Western

SB Real Estate Partners Buys Apartments Community in Vancouver, Washington for $75M

by Amy Works February 11, 2022

VANCOUVER, WASH. — SB Real Estate Partners has acquired Bridge Creek Apartments, a garden-style multifamily community in Vancouver. An undisclosed seller sold the property, which will be rebranded as Portola Bridge Creek, for $75 million. The community is located at 9211 NE 15th Ave. within the Hazel Dell North area of Vancouver, about 14 miles north of Portland, Ore. Built in multiple phases from 1984 and 1989, the property features 270 apartments in a mix of one-, two- and three-bedroom floor plans ranging from 650 to 1,150 square feet. Community amenities include a swimming pool with poolside barbecue stations, a playground, dog parks, a fully automated Amazon package locker system and a 24-hour modern fitness center.

February 11, 2022

Arizona Loans Multifamily Western

Ready Capital Closes $36.8M Loan for Multifamily Community in Tempe

by Amy Works February 11, 2022

TEMPE, ARIZ. — Ready Capital has closed a $36.8 million loan for the acquisition, renovation and stabilization of a 197-unit apartment property in Tempe. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to perform interior, exterior and common area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures. The name of the property was not disclosed.

February 11, 2022

Acquisitions California Industrial Western

Klabin Co. Negotiates $24M Sale of Industrial Property in Gardena, California

by Amy Works February 11, 2022

GARDENA, CALIF. — The Klabin Co./CORFAC International has brokered the sale of an industrial asset located at 301 E. Alondra Blvd. in Gardena. Illinois-based CenterPoint Properties purchased the property for $24 million. Matt Stringfellow, Courtney Bell and Tyler Rollema of Klabin Co. represented the private seller in the transaction. Situated on four acres, the 91,342-square-foot property features dock-high and grade-level loading, a large private yard and is ideal for future redevelopment as a logistics/last-mile facility.

February 11, 2022

Acquisitions California Retail Western

Progressive Negotiates $3.9M Sale of Multi-Tenant Retail Center in Big Bear Lake, California

by Amy Works February 11, 2022

BIG BEAR LAKE, CALIF. — Progressive Real Estate Partners has arranged the sale of Village Mall at Big Bear, a multi-tenant retail property located at 40729 Village Drive in Big Bear Lake. An Inland Empire-based investor sold the asset to a San Gabriel Valley-based investor for $3.9 million in an all-cash transaction. Greg Bedell and Roxy Klein of Progressive Real Estate represented the seller, while Doreen Chen of Pinnacle Real Estate Group represented the buyer in the deal. At the time of sale, the 24,806-square-foot retail center was 100 percent leased.

February 11, 2022

California Loans Restaurant Retail Western

JLL Arranges $11.7M Refinancing for Neighborhood Retail Property in San Diego’s Kearny Mesa

by Amy Works February 11, 2022

SAN DIEGO — JLL has secured $11.7 million in refinancing The Convoy, a neighborhood retail strip center located at 4428-4444 Convoy St. in the Kearny Mesa submarket of San Diego. The borrower was CEG Capital Partners, which will use the proceeds to refinance the existing bridge loan used to acquire the asset in 2017. CEG Capital renovated The Convoy, which was originally constructed in 1973, after acquiring the property in 2017. The 51,623-square-foot property is fully leased to a variety of tenants, including Bank of Hope, Hive, Convoy Strength, Ichibanya and Axe Thro, Manna Heaven BBQ, Synergy Dental Group and Da Nang Corner. Chris Collins and Daniel Pinkus of JLL arranged the seven-year, fixed-rate loan through a regional credit union on behalf of the borrower.

February 11, 2022