Western

Cushman & Wakefield Arranges $54.1M Sale of Mission Springs Apartments in Arizona

by Amy Works March 4, 2020

TEMPE, ARIZ. — Cushman & Wakefield has arranged the sale of Mission Springs Apartments, a multifamily property located at 1311 W. Baseline Road in Tempe. TruAmerica Acquisitions III acquired the asset from 29SC Mission Springs LP for $54.1 million, or more than $176,000 per unit. Built in 1987, the two-story, 216,168-square-foot property comprises 25 buildings offering a total of 306 apartments featuring private balconies or patios, washers/dryers and outside storage spaces. Community amenities include three swimming pools, a spa, dog park, fitness center, business lounge, picnic areas, package lockers and gated access. At the time of sale, the property was 95 percent occupied. Jim Crews and Jeems Lochridge of Cushman & Wakefield’s Southwest Multifamily Advisory Group represented the seller in the transaction.

March 4, 2020

Acquisitions California Mixed-Use Multifamily Office Retail Western

Optimus Properties Sells Two-Property Mixed-Use Portfolio in California for $11M

by Amy Works March 4, 2020

CARMEL, CALIF. — Optimus Properties has completed the disposition of a two-property portfolio in downtown Carmel. Wheat LLC acquired the mixed-use portfolio for $11 million. The sale consists of the 4,345-square-foot Block 71: Lot 5 building, with ground-floor retail and office space and second-floor residential space, and Block 76: Lot 11, a 2,763-square-foot retail property. Michael Schoeder of Cushman & Wakefield’s Central Coast Operations, in collaboration with Dan Wald and Don LeBuhn of the firm’s Retail Investment Advisors Group in San Francisco, represented the seller in the deal.

March 4, 2020

Acquisitions Colorado Multifamily Western

Watermark Residential Divests of 244-Unit Multifamily Asset in Colorado Springs

by Amy Works March 4, 2020

COLORADO SPRINGS, COLO. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has completed the sale of Watermark on Union, a stabilized, Class A apartment community in Colorado Spring’s Cordera community. Santa Barbara, Calif.-based NALS Apartment Homes acquired the asset, which has been renamed Aliso at Briargate, for undisclosed price. The 244 units feature kitchen islands, tile backsplashes, drop-in sinks, recycled glass countertops, stainless steel appliances, nine- to 12-foot ceilings, garden tubs, private balconies and full-size washers and dryers. On-site amenities include a clubhouse, resort-style pool with cabanas, fire pit, fitness center, detached garages, dog park and courtyards with barbecue grills. Kevin McKenna and Saul Levy of Newmark Knight Frank Multifamily represented the seller in the transaction.

March 4, 2020

Acquisitions California Industrial Office Western

Avison Young Negotiates $10.9M Sale of Temecula Corporate Park in California

by Amy Works March 4, 2020

TEMECULA, CALIF. — Avison Young has arranged the sale of Temecula Corporate Park, an office and industrial campus in Temecula. A Los Angeles-based private investor acquired the asset from an Orange County, Calif.-based private investor for $10.9 million, or $125.46 per square foot. Built in 2002 on 6.1 acres, the 86,882-square-foot Temecula Corporate Park consists of a two-story office building and three single-story industrial buildings. The 97 percent-occupied asset is located at 43379, 43385, 43391 and 43397 Business Park Drive. Alan Pekarcik and Chris Smith of Avison Young represented the seller and buyer in the deal.

March 4, 2020

Development Multifamily Nevada Western

WestCorp, Nevada West Development Open 380-Unit Aviator Apartments in Henderson, Nevada

by Amy Works March 3, 2020

HENDERSON, NEV. — WestCorp Management Group, in partnership with Nevada West Development, has opened The Aviator, a multifamily community in West Henderson near the Henderson Executive Airport. Located at 3660 St. Rose Parkway, The Aviator features 380 apartments in a mix of one-, two- and three-bedroom layouts ranging in size from 836 square feet to 1,390 square feet. Each unit offers quartz countertops, stainless and energy-efficient appliances, wood-style flooring, walk-in closets and in-home washer and dryers. Additionally, the property offers Sky Suites, which are top-floor units that feature 12-foot coffered ceilings, Transom windows and three-panel glass slider walls in the living room. The pet-friendly community features two swimming pools, a fitness center, sauna, steam room, clubhouse with business center, hammock garden, children’s playground, on-site dog park and pet wash. Carport parking and garages are also available for residents. The Aviator is part of WestCorp’s line of Vivint Smart Home living spaces throughout Henderson. Vivint Smart Home living includes intelligent cameras with live doorbell video; doors that can be locked and unlocked remotely; smart thermostats; connected lights; and home security alarms, all of which can be remotely controlled via Vivint’s smart home app.

