ARVADA, COLO. — NAI Shames Makovsky has arranged the sale of retail building located at 5805 Independence St. in Arvada. RHB Arvada sold the property to JBM20 for $1.6 million. The building features 1,808 square feet of retail space. Jake Malman and Evan Makovsky of NAI Shames Makovsky represented the buyer in the deal.
SANTA MONICA, GRANADA HILLS AND CANOGA PARK, CALIF. — Madison Realty Capital has originated $150 million in financing for a Los Angeles-area multifamily portfolio consisting of six communities in Santa Monica, Granada Hills and Canoga Park, as well as a large-scale multifamily development site in Santa Monica. WS Communities, a developer and repeat MCR borrower, is the sponsor. WS Communities plans to use the funding to replace the existing debt and finalize the business plan for the properties, including: Renovation of four multifamily properties at 1007 Lincoln Blvd., 1038 10th St., 1516 Stanford St. and 1433 Euclid St. in Santa Monica Development of a large-scale multifamily project on two sites at 3030 Nebraska Ave. and 3025 Olympic Blvd. in Santa Monica Renovation of two multifamily properties at 11611 Blucher Ave. in Granada Hills and 7810 Topanga Canyon Blvd. in Canoga Park. Avison Young’s Justin Piasecki, Jay Maddox and Ethan Blum brokered the loan deal, with RST Capital Partners’ Rahim Thobani advising on the transaction.
CARLSBAD, CALIF. — BLT Enterprises has purchased an industrial life sciences property located at 2827 Whiptail Loop West in Carlsbad. RPG sold the asset for $40.4 million. Completed in 2019, the 146,100-square-foot property features 30-foot clear heights, eight dock-high doors, four grade-level doors, 4,000 amps of power, Grade B, C, D classification clean rooms, a dedicated lab exhaust system, a vacuum pump system and a PH neutralization system. SAFC Carlsbad Inc. fully occupies the property. The tenant is a subsidiary of Merck KGaA, a multinational pharmaceutical, life sciences, research and development company headquartered in Darmstadt, Germany.
TUCSON, ARIZ. — CORE Real Estate Capital and Rincon Capital Partners have acquired Woodridge Apartments, a multifamily property located at 8225 E. Speedway Blvd. in Tucson. Terms of the transaction were not released. Built in 1981 on 6.2 acres, the community features 204 apartments. At the time of sale, the property was more than 95 percent occupied. Over the next two years, the new owners plan to rebrand the property and invest up to $3.6 million to remediate deferred maintenance, renovate common areas, upgrade interiors and improve landscaping.
LITTLETON, COLO. — Stan Johnson Co. has brokered the sale of a retail property located at 6000 Grant Ranch Blvd. in Littleton. A California- and Colorado-based family partnership sold the property to BAF Associates, a Maryland-based private investor, for $2.4 million. Knowledge Beginnings, one of several brands under the KinderCare Education group, occupies the single-tenant, 10,400-square-foot property on a net-lease basis. Kelly Largent of Stan Johnson Co. represented the buyer, while Mike Matter and Milo Spector of Stan Johnson Co. represented the seller in the transaction.
MARICOPA, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at 41800 W. Maricopa-Casa Grande Highway in Maricopa. A limited liability company sold the building to undisclosed buyer for $2.1 million. Big 5 Sporting Goods occupies the property on a net-leased basis. Mark Ruble, Chris Lind and Jamie Medress of Marcus & Millichap represented the seller in the deal.
LOS ANGELES — A joint venture between Lowe and Related Fund Management (RFM) has commenced construction of a nine-story office building located at 2130 Violet St. in Los Angeles’ Arts District. Lowe and RFM recently formed a partnership for the Violet Street development, which Lowe has been planning since 2017. The 113,000-square-foot building will feature 27,000-square-foot open floorplates, high ceilings, operable windows and energy-efficient building systems and HVAC. The building’s top four floor will be dedicated to contemporary and flexible office space, with substantial terraces allowing for increased circulation of fresh air and connected indoor/outdoor work and meeting spaces. The property will also feature a 3,000-square-foot rooftop deck with lounge seating, tables and chairs for tenants use. As part of the development, the joint venture is installing public infrastructure, including sidewalks, crosswalks, a traffic signal, tree grates, street lighting and landscaping along Violet Street. Ware Malcomb is serving as architect and Swinerton is serving as general contractor for the project, which is slated for completion in early 2022. Mike Condon Jr., Pete Collins, Scott Menkus and Brittany Winn of Cushman & Wakefield are handling leasing for the development. Todd Tydlaska and Mike Caprio of CBRE, along with Mike Condon of …
LOUISVILLE, COLO. — Berkeley Partners has acquired a multi-tenant industrial building located at 333-335 Centennial Parkway in Louisville. DPC Cos. and Long Wharf Capital sold the asset for $49 million. Situated on 24.9 acres, the 411,485-square-foot building features dock-high and drive-in loading, heavy power, sprinklers, 28-foot clear heights, ample parking and fiber connectivity. At the time of sale, the building was fully leased to six tenants. Last year, the property underwent building improvements, including a new roof, improved entries, an updated façade and new monument signage. The building was originally constructed in 1995. Tyler Carner, Jeremy Ballenger, Jim Bolt, Jessica Osternick and Jeremy Kroner of CBRE’s Denver and Boulder, Colo., offices represented the sellers.
RIVERSIDE, CALIF. — Advanced Real Estate Services (ARES) has purchased an apartment property located near the corner of La Sierra and Magnolia Avenue in Riverside for an undisclosed price. Previously named Sierra Pines, ARES has rebranded the property as The 3900 Apartments. ARES plans to invest more than $6 million to renovate the 120-unit property, which was built in 1985 on 2.5 acres. Planned renovations include upgrading units and enhancing amenities, including a pool, spa, tennis courts, clubhouse and grassy open space. Margie Molloy and Bruce Funiss of Berkadia Real Estate Advisors brokered the transaction. Commercial Bank of California provided financing for ARES. ARES also recently completed a refinance pool of five properties for approximately $204 million with Freddie Mac. Mike Elmore of NorthMarq Financial arranged the financing. ARES plans to use the proceeds from the refinances to create a fund to buy more properties.
PORTLAND, ORE. — McBride Capital has secured $13.5 million in permanent debt for the refinancing of Aniva, a newly constructed, 90-unit multifamily property located on N. Interstate Avenue in Portland. The 10-year loan provided cash out to the sponsors of the project and an initial interest-only period to begin the term. Danny Natsch of McBride Capital placed the loan on behalf of an undisclosed borrower with a super-regional bank.