Western

Stillwater Capital Acquires Land Parcel in Mesa for 373-Unit Apartment Development

by Amy Works April 8, 2022

MESA, ARIZ. — Dallas-based Stillwater Capital Investments has purchased a 16.6-acre multifamily development site in Mesa from Lamar Cos. and Utah-based GFI-Mesa Investments for $11.1 million. The company plans to develop a Class A apartment community on the site. Located at 1445 S. Power Road and 1455 S. Clearview Ave., the development will feature 373 apartments. The site currently houses vacant retail structures that will be demolished prior to construction of the new community. The project team includes Omniplan, Brennan Ray of Burch & Crach, Ali Fakih of SEG and Andy Baron of ABLA. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the buyer in the deal.

April 8, 2022

Acquisitions Nevada Retail Western

Dreamwork Management Buys Crossroads at Sunset Retail Center in Henderson, Nevada for $28.7M

by Amy Works April 8, 2022

HENDERSON, NEV. — Dreamwork Management has acquired Crossroads at Sunset, a 13.9-acre multi-tenant retail center at the corner of Sunset Road and Stephanie Street in Henderson. SS Capital sold the asset for $28.7 million. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the transaction.

April 8, 2022

California Hospitality Loans Western

Sonnenblick-Eichner Arranges $30M Refinancing for Inn at the Pier in Pismo Beach, California

by Amy Works April 8, 2022

PISMO BEACH, CALIF. — Sonnenblick-Eichner Co. has arranged $30 million in long-term, fixed-rate financing for Inn at the Pier, a full-service boutique hotel located half a block from the Pacific Ocean in Pismo Beach. Inn at the Pier features 104 guest rooms, a full-service restaurant, pool, spa and the only rooftop bar in Pismo Beach. Other amenities include 1,200 square feet of meeting space, a fitness center and approximately 2,650 square feet of street-level retail space. Additionally, the hotel offers valet parking for up to 128 cars. The nonrecourse loan was funded by a life company and priced in the low four percent range with interest-only payments for the entire term. Proceeds from the loan also provided for a return of equity to the undisclosed borrower.

April 8, 2022

Acquisitions Industrial Net Lease Washington Western

Marcus & Millichap Brokers Sale of 47,983 SF Net-Leased Industrial Property in Yakima, Washington

by Amy Works April 8, 2022

YAKIMA, WASH. — Marcus & Millichap has arranged the sale/leaseback of Franz Bakery, a net-leased property in Yakima. A Seattle-based limited liability company acquired the distribution facility for $3.2 million. Clayton Brown, Peter Nisbet and Ruthanne Romero of the Brown Retail Group team of Marcus & Millichap’s Seattle office represented the seller, a limited liability company, while Brown also represented the buyer in the transaction. Located at 31 N. 4th Ave., the 47,983-square-foot property is used as a Franz Bakery distribution center.

April 8, 2022

Idaho Loans Restaurant Retail Western

PSRS Secures $4.6M Refinancing for Two Retail Properties in Meridian, Idaho

by Amy Works April 8, 2022

MERIDIAN, IDAHO — PSRS has secured a $4.6 million refinancing for Gramercy and Mason Creek Retail, two retail assets in Meridian. Kostas Kavayiotidis and Jacob Lee of PSRS arranged the 65 percent loan-to-value, nonrecourse loan with a 10-year term and 30-year amortization for the undisclosed borrower. The properties consist of a total of four retail buildings featuring 14 units and 27,022 square feet. All buildings are fully occupied with a diverse mix of restaurants, local and national businesses.

April 8, 2022

California Development Mixed-Use Multifamily Restaurant Retail Western

Sudberry Properties Opens 260-Unit Hub at Scripps Ranch Mixed-Use Project in San Diego

by Amy Works April 7, 2022

SAN DIEGO — Sudberry Properties has opened The Hub at Scripps Ranch, a mixed-use redevelopment project located at 9840 Carroll Canyon Road in the Scripps Ranch neighborhood of San Diego. Construction is nearing completion and apartment residents are moving in. Situated on 9.5 acres, The Hub at Scripps Ranch features 260 apartments and 10,700 square feet of retail and restaurant space. The property offers one-, two- and three-bedroom layouts, ranging from 614 square feet to 1,391 square feet, with rents starting at $2,600 per month. Interior amenities include private patios or balconies, nine-foot ceilings, hardwood-style flooring in main areas, carpeting in bedrooms, fully equipped kitchens with GE Energy Star stainless steel appliances, quartz countertops and full-size washers/dryers. The retail and restaurant space includes a 2,061-square-foot Starbucks Coffee, Pacific Dental Services and Big Cheech’s Chicken N’ Waffles and Sliders. The development team includes MVE Architecture, Reylenn Construction Co., Pasco Laret Suiter & Associates, GroundLevel Landscape Architecture and Design Tec. Matt Mosser of Retail Insite is responsible for retail leasing, and Sudberry Properties will provide property management for The Hub.

