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1315-W-19th-St-Long-Beach-CA
AcquisitionsCaliforniaMultifamilyWestern

Stepp Commercial Arranges $5.2M Sale of Apartment Building in Long Beach, California

by Amy Works

LONG BEACH, CALIF. — Stepp Commercial has arranged the sale of a 22-unit apartment building located at 1315 W. 19th St. in Long Beach. A Chino-based private investor acquired the property from a Long Beach-based seller for $5.2 million, or $236,000 per unit. Built in 1963, the property features two one-bedroom units, 16 two-bedroom units and four three-bedroom units. The building also offers 14 garages, gated access and on-site laundry facilities. Half of the units were renovated to include laminate hardwood flooring, shaker-style cabinets, quartz countertops, stainless steel appliances, new bathroom tile, modern lighting, ceiling fans and fixtures throughout. Robert Stepp and Michael Toveg of Stepp Commercial represented the seller in the transaction.

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ParallelApartments
AcquisitionsCaliforniaMultifamilyWestern

Waterford, CSCDA Acquire Parallel Apartments in Anaheim for $156M, Plan Workforce Housing Conversion

by Amy Works

ANAHEIM, CALIF. — Waterford Property Co., in partnership with the California Statewide Communities Development Authority (CSCDA), has purchased Parallel Apartments, a multifamily property located in Anaheim. UDR sold the asset for $156 million. Located at 1105 E. Katella Ave., Parallel Apartments features 386 apartments, which the buyers plan to convert to workforce housing as part of a new California program that aims to address the deepening gap in the middle-income housing market. Built in 2018, the community was 95.5 percent leased at the time of acquisition. On-site amenities include a resort-style pool, rooftop fitness center and basketball court. According to CSCDA, the acquisition allows the organization to lower rents to meet the needs of middle-income residents making between 80 percent and 120 percent of the area median income. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented the buyers and seller in the transaction.

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Oracle-Wetmore-BJs-AZ
AcquisitionsArizonaRestaurantRetailWestern

Black Lion Investment Group Buys Oracle Wetmore Shopping Center in Tucson for $38M

by Amy Works

TUCSON, ARIZ. — An affiliate of Black Lion Investment Group, which is led by its President Robert Rivani, has acquired Oracle Wetmore, a shopping center in Tucson, from Texas-based Weingarten Realty for $38 million. Located at the corner of Oracle and Wetmore roads, Oracle Wetmore features 150,170 square feet of retail space. Retailers at the center include PetSmart, Ulta Beauty, Walgreens, Cost Plus World Market, Jared Jewelry, JoAnn Fabrics & Crafts, BJ’s Restaurant & Brewhouse, Bassett Home Furnishings, Chipotle and Sport Clips. (Adjacent retailer The Home Depot was not part of the sale.) The property was originally developed in 2005. At the time of sale, Oracle Wetmore was stabilized with more than 90 percent national/credit tenants. The purchase is part of Black Lion Investment Group’s ongoing program to acquire $100 million in power centers throughout the United States in 2021. Cushman & Wakefield’s Phoenix office brokered the deal.

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8600-8630-Florence-Ave-Downey-CA
AcquisitionsCaliforniaHealthcareOfficeWestern

Avison Young Brokers $4.4M Sale of Two-Building Medical Office Center in Downey, California

by Amy Works

DOWNEY, CALIF. — Avison Young has arranged the sale of a vacant, two-building medical office property located at 8600 and 8630 Florence Ave. in Downey. An entity of The Whole Child (TWC) acquired the property from a Los Angeles-based private investor for $4.4 million. Built in 1969 on one acre, the 15,213-square-foot property, which was formerly used as a dialysis center, features a reception area, lunch room and restrooms. The buyer plans to use the larger building, which is just over 11,000 square feet, for its headquarters. Patrick Barnes of Avison Young represented the seller, while Gary Martinez of NAI Capital represented the buyer in the deal.

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EcoThrift-Mall-Sacramento-CA
AcquisitionsCaliforniaRetailWestern

Nazareth Enterprises Purchases 38,600 SF EcoThrift Mall in Sacramento

by Amy Works

SACRAMENTO — San Mateo-based Nazareth Enterprises has purchased EcoThrift Mall and a 0.77-acre adjoining developable parcel in Sacramento for $5.4 million. EcoThrift is the main tenant of the 38,600-square-foot building. EcoThrift is California’s highest for-profit thrift store with six locations, according to Nazareth. Chris Talia of The Mansour Group of Marcus & Millichap represented the undisclosed sellers in the deal. Ryan Park of Bank Leumi USA arranged financing for the acquisition.

