Western

NKF Brokers $16.8M Sale of Creative Office Building in Tustin, California

by Amy Works October 8, 2019

TUSTIN, CALIF. — Newmark Knight Frank (NKF) has brokered the sale of 2642 Michelle Drive at Create Tustin, a creative office building located in Tustin. A joint venture between Harbor Associates and Stockbridge sold the asset to Excelsior Partners for $16.8 million. At the time of sale, the 50,832-square-foot property was fully leased to Avid Bioservices (formerly Peregrine Pharmaceuticals), Advantage Sales & Marketing and GPA Consultants. Built in 1980 and renovated in 2017, the two-story building is situated on 2.8 acres within the Irvine Business Complex. The asset features efficient rectangular floorplates, contemporary interior finishes and modern creative office build-outs, as well as approximately 200 parking spaces. Sean Fulp, Ryan Plummer, Mark Schuessler, Paul Jones, Blake Bokosky and Brandon White of NKF represented the seller, while the buyer was self-represented in the transaction.

October 8, 2019

Colorado Development Multifamily Western

Rooney Properties Opens 176-Unit Timnath Trail at Riverbend Apartments in Colorado

by Amy Works October 8, 2019

TIMNATH, COLO. — Rooney Properties has opened Timnath Trail at Riverbend Apartment Homes, a multifamily property located in Timnath, located between Denver and Fort Collins. The property is the first multifamily development ever built in the city, according to the developer. Timnath Trail at Riverbend features 176 apartments in a mix of garden-style and townhome layouts with a variety of one-, two- and three-bedroom floorplans ranging between 700 square feet and 1,200 square feet. Unit finishes include solid-wood doors, granite countertops, nine-foot ceilings and integrated technologies. Community amenities include a heated swimming pool, whirlpool, bike and ski maintenance facility, outdoor kitchen, bike rentals, car charging stations and fitness center. Denver-based Mission Rock Residential manages the property.

October 8, 2019

Acquisitions California Loans Retail Western

JLL Arranges Sale, Financing of 154,750 SF Shopping Center in Southern California

by Amy Works October 8, 2019

SIGNAL HILL, CALIF. — JLL has facilitated the sale of Towne Center East, fully leased retail center in Signal Hill. BIG Shopping Centers USA sold the asset to an institutional buyer for an undisclosed price. Additionally, JLL placed the fixed-rate acquisition loan with a global investment bank. Situated on nearly 15 acres at 2172-2598 Cherry Ave., Towne Center East features 154,750 square feet of retail space. Tenants include The Home Depot, PetSmart, Supercuts, T-Mobile, Subway, GNC, Chinese Combo and Tutti Frutti Yogurt, among others. Patrick Toomey and Tom Lagos of JLL Capital Markets represented the seller in the deal. Matthew Stewart and Reid McGlamery of the JLL Capital Markets debt placement team secured the acquisition financing for the buyer.

October 8, 2019

Acquisitions Arizona Retail Western

Cave Creek Capital Partners Sells Retail Center in Metro Phoenix for $8.8M

by Amy Works October 8, 2019

PEORIA, ARIZ. — Scottsdale, Ariz.-based Cave Creek Capital Partners has completed the sale of 9494 Northern, a multi-tenant neighborhood retail center in Peoria. Scottsdale-based Shashikant Patel acquired the asset for $8.8 million. Located at 9494 W. Northern Ave., the 23,058-square-foot property was fully occupied at the time of sale. Current tenants include NextCare, ATI Physical Therapy, Navy Federal Credit Union, FedEx Office and Sprint. Jesse Goldsmith, Steve Julius and Chase Dorsett of CBRE’s Phoenix represented the seller in the deal.

October 8, 2019

California Development Loans Mixed-Use Multifamily Retail Western

Partnership Receives $190M in Construction Financing for Mixed-Use Project in Beverly Hills

by Amy Works October 7, 2019

BEVERLY HILLS, CALIF. — A joint venture led by SHVO, Bilgili Group and Deutsche Finance has received a $190 million construction loan for 9200 Wilshire Boulevard, a mixed-use project in Beverly Hills. Lotus Capital Partners arranged the construction financing, which ACORE Capital provided. The joint venture acquired the residential and retail development site in May for $130 million. Comprising a full city block, the mid-rise development will feature 54 residences, a rooftop pool and 6,650 square feet of retail space.

