Western

TruAmerica Acquires Nineteen01 Apartment Complex in Santa Ana, California for $102.9M

by Amy Works September 20, 2023

SANTA ANA, CALIF. — TruAmerica Multifamily, in partnership with PCCP, has acquired Nineteen01, a multifamily community in Santa Ana, from an undisclosed seller for $102.9 million. Built in 2016, Nineteen01 features 264 apartments in a three- and five-story building. Located at 1901 E. 1st St., Nineteen01 offers one-, two- and three-bedroom floorplans with fully appointed kitchens, full-size washers/dryers, private patios or balconies, walk-in closets and ceiling fans. Community amenities include a rooftop resort-style pool area with spa, 24/7-access fitness center, business center, cybercafé, private conference room, dog park, game room, package system, communal fire pit, outdoor grilling areas and community green spaces. Shane Shafer of Northmarq brokered the transaction.

September 20, 2023

Acquisitions Office Oregon Western

Newmark Brokers Sale of 118,104 SF Leland James Office Building in Portland, Oregon

by Amy Works September 20, 2023

PORTLAND, ORE. — Newmark has brokered the sale of Leland James, a multi-tenant office building in Portland’s Slabtown District. Spear Street Capital acquired the fully occupied asset. Terms of the transaction were not released. Located at 2175 NW Raleigh St., the four-story Leland James building features 118,104 square feet of office space. Formerly a corporate office building, the property was redeveloped in 2018. The redevelopment included seismic upgrades, a new brick façade and the addition of a heavy timber penthouse level with an eco-roof, as well as new mechanical, electrical and plumbing systems. Nick Kucha, James Childress and Jakob Nicholls of Newmark represented the undisclosed seller in the deal. Dave Squire and Josh Williams of Newmark served as leasing advisors on behalf of the seller and helped bring the property to 100 percent occupancy.

September 20, 2023

Loans Multifamily Washington Western

Dwight Mortgage Trust Funds $23.6M Bridge Loan for Prairie Home Apartments in Vancouver, Washington

by Amy Works September 20, 2023

VANCOUVER, WASH. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $23.6 million bridge loan for the refinancing of Prairie Home Apartments in Vancouver. McBride Capital brokered the transaction for the borrower, RRC Group. Proceeds of the bridge loan will be used to retire existing construction debt. Built in 2023, Prairie Home Apartments features 120 units spread across five three-story residential buildings, a clubhouse, garages, a fitness center, pool, spa, barbecue grill, picnic area, dog wash station and dog park.

September 20, 2023

California Loans Retail Western

PSRS Arranges $14.5M Loan for Central Valley Plaza Shopping Center in Modesto, California

by Amy Works September 20, 2023

MODESTO, CALIF. — PSRS has arranged $14.5 million in permanent debt for Central Valley Plaza, a retail property in Modesto. Michael Thorp of PSRS – Newport Beach, Calif., secured the 10-year loan, which was placed with a life insurance company, for the undisclosed borrower. Walmart and Kohl’s anchor Central Valley Plaza, which is located off the 99 in Modesto’s retail corridor.

September 20, 2023

California Loans Multifamily Seniors Housing Western

G Capital Markets Provides $9.6M HUD Refinancing for Trellis Chino Skilled Nursing Facility in California

by Amy Works September 20, 2023

CHINO, CALIF. — G Capital Markets, a new advisory firm launched this summer by Grant Goodman, has arranged a $9.6 million HUD refinancing for Trellis Chino, a skilled nursing facility in Chino. Built in 2018, the community comprises all private rooms and exclusively cares for short-term, high-acuity rehabilitation patients. After leasing up during COVID, the building has performed strongly with near 100 percent occupancy, according to G Capital. The borrower, Encore Capital Ventures, is a real estate investment and capital solutions firm with a portfolio of healthcare and other real estate holdings across California. Proceeds of the loan were used to pay off construction loan debt and fund replacement reserves.

September 20, 2023

Acquisitions Colorado Hospitality Western

Mission Hill Hospitality Acquires 120-Key Residence Inn by Marriott in Breckenridge, Colorado

by Amy Works September 19, 2023

BRECKENRIDGE, COLO. — Mission Hill Hospitality has purchased the Residence Inn by Marriott in Breckenridge. Terms of the transaction were not released. Opened in 2016, Residences Inn Breckenridge features 129 guest rooms, a fitness center, full breakfast, cocktail hour and lounge, year-round outdoor pool and spa, barbeque grills, a 24-house front desk, ski storage and 1,700 square feet of event space.

September 19, 2023

California Loans Multifamily Seniors Housing Western

CFG Funds $43.4M HUD Refinancing for Skilled Nursing Facility in Bakersfield, California

by Amy Works September 19, 2023

BAKERSFIELD, CALIF. — Capital Funding Group (CFG) has provided a $43.4 million HUD loan for a 140-bed skilled nursing facility in Bakersfield. The transaction converts an existing bridge loan into a HUD loan following the property’s stabilization. The initial financing, also executed by CFG, allowed the nationally recognized borrower to acquire the property. Patrick McGovern originated the transaction for CFG.

September 19, 2023

Acquisitions Colorado Retail Western

Hawkeye INVSCO Sells Three-Property Retail Portfolio in Littleton, Colorado for $15.1M

by Amy Works September 19, 2023

LITTLETON, COLO. — Greenwood Village-based Hawkeye INVSCO has completed the disposition of a three-property retail portfolio in Littleton to an undisclosed investor for $15.1 million. Totaling 101,103 square feet, the portfolio includes Marketplace at Ken Caryl, Columbine Plaza and Marina Pointe Shopping Center. Located at 10143 W. Chatfield Ave., Marketplace at Ken Caryl features 47,606 square feet and was originally built in 1981. Columbine Plaza, located at 6671-6745 Ken Caryl Ave., offers 33,947 square feet of multi-tenant space. Marina Pointe Shopping Center, located at 7444 W. Chatfield Ave., features 19,550 square feet on 1.8 acres. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the deal.

September 19, 2023

Acquisitions California Development Industrial Office Western

Terreno Realty Buys $14.8M Office Property in Santa Ana, California, Plans Industrial Conversion

by Amy Works September 19, 2023

SANTA ANA, CALIF. — Terreno Realty Corp. has acquired a 4.9-acre site at 1720 E. Garry Ave. in Santa Ana from Greenlaw Partners for $14.8 million. The site consists of three multi-tenant office buildings leased on a short-term basis. Terreno plans to demolish the existing structures and construct an industrial project on the site. Slated for completion in first-quarter 2025, the 91,500-square-foot rear-load distribution facility will offer 10 dock-high and two grade-level loading positions. Terreno’s total expected investment in the project is $40.6 million. The industrial development is fully pre-leased to a provider of temperature-controlled life sciences supply chain solutions. Rick Ellison, Jeff Chiate, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s Capital Markets team in Orange County, Calif., represented the seller in the transaction.

September 19, 2023

Acquisitions Arizona Retail Western

ORION Investment Brokers $4.6M Sale of Retail Center in Chandler, Arizona

by Amy Works September 19, 2023

CHANDLER, ARIZ. — ORION Investment Real Estate has arranged the sale of a retail strip center at Alma School and Ray roads in Chandler. Max Taylor & Co. LLC sold the asset to The Yerahmiel Rocky Rotshein Property Trust for $4.6 million, or $223 per square foot. At the time of sale, the property was fully leased. Nick Miner of ORION represented the seller, while Simon Asef of DMC Real Estate represented the buyer in the deal.

September 19, 2023

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