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601-Hawaii-St-El-Segundo-CA
CaliforniaLoansOfficeWestern

Gantry Arranges $15.3M Loan for DaVita-Occupied Office Building in El Segundo, California

by Amy Works

EL SEGUNDO, CALIF. — Gantry has arranged $15.3 million in permanent financing for a single-tenant office building located at 601 Hawaii St. in El Segundo, a suburb of Los Angeles. Mark Ritchie, Amit Tygai and Alicia Sabanero of Gantry secured the financing on behalf of the borrower, a private real estate investor. A conduit lender provided the five-year, fixed-rate loan, which features interest-only payments for the life of the loan. Healthcare provider DaVita occupies the 51,000-square-foot property as its regional headquarters and national training facility. The asset features extensive tenant improvements, including an energy management system that generates 75 percent of energy used on site.

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2655-The-Alameda-Santa-Clara-CA
CaliforniaDevelopmentMultifamilyStudent HousingWestern

Kapital Partners Plans 39-Unit Student Housing Community Near Santa Clara University

by Amy Works

SANTA CLARA, CALIF. — Kapital Partners has announced plans for a 39-unit student housing development located at 2655 The Alameda near the Santa Clara University campus in California. The property will also feature 1,500 square feet of retail space on the first floor. Shared amenities at the community will include a barbecue, ping pong tables and picnic tables for residents. Construction is scheduled to begin in 2024 with completion scheduled for 2025. 

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975-American-Pacific-Dr-Henderson-NV
AcquisitionsIndustrialNevadaWestern

CBRE Brokers $9.6M Sale of Industrial Building in Henderson, Nevada

by Amy Works

HENDERSON, NEV. — CBRE has negotiated the sale of an industrial property located at 975 American Pacific Drive in Henderson. Apenzell Investments acquired the asset from Unilev Capital Corp. and Mandalay Advisors, an affiliate of Palladius Capital Management, for $9.6 million. The two-story, 55,974-square-foot building features seven docks, five drive-in doors, 26-foot clear height and 126 surface parking spaces. Additionally, the asset includes three egress/ingress points. Tyler Ecklund of CBRE’s Investment Properties represented the seller in the transaction.

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CaliforniaCivicNevadaWestern

MLB Owners Approve Relocating Oakland Athletics to Las Vegas

by Amy Works

LAS VEGAS — The owners of the 30 Major League Baseball (MLB) teams have unanimously approved the Oakland Athletics’ plan to move to Las Vegas. This continues the team’s agreement to develop a nine-acre ballpark on the 36-acre Tropicana Las Vegas campus, which was previously reported in May. The A’s plan to develop a 30,000-seat ballpark at the site that is located along the Las Vegas Strip at Las Vegas Boulevard and Tropicana Avenue. The A’s will play the 2024 season at the Oakland Coliseum. However, its lease at the stadium expires after the 2024 season. The team is working with MLB to determine options for interim play following the 2024 season. The A’s averaged 10,276 fans per game at the Oakland Coliseum in 2023, ranking the team 15th out of 15 in attendance among American League teams, according to Baseball Reference.

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NOVO-Broadway-Apartments-Tempe
AcquisitionsArizonaMultifamilyTop StoriesWestern

MG Properties Acquires NOVO Broadway Apartments in Tempe, Arizona for $100.2M

by Taylor Williams

TEMPE, ARIZ. — San Diego-based investment firm MG Properties has acquired NOVO Broadway Apartments, a newly built apartment community in the eastern Phoenix suburb of Tempe, for $100.2 million. The seller, Evergreen Devco Inc., originally developed and delivered the property as Parc Broadway in 2022. According to Apartments.com, the property totals 324 units and features studio, one-, two- and three-bedroom units that range in size from 632 to 1,262 square feet. Residents enjoy proximity to a number of employment centers that are anchored by large technology, manufacturing and healthcare companies. Communal amenities include a pool, fitness center, outdoor grilling and dining stations, resident lounge with a TV and coffee bar, dog park and a coworking lounge. Unit amenities include stainless steel appliances, wood-style flooring, individual washers and dryers, and private balconies/patios. “NOVO Broadway Apartments is a high-quality community that is well-positioned to benefit from regional employment growth, making it an ideal fit for our long-term investment strategy,” says Jeff Gleiberman, president of MG Properties. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Milliichap, represented Evergreen Devco in the sale. Brian Eisendrath and Cameron Chalfant, also with IPA, originated an undisclosed amount of Freddie …

