Western

Greenlight Communities Completes Two Affordable Housing Properties in Phoenix

by Amy Works May 20, 2020

PHOENIX — Greenlight Communities has completed the development of two affordable housing properties in Phoenix. Totaling 478 units, the properties are Cabana on Washington at 5300 E. Washington St. and Cabana on 12th at 4225 N. 12th St. Cabana on Washington features 226 units in a mix of studio, one- and two-bedroom layouts with rents starting at $899 per month. Cabana on 12th offers 252 units in a variety of studio, one- and two-bedroom floor plans with rents starting at $849 per month. Units at the communities feature stainless steel appliances, European wood-style cabinets, quartz countertops, nine-foot ceilings, wood-style and carpet flooring, keyless entry and a front porch or patio, among other features. Both properties offer a mix of community amenities including controlled access, gated entry, fitness center, exterior fitness circuits, swimming pools, co-work space, outdoor barbecues, laundry rooms with lounges, indoor bike storage with fix station, electric vehicle charging station, indoor mail room, covered parking, pet stations, Amazon parcel lockers, hammocks and Zen gardens. Greenlight Communities has affordable housing projects under construction and in the development pipeline in Scottsdale, Goodyear, Mesa and Chandler, Ariz. Real estate and development industry veterans Patricia Watts, Rob Lyles and Dan Richards launched the …

May 20, 2020

California Loans Multifamily ORIX Western

Hunt Real Estate Capital Provides $20.8M HUD Refinancing for Rio Vista Apartments in San Diego

by Amy Works May 20, 2020

SAN DIEGO — Hunt Real Estate Capital has funded a $20.8 million refinancing through the FHA 223(a)(7) loan program for Rio Vista Apartments, an affordable multifamily property in the San Ysidro district of San Diego. Standard Cos. is the borrower. The loan features a 35-year term and refinances an existing FHA 223(f) loan, providing significant annual debt service savings with a lower interest rate and reduced mortgage insurance program. Built in 1985, Rio Vista Apartments features 161 apartments in a mix of two- and three-bedroom floor plans spread across 12 two-story buildings. At the time of financing, the property was 99 percent occupied. Community amenities include an on-site leasing office, laundry facility, playground, basketball court, swimming pool and community whirlpool. Additionally, the property offers 262 on-site parking spaces. Standard Cos. acquired the property in 2014. The FHA 223(a)(7) loan is exclusively for the refinancing of existing HUD debt on multifamily and healthcare properties.

May 20, 2020

Eagle-Rock-Assisted-Living-Los-Angeles-CA

California Development Multifamily Seniors Housing Western

Panorama Plans 109-Unit Seniors Housing Community in Los Angeles’ Eagle Rock

by Amy Works May 20, 2020

LOS ANGELES — Panorama Senior Housing has unveiled plans for Eagle Rock Assisted Living and Memory Care Center in the Eagle Rock neighborhood of Los Angeles. KTGY Architecture + Planning is the architect of the new community. Groundbreaking is scheduled for early 2021, with completion in late 2022. The property will feature 87 assisted living units and 22 memory care units in a five-story building and a four-story building with a rooftop deck. A ground-level courtyard and subterranean parking structure will connect the two buildings. “This site was quite challenging because we had to fit a commercial kitchen, large dining room and a ton of other amenities in two separate buildings,” says Daniel Kianmahd, founder of Panorama. “In fact, about 45 percent of the gross area of the building is dedicated to common area compared to 15 percent for typical apartment buildings.” The planned community fits in with Eagle Rock’s “Rock the Boulevard” campaign, a $16.2 million makeover of the neighborhood’s main thoroughfare.

May 20, 2020

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Negotiates $9M Sale of Walgreens-Occupied Retail Asset in Tempe, Arizona

by Amy Works May 20, 2020

TEMPE, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at 2000 S. Mill Ave. in Tempe. A limited liability company sold the property to an undisclosed buyer for $9 million. Walgreens occupies the building on an absolute triple-net corporate lease with 14 years remaining on the term. The property is located two miles from downtown Tempe and near to Arizona State University’s Tempe campus. Mark Ruble, Chris Lind and Jamie Medress of Marcus & Millichap represented the seller in the deal.

