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.
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.
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.
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.
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.
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.
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.
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.
SAN FRANCISCO AND INDIANAPOLIS — San Francisco-based industrial giant Prologis Inc. (NYSE: PLD) has agreed to acquire Indianapolis-based Duke Realty (NYSE: DRE) for $26 billion in an all-stock transaction, including debt. The mega-merger of these two REITs is scheduled to close in the fourth quarter. The board of directors for each company has already unanimously approved the transaction. In May, Prologis offered to acquire Duke in an all-cash transaction for $61.68 per share, a proposal that would have generated a price tag of $23.7 billion. The offer, which was tendered on May 10, represented a 29 percent premium over Duke’s closing stock price on the previous day. However, Duke rejected the offer. The transaction includes Prologis’ assumption of Duke Realty’s existing debt. Duke’s shareholders will receive a premium of 47.5 percent over the current value of each share of common stock they own. Prologis plans to hold 94 percent of the acquired assets. Prologis expects to achieve $310 million to $370 million in reduced general and administrative costs and consolidated corporate leverage as a result of the acquisition. In addition, Prologis said it was drawn to Duke’s presence with high-performing industrial facilities in key markets, including Southern California, New Jersey, …
SEATTLE — Clise Properties, a family-owned and operated Seattle real estate developer, has purchased 1700 7th Avenue, a Class A+ office tower in downtown Seattle. The company originally developed the building and has maintained a majority ownership stake. The transaction brings Clise to full ownership. Built in 2001, 1700 7th Avenue is a 24-story, 550,000-square-foot office building with street-level retail space. Building amenities include a private tenant rooftop deck on the 10th floor, floor-to-ceiling windows, Starbucks Coffee and UPS Store onsite and underground parking with a dedicated executive-level exit. As the sole owner, Clise Properties plans to upgrade the building’s amenities with a new fitness center, conference center, food operator and an updated patio and outdoor event area on the 10th floor. Additional upgrades will include a new expanded bike storage room with new locker rooms, showers, drying room and electric vehicle charging stations. Tim O’Keefe, Jesse Ottele and Cavan O’Keefe of Newmark have served as exclusive leasing advisors for the property since March 2021.
