed in the mid-1970s.
BEAVERTON, ORE. — STAG Industrial has purchased Beaverton Industrial Center, a multi-tenant industrial/distribution project in Beaverton. BKM Capital Partners sold the asset for $20.6 million. Situated on 6.4 acres, the 121,426-square-foot property consists of two freestanding distribution buildings located at 5805 and 5807 SW 107th Ave. Originally constructed in the 1960s, the asset was extensively upgraded in 2021. At the time of sale, Beaverton Industrial Center was fully leased. Bryce Aberg, Jeff Chiate, Jeff Cole, Rick Ellison, Mike Adey, Zach Harman and Brad Brandenburg of Cushman & Wakefield’s National Industrial Investment Advisory Group in Southern California represented the seller. Greg Nesting, Aaron Watt and Keegan Clay of Cushman & Wakefield provided local market advisory.
KAILUA-KONA, HAWAII — SRS Real Estate Partners has arranged the sale of the leasehold interest of a two-story, multi-tenant retail and office building in Kailua-Kona. A private partnership sold the asset to a Hawaii-based private investor for $7.5 million. Built in 1997 on 1.5 acres, the 30,503-square-foot is located at 75-1000 Henry St. At the time of sale, the property was 98 percent occupied by Planet Fitness, Anderson Wealth Planning, Fidelity National Title and ProService Hawaii. Nicholas Paulic, A.J. Cordero, Matthew Mousavi and Patrick Luther of SRS represented the seller in the deal.
