Western

Wood Investments Acquires CentrePoint Marketplace in Meridian, Idaho for $35M

by Amy Works March 30, 2021

MERIDIAN, IDAHO — Wood Investments Cos. has purchased CentrePoint Marketplace, a community shopping center located on 19.3 acres at 3319 N. Eagle Road in Meridian. Built in 2007, the 197,288-square-foot property was fully occupied at the time of sale. Tenants include Kohl’s, Dick’s Sporting Goods, Walgreens, Qdoba Mexican Eats, Panera Bread, Wingers Restaurant & Alehouse, Downeast Home, Hobby Lobby, Moxie Java and 360 Wireless. Chad Moore of Salt Lake City-based Mountain West Commercial Real Estate represented the buyer. The seller was Centrepoint Marketplace LLC, a Utah limited liability company.

March 30, 2021

Arizona Development Multifamily Seniors Housing Western

Link Senior Development, Insight Senior Living Start Construction of Ativo Senior Living of Prescott Valley, Arizona

by Amy Works March 30, 2021

PRESCOTT VALLEY, ARIZ. — Link Senior Development and Insight Senior Living have started construction of Ativo Senior Living of Prescott Valley. Located near Bob Edwards Park, the 5.3-acre campus consists of 130 residences across more than 117,000 square feet. The community will include a mix of independent living, assisted living and memory care units ranging from studio apartments to two-bedroom cottages. The community is scheduled to open in summer 2022. Link Senior Development leads the project as the developer. Ankrom Moisan is serving as the architect on the project, Seabold Construction as the general contractor and Insight Senior Living as the management company.

March 30, 2021

Acquisitions Multifamily Oregon Western

Pathfinders Partners Buys FortyOne 11 Apartments in Portland for $27.4M

by Amy Works March 30, 2021

PORTLAND, ORE. — San Diego-based Pathfinder Partners has completed the acquisition of FortyOne 11 Apartments, a multifamily property in northeast Portland. An undisclosed seller sold the property for $27.4 million. FortyOne 11 features 112 apartments and was 76 percent occupied at the time of sale. The investment was made from Pathfinder Partners Opportunity Fund VIII, which was raised in 2020 to make opportunistic multifamily investments. Pathfinder Fund VIII also invests in Seattle, Sacramento, Southern California, Phoenix and Denver.

March 30, 2021

Arizona Development Industrial Western

Wadsworth Development Purchases 10-Acre Site for Spec Industrial Project in Phoenix

by Amy Works March 30, 2021

PHOENIX — Wadsworth Development Group has acquired a 10-acre land parcel located at the southwest corner of 15th Avenue and Pinnacle Peak Road in the Deer Valley submarket of Phoenix. An undisclosed seller sold the property for $6.1 million. Wadsworth plans to develop a speculative industrial project offering 136,000 square feet spread across three buildings. Slated for completion this August, the facilities will feature 28-foot to 32-foot clear heights, grade-level loading, 227/480-volt power and above-market parking ratio. Robert Lundstedt, Skip Corley and Chase Heinemann of DAUM Commercial represented the seller and procured the buyer in the transaction.

March 30, 2021

3679-N-Civic-Center-Dr-North-Las-Vegas-NV

Acquisitions Industrial Nevada Western

Colliers Arranges $14.5M Sale of Industrial Property in North Las Vegas

by Amy Works March 30, 2021

NORTH LAS VEGAS, NEV. — Colliers International has brokered the sale of an industrial building located within Civic Center Freeway Industrial Park at 3679 N. Civic Center Drive in North Las Vegas. Civic Center Industrial Owner LLC sold the asset to Sage Harbor Exchange Inc. for $14.5 million. The property features 118,021 square feet of industrial space. Dan Doherty, Paul Sweetland, Chris Lane and Jerry Doty of Colliers International represented the seller in the deal.

