Western

Northmarq Brokers $29.1M Sale of Highline Lofts Apartments in Aurora, Colorado

by Amy Works March 16, 2022

AURORA, COLO. — Northmarq has arranged the sale of Highline Lofts Apartments, a multifamily property located at 456 S. Ironton St. in Aurora. Lowe Property Group sold the property to Summit Communities for $29.1 million, or $260,000 per unit. Built in 1972, Highline Lofts Apartments features 112 units in a mix of one-, two- and three-bedroom floor plans, ranging from 740 square feet to 1,395 square feet. Alex Possick, Rich Ritter and Seth Gallman of Northmarq’s Colorado Multifamily Investment Sales team represented the seller in the deal.

March 16, 2022

Acquisitions Development Idaho Multifamily Western

Pacific Partners Residential Buys Former Transportation Terminal in Boise for Multifamily Redevelopment Project

by Amy Works March 16, 2022

BOISE, IDAHO — Pacific Partners Residential has acquired a 0.84-acre site in downtown Boise for an undisclosed price. The buyer plans to redevelop the property, which is located at 1212 W. Bannock St. and formerly used as a transportation terminal for the Greyhound Bus Co., into a residential community. Curtis Cluff of Cushman & Wakefield and Matt Haumann of CBRE co-represented the buyer, while Jay Story of Story Commercial Real Estate represented the seller in the deal.

March 16, 2022

Acquisitions California Retail Western

Faris Lee Brokers Sale of 117,228 SF Ming Plaza Shopping Center in Bakersfield, California

by Amy Works March 15, 2022

BAKERSFIELD, CALIF. — Faris Lee Investments has arranged the sale of Ming Plaza, a retail center located on Ming Avenue in Bakersfield. A private family office sold the asset to an undisclosed buyer for $26.5 million. Sean Cox, Alex Moore and Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Faris Lee also arranged financing for the buyer. At the time of sale, the 117,228-square-foot property was nearly 100 percent occupied and includes three outparcels leased to Starbucks Coffee, Chase Bank and Long John Silvers.

March 15, 2022

Acquisitions Arizona Loans Multifamily Western

Berkadia Arranges $35.7M in Acquisition Financing for The Rev Multifamily Community in Tempe

by Amy Works March 15, 2022

TEMPE, ARIZ. — Berkadia has arranged the sale of The Rev, a garden-style apartment property in Tempe. Washington-based Securities Properties sold the asset to Western Wealth Capital for an undisclosed price. Dan Cheyne, Ric Holway and Mark Forrester of Berkadia Phoenix represented the seller in the transaction. Andy Hill of Berkadia Austin secured $35.7 million in acquisition financing on behalf of the buyer. Benefit Street provided the bridge loan, which features future funding to facilitate completion of upgrades to the property. Located at 3409 S. Rural Road, The Rev features 172 apartments in a mix of studio, one- and two-bedroom layouts. Community amenities include an oversized swimming pool, heated spa, standalone leasing center, resident lounge, business center, fitness center, locker room and large courtyards.

March 15, 2022

Acquisitions California Retail Western

Cushman & Wakefield Negotiates $24M Sale of Retail Building in West Hollywood

by Amy Works March 15, 2022

WEST HOLLYWOOD, CALIF. — Cushman & Wakefield has brokered the sale of a freestanding, single-tenant retail property located at 8833 Beverly Blvd. in West Hollywood. A joint venture between Acadia Realty Trust and Osiris Ventures acquired the asset for $24 million. Luxury Living fully occupies the 9,757-square-foot building. Kazuko Morgan, Carine Mamann and Steve Algermissen of Cushman & Wakefield represented the seller in the transaction.

March 15, 2022

Arizona Development Industrial Loans Western

Kentwood Ventures Receives $22.7M in Construction Financing for Spec Industrial Development in Arizona

by Amy Works March 15, 2022

BUCKEYE, ARIZ. — JLL Capital Markets has arranged $22.7 million in construction financing for the development of Verrado – 10 Industrial, two industrial facilities in Buckeye. The borrower is Kentwood Ventures. Situated on 18.7 acres, Verrado – 10 Industrial will total 249,600 square feet of speculative industrial, distribution, R&D and light manufacturing space. The facilities will feature rear-load configuration, 28-foot clear heights, 32 drive-in doors and ample parking. Completion is slated for March 2023. Jason Carlos, Jarrod Howard and Joe Torkelson of JLL Capital Markets Debt Placement placed the five-year, floating-rate construction loan with CIBC Bank USA.

