Western

Great Expectations Acquires Sagebrook Seniors Housing Property in Bellevue, Plans Affordable Housing Conversion

by Amy Works January 22, 2024

BELLEVUE, WASH. — Great Expectations LLC has purchased Sagebrook, a seniors assisted living and memory care community on 2.3 acres in the Seattle suburb of Bellevue, for $16.5 million. The buyer plans to convert the property into a 108-unit apartment community. The new property, which will be rebranded, will offer housing for residents earning 60 percent to 80 percent of area median income. The community is located at 15750 NE 15th St. Dan Chhan, Tim McKay, Sam Wayne and Matt Kemper of Cushman & Wakefield represented the undisclosed seller in the deal.

January 22, 2024

Acquisitions California Industrial Western

JLL Brokers $11.2M Sale of Distribution Facility in Santa Fe Springs, California

by Amy Works January 22, 2024

SANTA FE SPRINGS, CALIF. — JLL Capital Markets has arranged the sale of a warehouse and distribution facility, located at 10329 Painter Ave. in Santa Fe Springs, a suburb southeast of Los Angeles. An affiliate of Zurich Alternative Asset Management sold the asset to Sterling Investors LP for $11.2 million. The 42,725-square-foot property features 30-foot clear heights, six dock-high doors, one grade-level door and an 82-foot truck court. At the time of sale, the building was fully leased to a single tenant. Mark Detmer, Chad Solomon, Makenna Peter, Cameron Driscoll and Luke McDaniel of JLL Capital Markets represented the seller and procured the buyer in the deal.

January 22, 2024

Acquisitions Arizona Retail Western

Marcus & Millichap Negotiates $4.3M Sale of Harbor Freight Tools-Occupied Property in Cave Creek, Arizona

by Amy Works January 22, 2024

CAVE CREEK, ARIZ. — Marcus & Millichap has arranged the sale of a net-leased retail property located at 4868 E. Carefree Highway in Cave Creek, a suburb north of Phoenix. A limited liability company sold the asset to an undisclosed buyer for $4.3 million. Harbor Freight Tools occupies the 15,300 square feet of retail space. The sale included a lease with 10 years remaining and 10 percent rental increase every five years with multiple renewal options. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller in the deal.

January 22, 2024

Acquisitions Colorado Industrial Western

Hyde Development, Mortenson Properties Buy Peoria Business Center Industrial Portfolio in Denver

by Amy Works January 19, 2024

DENVER — A partnership between Hyde Development and Mortenson Properties has acquired Peoria Business Center, an industrial portfolio in Denver, from Invesco for an undisclosed price. Totaling 592,573 square feet, Peoria Business Center includes three Class A buildings located at 12330 E. 46th Ave., 12360 E. 46th Ave. and 13100 E. Albrook Drive in Denver’s airport submarket. Built between 1999 and 2001, the buildings feature clear heights ranging from 24 feet to 30 feet, ESFR sprinklers, large truck courts, dock-high and drive-in loading, and LED lighting upgrades throughout. At the time of sale, the portfolio was 98 percent leased to 19 diversified tenants. Jeremy Ballenger, Tyler Carner, Jessica Ostermick and Jim Bolt of CBRE represented the seller in the deal.

January 19, 2024

Loans Multifamily Washington Western

FFV Crown Hill Receives $11.8M Refinancing for J.G. Whittier Apartments in Seattle

by Amy Works January 19, 2024

SEATTLE — JLL Capital Markets has arranged $11.8 million in refinancing for J.G. Whittier, a mid-rise apartment community in Seattle’s Ballard neighborhood. Seth Heikkila and Steve Petrie of JLL secured the five-year, fixed-rate loan for the borrower, FFV Crown Hill LLC, through National Life Group. Completed in 2023, J.G. Whittier features 54 studio, one- and two-bedroom apartments with stainless steel appliances and full-size washers/dryers. Community amenities include a rooftop pet play area with washing station; a rooftop deck with green space; walking paths and multiple seating areas; a fireplace lobby and lounge; media room; electric vehicle charging stations; sundeck; and business center. Additionally, the asset features 2,819 square feet of ground-floor retail space. J.G. Whittier is located at 7759 15th Ave. NW.