May 20, 2020

Arizona Content Partner Development Features Multifamily Walker & Dunlop

Focus on Phoenix: Multifamily Sector Shows Promise Despite Turbulence

by Sarah Daniels May 20, 2020

Just over a decade ago, a booming Phoenix market experienced a confluence of trends — rampant overbuilding, followed by a national economic crisis that meant a spike in unemployment and a near halt in population growth. One of the biggest commercial real estate downturns in the region’s history soon followed. Ten years later, however, the picture was quite different. Prior to the COVID-19 outbreak, Phoenix multifamily metrics were solid through the first quarter of 2020 and supported by some of the strongest employment and household growth in the nation. In 2019, Phoenix added more than 82,000 new jobs — a 3.3 percent increase, the second highest job growth in the country.1 The economy today is much more diverse than it was 10 years ago during the last downturn. Workers can now choose among a variety of corporate, financial, education-based and tech employers while enjoying a lower cost of living than their peers in other metropolitan areas. Ultimately, Phoenix is better positioned than it was a decade ago; the Phoenix of today is grounded in a broader and more sustainable mix of favorable long-term market conditions. These characteristics, coupled with the region’s year-round sunshine, have made Phoenix an attractive place to …

May 20, 2020

Acquisitions California Healthcare Office Western

IRA Capital Buys Medical Office Building in Orange County for $38.4M

by Amy Works May 19, 2020

SANTA ANA, CALIF. — Irvine, Calif.-based IRA Capital has acquired a medical office property located at 2212 E. Fourth St. in Santa Ana. St. Joseph Hospital of Orange and affiliated entities sold the asset for $38.4 million. St. Joseph Hospital of Orange is the anchor tenant of the 56,809-square-foot property. The three-story building recently underwent an $8.5 million specialized medical improvement program and features excess land that can accommodate an additional medical office building. Gary Stache, Anthony DeLorenzo, Doug Mack, Bryan Johnson and Chris Martin of CBRE represented the seller, while the buyer was self-represented in the transaction.

May 19, 2020

California Loans Multifamily Seniors Housing Western

CBRE Provides Freddie Mac Financing Package for Carlton Senior Living Totaling $58M

by Amy Works May 19, 2020

PLEASANT HILL AND DAVIS, CALIF. — CBRE has provided refinancing loans for three Carlton Senior Living properties totaling $58 million. The portfolio includes Carlton Senior Living Poet’s Corner and Carlton Senior Living Pleasant Hill – Martinez, both located northeast of the Bay Area in Pleasant Hill, as well as Carlton Senior Living Davis in the Sacramento suburb of Davis. The properties feature a combined 251 assisted living units and 64 memory care units and average 93 percent occupancy. Andrew Behrens, Aron Will, Austin Sacco, and Adam Mincberg arranged the Freddie Mac loans, which feature 10-year terms and fixed rates. Two of the loans feature interest-only payments for the full term, while the third is interest-only for half of the term. Carlton is an owner-operator with 11 seniors housing communities across Northern California.

May 19, 2020

Development Industrial Washington Western

Terreno Realty Completes 51,000 SF Industrial Redevelopment Project in Seattle

by Amy Works May 19, 2020

SEATTLE — Terreno Realty Corp. has completed the $15.9 million redevelopment of an industrial property located on Sixth Avenue South in Seattle. The redeveloped property consists of a newly renovated, 51,000-square-foot distribution facility on approximately 1.7 acres two miles from downtown Seattle. The asset is adjacent to Seattle’s Port and SoDo districts. Additionally, Terreno has executed a lease for 100 percent of the property with a leading manufacturer of electric vehicles.

May 19, 2020

Acquisitions Arizona Industrial Office Western

Route 66 Properties Acquires Creative Office Asset, Airplane Hangar in Scottsdale

by Amy Works May 19, 2020

SCOTTSDALE, ARIZ. — Los Angeles-based Route 66 Properties has purchased a creative office property and airplane hangar at 7350 E. Evans Road within the Scottsdale Airpark. ICIC Commercial Investments sold the assets for $8.5 million. Situated on 2.6 acres, the property was 72 percent leased at the time of sale. The acquisition included four office buildings, totaling 33,438 square feet, and a 6,082-square-foot airplane hangar. The office complex recently underwent a $2 million renovation to include hard-lit ceilings, generous clear heights, abundant glass, an open courtyard, exposed duct work, concrete floors and an open office environment. The hangar features 20-foot clear door height, storage bays equipped with sodium vapor lighting, block windows and folding metal aircraft doors. Additionally, 10 percent of the hangar facility is improved as office space. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix/Vegas, along with Brad Anderson, Michael Strittmatter and Lauren Anderson of CBRE Phoenix, represented the seller in the deal.

May 19, 2020

Acquisitions California Net Lease Retail Western

Stan Johnson Co. Brokers $2.2M Sale of Dollar General-Occupied Property in Central California

by Amy Works May 19, 2020

HURON, CALIF. — Stan Johnson Co. has arranged the sale of a freestanding retail building located at 36281 Lassen Ave. in Huron. A California-based, high-net-worth individual acquired the asset from a Georgetown, Texas-based developer for $2.2 million. Asher Wenig of Stan Johnson Co. represented the buyer in the transaction. Dollar General occupies the 9,100-square-foot building, which was built in 2019. At the time of the sale, there were more than 14 years left on the tenant’s triple-net lease.

May 19, 2020

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