Western

Parkview Financial Funds $19.8M Loan for French Valley Commons Project Near Temecula, California

by Amy Works January 16, 2020

WINCHESTER, CALIF. — Parkview Financial has provided a $19.8 million loan to Temecula, Calif.-based W Development Partners for construction of the first phase of French Valley Commons, a 14.1-acre mixed-use project in Winchester. The initial phase will include a nine-building development situated at the northwest corner of Leon and Benton roads in Winchester’s French Valley area. Totaling 87,231 square feet, the first phase will feature 36,524 square feet of retail space spanning six buildings and 50,532 square feet of flex/light industrial space spread across three buildings. Three of the planned retail buildings are pre-leased to O’Reilly Auto Parts, Dollar Tree and Jiffy Lube. With the closing of this loan, construction has commenced on the three pre-leased retail parcels and the largest light industrial building, which will total 22,925 square feet. Completion of the four buildings is slated for early to mid-2021. The construction timeline for the remaining five buildings has not been released. The second phase of French Valley Commons is entitled for 52,000 square feet of retail and industrial space, with construction timing based on interest and lease-up from the first phase.

January 16, 2020

Acquisitions California Restaurant Retail Western

Hanley Investment Group Arranges $8M Sale of Two-Tenant Retail Asset in Yucaipa, California

by Amy Works January 16, 2020

YUCAIPA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a freeway-adjacent, two-tenant retail investment property in Yucaipa, approximately 75 miles east of Los Angeles. Newport Beach, Calif.-based VantageOne Real Estate Investments sold the asset to a Los Angeles-based private investor for $8 million, or $956 per square foot. Built in 2016, the two-building asset is located on 2.2 acres at 31465 and 31467 Avenue E. In-N-Out Burger, with a drive-thru, occupies the 3,867-square-foot building on a long-term ground lease with renewal options and fixed increases. Corky’s Kitchen & Bakery occupies the adjacent 4,500-square-foot building also on a long-term lease with renewal options and fixed increases. Bill Asher, Ed Hanley and Jeff Lefko of Hanley Investment represented the seller, while Edward Weng of San Marino, Calif.-based TFS Properties represented the buyer in the deal.

January 16, 2020

Northrop-Grumman-Innovation-Systems-Campus-Chandler-AZ

Arizona Industrial Loans Office Western

NorthMarq Arranges $185M Loan for Northrop Grumman Innovation Systems Campus in Arizona

by Amy Works January 15, 2020

CHANDLER, ARIZ. — The San Diego office of NorthMarq has arranged a $185 million loan for the recently completed Northrop Grumman Innovation Systems’ campus in Chandler. A life insurance company funded the fixed-rate loan, which amortizes over 23 years. Eric Flyckt, Wyatt Campbell and Casey Allred of NorthMarq secured the loan for Northrop Grumman, an aerospace and defense technologies designer and manufacturer. The campus comprises a three-story, Class A office building totaling 352,545 square feet and a 269,852-square-foot manufacturing facility. The property serves as Northrop Grumman Innovation Systems’ Launch Vehicle Division Headquarters. Designed and manufactured at the campus, the launch vehicles transport cargo to the International Space Station, launch satellites and are used for military functions. The campus is located within San Diego-based Douglas Allred Co.’s Park Place, a 200-acre business park situated at the intersection of Loop 101 and 202 freeways.

January 15, 2020

Development Loans Mixed-Use Multifamily Washington Western

MRC Provides $27M in Financing for Two Multifamily Developments in Metro Seattle

by Amy Works January 15, 2020

SEATTLE and TACOMA, WASH. — Madison Realty Corp. has originated a $27 million first mortgage loan. The financing will allow the undisclosed borrower to complete construction of an eight-story, 158,952-square-foot mixed-use rental building with 144 apartments and 5,917 square feet of ground-floor retail space in Tacoma. The property is already 65 percent complete and will be a key component of The Tacoma Town Center, a multi-purpose, mixed-use, urban development that will include multifamily, retail and office space. Located in Tacoma’s Hilltop neighborhood, the mixed-use property will feature apartments on floors three through eight in a unit mix of 36 studios, 83 one-bedrooms and 25 two-bedrooms. A partially subterranean, 116-space parking garage will cover the three bottom floors with an entrance/exit along 23rd Street. A 1,000-square-foot amenity room will be located on the third floor. Additionally, the borrower used the funding to refinance an existing land loan on a 9,878-square-foot development site in the Denny Triangle/Belltown neighborhood of downtown Seattle. The site currently houses a vacant restaurant property and is entitled for a future condominium tower.

January 15, 2020

Acquisitions California Multifamily Western

IPA Negotiates $26.2M Sale of Multifamily Asset on Hollywood Boulevard in Los Angeles

by Amy Works January 15, 2020

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Guardian Arms Apartments, a multifamily community located at 5217 Hollywood Blvd. in Los Angeles. A joint venture between MWest Holdings and Pacific Reach sold the property to ROM Investments for $26.2 million, or $259,405 per unit. Built in 1928, Guardian Arms Apartments features 101 residential units and 9,207 square feet of ground-floor retail space. Joe Grabiec, Kevin Green and Greg Harris of IPA represented the seller in the deal.

