LAS VEGAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 98-unit assisted living and memory care community in Las Vegas. The 76,458-square-foot community sits on 3.2 acres. A local developer sold the property to a private equity fund for $20.2 million. The new owner plans to replace the operator. Vince Viverito, Brad Goodsell and Jason Punzel of SLIB handled the transaction.
VISTA, CALIF. — Lee & Associates has arranged a long-term lease for M2 Ingredients to occupy a single-tenant industrial building located at 1395 Park Center Drive in Vista. The lease is valued at $20.5 million. The 150,000-square-foot building features 20,000 square feet of office space, four dock-high doors, eight grade-level doors and 135,000 square feet of warehouse space with 4,000 amps 277/480-volt power. M2 Ingredients was founded in 2010 and is a producer of certified mushroom powders with a full spectrum of bioactive compounds to support health, sport performance, recovery and cognition. The new facility will serve as the company’s corporate headquarters and main warehouse for the manufacturing and distribution of its products. Marko Dragovic, Isaac Little and Tim Moore of Lee & Associates – North San Diego County represented the tenant, while Aric Starck and Brant Aberg of Cushman & Wakefield represented the landlord, Alpha Industrial Properties, in the transaction.
By Tim With, Senior Vice President, Colliers The amount of empty space in New Mexico’s industrial market has shrunk to unforeseen levels. Albuquerque, the state’s largest MSA, reported a total of 41.5 million square feet of industrial space and only a 2.4 percent vacancy rate at the end of 2020. Absorption levels have increased through the first quarter of 2021, and available inventory is becoming difficult to find as the vacancy is down to 1.9 percent. Albuquerque has been on the brink of new construction for some time, with the need for new Class A space far outweighing the current availability. The nationwide industrial supply posted record deliveries in 2020 that totaled more than 300 million square feet. This represents about a 2 percent year-over-year increase in total inventory. In comparison, Albuquerque’s inventory grew by less than 1 percent over the past five years, while vacancy rates decreased by almost 550 basis points. Most new construction has been build-to-suit activity. Tenants, meanwhile, are challenged with a lack of choice as a considerable amount of the existing vacant space is functionally obsolete. The average overall asking lease rates for existing warehouse/distribution space was $6.58 per square foot, triple net, at the end of …
TEMPE, ARIZ. — Los Angeles-based GoodLife Housing Partners has completed the disposition of two apartment communities located in Tempe. Capital Allocation Partners acquired the properties for $30.5 million, or $178,363 per unit. Both built in 1968, the properties are the 134-unit Sakara Tempe and the 36-unit Sakara Villas at Tempe. Units at the properties consist of a mix of one-, two- and three-bedroom layouts, with select units having new laminate kitchen countertops, wood-style vinyl flooring and two-tone paint with accent walls. Additionally, some units are furnished for the convenience of student tenants, as the properties are within walking distance of Arizona State University. Community amenities at Sakara Tempe include a resort-style swimming pool with cascading water features and poolside cabanas, a fitness facility, bocce ball court and an outdoor TV lounge. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
LANCASTER AND WOODLAND, CALIF. — Westcore has acquired a two-property industrial portfolio, totaling more than 1.4 million square feet of space, located at 2801 West Ave. H in Lancaster and 1755 E. Beamer St. in Woodland. Kimco Realty Corp. sold the portfolio for $108 million. Rite Aid occupies both distribution warehouses on 20-year leases. The Lancaster facility features 926,860 square feet and the Woodland property offers 508,000 square feet. Darla Long, Barbara Emmons and Rebecca Perlmutter of CBRE represented the seller, while Westcore was self-represented in the transaction.
VANCOUVER, WASH. — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the purchase of Autumn Grove, a multifamily property located in Vancouver. Las Vegas-based The Calida Group acquired the property for an undisclosed price. The name of the seller was not released. Adjacent to the Vancouver Mall, the property features 148 apartments and was recently completed. At the time of sale, the community was 86 percent leased. Anthony Palladino, Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of IPA represented the buyer in the deal.
SAN DIEGO — JLL Capital Markets has secured $24.5 million in financing for Cielo, a Class A multifamily property located in San Diego’s Little Italy neighborhood. The borrower, Built Development, acquired the land in 2014 and broke ground in 2018 for the project, which was completed in January. Loan proceeds will be used to pay off the borrower’s existing construction loan and provide cash. Located at 915 W. Grape St., the eight-story, 63,500-square-foot property features studio, one- and two-bedroom units. Apartments offer private balconies and terraces, in-unit washers/dryers, stainless steel appliances and modern finishes. Community amenities include a fitness center, bicycle storage and an outdoor rooftop that includes a lounge, kitchen, wet bar and grilling stations. Jeff Sause, Christopher Collins and Chad Morgan of JLL Capital Markets arranged the floating-rate bridge loan through a correspondent life insurance company for the borrower.
CHANDLER, ARIZ. — Silver Creek Development has purchased Ascend at Chandler Airport Center, a Class A office property located on 11 acres at 1811 E. Northrop Blvd. in Chandler. An undisclosed seller sold the asset for $34.2 million. Build in 2016 and renovated in 2018, the two-story building features 130,642 square feet of office space. At the time of sale, the property was fully leased on a long-term basis as the corporate headquarters of Zovio, a technology services company. Chris Toci and Chad Littell of Cushman & Wakefield represented both parties in the transaction. Greg Mayer, also of Cushman & Wakefield, provided leasing advisory services.
SCOTTSDALE, ARIZ. — High Street Residential, the residential subsidiary of Trammell Crow Co., along with Principal Real Estate Investors, has completed the development of Gramercy Scottsdale, an apartment community in downtown Scottsdale. Situated on two acres, the five-story, Class A property features 160 apartments in a mix of studio, one- and two-bedroom units and three-bedroom penthouses, ranging in size from 600 square feet to 1,650 square feet. Units offer high-end finishes, gas stoves, stainless steel appliances, quartz countertops and wine fridges. Community amenities include a chef’s kitchen and private dining room, an indoor/outdoor sky lounge, a fitness center, guest suite, pool, spa and outdoor lounge areas with a fireplace, grilling stations, a water feature and top-floor covered terrace. Wespac Construction served as general contractor and ESG Architects is the architect of record.
HONOLULU — The Michaels Organization, in partnership with the City and County of Honolulu and the State of Hawaii, has broken ground on Halewai`olu Senior Residences, an affordable seniors housing community in downtown Honolulu. Scheduled for completion in 2023, the 17-story development sits on a 26,925-square-foot parcel owned by the City and County of Honolulu. The property will feature 156 one- and two-bedroom affordable rental units. Construction of the $93.3 million project will be funded using a combination of $48 million in Hula Mae Multi-Family Tax-exempt Bonds (HMMF), $21.3 million in Rental Housing Revolving Funds (RHRF), a $10 million traditional construction loan, and equity from the sale of low-income housing tax credits. First Hawaiian Bank is the lead construction lender with participation from American Savings Bank. Hawaii Housing Finance and Development Corp. administers the HMMF and RHRF. Halewai`olu Senior Residences will be available to seniors ages 62 and older, with rents starting at $547 per month. All of the units will be restricted to those earning between 30 percent and 80 percent of area median income.