Western

Bridge Housing Buys 130-Unit Affordable Seniors Housing Community in California

by Amy Works March 10, 2020

WATSONVILLE, CALIF. — Bridge Housing has purchased Paloma Del Mar Apartments located in Freedom, a community that is partially within the incorporated city of Watsonville. Terms of the transaction, including acquisition price and the name of the seller, were not released. Originally built in 1993, Paloma Del Mar features 104 one-bedroom units and 26 two-bedroom apartments for seniors, as well as a property management office, community office, laundry rooms and landscaped outdoors spaces. Rents at the property are affordable to seniors whose income is below 60 percent of area median income. The original income restrictions were slated to expire in 2024, at which point the property could have been converted to market-rate housing. Through this acquisition, Bridge is preserving the affordable rents, and all current residents have been able to keep their homes.

March 10, 2020

Acquisitions California Multifamily Western

MG Properties Acquires 270-Unit Landing at College Square Multifamily Property in Sacramento

by Amy Works March 10, 2020

SACRAMENTO — San Diego-based MG Properties Group has purchased Landing at College Square, an apartment community in Sacramento. The acquisition price was not released. Built in 2016, Landing at College Square features 270 apartments. Marc Ross of CBRE represented the undisclosed seller in the deal. MG Properties Group assumed the existing Freddie Mac loan, which Brian Eisendrath and Cameron Chalfant of CBRE coordinated.

March 10, 2020

Acquisitions California Office Western

Harbor Group Acquires Office Asset in Metro Sacramento for $39.4M

by Amy Works March 9, 2020

ROSEVILLE, CALIF. — Harbor Group International (HGI) and its affiliates have purchased 630 Roseville Parkway, a single-tenant office building in Roseville, a suburb of Sacramento. An undisclosed seller sold the property for $39.4 million. Penumbra, a global healthcare company, fully occupies the 157,518-square-foot facility. The office property also includes a campus-like outdoor recreation space with an amphitheater, barbecue area and bocce ball courts. This acquisition is HGI’s fourth office investment in the California market as the firm continues to expand its footprint on the West Coast.

March 9, 2020

Acquisitions California Retail Western

Avison Young Negotiates $20M Sale of The Village at Moorpark Shopping Center in California

by Amy Works March 9, 2020

MOORPARK, CALIF. — Avison Young has arranged the sale of The Village at Moorpark, a community shopping center located at 706 W. Los Angeles Ave. in Moorpark. London Reo Retail-CA, a Delaware limited liability company, sold the asset to California-based Chesser Group for $20 million. Built in 2007 on 11.5 acres, the 129,374-square-foot property was 76.3 percent occupied at the time of sale. Current tenants include Petco, Dick’s Sporting Goods, Verizon, Bank of America and Leslie’s Pool Supply. Chris Maling and David Maling of Avison Young represented the seller and buyer in the deal.

March 9, 2020

Acquisitions Colorado Office Western

Presidio Property Trust Sells Centennial Technology Center in Colorado Springs for $15M

by Amy Works March 9, 2020

COLORADO SPRINGS, COLO. — San Diego-based Presidio Property Trust has completed the disposition of Centennial Technology Center, an office asset located at 4820 and 4920 Centennial Blvd. in Colorado Springs. Eagle, Idaho-based Alturas Capital Partners acquired the property for $15 million. Situated on 9.3 acres within the Garden of the Gods Office Park, Centennial Technology Center features 110,405 square feet of Class A office space. At the time of sale, the property was 100 percent leased with Comcast and Walter Kidde United Technologies as anchor tenants. Patrick Devereaux, James Brady and Campbell Davis of CBRE’s Denver office represented the seller in the transaction.

March 9, 2020

Acquisitions California Multifamily Seniors Housing Western

JCH Arranges $8.3M Sale of Two Seniors Housing Communities in California

by Jeff Shaw March 9, 2020

CALIFORNIA — JCH Senior Housing Investment Brokerage has arranged the sale of two assisted living communities in California. The first community totals 49 beds in Riverside County. A local owner seeking to grow its portfolio paid $5 million for the property. The second property was a 15-unit boutique community in Orange County. A local buyer interested in entering the seniors housing market paid $3.3 million for the asset. Both sellers were family owner-operators looking to retire. Jim Hazzard, and Cindy Hazzard handled the transaction process in both sales. The specific names and locations of the communities were not disclosed.

