Western

Continental Divide Holdings Buys 8,000 SF Office Property in Littleton, Colorado for Medical Office Conversion

by Amy Works March 22, 2021

LITTLETON, COLO. — Continental Divide Holdings LLC has acquired an office property located at 8331 Continental Divide in Littleton. Colorado Credit Union sold the asset for an undisclosed price. Formerly a credit union brand and headquarters, the 8,000-square-foot property feature a drive-thru and monument signage. The buyer plans to convert the building into a medical office space for use as its pediatric practice. Rick Egitto of Avison Young, along with Justin Rayburn of Fountainhead Commercial Properties, represented the seller, while Dann Burke and Stephani Gaskins of CBRE Healthcare Real Estate Brokerage Services represented the buyer in the deal.

March 22, 2021

Acquisitions California Industrial Western

Lee & Associates Brokers $13M Acquisition of Industrial Building in Carlsbad, California

by Amy Works March 22, 2021

CARLSBAD, CALIF. — Lee & Associates has arranged the purchase of a single-tenant industrial property located at 6212 Corte del Abeto in Carlsbad. Elion Acq LLC acquired the asset from an undisclosed seller for $13 million. Built in 1987, the 70,224-square-foot building features two dock-high doors, six grade-level doors, up to 26-foot clear heights and visibility on Palomar Airport Road. The property is located within Palomar Airport Business Park. Rusty Williams, Chris Roth, Greg Pieratt and Jake Rubendall of Lee & Associates – North San Diego County represented the buyer in the transaction.

March 22, 2021

Arizona Development Multifamily Western

Milhaus Enters Arizona Market with $177M Multifamily Development in Tempe

by Amy Works March 19, 2021

TEMPE, ARIZ. — Milhaus is developing Milhaus North Tempe, a $177 million, two-phase multifamily community at 1245 E. Curry Road in Tempe. The $91 million first phase is slated to break ground this month. The project is Milhaus’ entry into the Arizona market. The community will feature 310 studio, one-, two-, three- and four-bedroom units in the first phase and a total of 621 units at full buildout. Onsite amenities will include a pool deck, grill stations, outdoor spa, commercial grade fitness center, clubhouse with work and entertainment areas, library and a dog park. Los Angeles-based Banyan Residential is a co-developer on the project. The project team also includes Todd & Associates, McShane Construction, design-art llc and Rick Engineering.

March 19, 2021

California Development Multifamily Seniors Housing Western

Partnership Breaks Ground on 132-Unit Seniors Housing Project in Mission Viejo, California

by Amy Works March 19, 2021

MISSION VIEJO, CALIF. — Denver-based Confluent Senior Living, Scottsdale, Ariz.-based Concord Development Partners and Denver-based MorningStar Senior Living have broken ground on MorningStar of Mission Viejo, a 132-unit seniors housing community. The property will be situated at the former Avery Plaza business center at the intersection of Marguerite and Avery parkways in Mission Viejo. Slated to open in early 2023, the community will feature independent living, assisted living and memory care units. The property will offer studio, one- and two-bedroom suites, as well as 126 below-grade parking spaces. Community amenities will feature 13,809 square feet of outdoor space, including a pool, dog park, community garden and outdoor dining area; a spa and wellness center; and 24-hour staffing including full-time licensed nurses. The project team includes KTGY Architecture + Planning, Snyder Langston as general contractor and David Evans & Associates as civil engineer.

March 19, 2021

Acquisitions California Office Western

Harbor Associates, Singerman Acquire 297,277 SF Summit IV Office Campus in Aliso Viejo, California

by Amy Works March 19, 2021

ALISO VIEJO, CALIF. — Harbor Associates, in partnership with Singerman Real Estate, has purchased Summit IV, an office campus in Aliso Viejo. The seller and terms of the off-market transaction were not released. Harbor plans to renovate the 297,277-square-foot property, which was 80 percent leased at the time of sale. Planned renovations include improving workplace wellness and the addition of onsite lifestyle amenities throughout the outdoor courtyard, as well as a new lobby, move-in ready suites and updates to the restrooms and corridors.

