Western

Marcus & Millichap Brokers $76M Sale of Vista Ridge Apartments in Reno, Nevada

by Jeff Shaw July 19, 2023

RENO, NEV. — Arthur Vista Ridge has sold Vista Ridge Apartments, a 324-unit asset in Reno, to Tilden Properties and IDEAL Capital Group for $76 million. Vista Ridge Apartments was built in 1996 on 19 acres. The community offers one-, two- and three-bedroom apartments. Units feature vaulted ceilings, and washers and dryers. Amenities include a fitness center, business center, pool, and tennis and basketball courts. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer.

July 19, 2023

California Development Loans Multifamily Western

JLL Arranges Equity for 200-Unit Axis @ Davis Apartment Project in Davis, California

by Jeff Shaw July 19, 2023

DAVIS, CALIF. — JLL Capital Markets has arranged joint venture equity for the construction of Axis @ Davis, a 200-unit apartment community in the Sacramento suburb of Davis. Axis @ Davis will comprise five residential buildings, as well as 1,500 square feet of ground-floor retail space. Units will come in one-, two- and three-bedroom layouts. Amenities will include a top-floor lounge, pool with a spa, pet park, package room, game room and study rooms with a coffee bar and private offices. Axis @ Davis will be located one mile from the University of California, Davis campus. The project is designed as a 100 percent electric project with rooftop solar panels and electric vehicle charging spaces. Anton Development Co. plans to begin construction in summer 2023, with the community slated for delivery in fall 2025.

July 19, 2023

Acquisitions Arizona Multifamily Western

WhiteHaven Acquires Clarendon Park Apartments in Phoenix for $37M

by Jeff Shaw July 19, 2023

PHOENIX — WhiteHaven has purchased Clarendon Park Apartments, a 138-unit community in Phoenix, for $37 million. The company rebranded the property as Haven at Midtown. Built in 2002, Haven at Midtown offers studio, one- and two-bedroom units. Amenities include a pool with a grilling area, a gym, internet access, a dog park, garages and covered parking. Greystar will be the property manager for this asset.

July 19, 2023

Acquisitions New Mexico Retail Western

Westwood Financial Sells 37,442 SF Sycamore Plaza Shopping Center in Albuquerque

by Jeff Shaw July 19, 2023

ALBUQUERQUE, N.M. — Westwood Financial has sold Sycamore Plaza, a 37,442-square-foot shopping center in Albuquerque, for an undisclosed price. Petsmart anchors the property, which was fully occupied at the time of sale. Other tenants include Sally Beauty, Einstein Bros. Bagels, Stretch Zone, GNC, Super Cuts and GameStop. CBRE National Retail Partners represented Westwood in the transaction.

July 19, 2023

Arizona Leasing Activity Restaurant Retail Western

Eight Tenants Join Canyon Trails Towne Center in Metro Phoenix

by Jeff Shaw July 19, 2023

GOODYEAR, ARIZ. — Eight tenants are joining Canyon Trails Towne Center, a 90-acre, mixed-use development in Goodyear, roughly 19 miles west of Phoenix, bringing the property to full occupancy. Chipotle Mexican Grill recently opened a restaurant at the center, and Michael’s and Five Below will occupy 18,300 and 10,434 square feet, respectively. Target and Ross Dress for Less have also signed leases at the property, and Starbucks Coffee, Freddy’s Steakburgers and Denny’s are currently underway on the construction of spaces scheduled to open this fall. The landlords, principals of Santa Cruz Seaside Co., are additionally negotiating leases with two retail big box stores to occupy 30,000 square feet of new, ground-up construction. Vestar manages the property.

July 19, 2023

California Loans Multifamily Western

Slate Asset Management Provides $27M Senior Loan Facility for Lantana Uptown Apartments in Oakland

by Jeff Shaw July 18, 2023

OAKLAND, CALIF. — Slate Asset Management’s private credit business has closed a $27 million senior loan facility for Lantana Uptown, a Class A multifamily community in Oakland. The property offers high-end units and premium amenities. Charles Halladay and Lillian Roos of Jones Lang LaSalle Americas Inc. represented the undisclosed borrower.

July 18, 2023

Acquisitions California Hospitality Western

Meriwether Buys Morgan Run Club & Resort in Rancho Santa Fe, California

by Jeff Shaw July 18, 2023

RANCHO SANTA FE, CALIF. — Meriwether Cos. has acquired Morgan Run Club & Resort in the San Diego suburb of Rancho Santa Fe. The company plans to invest more than $25 million in renovating the resort and private club, including its racquet sports, golf, dining and hotel components. The renovation is scheduled over the next two to three years. The construction will occur in phases, allowing the resort to remain open. Planned enhancements include upgrades to the common areas in the dining, banquet and fitness spaces of the clubhouse; converting the existing spa into a communal recovery area; investments in the golf course irrigation, bunkering and re-grassing; construction of a new pool and casual dining outlet; renovation of the racquet sports area including the tennis, pickleball and sports courts; and an improved pool. The hotel will be completely revitalized with upscale exterior and interior room renovations, along with new management and operations.

July 18, 2023

California Development Office Western

Hendy Designs 39,550 SF Headquarters for Outdoor Apparel Brand in Costa Mesa, California

by Jeff Shaw July 18, 2023

COSTA MESA, CALIF. — Hendy has completed the design of a 39,650-square-foot headquarters for outdoor apparel and gear brand 5.11 Tactical in Costa Mesa, approximately 40 miles southeast of Los Angeles. Finalized in less than 12 months from kickoff to buildout, the interior architecture integrates the apparel brand’s distinctive product materials, textiles and gear into the design. The project team included representatives from JLL, RAM Construction, Millpro USA, Impact Visual Arts and SOURCE Creative Office Interiors.

July 18, 2023

Acquisitions California Healthcare Office Western

Montecito Medical Acquires 32,000 SF Medical Office Property in Visalia, California

by Jeff Shaw July 18, 2023

VISALIA, CALIF. — Montecito Medical has acquired a 32,300-square-foot medical office property in the San Joaquin Valley city of Visalia. The property, located on the campus of Kaweah Delta Medical Center, is fully leased by Kaweah Health. Founded in 1963, Kaweah Health operates the largest healthcare facility in the county and works with more than 5,200 medical professionals across its eight campuses. The acquisition aligns with Montecito Medical’s focus on acquiring medical office properties nationwide.

July 18, 2023

California Healthcare Leasing Activity Office Western

CBRE Arranges Two Lease Extensions at Oakland’s Rotunda Building

by Jeff Shaw July 18, 2023

OAKLAND, CALIF. — CBRE has arranged two lease extensions totaling 10,000 square feet at the Rotunda Building in Oakland. The extending tenants include East Bay Endoscopy Surgery Center, an outpatient endoscopic facility specializing in gastroenterology, and East Bay Center for Digestive Health, a provider of comprehensive gastroenterology and hepatology services. Rubicon Point Partners owns the 300,000-square-foot office and retail building, and is currently underway on upgrades to building systems, common areas and tenant amenities. CBRE’s Andy Schmitt, Trent Holsman and Alex Robertson represented the landlord. Michael Sharapata of JLL represented East Bay Endoscopy Surgery Center, while Russel Gallaway of Gallaway Commercial represented East Bay Center for Digestive Health.

July 18, 2023

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