Western

Universe Holdings Buys Three-Building Multifamily Portfolio in Granada Hills for $25M

by Amy Works April 30, 2020

GRANADA HILLS, CALIF. — Los Angeles-based Universe Holdings has acquired a three-building multifamily portfolio in Granada Hills. An undisclosed seller sold the asset for $25 million. Janet Neman of Kidder Mathews represented the buyer in the off-market transaction. The portfolio includes Boardwalk & Park Place Apartments, a 56-unit building at 16860-16900 Chatsworth St.; Devonshire Apartments, a 38-unit complex at 16700 Devonshire St.; and Granada Pine Apartments, a 28-unit property located at 16930 Blackhawk St. Universe Holdings plans to implement a renovation strategy and will invest nearly $2.7 million in property upgrades. The three buildings were constructed in the 1960s.

April 30, 2020

Acquisitions Arizona Multifamily Western

KB Investment Acquires 200-Unit Superstition Canyon Apartment Asset in Mesa, Arizona

by Amy Works April 30, 2020

MESA, ARIZ. — Orange County, Calif.-based KB Investment Development has purchased Superstition Canyon, a Class A multifamily community located in East Mesa. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office brokered the sale. The name of the seller and acquisition price were not released. Located at 1247 S. 96th St., the low-density, garden-style property features 200 apartments. Phoenix-based Maverick Residential Co. will manage the asset. The acquisition includes a vacant 1.7-acre parcel that will provide additional development potential. The transaction is KB Investment’s fifth large multifamily community acquisition in metro Phoenix — totaling 1,432 units — since the company entered the market in 2015.

April 30, 2020

Acquisitions California Office Western

MIG Real Estate Divests of Viewridge Business Park in San Diego for $15.3M

by Amy Works April 30, 2020

SAN DIEGO — California-based MIG Real Estate has completed the sale of Viewridge Business Park, an office complex located in San Diego’s Kearny Mesa submarket. Dollinger Properties acquired the office park for $15.3 million. Situated on 3.7 acres, the three-building, 72,803-square-foot asset is located at 4711, 4715 and 4719 Viewridge Ave. Bob Prendergast, Lynn LaChapelle and Sach Kirpalani of JLL Capital Markets represented the seller in the deal.

April 30, 2020

Acquisitions Multifamily Washington Western

Marcus & Millichap Arranges $3.7M Sale of Madrona Apartments in Everett, Washington

by Amy Works April 30, 2020

EVERETT, WASH. — An undisclosed buyer has acquired The Madrona Apartments, a multifamily building located in Everett, for $3.7 million, or $126,724 per unit. The name of the seller was not released. The Tudor-style property features 29 units. Ryan Dinius, Sidney Warsinske, Philip Assouad and Giovanni Napoli of Marcus & Millichap represented the seller and procured the buyer in the deal.

April 30, 2020

Acquisitions California Retail Top Stories Western

CIM Group Agrees to Acquire Baldwin Hills Crenshaw Plaza Mall in Los Angeles for Over $100M, Plans Office Expansion

by Alex Tostado April 30, 2020

LOS ANGELES — CIM Group has agreed to purchase Baldwin Hills Crenshaw Plaza, an 869,000-square-foot mall in the Crenshaw/Baldwin Hills submarket of Los Angeles. The Los Angeles Times reports the sales price at over $100 million. The seller is Chicago-based Capri Urban Investors, which took control of the property in 2019 from Capri Capital Advisors, the Times also reports. The mall is situated on 40 acres at 3650 W. Martin Luther King Blvd., eight miles west of downtown Los Angeles. The Walmart and Sears stores shuttered prior to the COVID-19 outbreak, leaving over one-third of the property vacant. Cinemark Theater is also a tenant. The Macy’s and IHOP locations at the mall were not part of the sale. A timeline for the sale closing was not disclosed. The asset is adjacent to the Crenshaw-LAX metro light-rail station, an eight-mile line that will connect the neighborhood to Los Angeles International Airport. The station is slated to open by the end of the year. CIM Group reportedly plans to add office space to the property, closing the door on rumors that residential units might go up at the mall. “We have the opportunity to bring a fresh perspective to the future of …

