Western

Pain Management Group Buys Richley Medical Plaza in San Diego for $6M

by Amy Works May 6, 2020

SAN DIEGO — An Orange County, Calif.-based pain management group has purchased Richley Medical Plaza, a medical office building in San Diego’s Midway District, for $6 million. Dan Henry and Lars Eisenhauer of CBRE represented the seller, a private investor, in the deal. Located at 3434 Midway Drive, the 25,600-square-foot building was originally built in 1991. The two-story property includes a 6,475-square-foot surgery center that features three operating rooms, a recovery area, waiting room, reception room and two restrooms. At the time of sale, the building was 85 percent vacant.

May 6, 2020

California Development Loans Multifamily ORIX Western

Hunt Capital Arranges $3.5M in Financing for Acquisition, Rehab of Pacific Rim Apartments in Sacramento

by Amy Works May 6, 2020

SACRAMENTO — Hunt Capital Partners has closed $3.5 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of Pacific Rim Apartments, an affordable housing property in Sacramento. The borrower, Alliance Property Group, plans to upgrade the garden-style complex, which was originally built in 2004. Slated for completion in July 2021, the renovated community will offer 31 three-bedroom units and an additional three-bedroom unit for management. The development team includes Day Builders, Musser: Architects and FPI Management. Planned site and exterior improvements include pavement, fencing and landscaping repair; installation of additional barbecue and playground areas; a new roofing overlay; and construction of a new management office/community room with a laundry facility. Individual units will be outfitted with new kitchen appliances, flooring, various automatic sensors and fresh paint. Once completed, Pacific Rim Apartments units will be leased to family households earning up to 50 percent and 60 percent of the area median income. Additionally, All Things Are Possible, a nonprofit organization, will provide a variety of residential services, including food distribution, parenting and mentor workshops, English-as-a-second-language classes, veteran services, toddler support, employment search and resume assistance. The total development cost for the Pacific Rim Apartments renovations is …

May 6, 2020

Acquisitions Healthcare Nevada Office Western

Colliers Brokers $2.6M Sale of Medical Office Property in Las Vegas

by Amy Works May 6, 2020

LAS VEGAS — Colliers International | Las Vegas has arranged the sale of a medical office space located within Smith Surgery Center at 8871 W. Sahara Ave. in Las Vegas. Mia Aesthetics LV Realty acquired the asset from Smith Building LLC for $2.6 million. The asset offers 7,569 square feet of medical office space. Stacy Shapiro and Alexia Crowley of Colliers represented the seller in the deal.

May 6, 2020

Acquisitions Retail Utah Western

Mountain West Negotiates Sale of 13,691 SF Canyon Plaza Shopping Center in Ogden, Utah

by Amy Works May 6, 2020

OGDEN, UTAH — Mountain West Commercial Real Estate has directed the sale of Canyon Plaza, a shopping center located at 2060 Harrison Blvd. in Ogden. Canyon Plaza Properties LLC acquired the asset from Christian W. Monson with Winkel Family LLC for an undisclosed price. Situated within three miles of Weber State University, Canyon Plaza features 13,691 square feet of leasable space on one acre of land. Brandon Goodman and Chris Monson of Mountain West represented the seller, while Goodman and Kyle Bloomfield, also of Mountain West, represented the buyer in the transaction.

May 6, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $26.8M Sale of The Lakes Multifamily Asset in Bay Area

by Amy Works May 5, 2020

CONCORD, CALIF. — Marcus & Millichap’s Levin Johnston team has negotiated the sale of The Lakes, a three-story apartment property located in Concord’s Ellis Lake neighborhood. A real estate investment company sold the community to a Bay Area family trust for $26.8 million. Constructed between 1967 and 1968 on 3.6 acres, The Lakes features 102 garden-style apartments spread across three buildings. The complex is a 10-minute walk from Diablo Valley College and the Concord Bay Area Rapid Transit station. Adam Levin and Robert Johnston of Marcus & Millichap’s Levin Johnston team represented the seller and procured the buyer in the transaction.

May 5, 2020

Acquisitions California Industrial Office Western

Oberlin Realty Acquires Flex Building in San Diego’s Sorrento Mesa for $5.3M

by Amy Works May 5, 2020

SAN DIEGO — Oberlin Realty LLC has purchased a freestanding flex, office and R&D property located at 10179 Huennekens St. in San Diego’s Sorrento Mesa. Pangea Properties sold the asset for $5.3 million. The buyer plans to occupy the entire two-story, 21,278-square-foot building and utilize the facility for its biotech business. Brant Aberg and Ryan Downing of Cushman & Wakefield San Diego represented the seller, while Chris Duncan of Voit Real Estate Services represented the buyer in the deal.

