Western

Hines Sells Industrial Logistics Facility in Santa Ana, California for $113.5M

by Amy Works January 22, 2021

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.

January 22, 2021

Acquisitions California Multifamily Western

Waterton Acquires 318-Unit The Vue Residential High-Rise in San Pedro, California

by Amy Works January 22, 2021

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.

January 22, 2021

Acquisitions Arizona Multifamily Western

Milestone Group Buys Two-Property Multifamily Portfolio Totaling 448 Units Near Phoenix

by Amy Works January 22, 2021

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.

January 22, 2021

California Company News Western

Money360 Appoints Tom MacManus as CEO

by Amy Works January 22, 2021

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.”

January 22, 2021

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Negotiates $2.6M Sale of Chili’s-Occupied Building in Lake Elsinore, California

by Amy Works January 22, 2021

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.

January 22, 2021

The-Mezz-at-Fiddlers-Green_Centennial-CO

Acquisitions Colorado Multifamily Western

Garrett Cos. Sells Multifamily Property in Centennial, Colorado to Sunroad Enterprises for $47.8M

by Amy Works January 21, 2021

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.

January 21, 2021

Development Idaho Loans Multifamily Western

LOCAL Ventures Receives Development Financing for Apartment Project in Downtown Boise

by Amy Works January 21, 2021

BOISE, IDAHO — LOCAL Ventures has received joint venture equity and construction financing for the development of LOCAL Boise, a residential property located at 250 E. Myrtle St. in downtown Boise. Appian Capital and Argos Capital Partners provided the equity, while Old National Bank provided the loan for construction financing. Steve Kohn, Chris Moyer, Zachary Kraft and Matt Naumann of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower. Slated for completion in November 2022, LOCAL Boise will comprise a six- and seven-story mid-rise building offering 252 apartments, approximately 11,200 square feet of amenity space, 7,100 square feet of retail space and 356 parking spaces. Located across from the 90-acre Julia Davis Park, LOCAL Boise is immediately adjacent to two upscale supermarkets and a half mile from the core of Boise’s business district. LOCAL Ventures and Appian Capital purchased the development site from WinCo Foods in November 2020, and construction of LOCAL Boise started in January 2021.

January 21, 2021

California Company News Western

Marcus & Millichap Grows Financing Division with Two Appointments

by Amy Works January 21, 2021

CALABASAS, CALIF. — Marcus & Millichap is continuing its growth plan for the firm’s financing subsidiary, Marcus & Millichap Corp. (MMCC), with the appointment of two key executives. The company named Evan Denner as executive vice president and head of business and Paul Lewis to the newly created position of senior vice president and director of agency programs. With nearly 30 years of experience in the commercial real estate industry, including 23 years of capital markets and financing experience, Denner has served as Marcus & Millichap’s head of corporate strategy since 2019. He played a key role in the firm’s recent acquisition of Metropolitan Capital, Mission Capital and LMI. Denner’s experience includes serving a leadership position at Ackman-Ziff Real Estate Group, CEO of the U.S. arm of Hypo Real Estate Capital, head of merchant banking at Cantor Fitzgerald and co-founder and CEO of REIT Quadra Realty Trust. Lewis brings nearly 20 years of experience to Marcus & Millichap. Previously, Lewis served at Fannie Mae and structured $50 billion in multifamily financings with no attributed credit loss, designing key multifamily programs and implementing changes to Fannie Mae’s counterparty risk functions. “The acceleration of MMCC’s growth is a top priority for our …

January 21, 2021

Acquisitions Arizona Retail Western

Cushman & Wakefield Arranges $5.2M Sale of Shoppes at Cortaro Ranch in Tucson

by Amy Works January 21, 2021

TUCSON, ARIZ. — Cushman & Wakefield has negotiated the sale of Shoppes at Cortaro Ranch, a newly constructed retail property located at 5660 W. Cortaro Farms Road in Tucson. Colorado-based Sonoma Heights acquired the asset from Terry Haute, Indiana-based Cortaro Commercial JV LLC for $5.2 million. Built this year, Shoppes at Cortora Ranch features 10,617 square feet of retail space. At the time of sale, the property was fully leased. Chris Hollenbeck of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.

January 21, 2021

Acquisitions California Retail Western

Progressive Real Estate Partners Brokers $4.8M Sale of Former Food 4 Less Store in Corona, California

by Amy Works January 21, 2021

CORONA, CALIF. — Progressive Real Estate Partners has arranged the sale of a former Food 4 Less grocery store located at 109 N. McKinley St. in Corona. Expert Hardware Flooring acquired the property for $4.8 million. The buyer plans to use the 55,000-square-foot building as a showroom and wholesale distribution center for its commercial flooring. Built in 1989, the building features an open floor plan, two loading docks and bay doors, pylon signage along McKinley Street and expansive parking. Greg Bedell and Paul Su of Progressive Real Estate Partners represented the seller, a West Los Angeles-based private investor group, while Barrett Woods with Lee & Associate represented the buyer in the deal.

January 21, 2021

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