Western

Joint Venture Completes Acquisition of Metrocenter Mall in Phoenix, Begins $850M Redevelopment

by Jeff Shaw January 24, 2023

PHOENIX — Concord Wilshire Capital and TLG Investment Partners, in partnership with Carl DeSantis’ CDS International Holdings Inc., have completed the acquisition of the Metrocenter Mall in Phoenix. The development group has formed a strategic alliance with Hines, an international real estate firm, to redevelop and repurpose the Metrocenter Mall into a walkable village that will be home to apartments, condominiums, curated boutiques, popular retail stores, restaurants, bars, a town-center park and other commercial and entertainment venues. The property spans approximately 64.2 acres of land in a Qualified Opportunity Zone. The plans for the village include over 2,600 multifamily units, 150,000 square feet of commercial space and 4,100 surface and garage-deck parking spaces. The development team has also signed agreements with the City of Phoenix for a public-private partnership for public improvements. The purchase includes both the Dillard’s building and U-Haul building, which formerly housed a Macy’s. Developers confirmed the planned $850 million redevelopment of the property will begin immediately. The redeveloped Metrocenter will be designed as a transit-oriented community, encompassing the city’s new light rail station currently under construction on the site. The City of Phoenix invested approximately $150 million to build the station, which is scheduled for completion …

January 24, 2023

Acquisitions Colorado Restaurant Retail Western

Westwood Financial Buys 225,224 SF Shops at Walnut Creek in Denver

by Amy Works January 23, 2023

DENVER — Westwood Financial has purchased The Shops at Walnut Creek, a community shopping center in Denver. InvenTrust Properties sold the asset for an undisclosed amount. At the time of sale, the 225,224-square-foot property was 94 percent occupied. Current tenants include TJ Maxx, HomeGoods, PetSmart, Michaels, Old Navy, Dollar Tree, Qdoba, Buffalo Wild Wings, Massage Envy, LensCrafters, Sephora and Lash Lounge. Brad Lyons of CBRE | National Retail Partners represented the seller in the deal.

January 23, 2023

Loans Multifamily Nevada Western

Pembrook Provides $38.2M in Financing to Acquire, Renovate Valencia Apartments in Las Vegas

by Amy Works January 23, 2023

LAS VEGAS — Pembrook Capital Management has provided a $27.6 million first mortgage bridge loan and a $10.6 million preferred equity investment for the acquisition and renovation of 127 apartment units located at 1455 E. Katie Ave. in Las Vegas. The name of the borrower was not released. The Valencia Apartments complex features 21 two-story buildings offering a total of 227 units spread across 10.5 acres. Pembrook’s financing allows for the purchase of 127 units (56 percent of the property), including 72 one-bedroom, 49 two-bedroom and six three-bedroom apartments. The financing also provides funds to acquire the additional units over the next 27 months. Upgrades to the units include new flooring, kitchen hardware, lighting and plumbing, as well as the installation of stainless steel kitchen appliances and in-unit washers/dryers. Common-area improvements include modernizing the clubhouse, sports facilities and pool, while providing new fitness equipment for the gym.

January 23, 2023

7402-7410-SE-Johnson-Creek-Blvd-Portland-OR

Acquisitions Industrial Oregon Western

Norris & Stevens Negotiates $7.6M Sale of Mt. Scott Industrial Park in Portland, Oregon

by Amy Works January 23, 2023

PORTLAND, ORE. — Norris & Stevens has arranged the sale of Mt. Scott Industrial Park, an industrial asset located at 7402-7410 SE Johnson Creek Blvd. in Portland. Frith Investments 3 acquired the asset from Mt. Scott Industrial Park LLC for $7.6 million. Nick Chessar and Scott Finney of Portland-based Norris & Stevens represented the seller, while Tyler Dean of Macadam Forbes represented the buyer in the transaction. Constructed in 1971 and 1976 on 3.6 acres, the 35,000-square-foot industrial park features office space in each suite, 48 parking spaces, eight grade-level doors and eight drive-in doors. Mt. Scott Industrial Park was 100 percent occupied at the time of sale.

January 23, 2023

Colorado Industrial Loans Self-Storage Western

PSRS Arranges $4.2M Refinancing for Church Ranch Self-Storage in Westminster, Colorado

by Amy Works January 23, 2023

WESTMINSTER, COLO. — PSRS has arranged a $4.2 million refinancing for Church Ranch Self-Storage in Westminster. The property features 663 self-storage units, climate control, high ceilings, electronic gate access and individually alarmed units. Kostas Kavayiotidis and Nicholas Drohan of PSRS secured the long-term, non-recourse loan with a 30-year amortization and flexible prepayment through a correspondent life insurance company. The borrower was not disclosed.

