Western

Brixton Capital Acquires 149,928 SF Shopping Center in American Fork, Utah

by Amy Works June 14, 2022

AMERICAN FORK, UTAH — Brixton Capital has purchased American Fork Center, a retail center at 648 E. State St. in American Fork, located between Salt Lake City and Provo. A partnership between Western Avenue Capital and ALTO Funds sold the asset for an undisclosed price in an off-market transaction. At the time of sale, the 149,928-square-foot shopping center was fully leased. Tenants include Vasa Fitness, JOANN, Big Lots, Dollar Tree and Del Taco. Brixton plans to upgrade the center through repainting, parking lot resurfacing, landscaping improvements and signage upgrades. Scott Brady and Garrett Blomquist of Mountain West Commercial Real Estate sourced the opportunity for Brixton.

June 14, 2022

Acquisitions Multifamily Oregon Western

Security Properties, Oaktree Capital Buy River Ridge Apartments in Tualatin, Oregon for $70M

by Amy Works June 14, 2022

TUALATIN, ORE. — Security Properties and funds managed by Oaktree Capital Management have acquired River Ridge, a Class A apartment property located at 17865 SW Pacific Highway in Tualatin, for $70 million. Built in two phases from 2015 to 2017, River Ridge features 180 apartments spread across 14 residential buildings on nine acres. The apartments are a mix of one-, two- and three-bedroom layouts, averaging 977 square feet each. Units feature high ceilings, quartz countertops, large windows, walk-in closets, in-home washers/dryers and private balconies or patios with storage. Community amenities include a fitness center, resident clubhouse, resort-style outdoor pool, sundeck, basketball court, bocce ball court, playground, walking trail on the Tualatin River, 120 onsite storage units and 301 parking spaces. Security Properties Residential, an affiliate of Security Properties, will manage the community. Joe Nydahl, Josh McDonald and Phil Oester of CBRE represented the seller, Salem-based Mountain West Investment Corp., in the off-market transaction.

June 14, 2022

California Development Loans Multifamily Seniors Housing Western

Live Oak, Locust Point Provide $28M Construction Loan for Assisted Living, Memory Care Community in San Diego

by Amy Works June 14, 2022

SAN DIEGO — Live Oak Bank and Locust Point Capital have provided a $28 million loan for the development of an 81-unit assisted living and memory care community in the Clairemont neighborhood of San Diego. The borrower is a partnership between RhodesMoore and Frontier Management. The urban infill development will consist of a 73,000-square-foot building and parking deck situated on 1.5 acres. Frontier will be the operator upon completion.

June 14, 2022

Loans Multifamily Seniors Housing Washington Western

Northmarq Arranges $33M Refinancing for Seniors Housing Community in Bellevue, Washington

by Amy Works June 14, 2022

BELLEVUE, WASH. — Northmarq has arranged a $33 million refinancing for The Gardens at Town Square, a seniors housing community located in downtown Bellevue. The 168-unit community is in a five-story, mid-rise building built in 1998 and includes a mix of independent living, assisted living and memory care. The borrower is ERA Living. The loan was structured with a 10-year term, fixed rate and 30-year amortization with one year of interest-only payments. Loan proceeds retired $20.4 million in existing agency debt and returned equity to the borrower. Stuart Oswald, senior vice president/managing director of Northmarq’s Seattle office, arranged the transaction. A correspondent life insurance company provided the capital.

June 14, 2022

Arizona Development Healthcare Western

Ironwood Cancer & Research Centers to Develop 28,634 SF Healthcare Facility in Goodyear, Arizona

by Amy Works June 14, 2022

GOODYEAR, ARIZ. — Ironwood Cancer & Research Centers have unveiled plans to develop a healthcare facility in Goodyear. Situated on six acres at the northwest corner of 159th Avenue and McDowell Road, the facility will feature 28,634 square feet of space and offer oncology, CT and PET diagnostic imaging, radiation, chemotherapy and immunotherapy. A groundbreaking ceremony is scheduled for Sept. 20, 2022.

