MERCED, CALIF. — The University of California Merced (UC Merced) and Merced College have announced plans to jointly develop a 488-bed student housing project for community college and transfer students. The California Legislature gave final approval for the $100 million mechanism that will fund the project. The Promise Housing facility will offer rooms on the UC Merced campus for income-qualified community college students that have met the academic requirements of the university’s Merced Promise agreement. The Merced Promise program was created to encourage the most promising and in-need student populations in California’s Central Valley to transform their lives through the pursuit of higher education. “This joint affordable housing project will be a game-changer for our historically underserved region, removing barriers for our students seeking to transfer to UC Merced and providing them with an opportunity to complete their transfer degree at Merced College while fully engaging in campus life at UC Merced,” says Chris Vitelli, president of Merced College. A timeline for the development was not announced.
Western
Walker & Dunlop Arranges $15.2M Refinancing for Waterhouse Ridge Memory Care in Beaverton, Oregon
by Amy Works
BEAVERTON, ORE. — Walker & Dunlop has arranged a $15.2 million loan for the refinancing of Waterhouse Ridge Memory Care in Beaverton, just west of Portland. Located at 1115 NW 158th Ave., Waterhouse Ridge features 68 memory care beds. Onelife Senior Living developed, owns and operates the facility, which is currently 88 percent occupied. Kevin Giusti and Daniel Barone of Walker & Dunlop led the origination team that placed the loan through one of its lending partners. Loan proceeds were utilized to refinance existing debt and provide cash to the borrower. The loan will be seasoned for two years before a planned refinancing under the U.S. Department of Housing and Urban Development’s 232 Program.
Black Lion Acquires Whole Foods-Anchored Retail Complex in Thousand Oaks, California for $8M
by Amy Works
THOUSAND OAKS, CALIF. — Black Lion has purchased a shopping center located at 692 N. Moorpark Road in Thousand Oaks, for $8 million. The name of the seller was not released. Whole Foods Market anchors the 23,958-square-foot retail center, which will undergo rebranding. At the time of acquisition, the 11-storefront property was 55 percent occupied. The buyer plans to implement upgrades to the asset including a façade renovation, new roof and parking lot. Dan Tyner of JLL represented the buyer and seller in the transaction.
Elevation Land Co., Crow Holdings Capital Break Ground on 1.8 MSF Otay Business Park in California
by Amy Works
OTAY MESA, CALIF. — A joint venture between Elevation Land Co. and a real estate fund advised by Crow Holdings Capital has broken ground on Otay Business Park, situated on a 119-acre site in San Diego’s Otay Mesa submarket. The joint venture acquired the land site in May 2022. Otay Business Park will feature 1.8 million square feet of industrial distribution and logistics space spread across multiple buildings. The first phase of the project is slated to open in late 2025. Dempsey Construction is performing the horizontal site work, which includes grading, as well as on-site and off-site utility and road infrastructure work. Ware Malcomb served as architect for the project.
IDM Cos. Receives $62.6M Construction Financing for Meritum Sonoran Desert Multifamily Project in Phoenix
by Amy Works
PHOENIX — IDM Cos. has received $62.6 million in construction financing for Meritum Sonoran Desert, a garden-style apartment project in Phoenix. Kevin MacKenzie, Brad Miner and Elle Miraglia of JLL Capital Markets Debt Advisory secured the loan through a life company for the borrower. Slated for completion in 2025, the 13-building community will feature 348 one-, two- and three-bedroom units with an average size of 1,048 square feet. Additionally, Meritum Sonoran Desert will feature a freestanding clubhouse with a residential living room and kitchen, exercise facility, package lockers, covered patio, dog park, fire pits and two resort-style pools. Meritum Sonoran Desert will be located at the northwest corner of Sonoran Desert Drive and 29th Avenue.
VALENCIA, CALIF. — Centennial has acquired Westfield Valencia Town Center, a 1 million-square-foot shopping mall located in Valencia, approximately 35 miles northwest of Los Angeles. Moving forward, the property, which was leased to more than 140 tenants at the time of sale, will be known as Valencia Town Center. Further details were not disclosed.
Marcus & Millichap Arranges Sale of 68-Unit Chestnut Apartments in San Bernardino, California
by Amy Works
SAN BERNARDINO, CALIF. — Marcus & Millichap has brokered the sale of Chestnut Apartments, a multifamily property located at 1398 N. Sierra Way in San Bernardino. A limited liability company sold the asset to an individual/personal trust for $8.2 million. Constructed in 1949, the value-add community features 68 apartments spread across 17 two-story residential buildings. The property offers 36 one-bedroom/one-bath units, 32 two-bedroom/one-bath units, an exterior fence, a courtyard and 72 carport parking spots. All apartments feature individual hot water heaters and wall air conditioning units. Douglas McCauley and David Covarrubias of Marcus & Millichap represented the seller and buyer in the transaction.
LANCASTER, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $2.7 million sale of a two-tenant retail building located in Lancaster, approximately 65 miles north of Los Angeles. AutoZone and Precision Eyebrow Threading occupy the 6,999-square-foot property, which is situated on a 0.6-acre plot within a Target-anchored shopping center. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley represented the seller, an undisclosed private investor. The buyer was not disclosed.
— By Dan Minnaert, Partner and Industrial Specialist, TOK Commercial Real Estate — Industrial leasing activity has slowed year over year in Southern Idaho markets with total transactions down 9 percent. However, all markets saw transactions increase or remain flat from the first quarter to the second quarter. Net absorption has also remained positive in all markets throughout the first half of 2023. Activity is strongest in the Boise MSA with nearly 900,000 square feet of net absorption recording so far this year. Top deals for the year include Ferguson Enterprises leasing 164,600 square feet of new construction in Nampa, and Hensel Phelps Construction leasing 92,900 square feet at 535 Gowen in South Boise. Demand remains strongest for spaces in the 1,000- to 5,000-square-foot range, accounting for 51 percent of deals over the past 12 months. However, absorbed spaces above 15,000 square feet have increased 15 percent year over year. In addition, organic growth is the top driver for leasing activity considering 30 percent of deals over the past year were attributed to tenants opening additional locations or expanding. Additional new industrial tenants are expected to enter Southern Idaho, most notably in the Boise MSA as new projects such …
PHOENIX — Developer Milhaus and Banyan Residential, a Los Angeles-based private real estate investment firm, have started construction on the first phase of a 515-unit apartment community in Phoenix. Phase I, a $117 million development, is slated for completion in fourth-quarter 2025. Located at the southwest corner of 48th and Washington streets in a designated Opportunity Zone, the 320-unit first phase will include a mix of studios, one-, two- and three-bedroom units ranging in size from 415 square feet to 1,392 square feet. Residences will feature glass showers, walk-in closets, kitchens with stainless steel appliances and private balconies. Community amenities will include two clubhouses and resort-style pools, a fitness center, green space and dog park. UMB, with syndication by First Merchants and Academy Bank, provided a $63.3 million construction loan for the project. The project is Banyan’s ninth Opportunity Zone development and its fourth deal with Milhaus.