Tuesday, June 17, 2025
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Ready-Capital-62-Units-LA-CA
CaliforniaLoansMultifamilyRetailWestern

Ready Capital Closes $11.8M Loan for Multifamily, Retail Property Acquisition in Los Angeles

by Amy Works

LOS ANGELES — Ready Capital has closed $11.8 million in financing for the acquisition, renovation and stabilization of a 62-unit multifamily and retail asset in the East Hollywood submarket of Los Angeles. Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors and building exteriors, as well as common area upgrades. The non-recourse, interest-only, floating-rate loan features a 24-month term, three extension options and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.

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The-Ridge-Fairfield-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

Sundt Completes 70-Unit Seniors Housing Community in Fairfield, California

by Amy Works

FAIRFIELD, CALIF. — Sundt Construction Inc. has completed construction of The Ridge at Paradise Valley Estates, an eight-acre life plan community in the Bay Area city of Fairfield. The Ridge features a mix of 70 cottages and villas. The private cottages have two bedrooms and attached garages, and the villas feature either one bedroom or two bedrooms with under-building parking. In addition to the amenities of the larger Paradise Valley Estates 76-acre community, residents can access The Ridge’s dining facility and outdoor amenities such as a learning center and outdoor café.

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AcquisitionsColoradoCompany NewsData CentersMassachusettsNortheastTexasTop StoriesWestern

Data Center REITs CyrusOne, CoreSite to Sell for Combined $25B in Two Separate Mega Deals

by John Nelson

DALLAS AND DENVER — In two separate transactions exceeding $25 billion in value, data center REITs CyrusOne Inc. (NASDAQ: CONE) and CoreSite Realty Corp. (NYSE: COR) have agreed to be acquired. KKR and Global Infrastructure Partners (GIP) are teaming up to acquire all outstanding shares of common stock for CyrusOne at $90.50 per share for a deal value of approximately $15 billion, including the assumption of debt. In the other mega transaction, telecommunications firm American Tower Corp. (NYSE: AMT) has agreed to acquire Denver-based CoreSite for $170 per share in cash. The total consideration for the transaction is approximately $10.1 billion, including the assumption and/or repayment of CoreSite’s existing debt at closing. The purchase price for CyrusOne, a Dallas-based company that owns and operates 50 data centers worldwide, reflects an approximately 25 percent premium over CyrusOne’s stock price on Sept. 27, which was the last day of trading before market speculation of a potential sale was published. KKR and GIP plan to grow CyrusOne’s global footprint of data centers following the closing of the acquisition. The company’s provides IT infrastructure for more than 1,000 clients, including 200 Fortune 1000 companies, according to CyrusOne. The transaction, which CyrusOne’s board of directors …

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Norterra-West-Two-Phoenix-AZ
AcquisitionsArizonaOfficeWestern

USAA/Metro JV Sells 144,800 SF Norterra West Office Asset in Phoenix

by Amy Works

PHOENIX — A joint venture between San Antonio, Texas-based USAA Real Estate and Tempe, Ariz.-based Metro Commercial Properties has completed the disposition of Norterra West Two, an office property located at 25800 N. Norterra Parkway in Phoenix. SCD Norterra II LLC, an entity controlled by Phoenix-based Silver Creek Development, acquired the property for an undisclosed price. The three-story suburban office building features 144,800 square feet of office space with approximately 50,000-square-foot floor plates, up to 15-foot slab-to-slab ceiling heights, dual restroom cores and triple redundant stairwells. Chris Toci and Chad Littell of Cushman & Wakefield represented the seller. Charles Essig of Silver Creek represented the buyer in the deal.

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Portfolio-El-Cajon-CA
AcquisitionsCaliforniaMultifamilyNorthmarqWestern

Northmarq Brokers $22M Sale of 89-Unit Apartment Portfolio in El Cajon, California

by Amy Works

EL CAJON, CALIF. — Northmarq has brokered the sale of a four-property multifamily portfolio located in El Cajon. Swanson Real Estate Solutions sold the property to El Cajon Investor 1 and El Cajon Investor 2 for $22 million. The portfolio includes the 28-unit Easter Manor Apartments, the 23-unit East Winds, the 19-unit Sunshine Manor Apartments and the 19-unit Sunshine Villas. The four buildings offer a total of 89 apartments. Erik Anderson and Kyle Pinkalla of Northmarq San Diego represented the buyer and seller in the deal.

