LOS ANGELES — Greenbridge Finance and Deutsche Bank have co-originated a $150 million refinancing for The Reef, a creative flex office property in downtown Los Angeles. Located at 1933 S. Broadway, The Reef offers more than 800,000 rentable square feet of creative space tailored for innovators, entrepreneurs and diverse creators. LA Mart, Maker City LA and Magic Box are tenants at the 12-story building, which also has a basement.
SIMI VALLEY, CALIF. — Meridian Capital Group has arranged a $40 million loan to refinance Varenita of Simi Valley, an assisted living and memory care facility in Simi Valley. The borrower is Griffin Living, which opened the property in April. Proceeds from the transaction repaid an existing construction loan and provided a return of capital to the owners while the community was still in lease-up. A finance company provided the funds. Meridian’s Ari Adlerstein, Josh Simpson and Jesse Rauch negotiated the transaction. Varenita of Simi Valley comprises 75 assisted living and 27 memory care units.
LOS ANGELES — Stan Johnson Co. has arranged the sale of a fitness and sports facility located at 40014 10th St. West in Palmdale. A New York City-based private investor sold the asset to the tenant, Planet Fitness, for $5.5 million. Prior to acquiring the real estate, Planet Fitness occupied the 18,000-square-foot property on a triple-net lease that features rental increases and option periods. Ronnie Givargis of Stan Johnson Co. represented the seller in the deal.
TUCSON, ARIZ. — SB Pacific Group has completed the disposition of Peaks at Redington, an apartment community located along Speedway Boulevard, to MF Asset Management for $53.9 million, or $179,070 per unit. Constructed in 1980 on 10 acres, Peaks at Redington features 301 apartments with nine-foot ceilings, dishwashers and balconies or patios. Community amenities include a swimming pool, bocce ball court and outdoor fitness equipment. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
LA JOLLA, CALIF. — Belmont Village Senior Living has opened Belmont Village Senior Living La Jolla. The property rises 17 stories along the Pacific Coast just north of San Diego, featuring 180 units of independent living, assisted living and memory care. It is Belmont’s 15th community in California and 33rd overall. Partners on the project include Greystar, UC San Diego Center for Healthy Aging and the Stein Institute for Research on Aging. James Arp is the executive director.
LOS ANGELES — Cushman & Wakefield has arranged the sale of Sherman Way Industrial Center, a fully leased industrial park located on 5.4 acres in the North Hollywood neighborhood of Los Angeles. The Ben B. and Joyce E. Eisenberg Foundation, a charitable organization, sold the asset to a joint venture between affiliates of Captiva Partners and Westbrook Partners for $37 million. The seller is donating 100 percent of the proceeds from the sale to multiple charitable organizations that it supports. Totaling 139,567 square feet, Sherman Way Industrial Center consists of five buildings that were fully leased to 20 tenants at the time of sale. David Hasbrouck, Lars Platt, Benjamin Cooper and Mitchell Neff of Cushman & Wakefield’s Capital Markets team represented the seller in the deal. Paul Sims, also of Cushman & Wakefield, provided leasing advisory for the property.
FORT COLLINS, COLO. — Comunale Properties is nearing completion of Mulberry Connection, a two-building industrial facility in Fort Collins. The Class A speculative property is the first of its kind built in Fort Collins since the 1990s, according to the developer. Situated on 13 acres at 4036 and 3874 Redman Drive, Mulberry Connection will offer 164,000 square feet of industrial space upon delivery next month. The buildings feature 22 dock-high and eight drive-in doors, 28- to 32-foot clear heights, ESFR systems, generous power and interstate-fronting signage opportunities. The company has secured two pre-leases from two national credit tenant companies for the properties. Gustave A. Larson, a regional distributor of HVACR equipment, parts and supplies, will occupy 16,500 square feet. The Fort Collins branch of Winlectric, a national full-service electric wholesaler, will occupy 14,900 square feet. The project team includes Alcorn Construction and Grey Wolf Architecture. Travis Ackerman of Cushman & Wakefield is the project’s leasing broker.
CHANDLER, ARIZ. — Phoenix Commercial Advisors has arranged the sale of SanTan Gateway South, a grocery-anchored shopping center in Chandler. The asset traded for $16.7 million, or $294 per square foot. The names of the seller and buyer were not released. Situated on 6.8 acres at the intersection of Arizona Avenue and Loop 202 Freeway, the 56,852-square-foot property was 100 percent leased at the time of sale. Tenants include Starbucks Coffee, Patel Brothers, Bright Now! Dental and Orthodontics, and Bethel Church. John Schweikert, Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the transaction.
GREAT FALLS, MONT. — Catalyst Healthcare Real Estate and National Real Estate Advisors have purchased Great Falls Clinic Campus, a three-building healthcare portfolio in Great Falls. Terms of the transaction were not released. Totaling 244,500 square feet, the campus currently consists of a surgical hospital, ambulatory surgery center with four operating rooms and a medical office building. The surgical hospital is undergoing a 58,800-square-foot expansion that will increase the number of in-patient and ICU beds while enhancing other inpatient services. The 108,000-square-foot medical office building is attached to the surgical hospital and provides a variety of services, including imaging, oncology and orthopedics. All three assets are master leased to the Great Falls Clinic and are strategically located to provide healthcare services to the central Montana region.
TEMPE, ARIZ. — California-based EKN Development has received a $24.5 million construction loan for the development of a dual-flagged Fairfield Inn and TownePlace Suites by Marriott in Tempe. The four-story, 148-key, dual-branded hotel will share a lobby; more than 2,000 square feet of meeting space; a select-service restaurant and bar; fitness and business center; outdoor pool with hot tub; and a covered patio. Aimbridge Hospitality will manage both hotels upon completion, which is scheduled for first-quarter 2024. Jillian Mariutti, Robert Tonnessen, Phil Cadorette and Carl Beardsley of JLL Capital Markets sourced the financing for the project. Dallas-based Hall Structured Finance closed the loan for the borrower.