NORTH LAS VEGAS, NEV. — Colliers International has brokered the sale of an industrial building located within Civic Center Freeway Industrial Park at 3679 N. Civic Center Drive in North Las Vegas. Civic Center Industrial Owner LLC sold the asset to Sage Harbor Exchange Inc. for $14.5 million. The property features 118,021 square feet of industrial space. Dan Doherty, Paul Sweetland, Chris Lane and Jerry Doty of Colliers International represented the seller in the deal.
SANTA ROSA, CALIF. — JLL Capital Markets has arranged financing for development of The Lodge at Piner Road, a 92-unit seniors housing community. Blue Mountain Enterprises and Calson Management are developing the property, located in Santa Rosa, part of Sonoma County. Although the amount of the financing was undisclosed, it represents a 75 percent loan-to-cost ratio. A private lender provided the funds. The Class A property will total 37,762 square feet and consist of 66 assisted living units and 26 private memory care units. The property is adjacent to both a local bus stop and a Sonoma-Marin Rail Transit (SMART) station, which was recently completed in 2017, to allow connectivity to both Santa Rosa and San Francisco. Bercut Smith led the JLL Capital Markets team in the financing.
LOS ANGELES — Xenon Investment Corp. has purchased The Hollywood Regency Apartments, a multifamily property located at 1635-1639 N. Martel Ave. in the West Hollywood submarket of Los Angeles. A Los Angeles-based private partnership sold the asset for $21.3 million, or $355,000 per unit. Built in 1972, the four-story, 67,329-square-foot building features 60 apartments, an open-air courtyard, pool and 105 parking spaces. The units have an average size of 1,100 square feet with a mix of 39 one-bedroom apartments and 21 two-bedroom apartments. Matthew Kanner of The Kanner Group of KW Commercial represented the seller and buyer in the transaction.
CERES, CALIF. — Yosemite Properties has completed sale of Whitmore Plaza, a shopping center located at 2517-2617 Mitchell Road and 2908-2920 E. Whitmore Ave. in Ceres. Save Mart Portfolio Owner NLP CA LLC acquired the asset from Yosemite Properties for $18.4 million. Save Mart grocery store and Planet Fitness anchor the 115,396-square-foot property. Greg Aguirre of Sacramento-based Capital Rivers Commercial and Jeff Lefko of Corona Del Mar-based Hanley Investment Group Real Estate Advisors represented the seller in the deal.
SALEM, ORE. — Norris & Stevens has arranged the sale of Riverbend Apartments, a multifamily property located at 1225, 1241 and 1253 Riverbend Road NW in Salem. Riverbend Viking LLC acquired the asset from 3030 Riverbend LLC for $9.5 million. Totaling 41,820 square feet, the three-building property opened in summer 2020. Riverbend Apartments features 48 units in a mix of one- and two-bedroom layouts. Units feature vinyl plank flooring, stainless steel appliances, washers/dryers, cadet heating units and ductless cooling. David Chatfield and Cameron Mercer of Portland-based Norris & Stevens represented the buyer, while Greg Goodenough of Premiere Property Group represented the seller in the deal.
PHOENIX — Marcus & Millichap has negotiated the sale of a two-tenant medical office building located at 349 E. Coronado Road in Phoenix. A limited liability company sold the property to a California-based buyer in a 1031 exchange for $4.3 million. Arizona Digestive Health and Phoenix Endoscopy occupy the 11,760-square-foot asset, which was built in 2003 on 1.7 acres. The property is 60 percent medical office and 40 percent licensed surgery center. Alan Laulainen, Chris Lind and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller in the deal.
MENLO PARK, CALIF. AND NEW YORK CITY — Flexible office space provider WeWork has entered into an agreement with special purpose acquisition company (SPAC) BowX Acquisition Corp. (NASDAQ: BOWX) to be taken public at an initial valuation of $9 billion. A SPAC is a business entity with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring other companies. Menlo Park, Calif.-based BowX Acquisition Corp. is an affiliate of Bow Capital, a venture capital firm begun by Vivek Ranadive, the founder of TIBCO software and owner of the NBA’s Sacramento Kings. The transaction, which is expected to close by the third quarter, will provide New York City-based WeWork with approximately $1.3 billion of cash to fund future growth initiatives. The transaction will be funded with BowX’s $483 million of cash in trust, in addition to $800 million in private investment from capital sources such as Insight Partners, funds managed by Starwood Capital Group and others. SPACs have recently grown in popularity among private and institutional investors alike as vehicles for taking companies public. According to Forbes, which recently analyzed the U.S. activity of SPACs, these entities raised as much …
BEVERLY HILLS, CALIF. — UBS Realty Investors has completed the disposition of a five-story medical office building located at 9033 Wilshire in Beverly Hills. LaSalle Investment Management acquired the asset for $74.4 million. University of Southern California’s Keck Medical Center anchors the 49,721-square-foot property, which was extensively renovated in 2011. SIM & Associates designed the building, which features a surgery center, a full-service pharmacy offering drug compounding, unique art installations, valet parking with call-down service and a rooftop deck. Kevin Shannon, Rob Hannah, Ken White, Laura Stumm and Steven Salas of Newmark represented the seller in the transaction.
SEATTLE — A partnership between Hatteras Sky, Trent Development and Cresset Diversified Real Estate Capital has broken ground on Hilite, a mixed-use apartment community located at 622 Rainier Avenue in Seattle’s Judkins Park neighborhood. The project’s name is a nod to the West Coast Printing Building that previously operated on the same site as the new development. Slated to open in 2023, Hilite will feature 206 units above approximately 5,200 square feet of ground-floor retail space. The property will participate in Seattle’s Multifamily Tax Exemption program, which requires that 20 percent of the units be dedicated as affordable. WG Clark Construction is serving as general contractor and Studio 19 is serving as the architect. Blanton Turner will serve as the property management team.
BEAVERTON, ORE. — Virtu Investments has completed the sale of Courtyard at Cedar Hills, a value-add multifamily property located in Beaverton, approximately seven miles from Portland. Comprising 14 garden-style residential buildings, the community features 145 units in a mix of one-, two- and three-bedroom units averaging 900 square feet. Community amenities include an indoor pool, fitness center, laundry facilities and a package locker room. The property underwent a $2 million renovation in 2016 that included updates to the common areas and select unit interiors. Located at 13643 SW Electric St., the transit-oriented community is within two blocks of the MAX light rail station, enabling connectivity across the Portland area. Ira Virden, Carrrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.
