PHOENIX — Los Angeles-based Pro Residential has completed the disposition of The Waterfront, a multifamily community in North Phoenix. Arizona-based Rise48 Equity acquired the asset for $75.3 million, or $261,458 per unit. Located at 11459 N. 28th Drive, The Waterfront features 228 apartments spread across 14 three-story residential buildings. The one-, two- and three-bedroom units range in size from 527 square feet to 899 square feet. At the time of sale, the community was 91 percent occupied. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq Phoenix’s Investment Sales team represented the seller in the transaction. Brandon Harrington, Bryan Mummaw, Tyler Woodard and Bryan Liu of Northmarq Phoenix’s Debt & Equity team arranged a $61.7 million acquisition loan, as a debt fund execution, for the buyer.
MORGAN HILL, CALIF. — Trammell Crow Co. and joint-venture partner CBRE Investment Management, on behalf of one of its funds, have sold Butterfield 5 Technology Park in Morgan Hill. Invesco Real Estate acquired the asset for an undisclosed price. Totaling 410,101 square feet, the industrial park was completed earlier this year and features five Class A industrial buildings situated on 24 acres. HPA Inc. served as architect and Lusardi Construction acted as general contractor for the project. Rebecca Perlmutter with CBRE National Partners represented the sellers in the disposition. Rob Shannon, Chip Sutherland and Brian Matteoni of CBRE will continue to handle marketing and leasing for the industrial park.
SCOTTSDALE, ARIZ. — An entity formed by Atlanta-based Cortland has purchased Centerra, a renovated multifamily property located at 11100 N. 115th in Scottsdale. Tanbic Edgehill Centerra Aprtments LLC, a partnership between Edgehill and The Tanbic Co., sold the asset for $74.7 million. Built in 1986, Centerra features 202 apartments in a mix of one- and two-bedroom units with washers and dryers. Community amenities include an onsite fitness center, pool, spa, fire pit, barbecue area and Wi-Fi in the common areas. The property underwent extensive renovations on all 202 units along with exterior improvements prior to the sale. David Folger and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal.
NORTH LAS VEGAS, NEV. — Portland, Ore.-based Schnitzer Properties has acquired Westland Center, an industrial and retail property located at the intersection of East Craig and North Pecos roads in North Las Vegas. Terms of the transaction were not released. Totaling 95,213 square feet, Westland Center features six buildings with 43 light industrial and retail units spread across 9.7 acres. Schnitzer Properties has owned and operated property in the greater Las Vegas area since 1994.
BREMERTON, WASH. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 50-unit, 64-bed memory care community in Bremerton, across the Puget Sound from Seattle. The asset, previously a skilled nursing facility, was completely renovated in 2016 and opened as a memory care community in 2017. The community maintained a 66 percent occupancy during the last couple of years, producing an average operating margin of 15 percent. The property was a geographic outlier for the undisclosed seller. The buyer is a memory care-focused owner-operator with an established presence in the Seattle area. The price was $10.6 million, or $212,000 per unit. The buyer plans to continue the focus on quality care as well as allocate approximately 20 percent of the rent roll to Medicaid residents.
Madison Capital, Meadow Partners Acquire Ford Point R&D Property in Richmond, California for $103.7M
RICHMOND, CALIF. — New York-based Madison Capital and Meadow Partners have purchased Ford Point, a creative R&D building located at 1414 Harbour Way S. in Richmond. Orton Development sold the asset for $103.7 million. At the time of sale, the 478,761-square-foot property was 83 percent leased to a variety of tenants, including SunPower, Mountain Hardwear and California Closets. Orton Development purchased the long-dormant, 22.9-acre site from the Richmond Redevelopment Agency in 2004 and began a comprehensive $40 million renovation of the entire building, installing new building systems and undertaking an extensive seismic upgrade. Since 2008, the company invested an additional $11.3 million for an ungraded roof, electric vehicle charging stations, asphalt repaving and one mega-watt rooftop solar system. Designed in 1930 by Albert Kahn, Ford Point was built as the Ford Motor Co. Assembly Plant and was the largest assembly plant to be built on the West Coast. Ford Point has been on the National Register of Historical places since 1988, and the site is home to a National Parks Services education center, known as the Rosie the Riveter Visitor Center. Seth Siegel, Steve Hermann, Ryan Venezia, Rick Ryan, Kevin Flemming and Courtney Trunnell of Cushman & Wakefield’s Northern California …
COLORADO SPRINGS, COLO. — CBRE has arranged the sale of Centerpointe Plaza, a neighborhood shopping center located at 5605-5785 North Academy Blvd. in Colorado Springs. A Denver-based private fund acquired the property from Phoenix-based Kinetic Development for $21.4 million. Built in 1983, Centerpointe Plaza features 154,988 square feet of retail space. At the time of sale, Centerpointe Plaza was 85 percent occupied. Current tenants include Dollar Tree, Tuesday Morning, Key Bank, Boot Barn, Whiskey Baron, Winnelson Bath & Kitchen Idea Center and Guiry’s Color Source. Parker Brown, Matthew Henrichs and Brad Lyons of CBRE’s National Retail Partners represented the seller in the deal.
ROCKLIN, CALIF. — Roseville-based USA Properties Fund has started construction of Terracina at Whitney Ranch, an affordable multifamily property in Rocklin. Completion is slated for late 2024. Situated between University Avenue and Wildcat Boulevard, Terracina at Whitney Ranch will feature 288 apartments in a mix of one-, two- and three-bedroom layouts. Units will offer energy-efficient appliances, light fixtures and ceiling fans, as well as low-flow faucets, showers and toilets. One-bedroom apartment rents are projected to be $515 to $1,275 per month, while two-bedroom apartments will lease for $606 to $1,518 per month and three-bedroom units will rent for $687 and $1,741 per month. Community amenities will include a 4,000-square-foot clubhouse with a community room and fitness room, a swimming pool, courtyard with seating, a tot-lot play area and laundry facilities.
SAN LEANDRO, CALIF. — Cushman & Wakefield has arranged the sale of Creekside Plaza Office Park, a three-building office campus and development site in San Leandro. An institutional investor purchased the asset from a privately held real estate development company for an undisclosed price. Built in phases between 2002 to 2010, Creekside Plaza Office Park features 227,803 square feet of Class A, multi-tenant office space. Owned by the original developers for the more than 20 years, this is the first time Creekside Plaza was marketed for sale. Ryan Venezia, Barry Cohn, Seth Siegel, Steve Hermann, Rick Ryan, Kevin Flemming and David Englert of Cushman & Wakefield represented the seller in the transaction.
MESA, ARIZ. — Western Wealth Capital has purchased Villetta Apartment Homes, a multifamily property in Mesa. Terms of the transaction were not released. Villetta Apartment Homes features 352 apartments. Western Wealth Capital plans to implement interior and exterior value-add programs at the property. Many of the interiors are in original condition and have not been upgraded since the property’s completion in 1983. The property amenities have recently been upgraded.