Western

JLL Secures $37.3M in Acquisition Financing for Fremont Place Office Campus in Portland

by Amy Works March 24, 2020

PORTLAND, ORE. — JLL Capital Markets has secured $37.3 million in acquisition financing for Fremont Place I and II, a two-building office campus in Portland’s Pearl District. The borrower is a Rialto Capital Management fund along with one of the company’s subsidiaries, Rialto Capital. Loan proceeds will be used to acquire and transform the urban, waterfront property through series of interior and exterior renovations. Located at 1650 and 1750 Naito Parkway, Fremont I and II offer 123,600 square feet of office space spread across a two-story building and a three-story building. Originally built in 1987, the asset was recently renovated and renovations, including an outdoor amenity space, are scheduled for the near future. At the time of sale, the property was 62 percent leased to a variety of tenants in the telecommunications, engineering and healthcare industries, among others. Casey Davidson and Zachary Kersten of JLL Capital Markets arranged the five-year, floating-rate acquisition bridge loan through a debt fund.

March 24, 2020

Santa-Monica-La-Cienega-Blvds-Los-Angeles-CA

California Development Mixed-Use Retail Western

CBRE Brokers $22.5M Sale of Development Site in West Hollywood

by Amy Works March 24, 2020

LOS ANGELES — CBRE has arranged the sale of a 30,146-square-foot development site, located at the intersection of Santa Monica and La Cienega boulevards in the West Hollywood area of Los Angeles. A Los Angeles-based real estate development firm acquired the asset from a private family for $22.5 million. The property currently features three commercial structures on several parcels. The asset is zoned for an array of uses, including mixed-use, multifamily, hotel and other commercial functions. Matthew Greenberg, Alex Kozakov and Pat Wade of CBRE represented the seller, while Chris Tresp, also of CBRE, represented the buyer in the deal.

March 24, 2020

California Development Multifamily Western

Meta Housing Completes 33-Unit Affordable Apartment Project in Los Angeles

by Amy Works March 24, 2020

LOS ANGELES — Los Angeles-based Meta Housing, in a joint venture partnership with Western Community Housing, has completed Metro @ Western, a transit-oriented, affordable apartment community Los Angeles. Located 3671 S. Western Ave., Metro @ Western features 33 apartments in a mix of one-, two- and three-bedroom units. The four-story property offers a variety of community amenities including outdoor lounge areas, a community room with kitchen and a play structure. The property also obtained LEED Gold certification and includes numerous sustainable features. Meta and Western Community Housing partnered with several public entities, including the U.S. Department of Veterans Affairs, Los Angeles County Development Authority, the State of California, the County of Los Angeles and City of Los Angeles to bring the $20.1 million apartment community to fruition.

March 24, 2020

Acquisitions Mixed-Use Multifamily Office Oregon Retail Western

Marcus & Millichap Negotiates $6.2M Sale of Broadway Town Square Mixed-Use Asset in Oregon

by Amy Works March 24, 2020

SALEM, ORE. — Marcus & Millichap has negotiated the sale of Broadway Town Square, a mixed-use property located at 1127 Broadway St. NE in Salem. A limited liability company sold the property to an undisclosed buyer for $6.2 million. The sale included two condominiumized, multi-story buildings connected by a skybridge totaling approximately 38,056 square feet of rentable space and the underlying 1.57-acre lot. Developed in 2009 by Telos Development Co., the property features 21 multifamily units, seven retail/office suites and Salem Cinema, a three-screen independent theater. Sean Houser and Will Stone of Marcus & Millichap’s Portland office represented the seller in the transaction.

March 24, 2020

Acquisitions Multifamily Oregon Western

Security Properties Acquires 205-Unit Multifamily Property in Oregon for $52M

by Amy Works March 23, 2020

BEND, ORE. — Security Properties, in partnership with a university endowment, has purchased Outlook at Pilot Butte, a Class A apartment community in Bend. An undisclosed seller sold the asset for $52 million. Located at 2001 NE Linnea Drive, Outlook at Pilot Butte features 205 apartments in a mix of one- and two-bedroom layouts with well-appointed kitchens, air conditioning, walk-in closets, in-unit full-size washers and dryers, and private patios or balconies. Community amenities include a clubhouse, resident lounge, fitness center, game room, bicycle storage facility, and outdoor fireplace and fire pit lounge. The buyer plans to implement light interior and exterior renovations, including cosmetic upgrades to unit interiors and enhancing the existing amenity spaces. Security Properties Residential, an affiliate of Security Properties, will manage the asset.