April 30, 2020

California Loans Multifamily Western

NorthMarq Secures $75M in Financing for Mediterranean Village Apartments in Costa Mesa, California

by Amy Works April 29, 2020

COSTA MESA, CALIF. — NorthMarq has arranged $75 million in permanent refinancing for Mediterranean Village, a 508-unit, garden-style multifamily property located at 2400 Harbor Blvd. in Costa Mesa. The borrower was an affiliate of E&S Ring Management Corp. Nathan Prouty and Andy Slaton of NorthMarq’s San Francisco office arranged the 10-year loan, which features interest-only payments and a fixed rate. The borrower used loan proceeds to fund a variety of capital improvements at the property.

April 29, 2020

Acquisitions Arizona Multifamily Western

Sunroad Enterprises Buys Metro at Zanjero Multifamily Asset Near Phoenix for $55.4M

by Amy Works April 29, 2020

GLENDALE, ARIZ. — San Diego-based Sunroad Enterprises has purchased Metro at Zanjero, an apartment property located at 9450 W. Cabela Drive in Glendale. Private Portfolio Group sold the asset for $55.4 million. Built in 2007, Metro at Zanjero features 253 apartments offering walk-in closets, granite countertops, full-size washers/dryers and a patio or balcony for every unit. Select units include private garages with direct access. Community amenities include a resort-style pool and spa area; fitness center; outdoor sports lounge with fireplace, entertainment bar and big-screen televisions; and barbecue areas with Viking grills. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the transaction. Metro at Zanjero is Sunroad Enterprises’ fifth acquisition in metro Phoenix since 2015; the company owns multifamily communities in Glendale, Tempe and Peoria.

April 29, 2020

Acquisitions California Office Western

JLL Negotiates Sale of 315,000 SF Office Asset in Pasadena

by Amy Works April 29, 2020

PASADENA, CALIF. — JLL Capital Markets has directed the sale of 101 S. Marengo, a Class A office property in Pasadena. Terms of the transaction were not released. Originally built in 1974, the 315,000-square-foot property was occupied by a single tenant that vacated last year. The asset is now available for a full renovation building to create a multi-tenant environment. Situated on 2.9 acres, the transit-oriented site is one block from the Los Angeles Metro Gold line and close proximity to Pasadena 101, Venture 134 and Foothill 210 freeways. Michael Leggett, Andrew Harper, Will Poulsen and Patrick Church of JLL represented the undisclosed seller in the deal.

April 29, 2020

Acquisitions Colorado Net Lease Retail Western

Marcus & Millichap Arranges $6.8M Sale of Natural Grocers-Occupied Retail Asset in Denver

by Amy Works April 29, 2020

DENVER — Marcus & Millichap has arranged the sale of a retail property located at 18471 Green Valley Ranch Blvd. in Denver. The newly constructed building traded for $6.8 million, setting a nationwide pricing record for a fee-simple Natural Grocers store, according to Marcus & Millichap. Cory Gross of Marcus & Millichap’s Denver office represented the undisclosed buyer and undisclosed seller in the deal. Natural Grocers occupies the 13,000-square-foot property on a 15-year triple-net lease basis. The organic and natural foods grocery store is set to open in the coming weeks. The company was founded in 1955 and focuses on providing nutrition education, high-quality products, connection to the local community and healthy lifestyles for its employees.

April 29, 2020

Acquisitions Multifamily Nevada Western

Camino Verde Acquires 28-Unit Apartment Community in Las Vegas

by Amy Works April 29, 2020

LAS VEGAS — Camino Verde Group has purchased a 28-unit multifamily property located at 2556 S. Van Patten St. in Las Vegas’ Historic Commercial Center District. Terms of the transaction, including acquisition price and the name of the seller, were not released. Camino Verde plans to rebrand the property as Camino 2556 and implement a $300,000 interior and exterior improvement plan. Built in 1963, Camino 2556 features 28 units in a mix of one-, two- and three-bedroom layouts with oversized kitchens and closets. The property’s four garden-style buildings are adjacent to Camino 2575, another Camino Verde Group-owned property.

April 29, 2020

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