Western

The-Perry-Glendale-AZ

PHOENIX AND GLENDALE, ARIZ. — Tides Equities has purchased three multifamily properties in Phoenix and Glendale from Denver-based PaulsCorp for an undisclosed price. The portfolio includes 445 studio, one- and two-bedroom units. Constructed in 1985 and 1986, the communities were each at least 95 percent occupied at the time of sale. The portfolio includes: The Perry, a 148-unit property at 6231 N. 67th Ave. in Glendale Serena Park, a 141-unit community at 8546 N. 59th Ave. in Glendale Red Sage, a 156-unit asset at 5704 W. Thomas Road in Phoenix Brad Cooke, Cindy Cooke, Matt Roach and Chris Roach of Colliers Arizona handled the transaction.

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TREEO-South-Ogden-UT

OGDEN, UTAH — Greystone has arranged a $22.5 million loan to refinance debt on TREEO South Ogden, a seniors housing community in Ogden, approximately 30 miles north of Salt Lake City. Tyler Armstrong, managing director at Greystone, placed the bank loan for Leisure Care, which owns the 143-unit independent living community. The regional bank loan was executed as a floating-rate financing carrying a five-year term and 30-year amortization. The loan featured 12 months of interest-only payments and a mid-200 basis points loan spread.

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Pacific-Tustin-Commercenter-Tustin-CA

TUSTIN, CALIF. — Guthrie Development Co. has acquired Pacific Tustin Commercenter, a Class A, multi-tenant, retail/industrial business park in Tustin. In this transaction, Guthrie purchased the buildings and land from two different sellers for $19.7 million, then combined the assets into one business park. The retail and industrial property offers 69,930 square feet of space. Pacific Tustin Commercenter features two multi-tenant industrial buildings and a restaurant, Citrus Café. The industrial buildings are currently 100 percent occupied under long-term leases. The asset is located at 1421, 1451 and 1481 Edinger Ave. in Tustin. Chuck Wilson, Brian Chastain and Clyde Stauff of Colliers International represented Guthrie Development in the transactions.

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Sunrise-Brands-Tejon-Ranch-C

TEJON RANCH, CALIF. — Sunrise Brands, a designer, producer, distributor and retailer of branded and private-label apparel, has signed a full-building pre-lease for an industrial distribution facility at Tejon Ranch Commerce Center in Tejon Ranch. A joint venture partnership between Tejon Ranch Co. and Majestic Realty Co. owns the asset. Construction of the 446,000-square-foot distribution center is slated to begin in first-quarter 2023. Completion is scheduled for first-quarter 2024. Until the new facility is ready, Sunrise Brands will temporarily occupy 240,000 square feet of space in another building owned by the Tejon-Majestic joint venture partnership. The new single-load industrial building will feature 36-foot clear heights, seven-inch floor slabs and an ESFR sprinkler system. Mike McCrary, Mac Hewett, Brent Weirick and Peter McWilliams of JLL represented the owners in the lease negotiations, while Mike Catalano and Joe Dimola of Savills represented Sunrise Brands.

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Market-Place-Town-Center-El-Dorado-CA

EL DORADO, CALIF. — Gantry has secured a $16.7 million permanent loan for the refinancing of Market Place at Town Center in El Dorado. Situated at the intersection of Highway 50 and Latrobe Road, Market Place at Town Center features 134,600 square feet of retail space. Current tenants include Nugget Markets grocers and a wide range of retail, restaurant, convenience, beauty and professional services tenants. Robert Slate and Andrew Ferguson of Gantry’s San Francisco office secured the 10-year, fixed-rate, nonrecourse loan through a regional bank lender for the borrower, a private real estate investor.

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Spectrum-Terrace-Irvine-CA

IRVINE, CALIF. — Irvine Co. has completed the third and final phase of Spectrum Terrace, a 1.1 million-square-foot office campus at the intersection of Interstate 405 and Highway 133 in Irvine. The fully walkable campus features nine buildings with private patios, open-air resort-style amenities, including an Olympic-length pool, and outdoor collaboration spaces. The asset is located adjacent to Irvine Spectrum Center, a massive mixed-use development centered on dining and entertainment. The final phase features three four-story buildings, totaling more than 345,000 square feet, as well as the completion of Terrace Pool, which features gathering areas with meeting-ready cabanas and poolside refreshments. Spectrum Terrace customers have access to The Commons, an outdoor gathering area with shaded workspaces; Kinetic fitness center offering a resort-style approach to workplace wellness; Terrace Kitchen + Bar; and Venue, a fully equipped meeting and events space with folding glass walls that open up the conference room to the outdoors and attached catering kitchen, coffee bar and grab-and-go counter. Spectrum Terrace is currently 80 percent leased to a variety to tenants, including Alteryx, Coca-Cola Co., CoStar Group, iHerb and RSM.

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Villa-Verde-Apts-Los-Angeles-CA

LOS ANGELES — Northmarq has negotiated the sale of a three-community multifamily portfolio in the Los Angeles neighborhoods of Granada Hills and Northridge. Upside Investments sold the portfolio to LAApartment.biz, a private investor, for $55.5 million. The portfolio includes: Villa Verde Apartments, a 90-unit asset located at 10339 Zelzah Ave. in Northridge. The community features laundry facilities, a fitness center and pool. Zelzah Avenue Apartments, an 88-unit property at 10331 Zelzah Ave. in Northridge. Onsite amenities include laundry facilities, a fitness center, pool and grill. Northridge Pointe, a three-story, 68-unit community located at 8511 Balboa Blvd. in the Northridge/Granada Hills submarket. Community amenities include laundry facilities, an elevator, a fitness center and picnic areas. Vince Norris, Jim Fisher, Mike Smith, Mike Hanassab, Elliot Hassan and Steven Goldstein of Northmarq’s Los Angeles investment sales team represented the seller and buyer in the transaction.

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Evergreen-Court-Apartments

LAKEWOOD, WASH. — Sage Homes Northwest has acquired a three-community multifamily portfolio from a private local owner for $20.4 million in an off-market transaction. The portfolio includes: Garden Park Apartments, a 49-unit property at 12802-12878 Lincoln Ave. SW Colonial Court Apartments, a 41-unit asset at 9120 Lawndale Ave., 9104 Newgrove Ave. SW and 9119 Kenwood Ave. SW Evergreen Court Apartments, a 40-unit community at 12805-12809 47th Ave. SW The buyer plans to perform value-add upgrades to the properties, which were built in the 1960s and 1970s, to bring the assets up to market-rate value. Brandon Lawler, Jerrid Anderson and Dylan Simon of Kidder Mathews’ Simon and Anderson team represented the buyer in the transaction.

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Shops-Riverfront-Park-Denver-CO

DENVER — Riverfront Shops LLC has completed the disposition of The Shops at Riverfront Park located in the Riverfront Park neighborhood of downtown Denver. A local private partnership acquired the property for $11.8 million, or $370 per square foot. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the transaction. The Shops at Riverfront Park features 31,898 square feet of retail space along the ground floors of Riverfront Tower, Park Place Lofts and Promenade Lofts, all of which are at the base of the Millennium Bridge.

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