WESTMINSTER, COLO. — NewPoint Real Estate Capital has provided a $69 million HUD 223(f) loan on behalf of Ascent Westminster LLC to refinance Ascent, a mixed-use community in Westminster. Built in 2019, Ascent features 25,625 square feet of retail space and 255 apartments, with 10 percent of the units designated affordable at 80 percent of area median income. The five-story, elevator-served building features studio, one- and two-bedroom units, a swimming pool, fitness center, sports simulator, fire pits, barbecue grills and a club room. Additionally, the property features 12 townhome-style units with attached two-car garages. John Motzel of NewPoint originated the loan. The borrower used the loan to pay off a two-year, lease-up bridge loan provided by Barings, a subsidiary of MassMutual. Kyle Morgue of The Carlton Group served as broker on the transaction.
SAN DIEGO — Brixton Capital has completed the sale of Lomas Pacific I & II, a two-building office park in the Kearny Mesa area of San Diego. San Diego-based MC Strauss Co. bought the property for $22.8 million. Scripps Health, Q.E.D. and Patenaude & Felix A.P.C. are tenants at the 88,522-square-foot asset, which is located at 9619 Chesapeake Drive and 9444 Farnham St. At the time of sale, the property was 84.4 percent leased. After acquiring the property in 2015, Brixton renovated the asset, including repainting the exterior, upgrading the landscaping and remodeling all the lobbies and common areas. The company also addressed deferred maintenance and modernized building operating systems. Rick Reeder, Brad Tecca, Bill Cavanaugh and Mike Novkov of Cushman & Wakefield represented the seller, while the buyer was self-represented in the deal. Bill Cavanagh, Duncan Dodd and Mike Novkov of Cushman & Wakefield also provided leasing advisory.
LAS VEGAS — CBRE has arranged the $7.9 million sale of two retail assets in Las Vegas. The portfolio spans 17,940 square feet and includes Flamingo Jones Plaza, a 10,712-square-foot, six-tenant retail pad located at the intersection of Flamingo Road and Jones Boulevard; and Tropicana Centre, a 7,228-square-foot, five-tenant retail pad located near the intersection of Tropicana Avenue and Jones Boulevard. Flamingo Jones Plaza was 78 percent leased at the time of sale to tenants including Subway, Marco’s Pizza, Robert James Salon, B&T Nails and Rapid Cash. Tropicana Centre was fully occupied at the time of sale by tenants including Del Taco, Ethiopian Spice, Planet Vegas Smoke Shop, Trenz Salon and Nail Pro & Training. Roy Fritz, Michael Hsu, Dylan Heroy, Arthur Flores, Mark Latimer, Jay Gomez and James Kaye of CBRE represented the seller, Farmers and Merchants Trust Co. Trustee, in the disposition of the properties to Rand & Miner LLC and Tropicana Centre 22 LLC.
MILPITAS, CALIF. — Analog Devices has completed the disposition of a freestanding research and development (R&D) property located at 275 S. Hillview Drive in Milpitas. A partnership controlled by San Francisco-based Cannae Partners acquired the asset for $32.8 million. The new ownership plans to renovate and re-tenant the property. The 127,574-square-foot facility features 35,862 square feet of Class 10 cleanroom and service space with a fully operational, 7,669-square-foot sub-fab and four 2,500 kVA substations with capacity for 10 megawatts of power. The building is situated on 6.4 acres and is surrounded by retail amenities, housing and transportation, as well as semiconductor and technology companies. The seller used the property as a semiconductor fabrication facility. Todd Beatty, Steve Horton, Kelly Yoder and Carrick Young of Cushman & Wakefield represented the seller in the transaction.
HILLSBORO, ORE. — CBRE National Senior Housing has arranged $33.1 million in financing for MorningStar of Hillsboro. The borrower is a joint venture between Artemis Real Estate Partners, MorningStar Senior Living and American Capital Group. Situated on a 1.35-acre parcel, the community comprises 142 independent living units. The property recently opened its doors. The operator is MorningStar. The property is less than a mile north of Kaiser Permanente Westside Medical Center, a 126-bed hospital that serves the greater Hillsboro and Beaverton suburbs. Additionally, half a mile north of the community is The Streets of Tanasbourne, a 386,000-square-foot outdoor shopping mall with over 55 retail and restaurant options. Aron Will, Austin Sacco and Tim Root arranged the nonrecourse, floating-rate loan with full-term interest-only payments. A national bank provided the capital.
SEATTLE — Colliers has brokered the sale of Villa Andora, a multifamily building located at 1520 California Ave. SW in the North Admiral neighborhood of West Seattle. The property traded for $13.6 million. The names of the buyer and seller were not released. Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper of Colliers represented the seller, while Adam Groberman of Colliers represented the buyer in the deal. Totaling 30,029 square feet, Villa Andora features 37 apartments, all of which have undergone interior renovations and feature new kitchens, bathrooms, flooring, windows, appliances, fixtures and finishes.
CLAREMONT, CALIF. — Progressive Real Estate Partners has negotiated the sale of a retail property located at 903-911 W. Foothill Blvd. in Claremont. The Festival Cos. sold the asset to a San Gabriel Valley-based private investor for $4.1 million. Greg Bedell and Roxy Klein of Progressive Real Estate Partners represented the seller, while Katherine Quach of Treeland Realty Group represented the buyer in the transaction. Unleashed by Petco and Wild Birds have been tenants at the 9,226-square-foot property since 2010/2011 and recently renewed their leases. Progressive also handled the lease-up of the final space to Almond Haus Café. The property features modern architecture and was fully remodeled in 2010, including a new façade and roof.
COLORADO SPRINGS, COLO. — NAI Highland has arranged the sale of a two-building office and industrial portfolio, located at 1120-1140 Moreno Ave. in Colorado Springs. The asset traded for $2.8 million. The terms of the transaction were not disclosed. Situated on 2.2 acres, the property consists of a 10,187-square-foot office building and a 3,200-square-foot industrial building. Randy Dowis and Bob Garner of NAI Highland handled the transaction.
BELLEVUE, WASH. — Patrinely Group, in partnership with affiliates of Dune Real Estate Partners, has broken ground on FOUR106, an office tower in downtown Bellevue. The 21-story building will feature approximately 484,000 rentable square feet of office space with average floor plate sizes of 24,000 rentable square feet, along with 6,500 square feet of street-level retail space. FOUR106 will feature a fully equipped fitness center with shower and locker facilities, hands-free entries, delivery dispatch, hands-free elevators and hands-free restrooms. The project is designed to meet LEED Gold standards for core and shell. The project team includes CollinsWoerman, Mortenson Construction, DCI and Gensler. Paul Sweeney, Jason Furr and Colin Tanigawa of The Broderick Group are leasing FOUR106 on behalf of Patriney Group and Dune.
PHOENIX — Phoenix-based George Oliver has purchased Biltmore Commerce Center, a landmark office building in Phoenix’s Camelback Corridor. A joint venture between Lincoln Property Co. and Oaktree Capital Management sold the asset for an undisclosed price. Located at 3200 E. Camelback Road, the 260,878-square-foot Biltmore Commerce Center features a three-story central atrium, large floorplates, multiple common areas and outdoor amenity spaces, conference facilities and a bronze-colored metal building exterior. George Oliver will deploy more than $52 million in capital improvements at the three-story building. George Oliver Design leads the architectural team. Ryan Timpani of JLL wills serve as the project’s leasing broker, while Arcadia Management Group will serve as the onsite property manager. Ben Geelan and Will Mast of JLL represented the sellers in the deal.