Western

CapRock-Riley-St-Hacienda-Ave-Las-Vegas-NV

LAS VEGAS — CapRock Partners has completed the acquisition of a 12.9-acre parcel at the junction of South Riley Street and West Hacienda Avenue in Southwest Las Vegas. Additionally, the company has successfully petitioned to rezone of the site to allow for the development of a three-building industrial park. The speculative industrial park will include: A 132,450-square-foot facility with 28-foot clear heights, five grade-level doors and 26 dock-high doors A 75,836-square-foot building with 24-foot clear heights, five grade-level doors and 22 dock-high doors A 21,976-square-foot property with 24-foot clear heights, one grade-level door and two dock-high doors The industrial park will also feature a 180-foot shared truck court, more than 200 parking spaces and ESFR sprinklers. Each building is also divisible down to approximately 10,000-square-foot units. Constructed is slated to begin in early summer, with completion scheduled for early spring 2022. The project team includes Lee & Sakahara as architect, Fulcrum Construction as general contractor and Kimley Horn as civil engineer. Brendan Keating and Amy Ogden of Logic Commercial Real Estate represented the undisclosed seller, while Rob Lujan, Xavier Wasiak and Jason Simon of JLL represented CapRock in the land acquisition. Additionally, JLL is overseeing leasing of the property.

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Park-Plaza-Medical-Campus-Redlands-CA

REDLANDS, CALIF. — Rancho Santa Margarita, Calif.-based Cypress West Partners has completed the disposition of Park Plaza Medical Campus, a medical office complex located in Redlands. An undisclosed buyer acquired the asset for $18.3 million. Totaling 53,325 square feet spread across three outpatient medical office buildings, Park Plaza Medical Campus is located at 1776, 1782 and 1790 W. Park Ave. Loma Linda University Health Care occupies 99 percent of the property. Loma Linda University Health Care is an academic medical center that operates 1,077 beds across six hospital. The healthcare provider utilizes the Park Plaza buildings for a variety of specialty practices, including its Behavioral Medical Center program. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE’s U.S. Healthcare and Life Sciences Capital Markets partnered with Anthony DeLorenzo, Gary Stache, Sammy Cemo and Doug Mack of CBRE to represent the seller in the transaction.

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The-Township-Canby-OR

CANBY, ORE. — San Francisco-based Glencrest Group has purchased The Township, an apartment community located at 700 SE Fifth Ave. in Canby, approximately 25 miles south of Portland. Andrew Behrens and Jesee Weber of CBRE arranged a $13.8 million, 10-year, fixed-rate loan for the buyer. Josh McDonald of CBRE’s Portland office represented the undisclosed seller in the transaction. The Township features 92 units in a mix of one-, two- and three-bedroom floor plans spread across 13 buildings, with an average unit size of 987 square feet. The apartments offer decks, patios and washer/dryers. Community amenities include a clubhouse, fitness center, playground, storage units and 166 parking spaces. At the time of sale, the property was 98 percent leased.

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TUCSON, ARIZ. — Marcus & Millichap has arranged the sale of Carlton Village Senior Care Community, an assisted living property located at 321 W. Limberlost Drive in Tucson. An undisclosed seniors housing developer sold the asset to a Tucson-based assisted living owner-operator for $5.6 million, or $70,000 per bed. Built in 2018, Carlton Village features 80 beds spread across eight 10-bed homes. Alex Snyder and Hamid Panahi of Marcus & Millichap’s Tucson office represented the seller and procured the buyer in the deal.

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515-E-Dyer-Santa-Ana-CA

SANTA ANA, CALIF. — Hines has completed the sale of 515 E. Dyer, an industrial logistics facility in Santa Ana. An undisclosed buyer acquired the property for $113.5 million. Situated close to State Route 55, Interstate 5 and John Wayne Airport, the facility offers 373,942 square feet of last-mile distribution or more traditional manufacturing and warehouse space in Southern California. Hines purchased the facility in 2017 and implemented a robust capital improvement plan, including new roof, seismic retrofit, expanded trailer parking, office upgrades, landscaping and signage. The facility is fully leased through 2034. Cushman & Wakefield, including John Griffin, represented both parties in the transaction.

