GRESHAM, ORE. — NBP Capital has completed the sale of The Groves, a multifamily property located in Gresham, a suburb of Portland. Abacus Capital Group acquired the community for $38.5 million. Located at 3500 NE 17th St., The Groves features 201 units in a mix of one-, two- and three-bedroom layouts. On-site amenities include a swimming pool, community lounge with television, fitness center, barbecue area and playground. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.
SEATTLE — Gantry has arranged $12.5 million in financing for a single-tenant office property in Seattle’s South Lake Union submarket. Located at 1144 Eastlake Ave. E, the seven-story building features 82,000 square feet of rentable space. The property was built in 2002. Seattle Cancer Care Alliance fully occupies the building. Mike Wood and Alex Saunders of Gantry’s Seattle production office identified and structured the loan on behalf of the borrower, a private real estate owner and previous Gantry client. The 10-year loan refinanced existing obligations. State Farm provided the capital on a full-term interest-only basis at an interest rate below 2.5 percent.
GARDEN GROVE, CALIF. — Irvine, Calif.-based Avanath Capital Management has purchased The Grove Senior Apartments, an affordable seniors housing property located at 12721 Garden Grove Blvd. in Garden Grove. Meta Housing sold the asset for $19.8 million. The Grove, which is currently 100 percent occupied, features 85 units, a fitness center, club room, courtyard and bus stop directly in front of the property. Rents range from $840 to $1,729 per month for units ranging from 542 to 815 square feet. While Avanath is headquartered in Irvine and has more than 10,000 units within its nationwide portfolio, this transaction is its first acquisition in the company’s hometown market of Orange County.
LAS VEGAS — WG Holdings LLC has completed the disposition of a Class A industrial building located at 6561 W. Post Road in Las Vegas. Prologis acquired the single-story asset for $5 million. Built in 2016 on 1.6 acres, the 24,530-square-foot property features dock- and grade-level doors, 30-foot clear heights, an ESFR sprinkler system and 3,567 square feet of office space. Additionally, the asset includes 70 free surface parking spaces and approximately 7,500 square feet of yard space that can be fenced and secured. James Griffis, Tyler Ecklund and Doug Mack of CBRE represented the seller in the deal.
GLENDALE, ARIZ. — Mattress retailer Brooklyn Bedding has broken ground on a $72 million manufacturing facility and corporate headquarters nine miles outside Phoenix in Glendale. The 648,165-square-foot building will be located on 42.8 acres at the crossroads of West Bethany Home Road and 52nd Ave. The new manufacturing facility, set for delivery in December 2021, will give the company the capacity to triple its mattress production. Founded in 1995, Brooklyn Bedding claims to be a pioneer in the “bed-in-a-box movement,” selling its first roll-packed mattress product on Amazon in 2008. By 2015, Brooklyn Bedding had developed and constructed a 150,000-square-foot, full-scale factory in the Phoenix area. The company currently employs 250 and plans to add 150 employees upon the completion of its new facilities. Brydant Real Estate will spearhead development of the project, working alongside the development team of Alston Construction and the architectural team of Ware Malcomb. Brooklyn Bedding will continue operations at its manufacturing facility at 4455 West Camelback Road and its warehouse at 4524 North 44th Ave. in Phoenix until the new headquarters is delivered. — Katie Sloan
ALBUQUERQUE — NorthMarq has arranged the sale of a three-property apartment portfolio located in Northeast Albuquerque. Orange County, Calif.-based Laguna Point acquired the assets from Portland, Ore.-based PacifiCap Properties Group for an undisclosed price. Totaling 735 apartments, the portfolio includes Jefferson Crossing, Aztec Village and Arioso. The acquisition is the buyer’s seventh purchase in the market. Cynthia Meister of NorthMarq’s Albuquerque office and Trevor Koskovich, Bill Hahn, Jesse Hudson of NorthMarq’s Phoenix office brokered the sale. Brandon Harrington, Bryan Mummaw and Tyler Woodard of NorthMarq’s Phoenix debt/equity team financed each acquisition for the buyer with Freddie Mac loans.
ENGLEWOOD, COLO., COMPTON AND STOCKTON, CALIF., AND PHOENIX — CBRE has secured a $46.7 million loan on behalf of San Diego-based Westcore Properties for the acquisition of a four-property industrial portfolio in Colorado, California and Arizona. Totaling 704,065 square feet, the assets are 14101 E. Otero Avenue in Englewood, 19515 S. Susana Road in Compton, 1551 S. Fresno Avenue in Stockton and 4455 W. Camelback Road in Phoenix. The properties have a combined vacancy rate of more than 50 percent, providing a value-add opportunity to reposition the space for new tenants. Mark McGovern, Brian Cruz and Colby Matzke of CBRE’s Debt and Structured Finance team in San Diego arranged the loan for the buyer.
NORTH LAS VEGAS — SunCap Property Group, along with Diamond Realty Investments, has closed on a 39-acre land parcel in North Las Vegas for the development of SunPoint West, a speculative industrial project. Bounded by West Cheyenne and Brooks avenues and Coleman and Clayton streets, the six-building property will offer buildings ranging in size from 55,473 square feet to 238,057 square feet for single or multi-tenant users. Site work is slated to begin in April, with the first building shell scheduled for delivery by the end of the year. Chris Lane, Jerry Doty, Paul Sweetland and Dan Doherty of Colliers International’s Doherty Industrial Team represented the buyers in the land acquisition.
SAN DIEGO — JPI, a Texas-based multifamily investment and development firm, has received a $69.7 million loan for the refinancing of Jefferson Pacific Beach, a recently constructed apartment community in San Diego’s Pacific Beach neighborhood. Located at 4275 Mission Bay Drive, Jefferson Pacific Beach features 169,571 square feet of residential space, including 172 apartments, and 14,000 square feet of commercial space. On-site amenities include a business center, resort-style saltwater pool and spa, fitness center and surfboard repair station. Additionally, the bayfront community is adjacent to Interstate 5 and less than three miles from the Pacific Beach Pier. Troy Tegeler, Scott Peterson, Bill Chiles and Trevor Breaux of CBRE’s debt and structured finance team in San Diego arranged the loan for the borrower.
SAN FRANCISCO — ACORE Capital, a global credit manager focused on commercial real estate lending, has raised $1 billion to launch ACORE Hospitality Partners (AHP). Backed by a group of institutions, AHP is an investment strategy focused on providing North American hotel operators with rescue capital to navigate the ongoing COVID-19 pandemic. AHP’s strategy is to originate and acquire structured hotel debt investments, including senior and mezzanine loans, B-notes and preferred equity. The investment strategy will invest across the entire spectrum of hotel types, ranging from high-end luxury resorts to smaller limited-service hotels, focusing on assets in high-barrier markets with compelling rebound characteristics. “The pandemic has had a disproportionate and historic impact on the lodging industry leading to unprecedented distress and liquidity issues for hotel owners,” says Warren de Haan, managing partner at ACORE. “We formed ACORE Hospitality Partners to solve this liquidity crisis by providing hotel owners with the capital they require to continue operations and keep people working.” AHP will benefit from ACORE’s extensive experience originating and managing debt investments. Since its inception in 2015, ACORE has originated more than $4.2 billion of hospitality investments. The ACORE team includes more than 80 commercial real estate finance professionals that …