May 5, 2020

Acquisitions Arizona Multifamily Western

CBRE Arranges Sales of Two Phoenix Apartment Communities to California Investors

by Amy Works May 5, 2020

PHOENIX — CBRE has brokered the sales of two multifamily properties in Phoenix to separate California-based investors. NDX Investments II completed the disposition of 34 Arcadia, a newly renovated apartment complex located at 2934 N. 34th Place in Phoenix’s lower Arcadia neighborhood. Champion 34 Arcadia LLC acquired the asset for $5.9 million. The buyer is a first-time Phoenix multifamily investor from California. The community features 45 units in a mix of studio and one-bedroom floor plans, averaging 527 square feet. Interior upgrades include in-suite laundry, stainless steel appliances and upgraded countertops and bathrooms. California-based Goldstein Investment Co. acquired Idle Hours, a multifamily community in Phoenix, from Delaware-based Torino Holdings for $5.8 million in an all-cash transaction. Located at 1501 E. Rovey Ave. in Uptown Phoenix’s North Central Corridor, the 28-unit property was remodeled and repositioned in 2018 and features 800-square-foot, two-bedroom/one-bath floor plans. Interior upgrades include in-suite laundry, stainless steel appliances, quartz countertops and upgraded bathrooms. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE’s Phoenix office represented the buyers and sellers in the transactions.

May 5, 2020

Acquisitions California Civic Healthcare Western

Easterly Government Properties Buys 51,647 SF VA Outpatient Facility in Chico, California

by Amy Works May 5, 2020

CHICO, CALIF. — Washington, D.C.-based Easterly Government Properties has purchased a Department of Veterans Affairs (VA) outpatient clinic in Chico. Terms of the transaction, including acquisition price and name of the seller, were not released. Chico is home to the largest state veteran population in the country, according to the buyer. The facility is part of the Northern California Health Care System and is a built-to-suit clinic that was completed in mid-2019. The property was designed to achieve a LEED Healthcare Silver certification. The property is leased to the VA for an initial, non-cancelable lease term of 15 years until June 2034. The clinic provides a variety of medical and ancillary services including primary care, audiology, laboratory services, mental health, nutrition, otolaryngology (ENT), a pharmacy, social work and women’s health. The facility is located adjacent to the Chico VA Readjustment Counseling Service Center. Easterly Government Properties is a fully integrated real estate investment trust focused primarily on the acquisition, development and management of Class A commercial properties leased to the U.S. government.

May 5, 2020

Acquisitions California Net Lease Retail Western

Hanley Investment Brokers $2.6M Ground Lease Sale of Aldi-Occupied Asset in Southern California

by Amy Works May 5, 2020

CALEXICO, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the absolute triple-net ground lease sale of a single-tenant retail property located at 2450 Rockwood Ave. in Calexico. A Vero Beach, Fla.-based private investor sold the asset to a Midwest-based buyer for $2.6 million. Aldi occupies the 18,000-square-foot property on a triple-net lease. The asset is situated on a 1.5-acre pad at the entrance to a Walmart Supercenter, which is the first Walmart location north of the Calexico/Mexico border crossing. Additional adjacent retailers include Jack in the Box, T-Mobile, 7-Eleven, Panda Express, KFC and Subway. Dylan Mallory and Jeff Lefko of Hanley Investment Group represented the seller, while the buyer was self-represented in the deal.

May 5, 2020

Acquisitions Colorado Multifamily Western

CBRE Brokers $90.7M Sale of Caliber at Flatirons Apartments in Broomfield, Colorado

by Amy Works May 4, 2020

BROOMFIELD, COLO. — CBRE has facilitated the $90.7 million sale of Caliber at Flatirons, an apartment property located at 13892 Del Corso Way in Broomfield. Greenwood, Indiana-based The Garrett Cos. sold the community to Oakmont Properties for $90.7 million. Dan Woodward, David Potarf and Matt Barnett of CBRE’s Denver office represented the seller, while Marc Ross and CBRE’s Sacramento multifamily team represented the buyer in the deal. Andrew Behrens of CBRE Capital Markets Debt & Structured Finance arranged financing for the transaction. Completed in 2019, Caliber at Flatirons offers 288 units in a mix of one-, two- and three-bedroom layouts. Situated on 16 acres, the property features 308,478 rentable square feet, a swimming pool, grilling locations, an outdoor fireplace with seating areas, a fitness center and yoga studio.

May 4, 2020

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