FOUNTAIN, COLO. — CBRE has brokered the purchase of The Shops at Mesa Ridge, a multi-tenant retail property located at 6859-6885 and 6965 Mesa Ridge Parkway in Fountain, a suburb of Colorado Springs. A private investor acquired the asset from an undisclosed seller for $12.9 million. Built in 2001, the 29,309-square-foot asset features two multi-tenant buildings that were 95.7 percent occupied at the time of sale. Pizza Hut, ENT Credit Union and Buffalo Wild Wings are three of the 16 current tenants. Mark Shaffer, Gary Stache, Gerard Poutier and Chris Martin of CBRE Capital Markets Investment Properties represented the buyer in the transaction.
MESA, ARIZ. — Diversified Partners has broken ground on Eastgate Plaza, a 17-acre mixed-use development at the northeast corner of Elliot and Ellsworth roads in Mesa. Confirmed tenants for the project include a drive-thru Starbucks Coffee, d’Lite Health On The Go, Pure Barre, Fix FX, Fresh Monkee, Playa Bowls, Kolache Café, Southern California-based Farmer Boys, Ono Hawaiian BBQ, Vero Chicago Pizza, Swig soda shop, Euphoria Nail Salon, Mecham Orthodontics, MB2 Dental, Andi’s Hair Salon & Barbershop AVEDA, Discount Tire and The UPS Store. Eastgate Plaza will also feature a 91,911-square-foot Cambria Hotel with 107 guest rooms on 2.11 acres. Designed with Cambria’s new prototypical plans, the hotel will include a 500-square-foot rooftop bar and kitchen, a first-floor restaurant and lounge, an outdoor seating and dining area, and an outdoor pool with a sundeck and fireplace. The hotel is slated to open on Sept. 1, 2025. Elliot & Ellsworth Investment Properties owns the site. An entity led by Brown Jr. Canyon Building & Design is the construction management group overseeing the buildout, while RKAA Architects is the architect of the project. EPS Group is serving as civil engineer.
DENVER — Gelt Venture Partners has acquired Allure Apartments, a multifamily community located at 1300 S. Willow St. in Denver. Sares Regis Group sold the asset for $68.2 million. Built in 2002 and renovated in 2023, Allure Apartments features 252 one- and two-bedroom apartments spread across 12 two- and three-story buildings. Community amenities include a 24-hour fitness center, heated pool, private detached garages, parcel package lockers, a business center, coffee bar and resident clubhouse. The recently upgraded units offer washers/dryers, wood-style flooring, granite countertops, stainless steel appliances, updated cabinets, upgraded light fixtures, carpeted bedrooms, patios or balconies, and nine-foot vaulted ceilings. Jordan Robbins of JLL represented both sides of the transaction.
RIVERSIDE, CALIF. — Gantry has arranged a $12.8 million permanent loan to fund the recapitalization of a grocery-anchored retail building within the Citrus Landing retail center in the Inland Empire city of Riverside. Stater Bros, AutoZone and Ross Dress for Less are tenants at the 99,000-square-foot retail center, which is located at 7200 Arlington Ave. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry’s Los Angeles production office secured the financing on behalf of the borrower, a private real estate entity. One of Gantry’s correspondent life company lenders provided the loan, which features a fixed rate, interest-only payments and pre-payment flexibility in years four and five.
AURORA, COLO. — MCA Realty has purchased Commerce Center I, a three-building industrial business park at 15200 E. 33rd Place, 15250 E. 33rd Place and 15201 E. Moncrieff Place in Aurora. Commerce Center I was acquired through the firm’s MCA Realty Industrial Growth Fund. An undisclosed seller sold the asset for $9.2 million. MCA Realty plans to spend approximately $1.2 million on interior and exterior renovations that will include exterior paint, renovations to the parking lot, exterior lighting upgrades, HVAC repair and replacement, upgraded signage and landscaping, new loading doors, a remote monitored security system, and renovations to interior storefronts and warehouse space. Built in 1985, the three-building, 70,301-square-foot industrial business park was fully occupied at the time of sale. T.J. Smith, Nick Rice and Matt Keyerleber of Colliers represented MCA Realty and the seller in the transaction.
