Western

Dollinger Properties Receives $97M in Financing for Office Building in Sunnyvale, California

by Amy Works August 30, 2022

SUNNYVALE, CALIF. — Gantry has arranged $97 million in permanent financing to retire construction debt for a four-story, LEED Gold-certified office building in Sunnyvale’s Perry Park office district. Located at 675 Almanor Ave., the property features 152,000 square feet of Class A office space. Tony Kaufmann of Gantry arranged the financing for the borrower, Dollinger Properties. The nonrecourse, balance-sheet loan is structured with two fundings. The permanent, interest-only loan was structured with flexible prepayment and term extension options. A life insurance company lender provided the capital and locked the borrower’s rate 90 days in advance of closing.

August 30, 2022

Acquisitions California Multifamily Western

IPA Brokers $21M Sale of Addison Arms Apartments in Los Angeles

by Amy Works August 30, 2022

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Addison Arms Apartments, a multifamily community located in the Sherman Oaks neighborhood of Los Angeles. A private, Los Angeles-based owner sold the asset to a private family for $21 million, or $375,893 per unit. Originally constructed in 1969, Addison Arms features 57 apartments. The seller spent $2.2 million on capital expenditures to upgrade the property systems, common area amenities and 45 percent of the unit interiors. Improvements include a new roof, commercial air conditioning system and upgrades to the landscaping, signage, exterior paint, leasing office, clubhouse, hallways and exterior lighting. The project also added one accessory dwelling unit. Kevin Green, Joseph Grabiec and Greg Harris of IPA represented the seller and procured the buyer in the deal.

August 30, 2022

Northmarq-17.7M-Self-Storage-San-Diego-CA

California Industrial Loans Northmarq Self-Storage Western

Northmarq Arranges $17.7M Refinancing for Self-Storage Facility in San Diego

by Amy Works August 30, 2022

SAN DIEGO — Northmarq has arranged $17.7 million in refinancing for a newly developed self-storage facility in San Diego. Wyatt Campbell and Conor Freeman of Northmarq’s San Diego office secured the financing for the undisclosed borrower through the firm’s correspondent relationship with a life insurance company. The three-story property offers more than 1,200 self-storage units.

August 30, 2022

Acquisitions Colorado Office Retail Western

Kairos Investment, Harbor Associates Buy 91,027 SF The George Office Building in Denver

by Amy Works August 30, 2022

DENVER — A joint venture between Rancho Santa Margarita, Calif.-based Kairos Investment Management Co. and Harbor Associates has purchased The George, an office and retail property located at 820 16th St. in Denver. Terms of the transaction were not released. Constructed in 1906 and renovated in 2020, The George is an eight-story, 91,027-square-foot office building with ground-floor retail space. The asset recently received property improvements, including new conference areas, a new lounge, updated HVAC and bicycle storage.

August 30, 2022

Acquisitions Arizona Multifamily Western

American Landmark Buys 286-Unit The Lotus Apartment Property in Glendale, Arizona

by Amy Works August 29, 2022

GLENDALE, ARIZ. — American Landmark Apartments has purchased Cabana 99th, a multifamily community located at 10000 W. Missouri Ave. in Glendale. The buyer has renamed the 286-unit property as The Lotus. Built in 2022, The Lotus features studio, one- and two-bedroom floor plans ranging from 468 square feet to 828 square feet. Apartments offer dishwashers, full-size washers/dryers, large energy-efficient windows, stainless steel appliances, nine-foot ceiling heights, wood-style vinyl plank flooring and workstation desks in select units. Community amenities include a swimming pool, electric vehicle charging stations, a hammock garden, keyless entry locks, monthly resident events, a business center, multi-purpose lawn, outdoor fitness space, secured bike storage and outdoor barbecue area. Terms of the transaction were not released.