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LoansMultifamilyWashingtonWestern

Sage Creek Group Arranges $11.4M in Financing for Student Housing Complex in Western Washington

by Amy Works

WASHINGTON — The Sage Creek Group has closed $11.4 million in permanent financing for a recently constructed student housing complex in Western Washington. The two-building property features 53 units for students. Further details on the asset were not disclosed. The undisclosed borrower used the loan proceeds to retire the senior construction loans, provide cash to the borrower and cover closing costs. The eight-year loan features a 3.37 percent fixed rate with 24 months interest-only payments followed by a 28-year payment schedule.

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4600-S-Syracuse-Denver-CO
AcquisitionsColoradoOfficeWestern

MetLife Sells 304,059 SF Office Building in Southeast Denver to Miller Global, Principal Real Estate Investors

by Amy Works

DENVER — MetLife Investment Management has completed the disposition of 4600 S. Syracuse, an office building located in Denver’s southeast market. A joint venture between Miller Global Properties and Principal Real Estate Investors acquired the 304,059-square-foot asset for an undisclosed price. Completed in 1999 and renovated in 2013, 4600 S. Syracuse features floor-to-ceiling windows, efficient 25,000-square-foot floorplates and recently updated conferencing and fitness facilities. Additionally, the 13-story building features a 727-space parking garage, as well as the development upside through excess land that could potentially host an office tower or multifamily development. At the time of sale, the property was 90 percent leased to 19 tenants across eight industries. Mark Katz and Peter Merrion of JLL Capital Markets represented the seller, while Eric Tupler and Josh Simon, also of JLL Capital Markets, arranged acquisition financing for the buyer.

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Crosswinds-Chandler-AZ
AcquisitionsArizonaMultifamilyWestern

Colliers Arizona Brokers $54.2M Sale of Crosswinds Multifamily Community in Chandler

by Amy Works

CHANDLER, ARIZ. — Colliers International has arranged the sale of Crosswinds, a multifamily property located at 868 S. Arizona Ave. in Chandler. Los Angeles-based Tides Equities acquired the 147,556-square-foot asset from Toronto-based Emma Capital for $54.2 million. Built in 1986 on 10.9 acres, Crosswinds features 374 apartments spread across 17 residential buildings. The unit mix includes studio, one- and two-bedroom layouts, many of which have been renovated to include vaulted ceilings, faux-wood flooring, walk-in closets, private patios and energy-efficient appliances. Community amenities include a pool and spa; barbecue and picnic area; basketball, sports and volleyball courts; children’s playground; resident clubhouse; fitness center; and laundry facilities. Brad Cooke, Cindy Cooke, Matt Roach and Chris Roach of Colliers Arizona handled the transaction.

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Barker-Artemis-Self-Storage-AZ-2
AcquisitionsArizonaIndustrialSelf-StorageWestern

Barker Pacific Group, Artemis Real Estate Partners Buy 2,189-Unit Self-Storage Portfolio Near Phoenix

by Amy Works

PHOENIX AND GILBERT, ARIZ. — A joint venture between Barker Pacific Group and Artemis Real Estate Partners has purchased three self-storage facilities in Gilbert and North Phoenix. Terms of the transaction were not released. Totaling 234,350 square feet, the newly built portfolio features 2,189 climate-controlled self-storage units. Two properties are located in Gilbert and one is situated in the Tramonto neighborhood of Phoenix. This acquisition marks the joint venture’s second foray into the Phoenix market bringing its total to four self-storage facilities acquired by the partnership.

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LoansMultifamilyOregonWestern

Dwight Capital Provides $26.8M Refinancing for Springwater Crossing Apartments in Oregon

by Amy Works

GRESHAM, ORE. — Dwight Capital has closed a $26.8 million HUD 223(a)(7) refinancing for Springwater Crossing Apartments in Gresham. Built in 2010, the property features 32 apartments, a resident lounge, fitness center and four playgrounds. Additionally, Springwater Crossing qualifies as a green/energy-efficient property and therefore received a Green Mortgage Insurance Premium Reduction set at 25 basis points. Josh Sasouness of Dwight Capital originated the transaction.

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