Western

IDEAL Capital Group Buys Sentio Apartment Community in Phoenix for $108M

by Amy Works March 11, 2024

PHOENIX — California-based IDEAL Capital Group has acquired Sentio, a multifamily property in North Phoenix, from Hines for $108 million. Completed in 2023, Sentio features 325 open-concept floorplans with top-of-market unit interiors. The Class A property offers smart-home technology; energy-efficient appliances and window treatments; sustainability-focused construction; high-end finishes; interconnected, resident-centric amenity spaces; and walking paths. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Greon of CBRE represented the seller in the deal. Trevor Breaux, Troy Tegeler and Ryan Greer of CBRE Debt & Structured Finance arranged financing for the buyer.

March 11, 2024

Parkview-Christian-Retirement-Portland-OR

Acquisitions Multifamily Oregon Seniors Housing Western

Ziegler Negotiates Sale of 177-Unit Parkview Christian Retirement Community in Portland, Oregon

by Amy Works March 11, 2024

PORTLAND, ORE. — Ziegler, as exclusive financial advisor to the seller, has arranged the acquisition of Parkview Christian Retirement Community in Portland. Founded by members of the Columbia Baptist churches, the nonprofit Oregon Baptist Retirement Home Society opened its doors in 1944. The community expanded several times over the next 40 years. In 1987, the organization moved to its current location in northeast Portland and expanded again 10 years later. Today, the campus consists of 115 rental independent living apartments and 62 assisted living units spread over approximately six acres of land. The buyer is a for-profit owner-operator. The price was not disclosed. The Ziegler investment banking team included Humair Sabir, Stephen Johnson, Marie Carlson, and Ryan Anders.

March 11, 2024

Acquisitions Colorado Retail Western

Pinnacle Brokers Sale of 94,949 SF Plaza West at Aurora Town Center in Colorado

by Amy Works March 11, 2024

AURORA, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Plaza West at Aurora Town Center, a 94,949-square-foot retail center in the Denver suburb of Aurora. The Colorado- and California-based sellers sold the asset to a Colorado-based investment group for $8 million. Situated on 7.8 acres at 13670 E. Alameda Ave., Plaza West at Aurora Town Center was 65 percent occupied at the time of sale. The property consists of a shopping center, which was built in 1985, anchored by Dollar Tree and Harbor Freight Tools, and a freestanding drive-thru building built in 2021 and occupied by Starbucks Coffee. Justin Krieger of Pinnacle Real Estate Advisors handled the transaction.

March 11, 2024

Acquisitions California Industrial Western

Multiple Organics Sells 49,805 SF Warehouse, Cold Storage Facility in Hercules, California

by Amy Works March 11, 2024

HERCULES, CALIF. — Multiple Organics has completed the disposition of a warehouse and cold storage facility, located at 200 Linus Pauling Drive in the Bay Area city of Hercules. A Sutter Health entity acquired the asset for an undisclosed price. The 49,805-square-foot property features 7,700 square feet of office space, six dock doors, four grade-level doors, 22-foot clear heights, 2,000 amps of power and 8,000 square feet of cooler space. Kevin Hatcher and Austin Hinder of CBRE represented the seller in the transaction.

March 11, 2024

California Loans Retail Western

PSRS Arranges $13.2M Refinancing for Wilmington Plaza Shopping Center in Los Angeles

by Amy Works March 11, 2024

LOS ANGELES — PSRS has arranged $13.2 million in refinancing for Wilmington Plaza, a retail center in the Wilmington neighborhood of Los Angeles. Mike Thorp and Ari Zeen of PSRS secured the nonrecourse loan, which features a five-year term, 30-year amortization and cash-out proceeds. One of PSRS’ correspondent life insurance companies provided the capital. Northgate Gonzalez Market, CVS/pharmacy and Chase Bank are tenants at the 64,222-square-foot Wilmington Plaza, which is located along Pacific Coast Highway.