January 19, 2024

Acquisitions California Office Western

CBRE Brokers $8M Sale of Office Building in San Diego Tech Park

by Amy Works January 19, 2024

SAN DIEGO — CBRE has arranged the sale of an office building located at 17075 Camino San Bernardo within Rancho Bernardo’s Tech Park in San Diego. Dominguez Channel LLC, an overseas private buyer undergoing a 1031 exchange, acquired the asset for $8 million, or $314 per square foot. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Chris Williams of CBRE Investment Properties represented the San Diego-based private seller, while George Rehab represented the buyer in the transaction. The remodeled modern office building features 115 parking spaces and an outdoor patio on the corner of Rancho Bernardo Road and Camino San Bernardo. The building is fully gross leased with no pass-throughs. Situated on two acres, the two-story building offers 25,475 square feet of office space.

January 19, 2024

California Loans Retail Western

Gantry Arranges $8.6M Loan for Oak Hills Shopping Center in Pleasanton, California

by Amy Works January 19, 2024

PLEASANTON, CALIF. — Gantry has arranged an $8.6 million permanent loan to refinance Oak Hills Shopping Center, located at 5410-5480 Sunol Blvd. in the Bay Area city of Pleasanton. Raley’s grocery, BMO Bank, Mountain Mike’s Pizza, Jim’s Country Restaurant, Gymboree and Brick Fitness are tenants at the 120,000-square-foot retail center. Mitch Zeemont, Tony Kaufmann and Alex Poulos of Gantry arranged the financing for the borrower, a private real estate entity. One of Gantry’s correspondent life company lenders provided the 12-year, fixed-rate loan with a 20-year amortization.

January 19, 2024

Acquisitions California Restaurant Retail Western

Hanley Investment Group Negotiates $3.2M Sale of Starbucks-Occupied Property in Los Angeles

by Amy Works January 19, 2024

LOS ANGELES — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant restaurant property with a drive-thru at 1789 W. Jefferson Blvd. in Los Angeles. A private investor based in Los Angeles sold the asset to a Southern California-based private investor for $3.2 million. Starbucks Coffee occupies the 1,486-square-foot building, which was built in 2017. Jeff Lefko and Bill Asher of Hanley Investment Group represented the seller, while Ryan Sharpe of Kidder Mathews represented the buyer in the deal.

January 19, 2024

Market Reports Nevada Western Western Market Reports

Population Growth Drives Development in Southern Nevada

by Jeff Shaw January 19, 2024

— By Jeffrey Swinger, Executive Vice President | Las Vegas, Multifamily Investment Sales, Colliers — Las Vegas is on a roll right now, continuing to raise the bar year after year, and we are bullish on the long-term outlook of Southern Nevada’s future. UNLV’s Center for Business and Economic Research predicts that Southern Nevada’s population will gain 41,900 new residents in 2023 and increase another 2.4 percent in 2024. This wave of growth, coupled with strong local economic activity and enhanced infrastructure investments, has created more jobs and more demand for housing. With more than $8.12 billion of new major projects delivered in 2023, there is another $2 billion currently under construction with plans to deliver in 2024 and 2025. Additionally, there is another $17.25 billion of announced and proposed projects keeping Las Vegas’s momentum moving forward. Significant projects that were delivered in 2023 include the Fontainebleau, the MSG Sphere and the inaugural Formula 1 Heineken Silver Las Vegas Grand Prix. The Fontainebleau is the latest hotel/casino along the Strip, valued at $3.7 billion, and will add 3,644 rooms to the hotel inventory count. The MSG Sphere is Las Vegas’s newest entertainment venue featuring the largest spherical building in the …

January 19, 2024

California Development Loans Multifamily Western

Calmwater Capital Funds $32.2M Construction Loan for Multifamily Project in San Gabriel, California

by Amy Works January 18, 2024

SAN GABRIEL, CALIF. — Calmwater Capital has provided Alhambra-based GE Development with a $32.2 million construction loan for the completion of The One, a multifamily community in San Gabriel, a suburb of Los Angeles. The transaction also included an additional $3.7 million in subordinate financing from a Los Angeles-based alternative lender in order to reduce the borrower’s equity commitment. The financing will be used to take out the original construction loan with a portion of the proceeds to be used to fund hard and soft costs needed to bring the project to 100 percent completion. The property was 86 percent completed at loan closing. Located at 101 E. Valley Blvd., The One will feature 81 market-rate studio, one- and two-bedroom apartments in a multi-level, four-story building. Additionally, the property will offer 13,000 square feet of street-level retail space, a three-level subterranean parking garage, interior retail plaza and pedestrian promenade, resident sundeck and a rooftop garden. Completion is slated for second-quarter 2024. Zalmi Klyne and Karl Weidell of Northmarq’s Los Angeles office arranged the financing. Larry Grantham, Zach Novatt and DaJuan Bennett of Calmwater originated the loan.

January 18, 2024

Newer Posts

Older Posts