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Los-Compadres-Plaza-Colton-CA
AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Partners Negotiates $8.8M Sale of Los Compadres Plaza in Inland Empire

by Amy Works

COLTON, CALIF. — Progressive Real Estate Partners has arranged the sale of Los Compadres Plaza, a retail property located in Colton. A Southern California-based buyer acquired the asset from a Los Angeles County-based seller for $8.8 million. Located at 1035 S. Vernon Ave., Los Compadres Plaza features 47,090 square feet spread across four buildings, which were built in two phases in 1977 and 1980. The unanchored property is 93 percent occupied with 82 percent of the center’s tenants being independent, internet-resistant businesses, including restaurants, medical users, beauty and other services. The property recently underwent renovations, including painting, roof replacements and parking lot improvements. Brad Umansky, Greg Bedell and Mike Lin of Progressive Real Estate Partners represented the seller in the deal.

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Oasis-Anaheim-CA
AcquisitionsCaliforniaMultifamilyWestern

Gelt Acquires The Oasis Anaheim Apartment Community in California for $146.5M

by Amy Works

ANAHEIM, CALIF. — Gelt, a Los Angeles-based, value-add real estate investor, has purchased The Oasis Anaheim, a transit-oriented apartment property in the northeast area of Anaheim. Redhill Realty Investors sold the asset for $146.5 million. Built in 2009 on 5.2 acres, The Oasis Anaheim features 312 apartments spread across two four- and five-story buildings in a mix of loft, townhome, one- and two-bedroom layouts. On-site amenities include a resort-style pool, fitness center/yoga studio, clubhouse, recycling services, a business center, barbecue grills and 626 parking spaces. The community is located at 3530 E. La Palma Ave. Sean Deasy, Ryan Fitzpatrick and Chelsea Jervis of JLL represented the buyer and seller in the transaction.

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CaliforniaColoradoLoansMultifamilySeniors HousingWesternWyoming

Capital Funding Group Provides $262.6M Refinancing for Skilled Nursing Portfolio in Colorado, California, Wyoming

by Amy Works

BALTIMORE — Capital Funding Group, a Baltimore-based lender, has provided a $262.6 million term loan to refinance a 29-asset long-term care portfolio. Spanning Colorado, California and Wyoming, the portfolio includes 28 skilled nursing facilities and one joint skilled nursing and assisted living facility, with a total of 3,140 beds. The borrower is a privately owned real estate investment group. Erik Howard and Tim Eberhardt originated the transaction for Capital Funding Group.

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AcquisitionsMultifamilyNew MexicoWestern

HiCap Management Sells Two-Property Multifamily Portfolio in Albuquerque

by Amy Works

ALBUQUERQUE, N.M.— HiCap Management has completed the sale of a two-property apartment portfolio in Albuquerque. A private buyer acquired the two assets, totaling 196 units, for an undisclosed price. The portfolio includes the 136-unit Chelsea Village Apartments and the 60-unit Marquee Village Apartments. Chelsea Village Apartments was built in phases between 1964 and 1968 and Marquee Village was built in 1950. Chelsea Village consists of 13 two-story buildings and offers a mix of one-, two- and three-bedroom layouts, while Marquee Village consists of two two-story buildings with a mix of one- and two-bedroom townhouses. HiCap renovated the common spaces and upgraded selected units at the properties, which the company acquired in 2017 and 2018. Erik Olson and Billy Eagle of CBRE represented the seller and buyer in the deal.

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Company NewsRetailWashingtonWestern

Amazon to Hire 125,000 Employees for Local Opportunities Across the U.S.

by Amy Works

SEATTLE — Amazon (NASDAQ: AMZN) will add 125,000 local employment opportunities through the United States, on top on the 40,000 corporate and technology positions the company announced in early September. The new roles in fulfillment and transportation offer an average starting wage of more than $18 per hour, and up to $22.50 per hour in some locations. Additionally, the company provides full-time employees with comprehensive benefits from day one, including health, vision and dental insurance; 401(k) with 50 percent company match; up to 20 weeks paid parental leave; and Amazon’s Career Choice program that pays full college tuition for the company’s full-line employees. Employment opportunities are available in hundreds of cities and towns across the country. Some states with the most roles include Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Texas and Washington. In 2021, Amazon opened more than 250 new fulfillment centers, sortation centers, regional air hubs and delivery stations in the United States and will open over 100 more buildings in September alone.