June 14, 2022

Acquisitions Industrial Utah Western

Gardner Batt Divests of 347,290 SF Logistics Portfolio Near Salt Lake City for $187.7M

by Amy Works June 13, 2022

SALT LAKE CITY AND AMERICAN FORK, UTAH — Gardner Batt has completed the disposition of a 347,290-square-foot, Class A industrial portfolio near Salt Lake City to a joint venture between Greenlaw Partners and Mirae Asset Global Investments for $187.7 million. Jeff Chiate, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group, along with Tom Freeman and Travis Healey of Cushman & Wakefield’s Salt Lake City office, represented the seller in the transaction. The portfolio consists of a 201,096-square-foot facility situated on 56 acres at 989 W. Center St., which was delivered in 2021, and a 146,194-square-foot property at 398 E. 1100 South St. in American Fork, which was delivered in 2020. Both facilities feature 40-foot clear heights, excess van/trailer parking, ample loading and ESFR sprinklers. The last-mile facilities are both fully leased to a Fortune 10 global e-commerce company.

June 13, 2022

Acquisitions Loans Multifamily Washington Western

NewPoint Real Estate Capital Provides $86.6M Acquisition Loan for Alcove at Seahurst Multifamily Community Near Seattle

by Amy Works June 13, 2022

BURIEN, WASH. — NewPoint Real Estate Capital has provided an $86.6 million Freddie Mac floating-rate loan to facilitate the purchase of Alcove at Seahurst on behalf of an affiliate of Harbor Group International. Constructed in 1948, the garden-style Alcove at Seahurst features 44 residential buildings spread across 36 acres at 14001 Ambaum Blvd. SW. The community features 543 units in a mix of one-, two- and three-bedroom apartments with fully equipped kitchens, washers/dryers and architectural built-ins. Community amenities include a playground, coffee bar, fitness center, business lounge and grilling and picnic areas. The seven-year Freddie Mac loan features an interest-only period of five years, providing Harbor with the flexibility to execute a value-add renovation.

June 13, 2022

Acquisitions California Multifamily Western

FPA Multifamily Sells 142-Unit ReNew Mills Community in Ontario, California for $45.6M

by Amy Works June 13, 2022

SAN DIEGO — FPA Multifamily has completed the sale of ReNew Mills, an apartment property in Ontario. San Diego-based Interwest Capital Group acquired the asset for $45.6 million. Located at 551 E. Riverside Drive on 8.8 acres, ReNew Mills features 142 apartments, a fitness center, resident clubhouse with a pool table and lounge, dog park and resort-style pool and spa. The units feature large closets, vaulted ceilings, air conditioning, fireplaces and private balconies. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction.

June 13, 2022

Acquisitions Arizona Multifamily Western

IPA Brokers Sale of 388-Unit Talise Apartments in Mesa, Arizona

by Amy Works June 13, 2022

MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Talise, a multifamily community in Mesa. Terms of the transaction were not released. Located along Gilbert Road and University Drive, Talise features 388 apartments in a mix of open-concept floor plans with well-appointed kitchens, full-size washers/dryers, walk-in closets and private patios or balconies with exterior storage. Select apartments have vaulted ceilings, fireplaces and built-in bookshelves. Community amenities include three resort-style swimming pools, a spa, business center, fitness center and mailroom. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

June 13, 2022

Acquisitions Colorado Industrial Western

NAI Shames Makovsky Arranges $8.4M Sale of Industrial Asset in Denver

by Amy Works June 13, 2022

DENVER — NAI Shames Makovsky has arranged the sale of an industrial building located at 4429-4477 Glencoe St. and 4444-4488 Forest St. in Denver. I-70 Glencoe Forest RLLP sold the property to Home Silk Shop for $8.4 million. The property features 53,167 square feet of industrial space. Sandy Feld of NAI Shames Makovsky represented the seller, while Michael Bloom and Matt Dorsten of Michael Bloom Realty Co. represented the buyer in the deal.

June 13, 2022

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