March 15, 2022

Acquisitions California Industrial Western

Corona Investments Sells Distribution Property in California for $15.3M

by Amy Works March 15, 2022

CORONA, CALIF. — Voit Real Estate Services has arranged the sale of an industrial facility located at 2395 Railroad St. in Corona. Corona Investments sold the property to Colorado-based EverWest Real Estate Investors for $15.3 million, or $319.62 per square foot. EverWest Real Estate Investors plans to stabilize the 47,870-square-foot property and hold it as a long-term leased investment. Constructed in 1988, the concrete tilt-up building features 24-foot minimum warehouse clearance, a 0.33 GPM/3,000 square feet sprinkler system, four grade-level doors, two dock-high loading positions and a secured truck court and yard area. Michael Hefner of Voit’s Anaheim office represented the seller and buyer in the deal.

March 15, 2022

Affordable Housing California Development Multifamily Seniors Housing Western

SVA Architects Plans Lakeland & Laurel Intergenerational Affordable Project in Santa Fe Springs, California

by Amy Works March 14, 2022

SANTA FE SPRINGS, CALIF. — SVA Architects, along with development partners The Richman Group Inc., The Whole Child and Habitat for Humanity, has received entitlements for the construction of Lakeland & Laurel, an intergenerational affordable housing community in the Los Angeles suburb of Santa Fe Springs. The project encompasses more than an entire city block and will feature three distinct housing communities consisting of intergenerational affordable apartments, interim transitional housing and for-sale townhomes. The development will cost the city approximately $110,000 per unit for 139 units and is scheduled to break ground in April. The Richman Group, based in Newport Beach, Calif., is developing the three-building intergenerational portion of the project. This part of the development will total 102 affordable apartment homes on nearly four acres. The first building, at four stories tall, will provide homes to 50 seniors. The other two buildings will be three stories tall and offer 52 family apartments. These homes will also share a 1,000-square-foot clubhouse with a fitness facility, laundry room, mail room and clubroom. The Whole Child is developing the three-story interim housing, which will serve up to 40 homeless families at any given time. Habitat for Humanity will build the 18 for-sale …

March 14, 2022

Acquisitions California Industrial Western

Transwestern Sells 202,421 SF Amazon-Leased Distribution Center in Moorpark, California

by Amy Works March 14, 2022

MOORPARK, CALIF. — Transwestern Development Co. (TDC) has completed the disposition of 6000 Conor Drive, a distribution center in Moorpark, along with a two-acre parcel offering additional parking. An undisclosed buyer acquired the property for $50.7 million. At the time of sale, Amazon occupied the 202,421-square-foot facility, which is near U.S. Route 101 and California State Routes 118 and 23. TDC recently completed interior and exterior upgrades to the property. Barbara Perrier, Darla Longo and Bennett Robinson of CBRE represented TDC in the transaction. Transwestern Real Estate Services provided asset services for the property.

March 14, 2022

Acquisitions California Office Western

CBRE Arranges Sale of 56,300 SF Office Building in Marina del Rey, California

by Amy Works March 14, 2022

MARINA DEL REY, CALIF. — CBRE has brokered the sale of an office building located at 5005 McConnell Ave. in Marina del Rey. Montana Avenue Capital Partners sold the asset to a joint venture between Los Angeles-based HATCHspaces, Denver-based NexCore Group and Nuveen Real Estate. Terms of the transaction were not released. The 56,300-square-foot property underwent a full renovation since Montana Avenue Capital Partners acquired it in 2018. Armata Pharmaceuticals, a biotechnology company on pathogen-specific bacteriophage therapeutics for antibiotic-resistant and difficult-to-treat bacterial infections, leased the entire property starting in 2021. Mike Longo, Todd Tydlaska, Sean Sullivan, Greg Grant, Jeff Pion, Michelle Esquivel and Andrew Riley of CBRE represented the seller in the deal.

March 14, 2022

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