Western

CBRE Global Investors Closes $41.5M Loan for Elevate Long Beach Apartments in California

by Amy Works July 13, 2021

LONG BEACH, CALIF. — A fund sponsored by CBRE Global Investors has closed on a $41.5 million loan the acquisition of Elevate Long Beach Apartments, a multifamily property located in Long Beach. The borrower is Los Angeles-based investment firm Gelt. The floating-rate loan has an initial term of three years, which can be extend up to two additional years, and includes future funding to finance the sponsor’s business plan. Brandon Smith, Annie Rice and David Pelaia of JLL Capital Markets in Los Angeles arranged the loan for the borrower. Located at 225 W. Third St., Elevate Long Beach (formerly known as Sofi on Third) features 160 apartments in a mix of studio, one- and two-bedroom units. Community amenities include a rooftop sundeck with grilling stations, 24-hour fitness center, swimming pool, resident lounge and secured subterranean parking garage.

July 13, 2021

Acquisitions California Industrial Western

CenterPoint Properties Acquires 264,450 SF Industrial Property in Carson, California

by Amy Works July 13, 2021

CARSON, CALIF. — CenterPoint Properties has purchased an industrial facility, located at 2850 E. Del Amo in Carson, from Century Distribution Systems in a sale-leaseback transaction. The acquisition price was not released. Situated on 19.2 acres, the 264,450-square-foot property features 28- and 32-foot clear heights, 66 dock doors and parking for 180 trailers. Nick Foster, Zac Sakowski and Mark Detmer of JLL Capital Markets represented the seller in the deal.

July 13, 2021

Development Multifamily Seniors Housing Washington Western

Alliance Residential Starts Construction of 136-Unit Seniors Housing Project in Bellevue, Washington

by Amy Works July 13, 2021

BELLEVUE, WASH. — Alliance Residential has started construction of Holden of Bellevue, the first piece of a three-phase multifamily project in downtown Bellevue. Holden will rise seven stories and feature 110 assisted living units and 26 memory care units. It is scheduled to open in late fall 2021. The second phase of the overall project will be an independent living building, followed by standard multifamily in the third phase. Its location is in close proximity to the city’s restaurants, boutiques, art galleries, public parks and museums. Milestone Retirement Communities will operate Holden of Bellevue upon opening.

July 13, 2021

Acquisitions California Industrial Western

Stos Partners Buys 125,000 SF Multi-Tenant Industrial Facility in Simi Valley, California

by Amy Works July 13, 2021

SIMI VALLEY, CALIF. — Stos Partners has purchased a multi-tenant industrial property located at 2320-2380 Shasta Way in Simi Valley. An undisclosed seller sold the asset for $20 million in an off-market transaction. Dan Cherrie of CBRE represented Stos Partners in the acquisition. At the time of sale, the 125,000-square-foot property was 94 percent leased to a diverse base of long-term tenants. The buyer plans to implement capital improvements at the property including mechanical system upgrades, parking lot repaving and fresh paint on both the exteriors and interiors.

July 13, 2021

Acquisitions Net Lease Retail Washington Western

Marcus & Millichap Brokers $7.9M Purchase of Jiffy Lube Net-Leased Portfolio in Washington

by Amy Works July 13, 2021

TUKWILA, PUYALLUP AND PORT TOWNSEND, WASH. — The Leibsohn Group of Marcus & Millichap has arranged the acquisition of a three-property retail portfolio in Tukwila, Puyallup and Port Townsend. A private, Pacific Northwest-based investor acquired the portfolio from an undisclosed seller for $7.9 million. Jiffy Lube occupies each of the properties on long-term, net-lease basis. Brian Leisbsohn and Raymond Vara of The Leibsohn Group of Marcus & Millichap’s Seattle office procured and represented the buyer in the deal.

