EASTVALE AND RIVERSIDE COUNTY, CALIF. — Orbis Real Estate Partners has completed the sales of two industrial projects totaling 88.5 acres and approximately $140 million in the Inland Empire. Reno, Nev.-based Dermody Properties acquired The Homestead, a 47-acre logistics park in Eastvale. Orbis redeveloped an existing dairy into a six-building, Class A logistics campus. The buildings range from 48,315 square feet to 501,649 square feet and offer concrete tilt-up construction; 40-foot minimum clearance heights in the larger buildings; large, secured truck courts; ample parking with excess approved trailer stalls; and dock-high and grade-level loading for each building. Additionally, Orbis sold Riverside Logistics Center in Riverside County to Denver-based Black Creek Group. Situated on 41.5 acres, the logistics center features 938,685 square feet of industrial space. Bill Heim of Lee & Associates, along with Barbara Perrier, Eric Cox and Darla Longo of CBRE, represented Orbis Real Estate Partners in the transactions.
SALINAS, CALIF. — Gantry has secured a $43.4 million loan for CreekBridge Village Apartments, a multifamily community in Salinas. Tom Dao of Gantry arranged the 35-year, 2.13 percent HUD (223f) cash-out financing through Eastern Mortgage Capital for the undisclosed borrower. Located at 1701 Independence Blvd., the 220-unit property features one-, two-, three- and four-bedroom floor plans, ranging from 803 square feet to 1,429 square feet. Units feature wall-to-wall carpeting, full-size washers/dryers, private patios or balconies, electronic thermostats and fireplaces, as well as assigned parking. The gated community also features a lighted tennis court, lap pool, spa, picnic areas, 24-hour fitness center and recreation center with a banquet room for events and gatherings.
WENATCHEE, WASH. — Quality Pacific Inc. has completed the sales of two apartment communities located in the Eastern Washington city of Wenatchee. The two assets sold for a total of $28.3 million. Castlerock Wenatchee 139 LLC acquired the 14-building, 139-unit Castlerock Apartments for $20.1 million, or $144,604 per unit. Pacific Village-Wenatchee LLC purchased the six-building, 64-unit Pacific Village for $8.2 million, or $128,516 per unit. Zach Howe of Marcus & Millichap’s Seattle office represented the seller and procured the buyers in the deals. Ray Allen and Seth Heikkila of Marcus & Millichap Capital Corp. arranged $5.3 million in fixed-rate financing for the acquisition of Pacific Village.
SANTA MARIA AND FRESNO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of two retail assets located in Santa Maria and Fresno. The total price for the two transactions was $3.4 million. Located at 1104 S. Blosser Road in Santa Maria, 7-Eleven fully occupies the 2,413-square-foot property. The building was built in 1974. Hermosa Beach-based Equitas Investments sold the asset to a private investor from Fowler for $1.6 million. Jeremy McChesney of Hanley Investment represented the seller, while Luc Hawkshaw of Apex Partners represented the buyer in the deal. A Fresno-based private partnership sold the two-tenant retail property, located at 2414-2418 N. Fruit Ave. in Fresno, to a Los Angeles-based private investor for $1.8 million. The 4,640-square-foot building consists of a 3,120-square-foot 7-Eleven and a 1,520-square-foot coin laundromat. McChesney represented the seller, while Sandra Miller of Engel & Volkers represented the buyer in the transaction.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has negotiated the $90 million sale of a two-property, 560-unit multifamily portfolio in Tucson. The Equestrian is a 288-unit complex that sold for $47.7 million, or $165,625 per unit. Ridgeline is a 272-unit property that traded for $42.5 million, or $156,250 per unit. The Equestrian and Ridgeline were built in 2008 and 2002, respectively, and are located one mile apart from each other on West Linda Vista Boulevard on the city’s northwest side. Equestrian consists of 18 residential buildings housing one-, two- and three-bedroom apartments. Units feature an average size of 900 square feet, as well as individual washers and dryers and private balconies/patios. Amenities at Equestrian include a pool, grilling stations, fitness center, business center and a spa. Ridgeline consists of 17 residential buildings on a 13-acre site. Units also come in one-, two- and three-bedroom formats and have an average size of 821 square feet. Communal amenities include two pools and spas, a fitness center and a resident clubhouse. Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller, Bascom Arizona Ventures, in the transaction. The trio also procured the buyer, …
TUCSON, ARIZ. — Bascom Arizona Ventures has completed the disposition of two apartment communities in Tucson for a total of $90.2 million. Equestrian, a 288-unit complex, sold for $47.7 million, or $165,625 per unit. Ridgeline, a 272-unit property, traded for $42.5 million, or $156,250 per unit. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Both properties are located on West Linda Vista Boulevard in Northwest Tucson. Completed in 2008 on 13 acres, Equestrian features 18 residential buildings, a swimming pool, gas and charcoal grilling stations, assigned covered parking and detached garages. Apartments feature nine-foot ceilings and offer an average unit size of 900 square feet. Built in 2002 and 2008 on 13 acres, Ridgeline features 17 residential buildings, two resort-style swimming pools and apartments averaging 821 square feet per unit.