August 29, 2022

Acquisitions California Hospitality Western

Pebblebrook Sells Hotel Spero in San Francisco for $71M

by Amy Works August 29, 2022

SAN FRANCISCO — Pebblebrook Hotel Trust has completed the sale of Hotel Spero, located at 405 Taylor St. in San Francisco. An undisclosed third party acquired the asset for $71 million. The hotel features 236 guest rooms. Proceeds of the sale will be used for general corporate purposes and reducing Pebblebrook’s outstanding debt associated with recent hotel acquisitions.

August 29, 2022

Acquisitions Multifamily Seniors Housing Washington Western

Blueprint Arranges Sale of 92-Unit Pinewood Terrace Seniors Housing Community in Colville, Washington

by Amy Works August 29, 2022

COLVILLE, WASH. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Pinewood Terrace, a 92-unit skilled nursing facility located in Colville, a tiny city of fewer than 5,000 residents in the northeastern corner of Washington State. Cascadia Healthcare acquired the property for an undisclosed price. The seller was looking to exit Washington for states with more favorable reimbursement rates and lower regulatory hurdles. Cascadia, meanwhile, is growing its regional team in the Washington and northern Idaho markets to help with quality of care and synergy between local buildings.

August 29, 2022

East-Vancouver-Self-Storage-Vancouver-WA

Acquisitions Industrial Self-Storage Washington Western

Marcus & Millichap Brokers $6M Sale of Self-Storage Facility in Vancouver, Washington

by Amy Works August 29, 2022

VANCOUVER, WASH. — Marcus & Millichap has arranged the sale of East Vancouver Self Storage, a self-storage facility at 515 E. 157th Ave. in Vancouver. A limited liability company sold the asset to another limited liability company for $6 million. Totaling 42,780 square feet, East Vancouver Self Storage features 390 units. At the time of sale, the property was 81 percent occupied. Christopher Secreto of Marcus & Millichap’s Seattle office represented the seller and buyer in the deal.

August 29, 2022

Acquisitions Colorado Industrial Western

Unique Properties Negotiates $4.8M Acquisition of Flex Property in Parker, Colorado

by Amy Works August 29, 2022

PARKER, COLO. — Unique Properties/TCN Worldwide has arranged the purchase of a flex property located at 10120 Twenty Mile Road in Parker. A California-based buyer acquired the asset from a local owner/developer for $4.8 million, or $365 per square foot. Brett MacDougall and Michael DeSantis of Unique Properties/TCN Worldwide represented the buyer in the deal. The approximately 1,315-square-foot building is fully occupied by two long-term tenants on triple-net leases.

August 29, 2022

Acquisitions Affordable Housing Loans Multifamily New Mexico Western

Northmarq Negotiates Sale of 188-Unit Villas Esperanza Multifamily Property in Albuquerque

by Amy Works August 26, 2022

ALBUQUERQUE, N.M. — Northmarq has brokered the sale of Villas Esperanza, an affordable apartment property located at 3901 Lafayette Drive in Albuquerque. Aspen, Colo.-based Copper Street Capital sold the asset to Los Angeles-based Element Property Group for an undisclosed price. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s investment sales team represented the seller in the transaction. Griffin Martin, Brandon Harrington, Bryan Mumman and Tyler Woodard of the Northmarq debt & equity team arranged financing for the buyer through its relationship with Freddie Mac. Built in 1972 on 10.5 acres, Villas Esperanza features 188 apartments in a mix of one-, two-, three- and four-bedroom layouts spread across 24 two-story residential buildings. The units offer either one or two bathrooms and range in size from 602 square feet to 1,128 square feet. The gated community features onsite laundry facilities, a children’s playground, barbecue grills and a picnic area. All units at the property are designated for residents earning 60 percent or less of the area median income with the project’s Land Use Restrictive Agreement (LURA) expiring in 2037. Additionally, 40 percent of the units, a total of 75, are project-based Section 8 housing with additional rent restrictions as …

August 26, 2022

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