Western

Kingsbarn Realty Capital Buys Six-Building Green Valley Corporate Center in Henderson, Nevada for $114.5M

by Amy Works September 22, 2022

HENDERSON, NEV. — Kingsbarn Realty Capital has acquired Green Valley Corporate Center, a six-building office portfolio totaling 347,015 square feet in Henderson. JMA Ventures and Blue Vista Capital Management sold the portfolio for $114.5 million. Tyler Ecklund, James Griffis, Brad Peterson, Darren Lemmon and Justin Witt of CBRE represented the seller in the deal. Green Valley Corporate Center North consists of three Class A office properties: 2275 Corporate Circle, a three-story, 68,444-square-foot building 2285 Corporate Circle, a two-story, 45,337-square-foot building 2370 Corporate Circle, a three-story, 69,208-square-foot building Green Valley Corporate Center South consists of three Class A office properties: 2475 Village View Drive, a two-story, 44,526-square-foot building 2485 Village View Drive, a three-story, 69,222-square-foot building 2495 Village View Drive, a two-story, 50,278-square-foot building

September 22, 2022

Acquisitions Development Loans Multifamily Nevada Western

LDK Ventures Receives $59.3M Acquisition Loan for Integra Peaks at Damonte Ranch Multifamily Development in Reno

by Amy Works September 22, 2022

RENO, NEV. — LDK Ventures has received a $59.3 million senior loan for the purchase of Integra Peaks at Damonte Ranch, a partially complete apartment property in Reno. PCCP provided the loan. Located at 875 Damonte Ranch Parkway, the community is approximately 75 percent complete, with final delivery slated for late March 2023. Totaling 300 units, Integra Peaks consists of five four-story, elevator-served residential buildings and 10 two-story, carriage-style buildings. The unit interiors feature vinyl plank flooring, vaulted ceilings on fourth-floor units, island kitchens, high-end energy efficient appliances, tiled showers and baths, LED lighting and private balconies with mountain views. Community amenities include a standalone clubhouse offering a fitness facility with separate yoga and spin rooms, a cybercafé, resort-style pool, cabanas, outdoor firepits and a dog park.

September 22, 2022

Acquisitions California Restaurant Retail Western

Newmark Brokers $45.2M Sale of Valley Central Shopping Center in Lancaster, California

by Amy Works September 22, 2022

LANCASTER, CALIF. — Newmark has arranged the sale of Valley Central, a community shopping center in Lancaster. The property traded for $45.2 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark led the transaction. Situated on more than 35 acres at 44400 Valley Central Way, Valley Central features 375,541 square feet of retail space. At the time of sale, the property was 68 percent occupied. Current tenants include Marshalls, Staples, Michaels, 99 Cents Only, Burlington, Planet Fitness, Five Below, Chuck E. Cheese, Black Angus Steakhouse, Party City, GameStop, Sola Salon Studios, Starbucks Coffee, Sport Clips, Sally Beauty Supply, America’s Tires, Jersey Mike’s Subs, Vans, Leslie’s Pool Supplies and Uptown Cheapstake.

September 22, 2022

Affordable Housing Development Loans Multifamily New Mexico Western

Hunt Capital Partners Provides $19.1M in Financing for 204-Unit Trailhead at Chamizal Apartments in Albuquerque

by Amy Works September 22, 2022

ALBUQUERQUE, N.M. — Hunt Capital Partners (HCP), in partnership with Palindrome Properties, has provided $19.1 million in federal low-income housing tax credit (LIHTC) equity financing for the construction of Trailhead at Chamizal, a 204-unit multifamily community in Albuquerque. Total development cost for Trailhead at Chamizal is $58.6 million. Situated on six acres, Trailhead at Chamizal will feature 116 one-bedroom/one-bath units, 36 two-bedroom/one-bath units, 32 two-bedroom/two-bath units and 20 three-bedroom/two-bath units. The residences are designated for families earning up to 60 percent of area median income. Each unit will feature modern amenities, including balconies/patios, central air conditioning, dishwashers, disposals, exterior storage, hardwood flooring, microwaves, walk-in closets and washers/dryers. Palindrome’s development team includes PacifiCap Construction as general contractor and Dekker Perich Sabathi as architect. PacifiCap Management will manage the new development, which is slated for completion in late 2024. HCP facilitated the federal LIHTCs through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 48. Lenders include Bank of the West, which is providing a taxable $9.8 million construction loan, and Boston Capital, which is providing a $29.5 million tax-exempt construction loan as well as a $25.3 million tax-exempt permanent loan. An additional $8 million soft loan is bring provided by the …

September 22, 2022

Acquisitions California Restaurant Retail Western

Progressive Real Estate Arranges $2.8M Sale of Restaurant Building in Moreno Valley, California

by Amy Works September 22, 2022

MORENO VALLEY, CALIF. — Progressive Real Estate Partners has brokered the sale of a restaurant property located at 23060 Alessandro Blvd. in Moreno Valley. Kalaveras, a Southern California-based Mexican restaurant chain, acquired the building from an Inland Empire-based private investor for $2.8 million. The 8,927-square-foot building was previously home to a Woody’s Restaurant, which closed in late 2021. Kalaveras Mexican Cuisine & Bar currently has 13 Southern California restaurants with plans underway for a dozen more locations, including this Moreno Valley site. The fully equipped restaurant features indoor seating for 200, an outdoor patio that seats 70 and on-site parking. The building includes a commercial brewing system and super-sized kitchen with upgraded hoods and equipment. The purchase included the building, land, furniture, fixtures and equipment, as well as a Type 47 liquor license and entertainment permit. Albert Lopez and Greg Bedell of Progressive Real Estate Partners represented the seller, while Allen Kirschbaum of Saddleback Realty represented the buyer in the deal.