October 7, 2019

Acquisitions Arizona Multifamily Western

CBRE Brokers $30.7M Sale of Solano Vista Apartment Community in Glendale, Arizona

by Amy Works October 7, 2019

GLENDALE, ARIZ. — CBRE has arranged the sale of Solano Vista, an apartment community located at located at 7102 N. 43rd Ave. in Glendale. Phoenix-based 3rd Ave Investments sold the asset to Salt Lake City-based Sundance Bay LLC for $30.7 million. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE’s Phoenix office represented the seller and buyer in the deal. The property recently underwent a renovation and rebranding. The community features 352 apartments, a fitness center, clubhouse, dog park, playground, four swimming pools, multiple laundry facilities, barbecues, covered parking and secured gate access.

October 7, 2019

California Loans Retail Western

Uber Capital Group Arranges $28.7M in Acquisition Financing for Sierra Vista Mall Near Fresno

by Amy Works October 7, 2019

CLOVIS, CALIF. — Great Neck, N.Y.-based Uber Capital Group has secured a $28.7 million acquisition loan for the purchase of Sierra Vista Mall, located at 1050 Shaw Ave. in Clovis, a suburb of Fresno. The borrower is a private national commercial real estate investment group based in New York. The lender was not disclosed. Joel J. Gorjian, president and founder of Uber Capital Group, sourced the 10-year, fixed-rate loan, which features 15-year full amortization and partial recourse. Totaling 690,487 square feet, Sierra Vista Mall is occupied by 75 tenants and features an outdoor lifestyle section with restaurants and a 16-screen movie theater, as well as a community park with concert facilities, fountains and landscaping. The asset also includes a 3,878-car parking area.

October 7, 2019

Acquisitions Nevada Office Western

IPA Negotiates $27M Sale of Greystone Office Park in Las Vegas

by Amy Works October 7, 2019

LAS VEGAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has facilitated the sale of Greystone Office Park, a five-building office and retail pad complex on more than 13 acres in Las Vegas. An undisclosed buyer acquired the property for $27 million, or $121 per square foot. Located at 1800-2030 E. Flamingo Road, Greystone Office Park features 222,000 square feet of space. Developed in 1982 and 1986, the asset has a diverse base of long-term tenants, the largest being Clark County Family Services. IPA and Tina Taylor of Marcus & Millichap’s Las Vegas office represented the undisclosed seller and buyer in the transaction.

October 7, 2019

Acquisitions Arizona Retail Western

Capstone Advisors Acquires 18,037 SF Retail Space at Tuscano Town Center in Phoenix

by Amy Works October 7, 2019

PHOENIX — An affiliate of Capstone Advisors has purchased a retail portion of Tuscano Town Center. The full complex totals 250,331 square feet and is located at the southwest corner of West Lower Buckeye Road and South 75th Avenue in the Tuscano master-planned community in southwest Phoenix. Terms of the transaction were not released. At the time of sale, the 18,037-square-foot retail section was 100 percent leased to 12 tenants, including Allstate Insurance, GameStop, Sally Beauty, Subway and T-Mobile. Matt Milinovich and James DeCremer of Strategic Retail Group will continue to handle leasing. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, while Capstone was self-represented in the transaction. La Jolla, Calif.-based Silvergate Bank of provided financing for the acquisition.

October 7, 2019

Acquisitions Colorado Multifamily Western

Brass Enterprises Sells 328-Unit Multifamily Property in Denver for $99.2M

by Amy Works October 4, 2019

DENVER — Toronto-based Brass Enterprises has completed the sale of Lugano Cherry Creek, an apartment community located at 9601 E. Iliff Ave. in Denver. Minneapolis-based IRET acquired the property for $99.2 million, or $302,591 per unit. Built in 2010, the five-story asset features 328 apartments and 13,262 square feet of retail space. Units feature spacious floor plans, at least nine-foot ceilings, a patio or balcony on every unit, and select loft units. Community amenities include an outdoor resort-style swimming pool and spa with heated deck, 24-hour fitness center, 4.5-acre private park, outdoor lounge with fire pit and two structured parking garages. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the deal. The buyer, IRET, is a listed REIT with more than $1.8 billion in multifamily assets across the Midwest.

October 4, 2019

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