July 13, 2021

California Development Hospitality Mixed-Use Top Stories Western

Alagem Capital, Cain International Unveil Plans for $2B One Beverly Hills Project

by John Nelson July 13, 2021

BEVERLY HILLS, CALIF. — Alagem Capital Group and Cain International have unveiled plans for One Beverly Hills, a 17.5-acre “urban resort” that the developers estimate will value $2 billion upon completion. The project will include two new condominium towers, an eight-acre botanical garden and a new 10-story tower comprising 42 luxury hotel rooms, 37 shared-ownership condominiums and a fine dining restaurant. One Beverly Hills also includes the revitalization of the adjacent Beverly Hilton and Waldorf Astoria Beverly Hills, two luxury hotels that Alagem Capital and Cain purchased in 2018. In June, the Beverly Hills City Council approved the project by a vote of 4 to 1. The historic development agreement between the developers and the City of Beverly Hills guarantees a $100 million public benefit fee, which Alagem Capital and Cain will pay over the course of eight years, according to the Beverly Hills Courier. None of the condominiums will be reserved for affordable housing, according to local and national media outlets. One Beverly Hills’ hotel-condo tower will include a private members club open to residents and a select number of non-residents. Members will have access to 130,000 square feet of amenities space over three levels that will be divided …

July 13, 2021

Acquisitions Colorado Multifamily Western

Oak Coast Properties Buys Two-Property Apartment Portfolio in Denver for $61M

by Amy Works July 12, 2021

DENVER — Oak Coast Properties has purchased a two-property multifamily portfolio located in Denver for $61 million. Totaling 427 units, the portfolio includes The Avalon and Estrella. The buyer is planning $3.2 million in renovations as part of an enhancement plan aimed to improve the marketability and return on investment of the communities. Located at 645 Wolff St., The Avalon is a 14-building community on 16.2 acres. The garden-style property features 235 apartments in a mix of studio, one-, two- and three-bedroom layouts. Community amenities include a pool, soccer field, volleyball court, fitness center, laundry facility, clubhouse, and picnic and grill areas. The property was originally built in 1961. Located at 7030 Pecos St., the five-building Estrella features 192 units in a mix of one- and two-bedroom floor plans. Situated on 4.5 acres, the community includes a pool, soccer field, fitness center, laundry facility, grill area, playground and clubhouse. Charles Halladay, Rick Salinas and Rob Bova of JLL Capital Markets secured a $47 million, seven-year, floating-rate loan through agency financing for the buyer. JLL Real Estate Capital will service the loan. Tom Wanberg and John Blackshire of Transwestern represented the undisclosed seller in the deal. Echelon Property Group will manage …

July 12, 2021

California Loans Retail Western

BridgeCore Capital Provides $12.4M Loan for Shopping Center Acquisition in Atwater, California

by Amy Works July 12, 2021

ATWATER, CALIF. — BridgeCore Capital has funded a $12.4 million loan for the purchase of a retail center in Atwater. The undisclosed borrower required a bridge loan to acquire the fully occupied, grocery- and pharmacy-anchored retail center. The borrower was unable to secure traditional financing that provided flexibility to allow for the sale of individual parcels of the property during the loan term. BridgeCore was able to provide a loan with a 6.9 percent interest rate and 24-month term, including two six-month extension options.

July 12, 2021

Acquisitions California Retail Western

SRS Real Estate Partners Brokers $7.6M Sale of Heritage Crossings Retail Asset in Fontana, California

by Amy Works July 12, 2021

FONTANA, CALIF. — SRS Real Estate Partners has arranged the sale of Heritage Crossings, a fully leased retail property located at 7470 Cherry Ave. in Fontana. A Southern California-based development firm sold the asset to a private investor for $7.6 million. Built in 2008 on 2.8 acres, Heritage Crossings features 16,273 square feet of retail space. Current tenants include 7-Eleven, Boston Market, Subway and Little Caesars. John Redfield and Chris Tramontano of SRS’ National Net Lease Group represented the seller, while Jigar Shah of Century 21 Discovery represented the buyer.

July 12, 2021

Acquisitions California Industrial Western

Avison Young Arranges $6.9M Acquisition of Industrial Property in West Sacramento

by Amy Works July 12, 2021

WEST SACRAMENTO, CALIF. — Avison Young has arranged the purchase of an industrial building located at 879 F St. in West Sacramento. The Bendetti Co. acquired the property from INNOVA Fund I LLC for $6.9 million. Built in 2001 on two acres, the property features 55,000 square feet of industrial space with fully insulated warehouses and concrete tilt-up construction. Alan Pekarcik and Chris Smith of Avison Young’s Irvine office represented the buyer, while Kevin Jasper of Newmark represented the seller in the deal.

July 12, 2021

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