April 7, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Arranges $42M Sale of Rise Metro Apartments in Phoenix

by Amy Works April 7, 2022

PHOENIX — ABI Multifamily has arranged the sale of Rise Metro Apartments, a multifamily property located at 2045 W. Butler Drive in Phoenix. Arizona-based Rise48 Equity sold the asset to a Massachusetts-based buyer for $42 million, or $262,500 per unit. Built in 1981, Rise Metro Apartments features 160 garden-style units in a mix of 72 one-bedroom/one-bath, 36 two-bedroom/one-bath, 40 two-bedroom/two-bath and 12 three-bedroom/two-bath layouts. Each unit is individually metered for electricity and features individual HVACs. Unit amenities include a patio or balcony, ceiling fans, fireplaces in select units, walk-in closets in select units, extra storage space and high-speed internet/cable access. Additional unit amenities include refrigerators, dishwashers, garbage disposals and stacked washers/dryers. Community amenities include a swimming pool and spa, fitness center, business center, basketball court, barbecue/picnic area and dog walk. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the deal.

April 7, 2022

California Development Industrial Western

CapRock Partners Breaks Ground on 2 MSF Industrial Warehouse Development in Norco, California

by Amy Works April 7, 2022

NORCO, CALIF. — CapRock Partners has broken ground on Phase I of Palomino Ranch, a master-planned industrial warehouse development located at 1811 Mountain Ave. in Norco. Spanning 112 acres, the project will total 2 million square feet across 24 buildings. The initial phase of the Class A project will include eight standalone industrial buildings, totaling approximately 700,000 square feet on 44 acres. Phase I buildings will range from approximately 55,000 square feet to 156,000 square feet with clear heights from 30 feet to 36 feet. Buildings larger than 20,000 square feet will offer up to 6,000 square feet of mezzanine office space. Other features will include secured and unsecured concrete truck courts, 125-foot truck court depth, ESFR sprinklers and up to 4,000 amps of power. At total project completion, Palomino Ranch will be the largest industrial real estate development in Norco’s history. The project will be LEED certified and feature design elements such as wrap-around wooden porches and lantern streetlighting that are reflective of the city’s equestrian background and nickname Horsetown U.S.A. Jeff Ruscigno, Brian Pharris, Paul Earnhart, Ryan Earnhart, Austin Hill and Jeff Smith of Lee & Associates have been retained to market the lease availabilities at the project. …

April 7, 2022

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Negotiates Sale of Four Seniors Housing Communities in Oregon

by Amy Works April 7, 2022

BROOKINGS, GOLD BEACH AND SHERIDAN, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of four properties in Oregon: two properties in Brookings, one in Gold Beach and another in Sheridan. The combined communities consist of 169 units and 190 beds. Brookings is a city in Curry County, located on the coast. Gold Beach is located 30 miles north of Brookings on the coast. Sheridan is located approximately 50 miles southwest of Portland. These facilities combined total approximately 109,507 square feet and are situated on approximately 25.6 acres of land. The seller was an Oregon-based owner-operator looking to recycle the capital for additional expansion opportunities. The buyer is a joint venture between a Pacific Northwest-based operator and a California-based private equity company. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.

April 7, 2022

Acquisitions Arizona Industrial Western

Stonelake Capital Partners Buys Renovated Industrial Building in Gilbert, Arizona for $11.5M

by Amy Works April 7, 2022

GILBERT, ARIZ. — Dallas-based Stonelake Capital Partners has purchased a renovated industrial property located at 1503 W. San Pedro St. in Gilbert. Pallisides Trust sold the vacant asset for $11.5 million. Situated on five acres, the 65,531-square-foot building features 9,000 square feet of office space, 24-foot clear heights, LED lighting, air conditioning, a secured yard with motorized gate, advanced security system, new asphalt parking lot, multiple cranes, air compressors and grade-level loading. The property also includes 1.5 acres of excess yard. Phil Haenel, Mike Haenel and Andy Markham of Cushman & Wakefield’s Phoenix office represented both parties in the deal.

April 7, 2022

Newer Posts

Older Posts