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14350-N-87th-St-Scottsdale-AZ
AcquisitionsArizonaOfficeWestern

PREG Scottsdale Buys Scottsdale Northsight Office Building in Arizona for $26.5M

by Amy Works

SCOTTSDALE, ARIZ. — PREG Scottsdale LLC, a company formed by a private individual investor, has acquired Scottsdale Northsight, a Class A multi-tenant office building in Scottsdale. MIREF Northsight LLC sold the asset for $26.5 million. Located at 14350 N. 87th St., the three-story property features 138,693 square feet of office space. At the time of sale, the building was 69 percent leased. The asset offers suites ranging in size between 2,000 square feet and 8,000 square feet. Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield’s Capital Market and Private Capital Group teams in Phoenix represented the seller in the transaction.

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AcquisitionsCaliforniaIndustrialWestern

Longpoint Acquires Three Industrial Properties in Metro Los Angeles Totaling 321,479 SF

by Amy Works

CITY OF INDUSTRY AND COMMERCE, CALIF. — Boston-based Longpoint has purchased three industrial buildings in Los Angeles County totaling 321,479 square feet. The properties all feature vacancy rates of two percent or less. The properties include: Cushman & Wakefield National Industrial Advisory Group brokered the transaction for John Reed Commerce Center, and Alex Blecksmith of Colliers brokered the transactions for 2854 Supply Ave. and 6480 Corvette St.

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Intrigue-Apts-Las-Vegas-NV
AcquisitionsLoansMultifamilyNevadaWestern

NewPoint Provides $17.5M in Acquisition Financing for Intrigue Apartments in Las Vegas

by Amy Works

LAS VEGAS, NEV. — NewPoint Real Estate Capital has provided $17.5 million in Fannie Mae DUS conventional multifamily financing for the purchase of Intrigue Apartments in Las Vegas. The borrower was a private family trust. David Bleiweiss of NewPoint originated the loan, which features a seven-year term with four years of interest-only payments followed by 30-year amortization schedule. The loan was made through Fannie Mae’s Sponsored-Dedicated Workforce Program, which is designed to support conventional multifamily properties. Borrowers receive lower interest rates and streamlined underwriting by agreeing to keep a minimum of 20 percent of units affordable at 80 percent of area median income (AMI) or 100 to 120 percent of AMI in specific cost-burdened markets. Formerly known as Andiamo Apartments, the community features 193 apartments, a pool, fitness center, dog park, playground and barbecue areas. Built in 1986, the garden-style property is located in the Twin Lakes neighborhood roughly seven miles north of the Las Vegas Strip.

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7245-Commerce-Center-Dr-Colorado-Springs-CO
AcquisitionsColoradoHospitalityWestern

Marcus & Millichap Brokers Sale of 125-Room Wingate by Wyndham Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — Marcus & Millichap has arranged the sale of Wingate by Wyndham Colorado Springs, a hotel located at 7245 Commerce Center Drive in Colorado Springs. A private investor acquired the asset from a limited liability company for an undisclosed price. The buyer plans to re-position the 125-key hotel under a new brand. Onsite amenities include an indoor pool, fitness center, business center, meeting space, laundry facility, breakfast area and bus parking. Additionally, the property allows easy access to downtown Colorado Springs, Garden of the Gods and Pikes Peak.

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Echo-Park-P132-Surprise-AZ
ArizonaDevelopmentIndustrialWestern

Echo Real Estate Breaks Ground on Four-Building Industrial Project in Surprise, Arizona

by Amy Works

SURPRISE, ARIZ. — Echo Real Estate Capital, with PREMIER Design + Build Group, has broken ground on Echo Park @ P132, a speculative industrial development in the Phoenix suburb of Surprise. Located at the intersection of Peoria Avenue and 132nd Avenue, the four-building project will offer a total of 182,870 square feet of industrial space ranging from 43,000 square feet to 48,000 square feet. Construction is slated for completion in October 2024. The project team includes Winton Architects, GF Group, KAEKO, Mechanical Designs and Hawkins Design Group.

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