Western

Kraus-Anderson, MedCraft Breaks Ground on TMC HealthCare’s Ambulatory Surgery Center in Tucson

by Amy Works May 4, 2021

TUCSON, ARIZ. — MedCraft Healthcare Real Estate and TMC HealthCare have partnered to develop an Ambulatory Surgery Center at TMC HealthCare’s Rincon campus located at 10360 Drexel Road in Tucson. The partnership selected Kraus-Anderson as contractor for the $8 million project. The 17,000-square-foot facility will provide additional medical and surgical services, as well as the ability for a 3,000-square-foot future expansion. Designed by Orcutt Winslow, the property will feature rooftop solar panels, low- and no-water use landscaping, a cool roof system to reduce heat island affects, trees to shade the building and glass, and the use of reclaimed water for irrigation. Completion is slated for spring 2022.

May 4, 2021

Acquisitions Multifamily Nevada Western

Hamilton Zanze Sells 426-Unit Norterra Canyon Apartments in North Las Vegas

by Amy Works May 4, 2021

NORTH LAS VEGAS, NEV. — San Francisco-based Hamilton Zanze, in partnership with Cantor Fitzgerald Investors, has completed the disposition of Norterra Canyon, an apartment community located at 5005 Losee Road in North Las Vegas. Terms of the transaction were not released. Built in 2007, Norterra Canyon features 426 one-, two- and three-bedroom units averaging 1,076 square feet. Apartments feature granite countertops, Energy Star appliances, walk-in closets, patios or balconies, and washers and dryers. Community amenities include a resident lounge, business center, bocce ball court, two resort-style pools with cabanas, putting green and fitness center.

May 4, 2021

Acquisitions California Multifamily Seniors Housing Western

Merrill Commercial Real Estate Negotiates $18M Seniors Housing Portfolio Sale in Redding, California

by Amy Works May 4, 2021

REDDING, CALIF. — Merrill Commercial Real Estate has arranged the sale of a two-property portfolio made up of 151 units of assisted living and memory care in Redding. The properties went under contract pre-pandemic. Since that time, the occupancy dropped nearly 20 percent as a COVID outbreak in one of the locations took a toll. Despite this, the buyers stuck with the deal. A private equity group looking to expand in California acquired the properties from an independent owner-operator for $18 million. Tyler Merrill arranged the transaction.

May 4, 2021

Wilshire-West-Medical-Tower-Los-Angeles-CA

California Healthcare Loans Office Western

JLL Arranges $42.5M Refinancing for Wilshire West Medical Tower in Los Angeles

by Amy Works May 3, 2021

LOS ANGELES — JLL Capital Markets has secured $42.5 million in refinancing for Wilshire West Medical Tower, a medical office building located in the Brentwood neighborhood of West Los Angeles. Marc Schillinger and Keith Rosso of JLL’s Capital Markets team represented the borrower, a private, Los Angeles-based medical office owner-operator, to secure the long-term, fixed-rate loan. Located at 11645 Wilshire Blvd., the property features 78,702 square feet of medical office space and is leased to a diverse mix of medical office tenants, including physicians, dental practices, plastic surgeons, medical testing and rehabilitation operators and aestheticians.

May 3, 2021

Acquisitions Colorado Multifamily Western

Watermark Residential Sells For-Rent Townhome Community Near Denver to RedPeak for $33.5M

by Amy Works May 3, 2021

AURORA, COLO. — Watermark Residential, a wholly owned affiliate of Indianapolis-based Thompson Thrift, has completed the disposition of The Townhomes at Dayton Station, a leased townhome community in Aurora. RedPeak acquired the asset for $33.5 million. Located at 3899 S. Dallas St., the property features 12 three-story buildings offering a total of 63 townhomes for renters. Each private-entry townhome features a three- or four-bedroom layout, two-car garage, ample storage, gourmet bar-kitchens with quartz countertops, stainless steel appliances, walk-in closets, garden tubs and full-size washers/dryers.

