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.
FOUNTAIN VALLEY, CALIF. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a single-tenant retail property located at 183 Euclid St. in Fountain Valley. An Orange County, Calif.-based family trust acquired sold the asset to a Southern California-based private investor for $9.2 million. VCA Animal Hospital occupies the 23,800-square-foot building and recently extended its lease for an additional 10 years at the property. Built in 1969, the building underwent a $6 million renovation in 2017 sponsored by the tenant. Matthew Mousavi, Patrick Luther and Rich Walter of SRS represented the seller and buyer in the deal.
TEMPE, ARIZ. — Ryan Cos. and University Realty LLC have completed 777 Tower at Novus Innovation Corridor, the third phase of the Arizona State University (ASU) Novus Innovation Corridor in Tempe. Totaling 160,000 square feet, the six-story, multi-tenant building features an open floor plan, penthouse office space, 8,000 square feet of ground-floor retail space and a public urban plaza. DAVIS served as architect of record for the building, which Ryan Cos. built. The building is 84 percent leased by a mix of tenants, including ASU’s Herberger Gallery, University City Exchange, University Real Estate Development, Master of Design, Master of Innovation and Venture Development, and the Innovation Studio. Additionally, Infosys, a next-generation digital services and consulting firm, occupies the fourth and fifth floors at the building. At full build-out, Novus Innovation Corridor will feature more than 10 million square feet of mixed-use opportunities, including the 2.1 million-square-foot Marina Heights campus that Ryan Cos. and Sunbelt Holdings co-developed. Catellus Development Corp. is the master developer of the 355-acre, multi-phased Novus Innovation Corridor.
SAN FRANCISCO — A fund sponsored by CBRE Global Investors has acquired 123 Townsend Street, an office building located in San Francisco’s SoMa neighborhood. Terms, including acquisition price and seller, were not released. The acquisition is part of the fund’s broader strategy to invest in target office markets across the United States. Built in 1903, the six-story, brick-and-timber building underwent a full renovation in 2000, including significant seismic structural upgrades, a new roof, new systems and the addition of elevators and skylights. Totaling 137,625 square feet, the low-rise property features multiple stairwells and large, flexible floorplans. On-site amenities include a fitness center, bike storage and rooftop deck.
SACRAMENTO, CALIF. — California Gov. Gavin Newsom has issued a series of business closures as statewide cases of COVID-19 continue to increase. In total, the state has 329,162 confirmed cases as of Sunday, July 12, and cases are sharply rising. Based on the increase of cases, Newsom has instructed the closures of numerous indoor businesses statewide, including dine-in restaurants, bars, breweries, wineries, tasting rooms, movie theaters, family entertainment centers, zoos, museums and card rooms. Additionally, counties that have been on the “county monitoring list” for three consecutive days are required to close fitness centers, places of worship, indoor protests, offices for non-critical infrastructure sectors, personal care services, hair salons, barbershops and malls. As of July 13, there were nearly 30 counties on the monitoring list, including Fresno, Los Angeles, Napa, Orange, Colusa, Kings, Glenn, Sacramento, San Diego, Sonoma, Ventura and Riverside. According California’s COVID-19 data collections, the state experienced 109,910 new cases and 1,104 new deaths in the last 14 days. Additionally, in the last 14 days, approximately 1.5 million tests were reported with 7.4 percent resulting in a positive test.
SOUTH SAN FRANCISCO, CALIF. — Terreno Realty has acquired an industrial building located in South San Francisco for $6.3 million. The name of the seller was not released. Located at 179 Starlite St., the 22,000-square-foot property features two dock-high and one grade-level loading positions and parking for 15 cars. At the time of sale, the building was fully leased to one tenant.
ASPEN, COLO. — Merchants Capital has provided a three-year bridge loan for Centennial Aspen, a 148-unit workforce housing community located in Aspen. The acquisition of the property is financed through Merchants Bank of Indiana on behalf of Birge & Held Asset Management. Merchants Capital intends to further provide long-term, permanent financing for the project either through Fannie Me or Freddie Mac’s preservation platforms and through a syndication of new tax credits via Fannie, Freddie or HUD. Situated at the base of Smugger Mountain at 100 Luke Short Court, Centennial Aspen features a land use restriction agreement that requires 100 percent of the rental units to be workforce housing. Built in 1986, the 11-building, three-story property features a mix of studio, one-, two- and three-bedroom apartments with exterior entrances, exterior storage units and electric heat. Community amenities include an on-site laundry facility, office, a playground and assigned parking.
BEVERLY HILLS, CALIF. — R.D. Olson Construction has completed AC Hotel by Marriott in Beverly Hills, an 11-story, European-inspired luxury hotel. The two-phase project included the adaptive reuse of a 1950s office building into a 97,000-square-foot hotel featuring 176 rooms, rooftop lounge, fitness center, meeting spaces, administrative space and community areas. The hotel features one- and two-bedroom double, king and queen guest rooms with wide-screen televisions, large windows with city views, adjustable reading lamps and USB charging ports. Hotel amenities include the AC Lounge, a rooftop deck with hydrotherapy spa, bar and lounge. Additionally, the hotel provides guests with access to ACE, a robot butler that can deliver market items and room essentials to their door. AXIS/GFA served as architecture and design firm for the project.
WASHINGTON AND CALIFORNIA — MedCore Partners and The National Realty Group, together with BMO Harris Bank and Locust Point Capital, have acquired a 582-unit independent living, assisted living and memory care portfolio in seven markets in Washington and California. The communities in the initial acquisition include five assets in Washington: Birchview Memory Care in Sedro-Wooley with 60 units Discovery Memory Care in Sequim with 55 units The Sequoia in Olympia with 92 units the 72-unit Cooks Hill Manor in Centralia the 136-unit The Village in Tacoma. the 91-unit Del Obispo Terrace in San Juan Capistrano the 76-unit Westminster Terrace in Westminster. MedCore plans to deploy more than $13 million of capital expenditures to improve the facilities. The company has retained Tacoma-based Senior Services of America (SSA) as the manager of the properties. SSA has managed the communities since 2001. BMO Harris Bank provided the senior loan for the acquisition.