PORTLAND, ORE. — Norris & Stevens has arranged the sale of an industrial building located at 4123 NE Columbia Blvd. in Portland. Creitz Marital Trust sold the asset to an undisclosed buyer for $1.2 million. Greg Nesting, Chase Brand and Gabe Schnitzer of Portland-based Norris & Stevens represented the seller in the deal. Constructed in 1920, the 5,128-square-foot property features a 2,460-square-foot shop and a 2,488-square-foot main office area.
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has agreed to acquire 25 active adult properties from Affinity Living Communities for $969 million. The off-market transaction is part of a long-term strategic partnership between the two companies, with plans for future development activity together. The portfolio encompasses nearly 3,900 units predominately located in the Pacific Northwest. Welltower says the acquisition will enable the company to strategically scale the geographic reach of its active adult portfolio into markets with a five-year projected population growth in the 55-plus demographic that is more than 2.5 times higher than the U.S. average. Post-closing, Affinity will continue to manage the portfolio subject to a terminable management contract. Welltower plans to fund the acquisition using cash on hand and the assumption of $523 million of below-market-rate debt with an average interest rate of 3.8 percent and a nine-year weighted average maturity. The purchase price of approximately $249,000 per unit represents a significant discount to replacement cost, according to Welltower. The average property age is eight years. The transaction is expected to close in tranches over the next several months with timing dependent on property-level loan assumption approvals. The deal will expand Welltower’s in-place and under-development active adult …
Dominium Receives $354.2M Financing Package for Two Affordable Housing Projects in Glendale, Arizona
GLENDALE, ARIZ. — Merchants Capital has arranged more than $86.2 million in Freddie Mac 4 percent Low-Income Housing Tax Credit (LIHTC) Tax-Exempt Loan (TEL) forwards for the construction of Juniper Square, an affordable seniors housing community, and 67 Flats, an affordable family housing development, both in Glendale. Dominium Inc. is developing the two communities. The properties will maintain affordability through 2053, which will restrict all units to residents earning 60 percent or less of the area median income. The Freddie Mac permanent financing comprises $29.8 million for Juniper Square and $56.3 million for 67 Flats. In addition, Merchants Bank provided $89 million in equity bridge loans, while Barclays Capital provided $179 million in construction loans. Juniper Square will offer 221 units for residents age 55 or older spread across two four-story residential buildings. Common amenities will include onsite management, elevators, a swimming pool, clubhouse, sports court, central laundry, fitness center, media/theater room, library, hairdresser, pub/game room and recreation and picnic areas. Consisting of 14 three-story residential buildings, 67 Flats will offer 384 apartments. The community will also feature four non-residential buildings, including a leasing office, clubhouse and fitness center. Community amenities will include onsite management, a swimming pool, sports court, central …
BREMERTON, WASH. — JLL has arranged $79 million in refinancing for Marina Square, a waterfront apartment property at 280 Washington Ave. in Bremerton. Seth Heikkila, Tom Wilson and Steve Petrie of JLL Capital Markets Debt Advisory secured the five-year, floating-rate loan through TPG Real Estate Credit for the borrower, Sound West Group. Situated on the Puget Sound waterfront, Marina Square features 270 studio, one- and two-bedroom units with water and mountain views, large windows, vinyl plank flooring, quartz countertops, stainless steel appliances and full-size washers/dryers. Community amenities include a rooftop deck, a club room with indoor and outdoor space, a landscaped public plaza with three venue spaces, a kayak launch and grilling stations. Additionally, Marina Square features 9,158 square feet of retail space divided into three units. Currently named tenants include The Market at Marina Square and YMCA.
SCOTTSDALE, ARIZ. — Creation has broken ground on Thunderbird Commerce Park, a $60 million industrial center in Scottsdale. Situated on 18 acres within Scottsdale Airpark, Thunderbird Commerce Park will feature 243,360 square feet of Class A industrial space. The asset will offer 51 truck doors, 32-foot clear height, 3,000A power, four electric vehicle charging pedestals, a 130-foot truck court depth and 322 car spaces. LGE Design Build is general contractor and LGE Design Group is architect for the project. Completion is slated for late 2024.