March 3, 2020

Acquisitions Arizona Multifamily Western

IPA Brokers $49.6M Sale of Country Club Verandas Multifamily Community in Arizona

by Amy Works March 3, 2020

MESA, ARIZ. — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Country Club Verandas, a multifamily property located along Country Club Drive in Mesa. Weidner Apartment Homes sold the asset to Bridge Investment Group for $49.6 million, or $142,529 per unit. Constructed in 1985, Country Club Verandas features 348 apartments and a swimming pool on a 13-acre site. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

March 3, 2020

California Civic Development Western

McCarthy Tops Out 161,200 SF Academic Building at San Jose State University

by Amy Works March 3, 2020

SAN JOSE, CALIF. — McCarthy Building Cos., in collaboration with FLAD Architects, has topped out the Interdisciplinary Science Building (ISB) at San Jose State University in San Jose. The project is the first new academic building to be built on campus in more than 30 years and the first new science facility in almost 50 years. The eight-story building will serve the 3,000 undergraduate and graduate students within the College of Science and STEM and is the first phase of the San Jose State University’s new Science Park, a science and innovation center. In addition to research and teaching labs, the 161,200-square-foot facility will feature specified rooms provided for student research teams to gather and work away from chemicals and instrument setups to discuss the results of projects. Each floor of the ISB will also include collaborative hubs for students and faculty to work together. Targeting LEED Gold certification, ISB will feature modern, state-of-the-art science laboratories and research capabilities in order to meet the needs of students within the disciplines of biology, chemistry, biochemistry, biotechnology and high-performance computing.

March 3, 2020

California Loans Office Western

Ready Capital Closes $18.5M Acquisition Loan for Office Property in Santa Monica, California

by Amy Works March 3, 2020

SANTA MONICA, CALIF. — Ready Capital has closed an $18.5 million loan for the acquisition, renovation and stabilization of an approximately 20,000-square-foot, Class C office building in Santa Monica’s Westside submarket. Upon acquisition, the undisclosed sponsor will convert the traditional office building into a Class B, mixed-use property with second-floor office space and ground-floor retail space, and once complete, lease-up the space. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible pre-payment. The financing includes a facility to provide future funding for the capital expenditures, tenant leasing costs and interest and operating shortfalls.

March 3, 2020

Acquisitions Arizona Industrial Western

PICOR Arranges $2.6M Sale of Industrial Space in Tucson, Arizona

by Amy Works March 3, 2020

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has arranged the sale of an industrial space located at 1951 W. Grant Road in Tucson. La Cholla-OG LLC acquired the 25,821-square-foot space from Wright & Case Holdings for $2.6 million. Robert Glaser and Max Fisher of Cushman & Wakefield|PICOR handled the transaction.

March 3, 2020

Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Western

Ready Capital: Making the Most of the Market Despite Election-Year Volatility

by Sarah Daniels March 3, 2020

The marketplace is wary in the lead-up to the 2020 election, but Anuj Gupta, president of Commercial Real Estate Lending with Ready Capital, says there’s opportunity for bridge lenders in the meantime as equity investors look for higher returns. Gupta believes rates will be lower for a longer period, although there is no telling what might happen after the election. Gupta feels confident about Ready Capital’s preferred strategy of focusing on small-to-medium loan sizes in secondary markets. In gateway cities, the company is supportive of creative solutions to high rent, like co-living, a sector that is expected to grow aggressively over the next few years. Meanwhile, Ready Capital is working to stay ahead of the curve by looking at more efficient ways to tackle lending in the small-to-medium sized real estate market with new technology. Watch the interview to learn more about how Ready Capital is taking advantage of the present while preparing for the future. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.

March 3, 2020

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