March 30, 2021

California Development Loans Multifamily Seniors Housing Western

JLL Capital Markets Arranges Development Financing for 92-Unit Seniors Housing Project in Santa Rosa, California

by Amy Works March 29, 2021

SANTA ROSA, CALIF. — JLL Capital Markets has arranged financing for development of The Lodge at Piner Road, a 92-unit seniors housing community. Blue Mountain Enterprises and Calson Management are developing the property, located in Santa Rosa, part of Sonoma County. Although the amount of the financing was undisclosed, it represents a 75 percent loan-to-cost ratio. A private lender provided the funds. The Class A property will total 37,762 square feet and consist of 66 assisted living units and 26 private memory care units. The property is adjacent to both a local bus stop and a Sonoma-Marin Rail Transit (SMART) station, which was recently completed in 2017, to allow connectivity to both Santa Rosa and San Francisco. Bercut Smith led the JLL Capital Markets team in the financing.

March 29, 2021

Acquisitions California Multifamily Western

Xenon Investment Corp. Acquires Hollywood Regency Apartments in Los Angeles for $21.3M

by Amy Works March 29, 2021

LOS ANGELES — Xenon Investment Corp. has purchased The Hollywood Regency Apartments, a multifamily property located at 1635-1639 N. Martel Ave. in the West Hollywood submarket of Los Angeles. A Los Angeles-based private partnership sold the asset for $21.3 million, or $355,000 per unit. Built in 1972, the four-story, 67,329-square-foot building features 60 apartments, an open-air courtyard, pool and 105 parking spaces. The units have an average size of 1,100 square feet with a mix of 39 one-bedroom apartments and 21 two-bedroom apartments. Matthew Kanner of The Kanner Group of KW Commercial represented the seller and buyer in the transaction.

March 29, 2021

Acquisitions California Retail Western

Yosemite Properties Sells Whitmore Plaza Shopping Center in Ceres, California

by Amy Works March 29, 2021

CERES, CALIF. — Yosemite Properties has completed sale of Whitmore Plaza, a shopping center located at 2517-2617 Mitchell Road and 2908-2920 E. Whitmore Ave. in Ceres. Save Mart Portfolio Owner NLP CA LLC acquired the asset from Yosemite Properties for $18.4 million. Save Mart grocery store and Planet Fitness anchor the 115,396-square-foot property. Greg Aguirre of Sacramento-based Capital Rivers Commercial and Jeff Lefko of Corona Del Mar-based Hanley Investment Group Real Estate Advisors represented the seller in the deal.

March 29, 2021

Acquisitions Multifamily Oregon Western

Norris & Stevens Negotiates $9.5M Sale of Riverbend Apartments in Salem, Oregon

by Amy Works March 29, 2021

SALEM, ORE. — Norris & Stevens has arranged the sale of Riverbend Apartments, a multifamily property located at 1225, 1241 and 1253 Riverbend Road NW in Salem. Riverbend Viking LLC acquired the asset from 3030 Riverbend LLC for $9.5 million. Totaling 41,820 square feet, the three-building property opened in summer 2020. Riverbend Apartments features 48 units in a mix of one- and two-bedroom layouts. Units feature vinyl plank flooring, stainless steel appliances, washers/dryers, cadet heating units and ductless cooling. David Chatfield and Cameron Mercer of Portland-based Norris & Stevens represented the buyer, while Greg Goodenough of Premiere Property Group represented the seller in the deal.

March 29, 2021

Acquisitions Arizona Healthcare Office Western

Marcus & Millichap Brokers $4.3M Sale of Medical Office Property in Phoenix

by Amy Works March 29, 2021

PHOENIX — Marcus & Millichap has negotiated the sale of a two-tenant medical office building located at 349 E. Coronado Road in Phoenix. A limited liability company sold the property to a California-based buyer in a 1031 exchange for $4.3 million. Arizona Digestive Health and Phoenix Endoscopy occupy the 11,760-square-foot asset, which was built in 2003 on 1.7 acres. The property is 60 percent medical office and 40 percent licensed surgery center. Alan Laulainen, Chris Lind and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller in the deal.

March 29, 2021

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