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Shops-KPC-Towne-Centre-Hemet-CA
AcquisitionsCaliforniaRetailWestern

SRS Real Estate Partners Negotiates $9.5M Sale of Shops at KPC Towne Centre in Hemet, California

by Amy Works

HEMET, CALIF. — SRS Real Estate Partners has arranged the sale of Shops at KPC Towne Centre, located at 2375-2465 W. Florida Ave. in Hemet. A Southern California-based private family trust sold the asset to a Los Angeles-based private investor for $9.5 million. Situated on two acres, the three-building property features 20,167 square feet of retail space. At the time of sale, eight tenants fully occupied the retail center. Built in 1995 and renovated in 2004, Shops at KPC Towne Centre is an outparcel to KPC Towne Centre, which includes Sprouts Farmers Market, Burlington and Regal Cinemas. Matthew Mousavi, Patrick Luther and Max Sabino of SRS’ National Net Lease Group represented the seller, while Jason Paukovits of Dream Realty Asset Management represented the buyer in the transaction.

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Ready-Capital-Bridge-Lending-Deal-Highlights-Q3-2021-18375-RCL-Q3-10-21-1-3
LoansMultifamilyNevadaWestern

Ready Capital Closes $15.8M in Financing for Multifamily Property in Reno

by Amy Works

RENO, NEV. — Ready Capital has closed $15.8 million in financing for the acquisition, renovation and stabilization of a 142-unit apartment property in downtown Reno. Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors, convert ground-floor retail space to apartment units, renovate building exteriors and upgrade the common area. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and includes a facility to provide future funding for capital expenditures and interest-and-carry shortfalls.

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Beach-View-Plaza-Oak-Harbor-WA
AcquisitionsOfficeWashingtonWestern

Marcus & Millichap Arranges Sale of 25,399 SF Beach View Plaza Office Building in Oak Harbor, Washington

by Amy Works

OAK HARBOR, WASH. — Marcus & Millichap has brokered the sale of Beach View Plaza, an office property located in Oak Harbor. A private investor sold the asset to an undisclosed buyer for $3.7 million. Brian Mayer and Stren Lea of Marcus & Millichap’s Seattle office represented the seller in the deal. Located at 275 SE Pioneer Way, the property features 25,399 square feet of office space. At the time of sale, Beach View Plaza was 92.4 percent occupied with 62.9 percent of the property leased to Washington State government entities and 27.3 percent to People’s Bank. Prior to closing, Washington State Department of Social & Health Services extended its lease for five years.

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Empire-Landing-Burbank-CA
AcquisitionsCaliforniaMultifamilyWestern

Clarion, Cityview Acquire Empire Landing Apartments in Burbank for $161M

by Amy Works

BURBANK, CALIF. — Clarion Partners and Cityview have jointly purchased Empire Landing, a garden-style apartment community in Burbank. An undisclosed seller sold the asset for $161 million. Empire Landing features 276 apartments in a mix of one- and two-bedroom layouts and 41 three-story townhomes with two-car, direct-access garages. The gated community offers a pool and deck, fitness center and clubhouse. The buyers plan to implement a comprehensive renovation to the common areas, amenities and interiors of the property, including re-envisioning the indoor and outdoor amenities and updating the units.

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16595-Redmond-Way-Redmond-WA
DevelopmentMixed-UseMultifamilyOfficeRestaurantRetailWashingtonWestern

Legacy Partners, Lionstone Investments Break Ground on 623-Unit Mixed-Use Redevelopment in Downtown Redmond, Washington

by Amy Works

REDMOND, WASH. — A joint venture between Legacy Partners and Lionstone Investments has broken ground for the redevelopment of the Redmond Square shopping center in downtown Redmond. When completed, the mixed-use development will feature 623 apartments spread across six buildings on 3.5 acres. The first phase of the development, located at 16595 Redmond Way, will offer 311 apartments and nearly 20,000 square feet of ground-floor retail space. Residences will feature built-in closets, Bertazzoni Italian appliances, kitchen range hoods, built-in microwaves, Carrera quartz countertops, floating bathroom vanities with framed mirrors, Latch smart home devices and air conditioning. The second phase, located at 16502 Cleveland St., will consist of 312 apartments and 13,000 square feet of retail and commercial space. Construction of the second phase is slated to begin in 2022. Tiscareno Associates is architect of record for both buildings, which will open in phases from winter 2023 to summer 2024.

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