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Arboleda-Apts-La-Puente-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

Meta Housing Opens Arboleda Senior Apartments in La Puente, California

by Amy Works

LA PUENTE, CALIF. — Meta Housing Corp., Western Community Housing Inc. and the City of La Puente have opened Arboleda Senior Apartments, an affordable, 74-unit multifamily community for adults age 62 years and older. The property features one- and two-bedroom units with rents ranging from 40 percent to 70 percent below market rate. Meta Housing partnered with Bank of America, California Community Reinvestment Corp., Los Angeles County Development Authority and the California Tax Credit Allocation Committee to finance the project.

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Thorofare-11111-Jefferson
CaliforniaDevelopmentMixed-UseMultifamilyOfficeRetailTop StoriesWestern

The John Buck Company, 3MR Capital to Break Ground on $210M Mixed-Use Project in Metro Los Angeles

by Katie Sloan

CULVER CITY, CALIF. — A joint venture between The John Buck Company (JBC) and 3 Mile Radius (3MR) Capital is set to break ground on 11111 Jefferson, a $210 million mixed-use project located roughly 10 miles outside Los Angeles in Culver City.  The five-story development will include 230 units of multifamily above 55,000 square feet of retail space, 11,450 square feet of second-floor office space and parking for more than 650 vehicles.  Plans for the project also include a 13,000-square-foot open courtyard and a 30,000-square-foot public park along Machado Road. The site is currently home to retail space occupied by Coco’s restaurant, an auto repair garage and a post office.  Thorofare Capital Inc. recently provided $34.1 million in pre-development acquisition financing to the joint venture for an anticipated groundbreaking in 2022. David Perlman of Thorofare originated the loan and Jacob Yi and Paul Kim led underwriting and executed closing for the financing. JBC is a real estate investment, development and operating company focused on major U.S. markets. Since its inception, the Chicago-based company has acquired, developed or redeveloped over 47 million square feet of office, multifamily and mixed-use properties.  Los Angeles-based 3MR Capital is a privately held real estate firm …

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Shoreway-Innovation-Center-Belmont-CA
AcquisitionsCaliforniaOfficeWestern

Westlake Group Sells Shoreway Innovation Center in Belmont, California for $90.2M

by Amy Works

BELMONT, CALIF. — Westlake Group has completed the disposition of Shoreway Innovation Center, an office building located at 1301 Shoreway Road in Belmont. Four Corners Properties acquired the asset for $90.2 million. The four-story Shoreway Innovation Center features 150,000 square feet of Class A office space. At the time of sale, the property was 82 percent leased to a mix of tenants with less than three years of average remaining lease term. The property also includes seven acres along US-101 in Belmont. Mike Taquino, Kyle Kovac, Joe Moriarty and Scott Prosser of CBRE Capital Markets in Northern California represented the seller in the transaction.

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2550-Orange-Ave-Signal-Hill-CA
CaliforniaDevelopmentIndustrialWestern

CenterPoint to Develop 100,147 SF Distribution Center Near Ports of Los Angeles, Long Beach

by Amy Works

SIGNAL HILL, CALIF. — CenterPoint Properties has acquired nine acres of land at 2550 Orange Ave. in Signal Hill from Signal Hill Petroleum for an undisclosed price. CenterPoint plans to develop a 100,147-square-foot distribution facility with 17 dock-high doors and 73 trailer parking stalls on the former driving range site. Tom Holland, Justin Domblaser and Alex Matar represented CenterPoint in the deal.

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Vista-Terrace-Marketplace-Vista-CA
AcquisitionsCaliforniaRetailWestern

Black Lion Divests of Final Parcel of Vista Terrace Marketplace in California

by Amy Works

VISTA, CALIF. — Black Lion Investment Group has completed the sale of the fifth and final parcel of Vista Terrace Marketplace, a retail property in Vista. Crow Holdings acquired the two-acre parcel, which features 28,440 square feet of retail space, for $13.3 million. Vista Terrace Marketplace is currently more than 90 percent occupied by a variety of tenants, including Jersey Mike’s Subs, Pacific Dental, Sports Clips and Discovery Preschool. Gleb Lvovich and Daniel Tyner of JLL’s Capital Markets team handled the transaction.

