NAMPA, CALDWELL AND BOISE, IDAHO — CommCap Advisors has arranged a $2.3 million loan for an apartment portfolio in Nampa, Caldwell and Boise. Totaling 20,070 square feet, the portfolio includes 820 and 824 17th Avenue South and 1615 2nd Street in Nampa, 1022 Main Street in Caldwell and 512 Warm Springs in Boise. Stephen Huelsman of CommCap Advisors arranged the 25-year loan, which features a 25-year amortization schedule, through a life insurance company.
LAS VEGAS — Oak View Group has unveiled plans for a $3 billion entertainment district spanning 25 acres south of the Las Vegas Strip. The project will be located at the intersection of Interstates 15 and 215, and is set to include an 850,000-square-foot arena, casino, hotel and an additional entertainment venue. The arena will host upwards of 20,000 seats and will offer amenities such as suites and premium hospitality clubs. Oak View Group is actively seeking a partner to operate the hotel and casino portion of the development, and has held talks with a number of potential participants, according to reports by Bloomberg. The arena portion does not yet have a tenant. “We are proud Oak View Group has chosen Nevada for its next and largest project,” says Nevada Governor Steve Sisolak. “This newly proposed entertainment district in Las Vegas will help continue the state’s economic momentum and create thousands of jobs and greater prosperity for Nevadans.” Groundbreaking on the project, which is designed by architecture firms Gensler and Populous, is scheduled for 2023. Marc Badain, former president of the NFL’s Las Vegas Raiders, will also partner with Oak View Group on the development. “South of the Las Vegas strip represents …
TUCSON, ARIZ. — Weidner Apartment Homes has completed the disposition of Tucson V, a five-property, 880-unit apartment portfolio in Tucson. Western Wealth Capital acquired the assets for $130 million. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, and procured the buyer in the deal. The properties include: Aventura, 239 units built in 1985 Las Brisas, 248 units built in 1983 Alegria, 161 units built in 1985 The Enclave, 120 units built in 1974 Vista Montana, 112 units built in 1984
SAN DIEGO — Lowe and LaSalle Investment Management have completed the disposition of IDEA1, a mid-rise apartment complex located at 895 Park Blvd. in San Diego’s East Village neighborhood. Fairfield acquired the property for $106 million. Built in 2017 by Lowe, LaSalle and I.D.E.A. Partners, the six-story IDEA1 features 295 apartments in a mix of studios, one- and two-bedroom units with 12-foot ceilings, dual-pane vinyl windows, full-size washers/dryers, stainless steel appliances, quartz countertops and an average size of 739 square feet. Community amenities include a glass IDEA Box that serves as a business center, coworking space and conference room that can transform into a giant screen for movies and concerts in the courtyard. Additional amenities include a rooftop clubroom, sundeck with outdoor barbecues and firepits, rooftop spa, 24-hour fitness center, the HUB flexible event space, onsite restaurants and an art gallery. The property also offers 5,533 square feet of retail space and 7,717 square feet of office space, as well as a five-story mural. Darcy Miramontes and Kip Malo of JLL Capital Markets represented the seller in the deal.
GLENDALE, CALIF. — Northmarq has brokered the sale of Towne at Glendale, a multifamily community located in the Verdugo Woodlands area of Glendale. Los Altos, Calif.-based Interstate Equities Corp. sold the asset to a public-private partnership of CSCDA Community Improvement Authority and BLVD Impact Housing for $79.7 million, or $630,000 per unit. Built in 1965, Towne at Glendale features 126 units, averaging 1,136 square feet. The property has undergone major renovations to provide luxury interior features and outstanding amenities. The buyer plans to expand upon the already completed enhancements and lease all units to renters earning between 80 percent and 120 percent of average median income. Shane Shafer and Bryan Schellinger of Northmarq’s Los Angeles investment sales team represented the seller in the transaction.
MESA, ARIZ. — EastGroup Properties has assembled and closed on 50 acres in the Phoenix Mesa Gateway Airport submarket for the development of Gateway Interchange, a Class A industrial development. Totaling 655,400 square feet and seven buildings, Gateway Interchange will feature spaces ranging from 13,440 square feet to 180,000 square feet with 28- to 32-foot clear heights, seven-inch floor thickness, abundant power, full concrete truck courts, dock-high and ground-level loading, LED warehouse lighting and ESFR sprinkler system. The buildings will include glass roll-up doors leading out of breakrooms to covered patio areas, six outdoor amenity nodes that are interconnected by trails and feature patio tables and chairs for outdoor dining, as well as turf areas for cornhole and other outdoor games. The project will be developed in two phases, with Phase I consisting of four buildings totaling 359,700 square feet and Phase II is slated for three buildings totaling 295,700 square feet. Willmeng Construction is serving as general contractor and Butler Design Group is serving as architect. Construction of Phase I is slated to begin third quarter of 2022 with delivery by the second quarter of 2023. The project will be developed, owned and managed by EastGroup. Steve Larsen, Pat …
WOODLAND HILLS, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a retail building located at 5780 Canoga Ave. in Woodland Hills. California-based Bolour Associates acquired the property from California-based Flamingo Investments for $9 million in an off-market transaction. Baja Fresh, Salad Farm and The Stand are tenants at the retail building. Kyle Pari and Michael Pakravan of Matthews Real Estate Investment Services represented the buyer and seller in the transaction.
VACAVILLE, CALIF. — A joint venture between LDK Ventures and PCCP has completed the disposition of a Class A distribution/e-commerce facility, located at 4800 Midway Road in Vacaville. A global real estate investment manager acquired the single-tenant asset for an undisclosed price. Built in 2021 on 35.7 acres, the 617,760-square-foot property features 40-foot clear heights, 54-foot by 50-foot column spacing, cross-dock loading with 130-foot truck courts, LED lighting and ESFR fire suppression. At the time of sale, the property was 100 percent occupied by a global Fortune 10 e-commere company. Steve Hermann, Seth Siegel, Ryan Venezia, Rick Ryan and Kevin Flemming of Cushman & Wakefield’s Northern California Capital Markets Group represented the seller in the deal. Brooks Pedder, John McManus and Tony Binswanger of Cushman & Wakefield provided market advisory.
YUMA, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Regency Square, an apartment property in Yuma. Sundance Bay acquired the asset from a private partnership for $41.5 million, or $136,513 per unit. Built in 1986, Regency Square features 304 studio, one- and two-bedroom apartments spread across 17 two-story residential buildings. Community amenities include assigned covered parking, two swimming pools, a leasing office and clubhouse, basketball court, children’s playground, pet park and two laundry facilities. Cliff David and Steve Gebing of IPA, a division of Marcush & Millichap, represented the seller and procured the buyer in the deal.
WESTLAKE VILLAGE, CALIF. — Majestic Asset Management has completed the sale of 2829 Townsgate, a multi-tenant office building in Westlake Village. California Commercial Investment Cos. acquired the property for $27 million. Located at 2829 Townsgate Road, the property features 88,334 square feet of office space, occupied by 10 tenants. Kevin Shannon, Sean Fulp, Ryan Plummer and Mark Schuessler of Newmark represented the seller in the deal.
