SCOTTSDALE, ARIZ. — NewPoint Real Estate Capital has provided a $105 million bridge loan to facilitate the purchase and lease-up of SeventyOne15 McDowell, an apartment community in Scottsdale. John DeWitt of NewPoint originated the financing, which features a two-year, interest-only loan term with three one-year extension options. Built in 2022, SeventyOne15 McDowell features 274 apartments, a swimming pool with private cabanas, rooftop lounge with fire pits, two-story fitness center, electric vehicle charging stations, direct access parking garage and a clubhouse with a kitchen, billiards and lounge seating. Units feature smart-home access and thermostats, pendant lighting, washers and dryers, gourmet kitchens, wine fridges and walk-in closets in select units.
LOS ANGELES — Parkview Financial has provided a $35 million senior construction loan to a venture between Ratkovich Co. and Jerico Development for the development of West Harbor, a retail center along the Los Angeles waterfront in the San Pedro neighborhood. The financing from Parkview is in addition to $55 million of Commercial Property Assessed Clean Energy financing, as well as $85 million of investor equity. Situated on 42 acres at 1200 Nagoya Way, West Harbor will feature more than 125,460 square feet of multi-tenant retail space. Slated for completion in two phases, several restaurants will anchor the development, including Yamashiro, King & Queen Cantina, a market hall for fast-casual dining and Bark Social. Additionally, the project will include a 6,200-seat amphitheater developed in conjunction with the Nederlander Organization, as well as a variety of other tenants. The Los Angeles City Harbor Department owns the site and executed a long-term ground lease with the developer. The project is now under construction with completion slated for 2024.
TUSCON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Elevate, an apartment property in Tucson. Sheiner Group/Living Well Homes sold the asset to an undisclosed buyer for $21.8 million, or $151,389 per unit. Constructed in 1985, Elevate consists of six three-story buildings offering 144 units, a business center, swimming pool and fitness center. Apartments feature private balconies or patios, oversized/walk-in closets and all-electric kitchens. Clint Wadlund, Hamid Panahi, Steve Gebing, Cliff David and Lane Schwartz of Marcus & Millichap represented the seller and procured the buyer in the deal.
POWAY, CALIF. — Stos Partners has completed the disposition of a corporate headquarters and manufacturing building located at 13955 Stowe Drive in Poway. A private buyer acquired the asset for $13.9 million. Automation NTH, an automated manufacturing systems company, leases the 37,530-square-foot facility, which was built in 1999 and underwent renovations earlier this year. The building features two dock-high and two grade-level loading doors, 24-foot warehouse ceilings, an 88-stall parking lot, 800 to 1,600 amps of power and a 3,000-square-foot wet fire suppression system. Recent renovations include a new roof, HVAC system replacement within the warehouse, interior upgrades and exterior improvements to the parking lot and landscape. James Duncan and Mickey Morera of Kidder Mathews represented the seller, while Rusty Williams and Chris Roth of Lee & Associates represented the buyer in the deal.
CHINO, CALIF. — Progressive Real Estate Partners has brokered the sale of Chino Village, a neighborhood retail center at 4103 Riverside Drive in Chino. An Orange County-based seller sold the asset to a Los Angeles-based private investor for $8.4 million. The purchase included the retail center and approximately 2.5 acres of undeveloped land with flexible zoning. Built in 1984, Chino Village features 20,600 square feet of retail space with more than 380 feet of frontage along multiple points of access. Current tenants include Jiffy Lube, Subway, Wienershnitzel and a variety of daily needs services. Mike Lin of Progressive Real Estate represented the seller in the transaction.
SAN JOSE, CALIF. — JJ&W has purchased Montague Crossing, an office and R&D asset in San Jose. Four Corners Properties and Rockwood Capital sold the property for $94.7 million in an off-market transaction. Scott Prosser, Joe Moriarty and Jack DePuy of CBRE Capital Markets represented the buyer in the deal. Situated on a 12.4-acre campus, Montague Crossing features 209,425 square feet of space spread across three buildings at 2520 and 2540-2560 Junction Ave. and 541-555 E. Trimble Road. At the time of sale, the campus was fully leased to three R&D tenants in the semiconductor and advanced manufacturing sectors.
MESA, ARIZ. — IndiCap and AECOM-Canyon Partners have broken ground on Eastmark Center of Industry, a 113-acre industrial park in Mesa’s Gateway Airport submarket. Upon completion, the park will total 10 buildings offering more than 1.6 million square feet of mid-bay and cross-dock Class A industrial space. Situated in the Elliot Road Technology corridor, Eastmark Center of Industry will offer buildings ranging from 83,200 square feet to 426,400 square feet with 30-foot to 36-foot clear heights and 160-foot to 500-foot building depths. Future phases may include the opportunity for build-to-suit facilities. The project team includes Layton as general contractor, Kimley Horn as civil engineer and Deutsch Architecture as architect. IndiCap acquired the project site in April 2022 for $48 million. Steve Larsen, Pat Harlan and Jason Moore of JLL are handling leasing for the project.
SAN JOSE, CALIF. — AFL-CIO Building Investment Trust, advised by PNC Realty Investors, has completed the disposition of Centerra Apartments, a residential tower in San Jose. The name of the seller and acquisition price were not released. Located at 77 N. Almaden Ave., the 21-story Centerra Apartments features 325,169 square feet of residential space and 7,000 square feet of retail space. The 347-unit property offers a mix of one-, two- and three-bedroom apartments, including townhomes, live-work units, lofts and junior units. On-site amenities include a pool, spa, integrated parking structure, media lounge with bar and fireplace, fitness center, outdoor gathering spaces, conference center and game room. Scott Bales of Newmark represented the seller in the deal. Ramsey Daya and Chris Moritz of Newmark arranged acquisition financing for the undisclosed buyer.
CHULA VISTA, CALIF. — Olympus Property has acquired The Residences at Escaya, a multifamily community located in Chula Vista, between downtown San Diego and the Mexico border. Terms of the transaction were not released. Situated in the Otay Ranch neighborhood, The Residences at Escaya features 272 apartments, private garage and carport parking, a 30,000-square-foot walkable retail village, swimming pool, fitness center, clubhouse, outdoor lounge and barbecue area. Units range from 784 square feet to 1,560 square feet and offer quartz countertops, stainless steel appliances, full-height tile backsplashes, wood-style plank flooring, in-unit washers/dryers and ocean views from select units.
Norris & Stevens Brokers $5.1M Acquisition of River Road Plaza Office/Retail Asset in Eugene, Oregon
EUGENE, ORE. — Norris & Stevens has arranged the purchase of River Road Plaza, an office and retail property located at 155 Silver Lane in Eugene. KH Properties acquired the asset from River Road Plaza LLC for $5.1 million. Situated in Eugene’s Santa Clara neighborhood, River Road Plaza features 32,548 square feet of space. At the time of sale, the property was 92 percent occupied. Todd VanDomelen of Portland-based Norris & Stevens represented the buyer, while CPX LLC represented the seller in the deal.