LOS ANGELES — Waterton has purchased AMLI Warner Center, a multifamily property situated in the Warner Center master-planned community in the Woodland Hills neighborhood of Los Angeles. Terms of the transaction were not disclosed. Waterton will rebrand the gated community, located at 21200 Kittridge St., as The Kitt at Warner Center. Built in 2007, the property offers 522 one-, two- and three-bedroom floor plans, a resort-style pool and spa, grilling stations with picnic tables, a fire pit and outdoor fireplace, dog park and pet washing station, jogging path with a six-station exercise course, fitness center and two structured parking garages. Waterton plans to renovate the units with new stainless steel appliances, quartz countertops, new cabinet fronts and hardware in kitchens and baths, as well as updated lighting and plumbing fixtures, backsplashes, paint and vinyl plank flooring. Common areas will be reconfigured to maximize use of the space and enhance the resident experience.
Western
Space Investment Partners, PCCP Complete $70M Recapitalization of University Square Shopping Center in San Diego
by Amy Works
SAN DIEGO — A joint venture between Space Investment Partners and PCCP has completed the $70 million recapitalization of University Square, a grocery-anchored retail center in San Diego. Situated on 20 acres at 5821-5975 University Ave., University Square offers 199,115 square feet of retail space. The center is currently 98.5 percent occupied by a variety of tenants, including Food4Less, Marshalls, Crunch Fitness and Dollar Tree.
LAS VEGAS — CONAM Strategic Investments Fund IV, a discretionary fund sponsored by The CONAM Group, has purchased Reverb at Spring Valley in Las Vegas. Terms of the transaction were not disclosed. Completed in 2000, Reverb at Spring Valley features 180 apartments, a clubhouse with a coffee bar, game room, fitness center and pool deck with assorted outdoor games, fire pits and barbecues.
AUBURN, WASH. — Northmarq has arranged the sale of Ellingson Crossing, a 15,270-square-foot retail center located within the Auburn/Kent Valley Industrial District, roughly 20 miles south of Seattle. Starbucks Coffee anchors the property, which was originally built in 2007. Tenants at the center include Wingstop, Domino’s Pizza, Taco Time, American Family Insurance and You First Dental Care. Sean Tufts, Kevin Adatto and Joe Dugoni of Northmarq’s Pacific Northwest Commercial Investment Sales team represented the local private seller in the transaction. New York City-based Curbline Properties was the buyer.
DENVER — Malman Real Estate has arranged the purchase of an industrial property located at 4995 Olive St. in Denver. Olive HQ LLC acquired the asset from Appleman LLC for $2.7 million. Jake Malman of Malman Real Estate represented the buyer, while Russell Gruber of Gruber Commercial Real Estate represented the seller in the deal.
LOS ANGELES — Concord Capital Partners has acquired The Park Wilshire, a multifamily building in Los Angeles’ Wilshire corridor. Kitty Wallace and Simmi Dhillon of Colliers represented the institutional seller and the buyer in the deal. The sale included an adjacent 14,002-square-foot parking lot. Originally constructed as a hotel, The Park Wilshire offers 170 apartments and a variety of amenities.
TORRANCE, CALIF. — Gantry has secured two loans, totaling $85 million, to refinance a portfolio of medical office properties serving the Torrance Memorial Medical Center’s physician, specialist and service provider communities. George Mitsanas, Braden Turnbull and Alicia Sabanero of Gantry arranged the loans for the private real estate investor. The 10-year, fixed-rate loans were secured through one of Gantry’s correspondent insurance company lenders and feature an introductory interest-only period, transitioning to 30-year amortization. Located in Torrance, the financed properties include the 10-building, 381,249-square-foot Skypark Medical and Office Center at Hawthorne Boulevard and SkyPark Drive and a 39,611-square-foot medical office building at 3640 Lomita Blvd.
GLENDALE, CALIF. — Northmarq has brokered the sale and financing of TENTEN Glendale, a mid-rise apartment community at 111 N. Louise St. in Glendale. Amidi Group sold the asset to Regent Properties for $33.5 million. Built in 2019, TENTEN Glendale features 66 studio, one- and two-bedroom apartments with floor-to-ceiling windows, stainless steel appliances, in-home washer/dryers and quartz countertops. Community amenities include a rooftop pool and spa, a fitness center, business center and onsite office/retail space. Northmarq also arranged a $22.7 million bridge loan for the buyer, Regent Properties, through a correspondent relationship with a life insurance company. The transaction was structured on an initial two-year term with three one-year extension options. Vince Norris, Jim Fisher, Mike Smith and Tommy Yates of Northmarq’s Multifamily Investment Sales team represented the seller and secured the buyer in the deal. Joe Giordani, Brendan Golding and Scott Botsford of Northmarq’s Debt + Equity team arranged the financing for the buyer.
PSRS Secures $9.5M Refinancing for Plaza Las Brisas Retail Center in Murrieta, California
by Amy Works
MURRIETA, CALIF. — PSRS has arranged $9.5 million in refinancing for Plaza Las Brisas, a retail property in Murrieta. The 43,000-square-foot shopping center, which features 214 parking spaces, was 97 percent occupied at the time of financing. Trevor Blood of PSRS secured the 10-year loan with a 30-year amortization schedule through a correspondent life insurance company for the undisclosed borrower. Loan proceeds refinanced a maturing CMBS loan.
COMMERCE CITY, COLO. — Thrive Preschool has purchased a school property, located at 10000 Chambers Road in Commerce City, for $3.5 million. The 12,014-square-foot property features modern classroom layouts, a fully fenced outdoor play area and ample parking. Thrive Preschool will open enrollment for the new location this fall. Kyle Moyer, Elizabeth Morgan and Cody Stambaugh of Pinnacle Real Estate Advisors represented the buyer in the deal.