FONTANA, CALIF. — Goodman has started construction of Goodman Logistics Center Fontana III, a logistics facility located in Fontana. Slated to open in summer 2021, the property will provide infrastructure to meet the demand for logistics space with access to large consumer markets. Totaling 1.1 million square feet, Goodman designed the campus to accommodate tenant requirements from 212,420 square feet to 453,020 square feet. The site provides access to 18 million consumers within a same-day drive time, with a combined consumer purchasing power of $215 billion annually, according to the developer. Goodman recently completed and leased two additional logistics centers located adjacent to the Fontana III property. Amazon and eFulfill, an e-commerce furniture supplier, are the tenants of those assets.
WESTLAKE VILLAGE, CALIF. — Just over three weeks after filing for Chapter 11 bankruptcy, Guitar Center appears ready to already emerge from the process. In its original filings, the Westlake Village-based musical instrument and supplies retailer reported its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic. At a virtual hearing Thursday, U.S. Bankruptcy Judge Kevin Huennekens, based in Richmond serving the Eastern District of Virginia, approved Guitar Center’s bankruptcy plan, according to Bloomberg. The retailer expects to emerge from the Chapter 11 process before the end of next week, reducing its debt load by around $800 million. The company worked out a restructuring support agreement that includes new financing from existing creditors, $165 million in new equity from owner Ares Management Corp., Carlyle Group and Brigade Capital Management, Bloomberg reports. Recently sold bonds will also help pay for the move. The judge noted that creditors will still be paid in full as a result of the new structure, and creditors unanimously supported the deal. No plans were released regarding Guitar Center’s 297 brick-and-mortar locations. When it originally filed for bankruptcy, the company also hired A&G …
Walker & Dunlop Arranges $86M in Financing for Two Seniors Housing Communities in California, Hawaii
PALO ALTO, CALIF., AND HONOLULU — Walker & Dunlop Inc. has arranged a total of $86 million in financing for two seniors housing properties. The loans provided $45 million to EWS Real Estate Investment Co. for Palo Alto Commons, a 181-unit property in Palo Alto, and $41 million to The MW Group for The Plaza at Moanalua, a 160-bed community in Honolulu. Both properties offer assisted living, independent living and memory care. Palo Alto Commons, built in 1989 and 2010, is a three-story, two-building complex with a mix of studio, one- and two-bedroom units. The Plaza at Moanalua is a Class A seniors housing community built in 2011. Russell Dey led Walker & Dunlop’s team in structuring the financing for MW Group, while Dey and Jay Thomas worked together to complete the loan for Palo Alto Commons. Both transactions were arranged with Freddie Mac financing and featured fixed rates and an interest-only component.
PRESCOTT, ARIZ. — Colliers International has arranged the sale of Prescott Lakes, an age-restricted apartment community in Prescott. CA Prescott Lakes Owner LLC acquired the asset from BAZV Prescott Lakes LLC for an undisclosed price. Restricted to residents age 55 or older, the 99,972-square-foot Prescott Lakes features 128 condominium-style one- and two-bedroom apartments. Built in 2003 on four acres, the community includes a dog park, fitness center, game room, media center, pool, spa, outdoor entertainment veranda and fully furnished guest suites. Cindy Cooke, Brad Cooke, Matt Roach, Chris Roach and Tim Dulany of Colliers International handled the transaction.