March 11, 2024

California Development Hospitality Mixed-Use Restaurant Retail Western

LRE & Cos. Receives Approval for University Square Mixed-Use Project in Rocklin, California

by Amy Works March 8, 2024

ROCKLIN, CALIF. — LRE & Cos. has received approval from the City of Rocklin for the development of University Square, a 10-acre mixed-use destination project at the intersection of Sunset Boulevard and University Avenue in Rocklin, approximately 20 miles northeast of Sacramento. Slated for completion by the end of 2025, University Square will feature more than 20,000 square feet of retail space, 5,000 square feet of space for quick-service restaurants with drive-thrus, a 123-room Hilton Garden Inn, a 10,000-square-foot daycare center and a 3,700-square-foot Circle K convenience store and a car wash. A construction timeline was not released.

March 8, 2024

California Healthcare Loans Office Western

Gantry Arranges $28M Refinancing for Medical Office Building in Torrance, California

by Amy Works March 8, 2024

TORRANCE, CALIF. — Gantry has secured a $28 million permanent loan to refinance Torrance Memorial Lundquist-Lurie Cardiovascular Center, located at 2841 Lomita Blvd. in Torrance, a southern suburb of Los Angeles. The three-story, 65,000-square-foot medical office building is fully occupied by physicians and technicians providing outpatient services on behalf of Torrance Memorial Medical Center, a full-service, Cedars Sinai-affiliated hospital. George Mitsanas, Braden Turnbull and Alicia Sabanero of Gantry’s Los Angeles (El Segundo) office secured the financing for the borrower, a private real estate company. The 10-year permanent loan was placed with one of Gantry’s correspondent insurance company lenders at a fixed rate with 30-year amortization and pre-payment flexibility after year seven.

March 8, 2024

Acquisitions Arizona Industrial Western

MDC Realty Advisors Acquires 114,907 SF Industrial Facility in Phoenix for $24.3M

by Amy Works March 8, 2024

PHOENIX — Canada-based MDC Realty Advisors has purchased an industrial property located at 2632 E. Chambers St. in Phoenix. American Refrigerator Supplies sold the asset for $24.3 million. In conjunction with the acquisition, the seller signed a long-term lease for the Class A facility. Situated on seven acres, the 114,907-square-foot building features 28-foot clear heights, 30,500 square feet of office space and immediate access to Phoenix Sky Harbor International Airport, SR-143 and Interstate 10. Phil Haenel, Will Strong, Foster Bundy and Katie Rapine of Cushman & Wakefield’s private capital group represented the buyer and seller in the deal.

March 8, 2024

Acquisitions Multifamily New Mexico Western

Bascom Group Buys 96-Unit San Miguel Court Apartments in Santa Fe, New Mexico

by Amy Works March 8, 2024

SANTA FE, N.M. — The Bascom Group has acquired San Miguel Court Apartments, a multifamily property at 2029 Calle Lorca in Santa Fe. Terms of the transaction were not released. Built in 1974, San Miguel Court features 96 one-, two- and three-bedroom apartments with in-home washers/dryers, hardwood-style flooring, stainless steel appliances and large walk-in closets. Ryan Greer and CJ Connelly of CBRE arranged the debt financing for the acquisition with La Salle Debt Investors as the lender. Apartment Management Consultants will manage the asset, and SD-CAP will provide construction management services.

March 8, 2024

Acquisitions Colorado Industrial Western

JLL Negotiates Sale of 101,788 SF Industrial Building in Denver

by Amy Works March 8, 2024

DENVER — JLL Capital Markets has brokered the sale of Saltbox Denver – Park Hill, an industrial property located at 4800 Dahlia St. in Denver. Rob Key and Larry Thiel of JLL Capital Markets handled the transaction. Terms of the sale were not released. Saltbox fully occupies the 101,788-square-foot, side-loading building on a net-lease basis. Situated on 5.5 acres, the asset was built in 1959 and most recently renovated in 2021. The building features 22-foot clear heights, 14 dock-high doors, two grade-level doors and 144 parking spaces. The tenant offers digital commerce companies a flexible and tenant-ready office, warehousing and distribution solution to solve challenges in e-commerce.

March 8, 2024

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