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LoansMultifamilyOregonSeniors HousingWestern

M&T Realty Capital Provides $20M Financing for Memory Care Facility in Portland

by Amy Works

PORTLAND, ORE. — M&T Realty Capital Corp. has arranged a $20 million FHA-insured loan to refinance a 98-unit memory care facility in Portland. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 232/223(f) program. At an 80 percent loan-to-value ratio, the non-recourse, 35-year, fully amortizing loan with a fixed interest rate below 2.4 percent refinanced M&T Realty’s bridge loan. Located within a designated Opportunity Zone, the FHA application was given priority treatment within the FHA queue resulting in the bridge loan being refinanced in under seven months. Steven Muth of M&T Realty Capital’s Richmond office led the transaction, in collaboration with Chris Tesla.

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West-101-Corporate-Center-Phoenix-AZ
AcquisitionsArizonaOfficeWestern

Next Gen 101 Sells 81,040 SF Office Property in Phoenix’s West Valley for $17.5M

by Amy Works

PHOENIX — Next Gen 101, an entity of Helix Properties, has completed the disposition of West 101 Corporate Center, an office asset in Phoenix’s West Valley submarket. Nevada-based Overstreet Project LLC acquired the property for $17.5 million. Located at 1860 N. 95th Lane, the three-story asset features 81,040 square feet of Class A office space. At the time of sale, the building was 93 percent leased to a variety of tenants. The property was built in 2008. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the deal.

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AcquisitionsArizonaOfficeTop StoriesWestern

JLL Brokers $150M Sale of Block 23 Office Property in Downtown Phoenix

by Kristin Harlow

PHOENIX — JLL Capital Markets has brokered the sale of Block 23 in downtown Phoenix for $150 million. Completed in 2019, the property consists of 307,030 square feet of Class A office, retail and amenity space. Located at 101 E. Washington St., Block 23 is 95 percent occupied by tenants such as Western Alliance Bank, EY and Chase. The asset is immediately adjacent to CityScape Phoenix, a new 1.2 million-square-foot mixed-use property, and is directly across from Footprint Center where the Phoenix Suns of the National Basketball Association (NBA) play. Block 23 is home to Fry’s Fresh Marketplace, as well as restaurant concepts Blanco Tacos & Tequila and Ingo’s Tasty Food. Amenities at the property include a pickleball court, sky lobby, rooftop amenity deck and onsite parking. Ben Geelan and Kevin MacKenzie of JLL represented the seller, an affiliate of RED Development, and procured the buyer, City Office REIT Inc. (NYSE: CIO). The sales price of $488.55 per square foot sets a new per-square-foot record in the city for multi-tenant office trades, according to JLL. “Block 23 has a superior long-term core location in downtown Phoenix, which has seen more than $6 billion of investment into the immediate area since …

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The-Alyssa-Tempe-AZ
ArizonaDevelopmentMultifamilyWestern

StreetLights Residential Breaks Ground on The Alyssa Multifamily Community in Tempe

by Amy Works

TEMPE, ARIZ. — StreetLights Residential has broken ground for The Alyssa, an apartment property located along E. Rio Salado Parkway in Tempe. The Alyssa will feature 335 apartments in a mix of studio, one-, two- and three-bedroom floor plans with an average size of 881 square feet. Community amenities will include two pools with an attached spa, an outdoor lounge, a bar with direct access to the pool, coffee lounge, maker’s lounge, mail room, app-activated parcel lockers, dry-clean lockers, pet spa, park and a fitness center. StreetLights Creative Studio will serve as the architect of record and is handling all interior design in-house. SLR Phoenix Construction is the general contractor and Norris Design is providing landscape design for the project.

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AcquisitionsCaliforniaMultifamilyWestern

IRA Capital Expands Long Beach Multifamily Portfolio with $42M Acquisition

by Amy Works

LONG BEACH, CALIF. — IRA Capital has acquired the Long Beach Collective, an apartment portfolio of 17 properties in the North Alamitos Beach submarket of downtown Long Beach. An undisclosed seller sold the property for $42 million, or $270,000 per unit. The portfolio includes 17 properties with a total of 155 units. At the time of closing, the portfolio was 99 percent occupied. IRA Capital is exploring the addition of up to 33 accessory dwelling units to the portfolio to further enhance affordable housing opportunities in the area. John Alden of Alden Pacific Investments represented IRA in the acquisition.

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