MARANA, ARIZ. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $21 million credit facility for the acquisition of an assisted living and memory care community in Marana. The borrowers are Kayne Anderson Real Estate and Watermark Retirement Communities. Developed this year, the 96,000-square-foot asset features 108 assisted living and memory care beds. The property is situated on four acres in the Silverbell Corridor of Marana.
NORTH LAS VEGAS — Development firm Matter Real Estate Group has broken ground on Matter Logistics Center @ West Cheyenne, a light industrial and warehouse project at the northeast corner of West Cheyenne Avenue and Valley Drive in North Las Vegas. Slated for completion in February 2020, the $70 million, modern master-planned project spans more than 41 acres. Matter Logistics Center @ West Cheyenne will feature five buildings varying in scope and size offering warehouse, distribution, office and showroom space, as well as ample parking and trailer storage. Ranging from 11,000 square feet to 478,000 square feet, units will also feature ample dock and at-grade loading with 36-foot clear heights. The units will be available for sale, lease and build-to-suit, with Matter Real Estate Group offering customized build-outs.
FEDERAL WAY, WASH. — BKM Capital Partners has purchased Federal Way Industrial Portfolio, a two-property portfolio in Federal Way. A private investor sold the eight-building portfolio for $14.7 million in an off-market transaction. Totaling 133,595 square feet, the properties are located at 34004-34016 Ninth Ave. South, 33623-33799 Ninth Ave. South and 801-815 S. 336th St. At the time of sale, the multi-tenant asset was 75 percent occupied. BKM plans to invest $3 million in capital improvements to renovate and reposition the properties, including the conversion of one building from office to industrial. Max White and Nicholas Ratzke of Nail Walter Co. represented both parties in the transaction.
TRACY, CALIF. — Mid Cal Industrial Properties has arranged the acquisition of 21.8 acres of industrial land in Tracy. Bigge Crane & Rigging Co. purchased the land parcel from Shimmick Construction/AECOM as a potential future site for its central valley heavy equipment yard. No date has been set for starting development on the site, which is currently being held for future expansion. Tim Pryor of Mid Cal Industrial Properties represented the seller, while Redwood Property Investors represented the buyer in the deal.
NORTH LAS VEGAS, NEV. — Marcus & Millichap has arranged the sale of City Centre Plaza, an office complex located in North Las Vegas. A California-based limited liability company sold the property to a California-based investor for $9.5 million. Tina Taylor of Marcus & Millichap’s Las Vegas office represented the seller and secured the buyer in the transaction. Located at 2225 and 2241 Civic Center Drive and 2290 McDaniel St., the three-parcel asset features 48,607 square feet of office space. At the time of sale, the office complex was 75 percent occupied by national and statewide tenants, with a large percentage being medical.
HEMET, CALIF. — Greystone has provided an $8 million Fannie Mae loan for the refinancing of Casa Del Rey Mobile Homes Estates, a manufactured property that is age-restricted in Hemet. Situated on 30.6 acres in San Jacinto Valley, Casa Del Rey Mobile Homes Estates features 267 single- and double-wide pads. The community also features two clubhouses, two pools and spas, recreational and exercise facilities, as well as on-site parking, laundry facilities and a carwash area. Matt Stevens in Greystone’s San Diego office, on behalf of James Vance DiMaria and Casa Del Rey Estates LLC, originated the 10-year loan, which features a 30-year amortization period at a low fixed rate with interest-only payments for the first three years. The proceeds enable the borrower to continue making ongoing capital improvements and monetize its existing equity in the property.
SAN DIEGO — Ware Malcomb, as architect and interior designer, has completed the redevelopment of the Kilroy Sabre Springs office campus, located at 13480, 13500 and 13520 Evening Creek Drive North in San Diego. The 450,000-square-foot campus features three six-story office towers, and the renovation project included the transformation of 30,000 square feet of lobbies, restrooms and common areas to activate multiple indoor and outdoor amenity spaces. The redeveloped campus features a new restaurant, The Florence by San Diego-based Legal Restaurants; a REV fitness center managed by DRNV Unlimited; and outdoor common areas, such as fire pits and a regulation-sized bocce ball court. DCT, Burger Construction and Bycor were the general contractors for the project.
ALBUQUERQUE, N.M. — Insight Senior Living, based in West Linn, Ore., has broken ground on Amaran Senior Living, an assisted living and memory care community in Albuquerque. The project team includes Paaru Builders, Montessori ONE Academy and Dekker/Perich/Sabatini. Located at 9100 Holly Ave. NE, the 81,000-square-foot facility will feature 56 assisted living units and 16 memory care apartments. Units will include natural light, moveable kitchen islands, contemporary closet organizers, stainless steel appliances, smart home technology and individual washers/dryers. The community will include more than 15,000 square feet of amenity space, including multiple dining venues, a theater, fitness center, full-service spa and salon with private massage room, outdoor patios, walking paths, gardens and woodshop. Additionally, the facility will feature a clubroom with sky terraces and lounge, billiards and other multipurpose spaces. Sharing a campus with Montessori ONE Academy and Nido, a Montessori nursery, the Montessori-focused seniors housing property will be the first of its kind. The facility will combine Montessori methods and programming by Insight Senior Living will create space for inter-generational connections and independence. The facility is slated to open in fall 2020.
RIVERSIDE, CALIF. — Seefried Properties, in partnership with Crow Holdings, has purchased a 24-acre site within Meridian Business Park, a 1,290-acre master-planned commerce and distribution center in Riverside. The buyers plan to develop three fully entitled speculative buildings totaling 375,000 square feet on the site. The buildings will feature 32-foot clear heights, 60 trailer spaces, 65 dock doors and 387 auto stalls. Construction is slated to begin in November with completion scheduled for second-quarter 2020. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield, along with Joe McKay and Chris Morrell of Lee & Associates, handled the transaction for Seefried Properties and Crow Holdings.
NORTH LAS VEGAS — Colliers International has arranged the purchase of The Craig Shops, a multi-lessee retail building located at 3052 W. Craig Road in North Las Vegas. Meyer S.F. Partners LP acquired the 8,000-square-foot property from an undisclosed seller for $3 million. David Grant of Colliers represented the buyer in the deal.