January 23, 2023

Acquisitions Arizona Office Western

Cushman & Wakefield | PICOR Brokers $3M Sale of Medical Office Space in Tucson, Arizona

by Amy Works January 23, 2023

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of an 11,960-square-foot office space at Oracle-Ina Professional Plaza located at 7490 N. Oracle Road in Tucson. MCP Tucson Endo LLC acquired the asset from Oracle Medical Plaza II LLC for $3 million. Richard Kleiner and Thomas Nieman of Cushman & Wakefield | PICOR represented the seller, while Larry Serota and CeCe Conway of Transwestern represented the buyer in the deal.

January 23, 2023

Acquisitions Multifamily Nevada Western

MG Properties Buys Tribeca North Apartments in North Las Vegas for $81M

by Amy Works January 20, 2023

NORTH LAS VEGAS, NEV. — San Diego-based MG Properties has acquired Tribeca North Apartment Homes in North Las Vegas from The Bascom Group for $81 million. Tribeca North features 312 apartments with available garages and resort-style amenities in a low-density community design. Spencer Ballif, Adam Schmitt and Jannie Mongkolsakulkit of CBRE represented the seller. Bryan Frazier and Blake Hockenbury of Walker & Dunlop secured a Fannie Mae loan for the property.

January 20, 2023

Acquisitions Multifamily Oregon Washington Western

Pacific Union Investors Acquires 2,195-Unit Multifamily Portfolio in Pacific Northwest

by Amy Works January 20, 2023

PORTLAND, ORE., AND SEATTLE — Pacific Union Investors has purchased a nine-property, garden-style apartment portfolio totaling 2,195 units in the Seattle and Portland metropolitan areas. Terms of the transaction were not released. The Washington assets include The Gates of Redmond and Olde Redmond Place in Redmond, Madison Sammamish in Sammamish and Crystal Creek in Vancouver. The Oregon communities include Golf Creek and Meridian at Murrayhill in Beaverton, Orenco Gardens and The Jones in Hillsboro and Forest Rim in Tualatin. Built between 1982 and 2013, the communities offer comprehensive amenity sets, green space with an average density of 16.7 units per acre, and units averaging 900 square feet. This acquisition expands Pacific Union Investors’ Northwest portfolio to 4,915 units across 23 properties.

January 20, 2023

Affordable Housing California Development Multifamily Western

USA Properties Breaks Ground on 147-Unit Affordable Housing Community in La Mesa, California

by Amy Works January 20, 2023

LA MESA, CALIF. — USA Properties Fund has started construction of 8181 Allison, an affordable multifamily property located at 8181 Allison Ave. in La Mesa. Situated in La Mesa’s Downtown Village, 8181 Allison will be near restaurants, grocery stores and retail options, as well as City Hall and the La Mesa city library. The 147-unit community is part of a public-private partnership that includes the California Housing Finance Agency (CalHFA), the City of La Mesa, KeyBank and WNC. KeyBank Community Development Lending and Investment provided a $42 million construction loan for the $67 million project. 8181 Allison will offer one- and two-bedroom, two-bath apartments for residents that earn 30 percent to 70 percent of the area median income. Apartments will feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. Residents will also have access to social services, such as financial planning, job search assistance and stabilization. The four-story apartment building will feature a community room with kitchen, fitness center, computer stations, Wi-Fi area, on-site laundry, outdoor courtyards, a spa and sky deck. The 117-space parking garage will include electric vehicle charging stations. Completion is slated for late 2024.

January 20, 2023

Acquisitions California Restaurant Retail Western

Tourmaline Capital Sells Center Pointe Retail Center in Menifee, California for $24.6M

by Amy Works January 20, 2023

MENIFEE, CALIF. — Tourmaline Capital has completed the disposition of Center Pointe, a newly developed shopping center located at 27281 Newport Road in Menifee. A private 1031 exchange buyer acquired the asset for $24.6 million. Sprouts Farmers Market, Wendy’s, Olive Garden, Tacos & Tequila and Paris Nails are tenants at the 41,461-square-foot property. At the time of sale, the retail center was 96 percent leased. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Retail Capital Markets represented the seller in the deal.

January 20, 2023

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