Western

McCarthy Completes $243M Banner Gateway Medical Center Expansion in Gilbert, Arizona

by Jeff Shaw March 20, 2023

GILBERT, ARIZ. — McCarthy Building Companies has completed the $243 million, five-story Banner Gateway Medical Center tower expansion project in Gilbert. The expansion doubles the size of the medical center campus, which is located at 1900 N. Higley Road. It is expected to add more than 600 new jobs to the center. The 351,000-square-foot addition includes an expanded Women and Infant Services Unit with NICU, added space for inpatient cancer care by Banner MD Anderson Cancer Center (located on the same campus), and more space for surgical, emergency, endoscopy and imaging services, including four new operating rooms and a new MRI, as well as angiogram and endoscopy suites. The tower expansion increases inpatient beds from 177 to 286 with additional shell space to accommodate future growth, and the relocation of the helipad to the new tower’s rooftop. Construction on the tower expansion began in February 2021. Some campus renovation work will continue into 2024. McCarthy completed the initial Banner Gateway Medical Center campus in 2007.

March 20, 2023

Acquisitions California Multifamily Seniors Housing Western

Mogharebi Group Brokers $28.5M Sale of Wildomar Senior Community in California

by Jeff Shaw March 20, 2023

WILDOMAR, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Wildomar Senior, a 284-unit seniors housing community in Wildomar, a city in Southern California’s Inland Empire. TMG represented the seller, Craig Thralls, who developed the property in 2000. The buyer was a Los Angeles-based private investment group. The fully occupied property features 176 independent living apartments and 108 assisted living units.

March 20, 2023

Acquisitions California Multifamily Western

CBRE Negotiates $23.1M Sale of Dove Ridge Apartments in Riverside, California

by Jeff Shaw March 20, 2023

RIVERSIDE, CALIF. — CBRE has arranged the $23.1 million sale of Dove Ridge Apartments in Riverside. The 96-unit community is located at 6556 Arlington Ave. near the Riverside Airport. This is the first time the asset has sold since it was developed in 1987. CBRE’s Blake Torgerson and Eric Chen represented the buyer, a local private investor. The sellers were also local private owners and the original developers of the property.

March 20, 2023

Acquisitions Oregon Retail Western

IPA Arranges Sale of 84,610 SF Jackson Creek Shopping Center in Medford, Oregon

by Jeff Shaw March 20, 2023

MEDFORD, ORE. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $6.1 million sale of Jackson Creek Center, an 84,610-square-foot shopping center in Medford. Albertson’s anchors the property, which was 93 percent occupied at the time of sale. Other tenants at the center include Oregon Internal Medicine, West Main Spirits, Ace Force One, El Arriero, Subway, UScellular and Wells Fargo. Bill Rose of IPA represented the seller, Citivest Commercial Investments, in the transaction. Adam Lewis is Marcus & Millichap’s broker of record in Oregon.

March 20, 2023

Acquisitions Industrial Washington Western

MCA Realty Buys Auburn Business Center Industrial Park in Washington for $9M

by Jeff Shaw March 20, 2023

AUBURN, WASH. — MCA Realty has acquired Auburn Business Center, a 67,205-square-foot, five-building industrial park in Auburn, for $9 million. Built in 1986, the center is currently 85 percent leased. MCA plans to implement a capital improvement program that will include new paint, asphalt, roof and monument signage. The firm acquired the business park with its $50 million Industrial Growth Fund. Jim Honan of Neil Walter Company represented MCA Realty in this transaction. The seller, a private investor, represented itself.

March 20, 2023

California Development Loans Multifamily Western

GPI Cos. Receives $84M Construction Financing for Overland and Ayres Apartment Community in West Los Angeles

by Jeff Shaw March 17, 2023

LOS ANGELES — GPI Cos. has received $84 million in financing for construction of Overland and Ayres, a 201-unit apartment community in West Los Angeles. Located 2455 Overland Ave., Overland and Ayres will be fully integrated with the newly constructed West End creative campus. It will feature 100 percent market-rate units, with amenities like a podium pool deck and outdoor fitness lawn. The community will also include about 6,200 square feet of commercial space. JLL secured the floating-rate construction loan through Citizens.

March 17, 2023

California Development Life Sciences Office Western

CBRE Negotiates $17.7M Sale of Thousand Oaks Office Property for Life Sciences Conversion

by Jeff Shaw March 17, 2023

THOUSAND OAKS, CALIF. — CBRE has arranged the sale of a 98,776-square-foot office building in Thousand Oaks for $17.7 million. The firm also arranged $42 million in financing for the acquisition and speculative conversion to a life sciences campus. Located at 120 Via Merida and built in 1998, the two-story office building sits on 6.7 acres and was previously the corporate headquarters for Wellpoint Health Networks. The property’s existing infrastructure is well suited to be redeveloped for life sciences use, according to CBRE. It features 50,000-square-foot floor plates, steel frame construction, outdoor balconies, grade-high dock door and ample power supply. Gray Matter, the life sciences initiative of Graymark Capital, has engaged architect BAM Creative to develop a phased conversion plan. Upon completion, the property will feature 60 percent lab-ready space with upgraded mechanical, electrical and plumbing, and 40 percent newly built creative office space to support the lab. The property will also undergo exterior and site improvements to the power system, loading area, indoor/outdoor amenity areas, cosmetics, roof and parking lot. CBRE’s Mike Longo, Sean Sullivan and Todd Tydlaska represented the seller, a Los Angeles-based private equity firm, in the sale. CBRE’s Greg Grant arranged financing on behalf of the …

March 17, 2023

Acquisitions Colorado Loans Office Western

Essex Arranges $17M Acquisition Loan for Office Property in Lakewood, Colorado

by Jeff Shaw March 17, 2023

LAKEWOOD, COLO. — Essex Financial Group has arranged $17 million in bridge financing for the acquisition of 143 Union, a 191,564-square-foot, 10-story office property in the Union Boulevard Corridor of Lakewood. Essex worked on behalf of the buyer, Legacy Real Estate Investments, to source the five-year, fixed-rate loan that an insurance company provided. The Class A landmark building is just over 70 percent occupied.

March 17, 2023

Acquisitions California Retail Western

NAI Brokers Sale of 20,909 SF Atlantic Center Mini Mall in Bell, California

by Jeff Shaw March 17, 2023

BELL, CALIF. — NAI Capital Commercial has arranged the purchase of Atlantic Center Mini Mall, a 20,909-square-foot retail center located in Bell, just south of Los Angeles. Steven Weiss and Sam Kangavari of NAI represented the buyer, a private investor, in the transaction. The buyer plans to redevelop the property, converting it to a single-tenant retail building. The NAI team also negotiated a new lease with a national tenant.

March 17, 2023

California Development Industrial Self-Storage Western

North Palisade Partners Opens Self-Storage Development in Huntington Park, California

by Jeff Shaw March 17, 2023

HUNTINGTON PARK, CALIF. — North Palisade Partners has opened its first self-storage facility, located at 2200 Nadeau St. in Huntington Park, just south of Los Angeles. The three-story, 133,000-square-foot facility sits on two acres and features more than 1,500 units. Extra Space Storage will operate the property, which is named Palisade Nadeau Storage.

March 17, 2023

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