DENVER — University and Evans, a limited liability company based in Denver, has completed the disposition of the fee simple interest in University Lofts, a student housing and retail property located at 2076 University Blvd. in Denver. An entity doing business as DU Univ Lofts Acq. LLC purchased the asset for $17.3 million. Built in 2006, the 44,495-square-foot property features 35 residential units totaling 97 bedrooms, as well as 8,636 square feet of street-level retail space. The five-story building also features a two-story underground parking structure with 69 heated parking stalls. The residential component is master leased by the University of Denver for student housing through summer 2022. The four-tenant retail space is 48 percent leased to TCF Bank and Paradise Dentistry, which will open in the third quarter. Patrick Henry and Boston Weir of Henry Group represented both the buyer and seller in the transaction. The new owner plans to renovate the unit interiors and convert a portion of the existing retail space into amenity space for residents.
LOS ANGELES — Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, has provided a $27 million construction-to-bridge loan to recapitalize the Hyatt Hotel Nue in Los Angeles. Located at 1525 N. Cahuenga Blvd., the hotel will feature 64 guest rooms, a ground-floor lobby and restaurant, rooftop bar, lounge and pool, as well as an underground parking garage. The hotel is part of the Hyatt Unbound collection that caters to business travelers and tourists seeking a unique social experience. S3D Partners, led by Jayesh Kumar, owns the hotel. The group currently owns or maintains an interest in 12 hotels throughout California and Texas.
LONG BEACH, CALIF. — Stepp Commercial has arranged the sale of a multifamily property located at 2104 E. Florida in Long Beach’s Fourth Street/Retro Row neighborhood. A locally based private investor sold the asset to another local private investor in a 1031 exchange for $4 million. Built in 1948, the property features 10 one-bedroom units and one studio apartment. The community recently underwent more than $600,000 of capital improvements. Interior units included the installation of new laminate flooring, custom shaker-style cabinets, quartz countertops, washers/dryers in most units, stainless steel appliances, designer bathroom tile and pedestal sinks, as well as modern lighting, ceiling fans and fixtures throughout. Robert Stepp and Todd Hawke of Stepp Commercial represented the seller in the deal.
TUCSON, ARIZ. — REM Investment Group has purchased Grant Road Place, a multi-tenant office property located in Tucson. Entities doing business as Shenitzer Family Trust U/T/A, the Pepper Trust U/T/A and WV LLC sold the asset for $2.7 million. Located at 5625-5687 E. Grant Road, the property features 20,057 square feet of office space. Richard Kleiner of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.
PHOENIX — Newmark has arranged the sales of two grocery-anchored shopping centers located in Phoenix for a combined total of $14 million. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark facilitated the transactions. In the first deal, Boros Investments sold Safeway Shops at 83rd & Camelback, a multi-tenant retail center located at 4819 N. 83rd Ave. and 8141 W. Camelback Road, to an entity doing business as Reel Retail Fund I LLC. Tenants at the fully occupied property include H&R Block, Great Clips, One Main Financial, a donut shop, dentistry office and a Mexican restaurant. Newmark represented the buyer and seller in the deal. In the second transaction, Desert Canyon Investment Properties III acquired Happy Valley Walmart Shops, located at 25155 N 67th Ave. and 6520 W. Happy Valley Road, from BevNorm Olive LLC. Tenants at the property include Pacific Dental, Edward Jones, a bagel shop, bike store and a sushi restaurant. The property includes the shops on other side of a Walmart Neighborhood Market store.