March 23, 2020

California Hospitality Loans Western

Sonnenblick-Eichner Co. Arranges $20.5M Loan for Carriage Inn in Los Angeles

by Amy Works March 23, 2020

LOS ANGELES — Beverly Hills, Calif.-based Sonnenblick-Eichner Co. has secured $20.5 million in first mortgage debt for Carriage Inn, a hotel located at the intersection of Burbank Boulevard and the San Diego Freeway in the Sherman Oaks neighborhood of Los Angeles. The non-recourse, 10-year, fixed-rate loan features interest-only payments for the entire loan term. Affiliated with the Best Western brand, the hotel features 178 guest rooms, meeting space, a pool, Jacuzzi, fitness center and surface parking for 160 cars. Patrick Brown and Elliot Eichner of Sonnenblick-Eichner Co. arranged the financing for the undisclosed borrower. The lender was also not disclosed.

March 23, 2020

California Development Multifamily Western

Trion Properties Completes 28-Unit Apartment Project in Culver City, California

by Amy Works March 23, 2020

CULVER CITY, CALIF. — Los Angeles-based Trion Properties has completed 5012 Apartments, a multifamily community with tech amenities located at 5012 Slauson Ave. in Culver City. As Trion’s first ground-up development, the 28-unit property represents the company’s expansion from value-add multifamily renovations to ground-up development. Additionally, the property is the first project that the firm has taken through the entire process, from unentitled to developed and stabilized. The three-story, pet-friendly community features 15 one-bedroom and 13 two-bedroom units. The property features a variety of interior and common-area tech amenities, including a high-level security system, Nest thermostats, Luxer One package locker service, a ButterflyMX smart video intercom system and Sonos smart speakers. Each unit features state-of-the-art appliances and flooring, stackable washers and dryers, central air conditioning, walk-in closets, cable television and modern finishes. Community amenities include a second-floor amenity deck, breakfast bar, courtyard equipped with furniture and planters, exterior hallways and covered assigned parking.

March 23, 2020

Acquisitions Colorado Multifamily Western

Marcus & Millichap Negotiates $7M Sale of Rosalie at Belmar Apartment Community in Lakewood, Colorado

by Amy Works March 23, 2020

LAKEWOOD, COLO. — Marcus & Millichap has brokered the sale of Rosalie at Belmar, a 40-unit multifamily property located in Lakewood. An undisclosed buyer acquired the asset for $7 million. The name of the seller was not released. Built in 1962, Rosalie at Belmar features 21 one-bedroom, 16 two-bedroom and three three-bedroom units. Many of the apartments are newly updated with designer plank flooring, shaker cabinets, double-pane vinyl windows, solid-surface counters, black appliances, air conditioning and ceiling fans. Community amenities include a picnic area, basketball court, playground, off-street parking and on-site laundry. Boomer Beatty and Peter Standley of Marcus & Millichap’s Denver office represented the seller and buyer in the deal.

March 23, 2020

Acquisitions Nevada Retail Western

Sun Commercial Brokers $3.5M Sale of Retail Building in North Las Vegas

by Amy Works March 23, 2020

NORTH LAS VEGAS, NEV. — Sun Commercial Real Estate has arranged the sale of a retail asset located in North Las Vegas. Passco Management Services sold the property to an undisclosed buyer for $3.5 million. Located at 1820 E. Lake Mead Blvd., the building features 28,129 square feet of retail space. Roy Fitz and Dylan Heroy of Sun Commercial Real Estate represented the seller in the transaction.

March 23, 2020

Acquisitions Industrial Utah Western

NKF Arranges $30.1M Sale of Industrial Property in Salt Lake City

by Amy Works March 20, 2020

SALT LAKE CITY — Newmark Knight Frank (NKF) has arranged the sale of an industrial property located at 9669 S. Prosperity Road in Salt Lake City. KPFN Properties sold the asset to ARKA Properties Group for $30.1 million. Visible SCM Logistics, a supply chain management company, occupies the single-tenant, 363,996-square-foot facility. The property is located near Mountain View Corridor, a phased transportation infrastructure project that when complete will offer a 35-mile freeway spanning from Interstate 80 in Salt Lake City to State Route 73 in Utah County. Bryce Blanchard, Kyle Roberts and Lucas Burbank of represented the seller and buyer in the deal.

March 20, 2020

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