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The-Vue-San-Pedro-CA

SAN PEDRO, CALIF. — Chicago-based Waterton has purchased The Vue, a 16-story apartment community located at 255 W. Fifth St. in San Pedro. Originally built in 2008 as a condominium project, the property features 318 apartments in a mix of one-, two- and three-bedroom floor plans. Terms of the transaction were not released. Averaging 1,035 square feet, the units feature large living spaces and bedrooms, nine-foot ceilings and floor-to-ceiling windows. Waterton plans to renovate the units with stainless steel appliances, updated plumbing fixtures, tile backsplashes, new cabinet fronts and quarter countertops in the kitchens. Additionally, the renovations will include faux wood vinyl plank flooring, new lighting fixtures and the addition of full-sized vented washers/dryers. Waterton also plans to upgrade the lobby and common areas, as well as make cosmetic improvements to the existing amenities, including the pool deck, fitness center, rooftop lounge and business center.

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Pavililions-Arrowhead-Glendale-AZ

MESA AND GLENDALE, ARIZ. — An affiliate of The Milestone Group has purchased two multifamily assets totaling 448 apartments through a recapitalization valued at approximately $85 million. Located at 1865 N. Higley Road in Mesa, Alta Mesa features 200 garden-style apartments in a mix of studio loft, one-, two- and three-bedroom layouts. Community amenities include two swimming pools, a hot tub, clubhouse, fitness center, racquetball court and movie theater. Located at 7400 W. Arrowhead Clubhouse Drive in Glendale, Pavilions at Arrowhead offers 248 garden-style units in a mix of one- and two-bedroom layouts. On-site amenities include a pool, clubhouse with a spa and hot tub, a sundeck, fitness center and gas grill area. Milestone plans to upgrade and renovate the properties, which were constructed in 1997 and 1999, respectively.

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Money360-Tom-MacManus

LADERA RANCH, CALIF. — Money360, a Ladera Beach-based commercial real estate direct lender, has promoted Tom MacManus to president and chief executive office (CEO). Current CEO Evan Gentry will step back from day-to-day operations and transition responsibilities effective April 5, 2021. MacManus joined Money360 as president in October 2020 with more than 30 years of experience in commercial real estate, including serving as president of GMAC Commercial Mortgage and CEO of North American operations. In his current role, he is responsible for leading the company’s sales team, driving strategic growth and broadening its origination network. Since MacManus joined the company, Money360 has hired four new executives to its originations team and funded loan volume in December 2020 of over $110 million. Money360 expects to fund more than $1 billion in loans in 2021. “I look forward to expanding my role at Money360 and further accelerating our growth during this unique period of opportunity for bridge lending,” says MacManus. “As other private lenders and some traditional banks have pulled back from the market amid the pandemic, there is a significant opportunity for us to grow market share by meeting the robust pent-up demand for transitional capital.”

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29233-Central-Ave-Lake-Elsinore-CA

LAKE ELSINORE, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant restaurant property located at Lake Elsinore Marketplace, a 144,034-square-foot shopping center in Lake Elsinore. Irvine-based Pacific Castle sold the asset to an Orange County-based private investor for $2.6 million. Built in 2005 and renovated in 2019, the 6,300-square-foot restaurant pad is located at 29233 Central Ave. Chili’s Grill & Bar occupies the property under an absolute triple-net lease. Additional tenants at Lake Elsinore Marketplace include Starbucks Coffee, Popeyes, Wendy’s, Del Taco, Panda Express, Valvoline and Wells Fargo. Kevin Fryman and Bill Asher of Hanley Investment Group represented the seller, while Dhanesh Solanki of Brea-based KW Commercial represented the buyer in the transaction.

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The-Mezz-at-Fiddlers-Green_Centennial-CO

CENTENNIAL, COLO. — The Garrett Cos. has completed the disposition of The Mezz at Fiddlers Green, an apartment community located 6440 S. Syracuse Way in Centennial. Sunroad Enterprises purchased the newly constructed property for $47.8 million. Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets in Denver represented the seller, while Rocco Mandala of CBRE’s Phoenix office secured financing for the buyer. Situated on 3.5 acres within the Denver Tech Center, The Mezz at Fiddlers Green features 149 apartments in a mix of one-, two- and three-bedroom units with open-concept layouts, designer white cabinetry, granite countertops, plank flooring, crown molding, stainless steel appliances and tile backsplashes. The community offers a 1,600-square-foot fitness center, bike repair station, bike racks, electric vehicle charging stations, outdoor kitchen, firepit, pet grooming area and rentable storage rooms. Additionally, the property features a pool with sun shelf, spa and cabanas, which receive poolside delivery service from I.C. Brewhouse, an on-site restaurant that was included in the transaction.

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