May 3, 2021

California Healthcare Loans Office Western

Bellwether Enterprise Secures $23.5M Refinancing for Medical Office Buildings in Southern California

by Amy Works May 3, 2021

TORRANCE, CALIF. — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has arranged $23.5 in refinancing for two medical office buildings in Torrance. The properties are a 37,143-square-foot, four-story building on 1.67 acres at 3500 Lomita Ave. and a two-story, 42,101-square-foot building on 2.7 acres at 23560 Madison St. The undisclosed borrower acquired both assets in 2008. Kevin Mulvaney of Bellwether Enterprise’s Los Angeles office arranged the loan with MetLife.

May 3, 2021

Acquisitions California Industrial Western

Sentre Buys Industrial Campus in Los Angeles for $12.5M in Sale-Leaseback from Mortech Manufacturing

by Amy Works May 3, 2021

LOS ANGELES — San Diego-based Sentre has purchased Azusa Center, a two-building industrial property located at 301 and 411 N. Aerojet Drive in Los Angeles’ San Gabriel Valley. Mortech Manufacturing sold the asset for $12.5 million in an off-market, sale-leaseback transaction. Mortech occupies the 75,081-square-foot facility and, upon closing of the sale, the company executed a new 10-year lease for the entire property. Scott Peterson and Morgon Fraser of CBRE Capital Markets Debt & Structured Finance Placement team arranged a $7.5 million fixed-rate, five-year loan for the acquisition.

May 3, 2021

Acquisitions Colorado Multifamily Western

Capstone Negotiates $8M Acquisition of Sherman Commons Multifamily Property in Denver

by Amy Works May 3, 2021

DENVER — Capstone has brokered the sale of Sherman Commons, a 35-unit apartment community located at 10 S. Sherman St. in Denver’s West Washington Park neighborhood. An undisclosed buyer acquired the asset from an undisclosed seller for $8 million. The property offers a studio unit, 24 one-bedroom units and 10 two-bedroom units, as well as 34 off-street tenant parking spaces. This year, the building underwent renovations including new windows, stairs and landings. Brandon Kaufman and Nik MacCarter of Capstone represented the buyer in the deal.

May 3, 2021

Market Reports Multifamily Washington Western Western Market Reports

Multifamily Market Signals Stability in Seattle

by Jeff Shaw May 3, 2021

By Dylan Simon, Kidder Mathews As we left 2020 behind, we collectively hoped that turning the calendar to 2021 would stem to tide of COVID and bring about a V-shaped economic recovery. Alas, we enter this spring with many of the same hold-over concerns from a very rocky 2020. Thankfully, stability is right around the corner! A comprehensive and broad recovery may not be immediately recognizable, but there are signs economic stability is imminent for the Seattle apartment market. Big Tech is Getting Back to Work Big Tech evacuated urban centers in March 2020, taking with it urban-dwelling apartment renters. Apartment rental rates across Seattle, San Francisco and New York City plummeted more than 30 percent in the ensuing months. Once these “occupiers” return, that light-switch will once again flip in the positive-growth position. Facebook announced in March that it is reopening its Seattle offices. Just as Big Tech was quick (and smart) to shut down in-office operations at the outset of COVID-19, it will act similarly quickly (and intelligently) in reopening its offices. Expect the reopening trend to spread throughout Big Tech in a coordinated and swift fashion as that industry tends to know it is more innovative and competitive …

May 3, 2021

Acquisitions Arizona Multifamily Western

IPA Negotiates $54.5M Sale of Cabana on 12th Multifamily Property in Phoenix

by Amy Works April 30, 2021

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Cabana on 12th, an apartment community located in Phoenix. Greenlight Communities sold the asset to JB Partners for $54.5 million, or $216,270 per unit. Constructed in 2020, Cabana on 12th features 252 units in a mix of studio, one- and two-bedroom apartments with nine-foot ceilings and a swimming pool. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

April 30, 2021

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