September 22, 2022

Affordable Housing California Development Loans Multifamily Seniors Housing Western

KeyBank Provides $49.3M Construction Loan for Affordable Seniors Housing Property in San Ysidro, California

by Amy Works September 21, 2022

SAN YSIDRO, CALIF. — KeyBank Community Development Lending and Investment has provided $49.3 million in construction financing to 4132 Beyer L.P., a collaboration between nonprofit affordable housing Metropolitan Area Committee on Anti-Poverty of San Diego County and Riverside-based Kingdom Development. The partnership will use the funds to develop Ventana al Sur, an affordable seniors housing community in San Ysidro, just across the Mexican border from Tijuana. Ventana al Sur will include 100 one- and two-bedroom apartments for seniors, as well as a manager unit. The units will include roll-in showers, balconies, appliances, heating and air conditioning. The property will offer three laundry rooms, two elevators, secure parking and a rooftop terrace. The units will be restricted to seniors 62 and older making 20 percent to 50 percent of area median income, with 25 units for seniors experiencing chronic homelessness, supported by vouchers from San Diego Commission. Matthew Haas and Keven Ruf of KeyBank arranged the financing for the borrower. In addition to the funds from KeyBank, the project received $4.4 million from San Diego Housing Commission, $5 million from San Diego Economic Development, $20 million from California State Multifamily Housing Program and $30.4 million from California Housing Accelerator funds as …

September 21, 2022

Acquisitions Loans Nevada Restaurant Retail Western

JLL Capital Markets Arranges $41.2M Sale of Craig Marketplace in Las Vegas

by Amy Works September 21, 2022

LAS VEGAS — Gerrity Group has sold Craig Marketplace, a 119,280-square-foot retail center in Las Vegas, for $41.2 million. Gleb Lvovich and Daniel Tyner of JLL Capital Markets represented both Gerrity and the California-based buyer in the 1031-exchange transaction. John Marshall, Jordan Leake and Carl Beardsley, also of JLL, secured acquisition financing on behalf of the buyer. Anchored by Albertsons, the center was 94.5 percent leased at the time of sale to tenants including Jack in the Box, Popeyes Louisiana Kitchen, Starbucks Coffee and Subway. Situated at 7101-7181 W. Craig Road, the property was built in 2002.

September 21, 2022

Acquisitions California Office Western

Cushman & Wakefield Negotiates $9M Sale of Executive Commons Office Property in Sacramento

by Amy Works September 21, 2022

SACRAMENTO, CALIF. — Cushman & Wakefield has arranged the off-market sale of Executive Commons, a two-story office building in Sacramento. 350 University Partnership sold the asset to Sacramento-based Bardis & Miry Development for $9 million. Located at 350 University Ave., the property features 47,000 square feet of multi-tenant office space. At the time of sale, the building was 95 percent leased. Kevin Partington and Ben Corfee of Cushman & Wakefield represented the seller in the transaction.

September 21, 2022

Acquisitions Loans Office Washington Western

Pearlmark Receives $7M Mezzanine Loan for Northview Center Office Building in Lynnwood, Washington

by Amy Works September 21, 2022

LYNNWOOD, WASH. — Chicago-based Pearlmark has received a $7 million mezzanine debt investment as part of its purchase of Northview Center, an office property in Lynnwood. The 182,009-square-foot building is close to a new light rail station that will provide easy access to downtown Seattle. The investment was made on behalf of Pearlmark Mezzanine Realty Partners V LP. Prime Finance provided the senior loan. Nitze-Stagen is the manager for the borrower. Bill Swackahmer of Pearlmark arranged the transaction.

September 21, 2022

Acquisitions Nevada Office Western

CBRE Negotiates $5.1M Sale of Two-Building Office, Industrial Property in Las Vegas

by Amy Works September 21, 2022

LAS VEGAS — CBRE has brokered the sale of two freestanding commercial buildings at 2829 Losee Road in Las Vegas. Bob Beylik acquired the asset from Jaramillo Trust for $5.1 million. Built in 1989, the property includes a 4,500-square-foot office space and a 10,000-square-foot industrial warehouse facility on a 3.4-acre secured plot. The two buildings are located near the Interstate 15 interchange, North Fifth Street and Cheyenne Avenue. Tyler Ecklund and James Griffis of CBRE represented the seller in the deal.

September 21, 2022

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