March 9, 2020

Acquisitions Nevada Office Western

Cushman & Wakefield Brokers $3.8M Sale of Office Building in Las Vegas

by Amy Works March 9, 2020

LAS VEGAS — Cushman & Wakefield has facilitated the sale of a freestanding office building in Las Vegas. The buyer, 6425 W. Sahara Propco, acquired the multi-tenant asset for $3.8 million, or $102.04 per square foot. Built in 1995, the two-story property features 37,730 square feet of office and showroom space. Centrally located at W. Sahara Avenue and Mann Street, the building features an entryway, landscaping and the opportunity for prominent monument signage. Charles Moore, Marlene Fujita and Hunter Bradshaw of Cushman & Wakefield represented the seller, Equity Partnership Property Management, in the transaction.

March 9, 2020

California Development Retail Top Stories Western

URW Opens Expansion of $1.1B Silicon Valley Retail Destination

by Alex Patton March 6, 2020

SAN JOSE, CALIF. — Unibail-Rodamco-Westfield (URW) has opened a 500,000-square-foot expansion of Westfield Valley Fair, the French developer’s $1.1 billion retail destination in San Jose. The retail center is part of a redevelopment project that replaced two 1950s-era shopping centers. The project now encompasses 2.2 million square feet in total, with more restaurant and store openings planned for 2021. A three-level flagship Bloomingdale’s luxury apparel department store anchors the new expansion, alongside other apparel retailers including Anthropologie, Club Monaco, Fabletics, Indochino, Jimmy Choo, John Varvatos, Longchamp, Rodd and Gunn, Urban Outfitters, UNTUCKit and Zadig & Voltaire. “We envisioned Westfield Valley Fair as a place where prestigious luxury brands, digitally native start-up retailers, and best-in-class dining and entertainment all come together to create a true lifestyle destination and the perfect place to shop, dine and play,” says Larry Green, executive vice president of development at URW. The developer recently partnered with the San José Museum of Art to curate and commission artwork for the property, starting with an outdoor sculpture at the new grand entrance on Stevens Creek Boulevard, which will be unveiled this fall. Entertainment offerings include the recently opened ShowPlace ICON Theatre and the soon-to-open PLAYlive Nation social gaming lounge. Future additions to the retail center this year and into …

March 6, 2020

Development Hawaii Loans Retail Western

George Smith Partners Secures $51.7M Construction Loan, $16.2M Mezzanine Debt for Niumalu Marketplace in Hawaii

by Amy Works March 6, 2020

KONA, HAWAII — The Davies Group at Los Angeles-based George Smith Partners has arranged both a $51.7 million senior construction loan and $16.2 million in mezzanine debt for the ground-up development of Niumalu Marketplace, a shopping center in Kona. The borrower is Commercial Real Estate Development Enterprise (CREDE). Safeway will anchor the 204,275-square-foot retail property, which is slated for completion by fourth-quarter 2020. Malcolm Davies, Zachary Streit, Evan Kinne, Alexander Rossinsky, Rachael Lewis, Aiden Moran and Maxwell Shedlosky of George Smith Partners facilitated the transaction. Centennial Bank provided the construction financing portion and Pearlmark Real Estate Partners provided the mezzanine debt.

March 6, 2020

Acquisitions Industrial Nevada Western

CapRock Partners Sells Three Industrial Assets in Las Vegas Totaling 276,912 SF

by Amy Works March 6, 2020

LAS VEGAS — CapRock Partners has completed the disposition of a three-property, 276,912-square-foot industrial portfolio in Las Vegas. Nicola Wealth Real Estate, a Canada-based subsidiary of wealth management firm Nicola Wealth, acquired the assets for an undisclosed price. The acquisition is Nicola Wealth’s first venture into the Las Vegas market. The portfolio includes The Park @ Arville at 4350 Arville St.; Valley View Commerce Center at 5130, 5160, 5190 and 5230 S. Valley View Blvd.; and Valley View Business Park at 3021 S. Valley View Blvd. Built in 1974, The Park @ Arville features 160,554 square feet of multi-tenant space, with suites ranging from 1,000 square feet to 10,000 square feet with private storage yards and 15-foot to 20-foot clear heights. Valley View Commerce Center was constructed in 1989 and features 73,508 square feet of multi-tenant space, with suites ranging from 1,776 square feet to 6,528 square feet, and 15-foot to 17-foot clear heights. Developed in 1986, the 42,850-square-foot Valley View Business Park offers suites ranging from 2,000 square feet to 7,000 square feet. The property is close to Interstate 15, with convenient access to U.S. 95 and McCarren International Airport.

March 6, 2020

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