LOS ANGELES — Rexford Industrial Realty expanded its Southern California portfolio by purchasing five industrial properties for an aggregate acquisition price of $188.9 million. The facilities total 660,254 square feet. The transactions include: – The $93.6 million, or $363 per square foot, acquisition of a 257,976-square-foot repositioned industrial campus at 2425-2535 E. 12th St. in Los Angeles. The property is 96 percent leased and features 24-foot warehouse clearance and dock-high loading. – The $27.4 million, or $307 per square foot, purchase of an 89,272-square-foot facility at 19951 Mariner Ave. in Torrance. Situated on 4.2 acres, the property offers 27-foot warehouse clearance, dock-high loading and an oversized yard. – The $13.5 million, or $174 per square foot, acquisition of a two-building, 77,758-square-foot industrial property located at 2555 E. Del Amo Blvd. in Rancho Dominguez. – The $27.3 million, or $87 per land square foot, purchase of a single-tenant, 100,000-square-foot property situated on 7 acres in the Los Angeles – Greater San Fernando Valley submarket. – The $27.1 million, or $200 per square foot, acquisition of a two-tenant, 135,258-square-foot industrial building at 29120 Commerce Center Drive in Valencia. The property features 30-foot clear heights, dock-high loading and proximity to freeway access. The …
BURLINGAME, CALIF. — Angelo Gordon & Co. has completed the disposition of a medical office building located at 1720 El Camino Real in Burlingame. Morgan Stanley acquired the asset for $64.4 million. The 106,018-square-foot building is immediately adjacent to the 241-bed, acute-care Sutter Health Mills-Peninsula Medical Center. The medical office building is anchored by Sutter Health, Stanford Health Care and DaVita. The property features recently renovated common areas and extensive medical buildouts, including a 10,300-square-foot endoscopy center in the Sutter Health space. The property also includes a five-story, 396-stall parking garage that provides direct access into the building from each floor. Steven Golubchik, Seth McKinnon, Ben Appel and Darren Hollak of Newmark’s Northern California Capital Markets team represented the seller in the deal.
HILLSBORO, ORE. — MG Properties Group has expanded its Portland-area multifamily portfolio with the purchase of Zera at Reed’s Crossing, an apartment property in Hillsboro. North America Sekisui House and Holland Partner Group sold the asset for an undisclosed price. Built in 2021, Zera at Reed’s Crossing features 324 garden-style apartments. The community is approximately 10 minutes from two of the area’s largest employers: Nike and Intel. MG Properties Group acquired 13 communities in the past year totaling over 3,900 units and $1.3 billion in combined value. The company is targeting additional acquisitions in Washington, Texas, Oregon, Arizona, California, Colorado and Nevada. Mark Washington, Joseph Smolen and Mark Petersen of Eastdil Secured represented the seller. Lee Redmond and Greg Stampley of Eastdil Secured arranged acquisition financing through an affiliate of Apollo Global Management for the buyer.
NEWBERG, ORE. — Greystone Communities plans to break ground July 8 on an expansion project at Friendsview, a continuing care retirement community (CCRC) in the Portland suburb of Newberg. Yamhill County Hospital Authority issued $124.2 million in bond financing, underwritten by Ziegler, for the project. The community was founded in 1961 and boasts affordable CCRC living, with average monthly fees of $2,500. The expansion will bring new amenities to current residents across three new components named Springbrook Meadows North, Sutton Terrace at University Village and Charles Beals Plaza. “Replacing the health center with new residential care units, while keeping the per diem rates in a similar range, was a large part of this puzzle,” says Stuart Jackson, senior vice president of client services at Greystone Communities. The new Springbrook Meadows North neighborhood will include 14 duplex buildings housing 28 entrance-fee independent living cottage units and an expansion to the community center. The cottages will be an average of 1,535 square feet and will range between $2,670 and $3,330 in monthly fees and between $386,000 and $555,000 in entrance fees. Sutton Terrace at University Village will be constructed on the main campus and will feature a new five-story building housing 96 …
SACRAMENTO, CALIF. — Lument has closed a $28 million bridge loan to facilitate the refinancing and limited partner buyout of Greenfair Apartments, an age-restricted, low-income apartment property located in Sacramento. Aaron Wooler of Lument led the transaction on behalf of the borrower, Western America Properties, an affordable housing owner/developer. The firm specializes in acquiring, rehabilitating, preserving and managing HUD-insured, Section 8 apartment communities. Western America Properties originally acquired Greenfair Apartments in 2001 and subsequently renovated the 386-unit property. All units at the property benefit from project-based Section 8 housing assistance payment (HAP) contracts. The bridge loan will enable the sponsor to focus on obtaining permanent financing, renewing its HAP contracts and continuing to provide housing for low-income seniors.