March 19, 2021

California Loans Mixed-Use Office Restaurant Retail Western

George Smith Partners Arranges $45.6M Loan for Lido Marina Village in Newport Beach

by Amy Works March 19, 2021

NEWPORT BEACH, CALIF. — George Smith Partners has arranged $45.6 million in bridge financing on behalf of DJM Capital for the recapitalization of Lido Marina Village, a multi-block, waterfront retail and office property on Balboa Peninsula in Newport Beach. Lido Marina Village features 106,000 square feet of retail, restaurant and office space in 14 separate structures, including waterfront retail and restaurant space, as well as 47 boat slips. Current tenants include Nobu, Malibu Farm, Elysse Walker, LoveShakeFancy, Serena & Lily and Jenni Kayne. Steve Bram, David Pascale and Patrick O’Donnell of George Smith Partners secured the financing. Arc Capital Partners is an equity partner in the transaction. Since acquiring the asset in 2013, DJM has implemented extensive renovations to the property and rebranded Lido Marketplace as a boutique and restaurant destination.

March 19, 2021

Acquisitions Multifamily Oregon Western

Norris & Stevens Brokers $8.2M Sale of Barclay Square Apartments in Woodburn, Oregon

by Amy Works March 19, 2021

WOODBURN, ORE. — Norris & Stevens has arranged the sale of Barclay Square Apartments, a multifamily property located at 2377 W. Hayes St. in Woodburn. West Coast Real Estate Holdings acquired the asset for $8.2 million. Constructed in 1975, the 53,000-square-foot property features 70 units in a mix of 30 one-bedroom/one-bath and 40 two-bedroom/one-bath layouts spread across nine buildings. The buyer plans to continue upgrading the property, and the acquisition financing obtained included funds for planned upgrades. David Chatfield and Timothy Mitchell of Portland, Ore.-based Norris & Stevens represented the buyer and seller in the deal.

March 19, 2021

Acquisitions California Mixed-Use Office Restaurant Retail Western

Turnbridge Equities, Waterford Property Co. Acquire City Place Long Beach Mixed-Use Property in Southern California

by Amy Works March 18, 2021

LONG BEACH, CALIF. — A partnership between Turnbridge Equities and Waterford Property Co., along with Monument Square Investment Group, has purchased City Place Long Beach, a 14-acre, large-scale, open-air, mixed-use development in downtown Long Beach. The partnership first acquired the loan on the asset at the end of 2020 and now reached an agreement to take over ownership of the property. Originally the site was Long Beach Plaza Mall, an enclosed shopping mall that was built in 1982 and demolished in 2002 to make way for City Place. The partnership is now reinventing the property as a mixed-use development with retail, office, restaurant and entertainment spaces, as well as working to immediately stabilize the asset.

March 18, 2021

Acquisitions Arizona Multifamily Western

Cushman & Wakefield Brokers $64.5M Sale of Aspen Place Multifamily Community in Flagstaff, Arizona

by Amy Works March 18, 2021

FLAGSTAFF, ARIZ. — Cushman & Wakefield has arranged the sale of Village at Aspen Place, an apartment property located at 601 E. Piccadilly Drive in Flagstaff. An entity formed by Orange County, Calif.-based NNC Apartment Ventures acquired the asset from an entity formed by Kansas City, Mo.-based VanTrust Real Estate for $64.5 million. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal. Completed in 2015, Village at Aspen Place feature 222 units in a mix of studio, one- and two-bedroom layouts. Community amenities include ground-floor retail space, an attached parking garage and elevator service to each floor.

March 18, 2021

Acquisitions California Net Lease Retail Western

Marcus & Millichap Negotiates $22.5M Sale of Smart & Final Grocery Store Location in Westlake Village, California

by Amy Works March 18, 2021

WESTLAKE VILLAGE, CALIF. — Marcus & Millichap has arranged the sale of an asset occupied by a Smart & Final grocery store in Westlake Village, a suburb of Los Angeles. The triple-net-leased asset sold for $22.5 million, or $448 per square foot. The property totals 50,242 square feet with Smart & Final as the main tenant. However, 12,500 square feet is subleased to Dollar Tree on a 10-year, triple-net lease, with Smart & Final responsible for all aspects of the lease. Lior Regenstreif of Marcus & Millichap represented the seller, Riverside Villas LLC, in the transaction.

March 18, 2021

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