January 15, 2020

Acquisitions Arizona Industrial Western

Pinnacle Peak Acquires Single-Tenant Industrial Building in Phoenix for $17M

by Amy Works January 15, 2020

PHOENIX — Pinnacle Peak, a Bellingham, Wash.-based investment company, has purchased an industrial manufacturing building located at 2140 W. Pinnacle Peak Road in Phoenix. Thul LLC sold the property for $17 million. The seller is a principal of APSM Systems, a sheet metal fabrication company that has occupied the property since 1994. APSM signed a 10-year leaseback for the property. Situated on 13.5 acres within the Deer Valley submarket, the 168,897-square-foot industrial building features 25,484 square feet of office space. Eric Bell, Mike Ciosek and Dylan Scott of Kidder Mathews represented the buyer in the transaction.

January 15, 2020

Acquisitions California Industrial Net Lease Western

CBRE Brokers $16.8M Sale of Newly Built Industrial Property in Southern California

by Amy Works January 15, 2020

BURBANK, CALIF. — CBRE has arranged the sale of a newly built industrial building located at 3700 Vanowen St. in Burbank. Shubin Nadal Realty Investors & Penwood Real Estate Investments sold the asset to Crown Realty Development and its affiliate, CPF Vanowen Associates, for $16.8 million. ARRI Inc., a designer and manufacturer of camera and lighting systems for the film and broadcast industry, occupies the 39,829-square-foot property on a 15-year triple-net lease. The building features creative office space, 24-foot clear heights, HVAC throughout and dock-high loading. Mark Perry, Carlene O’Neil, David Harding and Greg Geraci of CBRE represented the sellers, while the buyers were self-represented in the transaction.

January 15, 2020

Loans Office Top Stories Washington Western

Gemini Rosemont Receives $204M Refinancing for Office Campus in Bellevue, Washington

by Kristin Harlow January 15, 2020

BELLEVUE, WASH. — Gemini Rosemont Commercial Real Estate, in partnership with an affiliate of Beacon Capital Partners, has received a $204 million loan for the recapitalization and refinancing of One Twelfth @ Twelfth, an office campus in Bellevue. The asset comprises three six-story buildings totaling 480,187 square feet. The Class A, LEED Gold-certified buildings are located just off the I-405 corridor in downtown Bellevue, about 10 miles east of Seattle. Constructed in 2000, the property features a full-service café, fitness center, outdoor balconies, electric car charging stations, bicycle storage, conference room, outdoor plazas and close proximity the Bellevue Transit Center. Gemini Rosemont acquired the property in December 2016 and completed a capital improvement program in 2019. “In late December 2019, our new partner acquired an 80 percent interest in the joint venture formed to hold the asset,” says Jon Dishell, chief capital officer for Gemini Rosemont. “Beacon shares our vision for the asset, and we are looking forward to working together to continue to increase One Twelfth’s value, as well as pursuing other opportunities together.” MetLife Investment Management provided the five-year, floating-rate loan. It includes a $19 million facility for future leasing costs and capital expenses. Los Angeles-based Gemini Rosemont’s …

January 15, 2020

Acquisitions Arizona Office Western

ViaWest, Taconic Capital Acquire Two-Building Office Complex in Phoenix for $27M

by Amy Works January 14, 2020

PHOENIX — A joint venture between ViaWest Group and New York-based Taconic Capital Advisors has purchased Canyon Corporate Plaza, a core-plus office campus in Phoenix. An undisclosed seller sold the asset for $27 million. The property consists of a five-story building and a six-story building, each offering a parking garage, plus 6.4 acres of developable land. Constructed in 1989 and 2000, the 313,000-square-foot asset is located at 2510 and 2512 W. Dunlap Ave. in Northwest Phoenix. At the time of sale, the property was 66 percent occupied. The buyers plan to renovate the asset with upgrades including new lobbies, elevator modernizations, a food truck plaza, tenant lounge and more. Dennis Desmond, Tivon Moffitt and Peter Baumann of JLL’s Phoenix office and Lynn LaChapelle of JLL’s San Diego office represented the buyer and seller in the deal. John Bonnell, Brett Abramson, Chris Latvaaho and Chris Beall of JLL will handle leasing for the property.

January 14, 2020

Arizona Development Multifamily Seniors Housing Western

Watermark Opens Hacienda at the Canyon Seniors Housing Asset in Tucson

by Amy Works January 14, 2020

TUCSON, ARIZ. — Watermark Retirement Communities has opened The Hacienda at the Canyon, an independent living, assisted living and memory care community in Tucson. The property is located on 10.5 acres at the historic landmark site of St. Anne’s Convent at Sabino Canyon. The community features an on-site integrative healthcare clinic run by TMCOne, two on-site home health care agencies, integrated personal wearable technologies and fitness systems. The development is the first to open under Watermark’s new upscale Élan Collection brand. Future locations are slated for Brooklyn Heights, Napa Valley and Westwood Village (Los Angeles).

January 14, 2020

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