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409-E-Whitcomb-Ave-Tonasket-WA
AcquisitionsNet LeaseRetailWashingtonWestern

Marcus & Millichap Arranges $1.1M Sale of Retail Property in Tonasket, Washington

by Amy Works

TONASKET, WASH. — Marcus & Millichap has brokered the sale of a retail building, located at 409 E. Whitcomb Ave. in Tonasket. A limited liability company sold the asset to another limited liability company for $1.1 million. U.S. Bank occupies the 4,754-square-foot property under a net-lease basis. The bank has operated at the location for 35 years and recently executed a five-year lease extension. The property recently underwent an interior remodel. Clayton Brown and Ruthanne Romero of Marcus & Millichap represented the seller and buyer in the deal.

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CaliforniaLoansMultifamilyNorthmarqWashingtonWestern

NorthMarq Arranges $132M Refinancing for Six Multifamily Properties in California, Washington

by Amy Works

SAN FRANCISCO — NorthMarq’s San Francisco office has arranged the $132 million in refinancing for six multifamily properties in California and Washington comprising 965 units. Dennis Williams and Tom Wright of NorthMarq arranged the financing for the borrower, JB Matteson, through its long-time correspondent relationship with Allianz. The six permanent loans featured fixed interest rates with interest-only payments for the full 10-year terms. The financing includes: A $19.2 million loan for Avanti Apartments, a 216-unit property located at 4450 El Centro Road in Sacramento. A $31.4 million loan for Millworks Apartments, a 124-unit community located at 900 Reichert Ave. in Novato, Calif. An $18.5 million loan for Reflections at the Park, a 244-unit complex located at 11510 NE 112th Drive in Vancouver, Wash. A $19.4 million loan for Tustin Cottages, a 93-apartment community at 1361 El Camino Real in Tustin, Calif. A $25.5 million loan for Urban Village, a 129-unit property at 1081 Long Beach Blvd. in Long Beach, Calif. An $18 million loan for Waterfront Apartments, a 96-unit community with 4,000 square feet of commercial space in Petaluma, Calif.

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Madison-Town-Center-Valencia-CA
AcquisitionsCaliforniaMultifamilyWestern

Gemdale USA Sells Madison at Town Center Apartment Complex in Valencia, California for $62M

by Amy Works

VALENCIA, CALIF. — Gemdale USA has completed the disposition of The Madison at Town Center, a multifamily property in Valencia. Fairfield Residential acquired the asset for $62 million, or $476,923 per unit. Built in 2003, The Madison at Town Center features 130 apartments, a heated swimming pool, fitness center, internet café and 24-hour maintenance concierge. The property offers 16 different floor plans, ranging from one- to three-bedrooms, with in-unit washers and dryers, walk-in closets, upgraded appliances, gallery-style track lighting with spotlight, soaking tubs and single vanities. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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Benson-Hotel-Portland-OR
HospitalityLoansOregonWestern

Coast Hospitality Receives $51.1M Refinancing for Benson Hotel Renovations in Portland

by Amy Works

PORTLAND, ORE. — Seattle-based Coast Hospitality has received a $51.1 million loan for the refinancing and renovation of Benson Hotel in downtown Portland. Dallas-based Hall Structured Finance closed a first lien bridge loan for the borrower. Originally built in 1912 and expanded in 1959, the 13-story hotel features 287 guest rooms, including 57 suites; two restaurants; a bar/mezzanine lounge; and almost 18,000 square feet of indoor meeting space spanning across 18 different rooms, including two separate ballrooms; a 12-story historic stairwell; fitness center; and business center. The borrower plans to renovate the hotel’s common areas, including the meeting space, lobby and food and beverage outlets. The property, which previously operated independently of a national brand, will be flagged under the Hilton Curio Collection in the fourth quarter of 2021. Jonathan Falik of JF Capital Advisors advised Coast Hospitality on the loan and the branding.

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Sedona-Ridge-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

Sares Regis Divests of 250-Unit Sedona Ridge Multifamily Community in Phoenix

by Amy Works

PHOENIX — Sares Regis Multifamily Funds has completed the sale of Sedona Ridge, a garden-style apartment property located at 5010 E. Cheyenne Drive in Phoenix. Terms of the transaction were not released. Sedona Ridge features 250 apartments in a mix of one-, two- and three-bedroom units, averaging 941 square feet, with full-size washers/dryers and private patios or balconies. The community offers two swimming pools and spas, a renovated fitness center, sand volleyball court, detached garages, dog park, package locker system, outdoor picnic area and clubhouse. Mike Higgins, John Cunningham and Charles Steele of JLL Capital Markets represented the seller in the transaction.

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