Western

District-Green-Valley-Ranch-Henderson-NV

Vestar Underway on $3M Renovation Project at 385,000 SF Retail Center in Henderson, Nevada

by Amy Works November 1, 2024

HENDERSON, NEV. — Vestar is underway on a $3 million renovation project at The District at Green Valley Ranch, a 385,000-square-foot retail development located in Henderson, roughly 15 miles outside Las Vegas. Scheduled for completion in early 2025, the project includes updates to exteriors, signage, lighting, landscaping and outdoor furniture. Additionally, the project will add 14,300 square feet of new space to the property. New tenants Flower Child and North Italia have also signed leases at the development and are scheduled to open this month.

November 1, 2024

California Loans Retail Western

Majestic Realty Co. Secures Refinancing Totaling $118.9M for Two Shopping Centers in California

by Amy Works October 31, 2024

REDLANDS, CALIF. — Majestic Realty Co. Capital Markets has secured loans totaling $118.9 million for the refinancing of two shopping centers located in Redlands. Situated within a 100-acre mixed-use development, the properties — Mountain Grove Shopping Center and Citrus Plaza Shopping Center — together comprise roughly 1 million square feet. A life insurance company provided first trust deed loans of $62.4 million and $56.5 million, respectively, for the centers, which Majestic Realty Co. and affiliates developed and manage. Tenants at the properties include Target, Harkins Theaters, Aldi, Nordstrom Rack, Kohl’s, Hobby Lobby, T.J. Maxx, HomeGoods, Ross Dress for Less, Ulta Beauty, Nike and Barnes & Noble.

October 31, 2024

Acquisitions California Office Western

Manulife US REIT Sells 400 Capitol Mall Office Tower in Sacramento for $117M

by Amy Works October 31, 2024

SACRAMENTO, CALIF. — Manulife US REIT has completed the disposition of 400 Capitol Mall, a 29-story Class A office tower in downtown Sacramento. PacWest Equities, an affiliate of Buzz Oates, acquired the asset for $117 million. The 501,308-square-foot property has maintained a nearly 90 percent historical occupancy over the past 25 years. Tenants include Wells Fargo, Morgan Stanley, PWC, Deloitte and Orrick. The tower features a five-story, 1,094-space parking garage, valet parking, car detailing, a fitness center with locker rooms and saunas, a private outdoor pool, conference center facility and a high-end ground-floor restaurant and café. Adam Lasoff, Rob Hielscher, Erik Hanson and Caroline Reynolds of JLL Capital Markets Investment Sales and Advisory team represented the seller in the deal.

October 31, 2024

Acquisitions Arizona Industrial Western

Karney Properties Acquires 400,000 SF Home Depot Returns Center in Phoenix for $69.5M

by Amy Works October 31, 2024

PHOENIX — Santa Monica, Calif.-based Karney Properties has purchased a freestanding cross-dock industrial building in Phoenix for $69.5 million. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the undisclosed seller in the deal. The Home Depot fully occupies the 400,000-square-foot property as a return center. Located at 7200 W. Buckeye Road, the building features a fully air conditioned warehouse, high-speed fans, equipment on every door, a gated and security station-controlled yard area, approximately 4.5 percent of office space and four acres of excess trailer parking that was customized by and for the tenant.

October 31, 2024

Acquisitions California Multifamily Western

Interstate Equities Buys Multifamily Community in Santa Rosa, California for $38M

by Amy Works October 31, 2024

SANTA ROSA, CALIF. — Interstate Equities Corp. (IEC) has acquired 888 Fourth St. Apartments, a multifamily property in downtown Santa Rosa, from a private individual for $38 million, or $350,000 per unit. At the time of sale, the 108-unit property was approximately 50 percent occupied. The IEC investment team and Philip Saglimbeni of Institutional Property Advisors handled the all-cash transaction.

October 31, 2024

Affordable Housing California Loans Multifamily Western

JLL Arranges $30.2M in Refinancing for Monte Alban Apartments in San Jose, California

by Amy Works October 31, 2024

SAN JOSE, CALIF. — JLL Capital Markets has arranged $30.2 million in refinancing for Monte Alban Apartments, an affordable housing complex in San Jose. The borrower, The John Stewart Co., received a 35-year, fixed-rate HUD 223(f) cash-out refinancing loan. The refinancing allows for $47,000 per unit in property renovations and upgrades. Located at 1324 Santee Drive, Monte Alban Apartments was built in 1970 and renovated in 2006. The property offers 192 garden-style one-, two-, three- and four-bedroom apartments spread across 12 buildings. Amenities include a community room, laundry facilities, an exercise room, basketball court, two swimming pools and two playgrounds. The community maintains 100 percent occupancy with many long-term tenants and provides rents 40 percent to 60 percent below market rates. Anson Snyder led the JLL Capital Market’s Debt Advisory team in the refinancing.

October 31, 2024

Arizona Civic Development Loans Retail Western

BWE Secures $425M in Construction Financing for Mosaic Quarter Sports Complex in Tucson

by Amy Works October 30, 2024

TUCSON, ARIZ. — BWE has secured a $425 million credit-tenant lease to provide construction financing for Phase I of Mosaic Quarter, a planned sports destination spanning 90 acres and 1 million square feet in Tucson. Brian Boland of BWE originated the credit-tenant lease financing from CTL Capital on behalf of Mosaic Quarter Development LLC, an affiliate of Knott Development. The property was underwritten based on the credit of Pima County, Ariz., the future lessee, enabling the borrower to secure more favorable terms with higher leverage due to the property’s guaranteed future cash flow over the term of the 30-year lease. Mosaic Quarter’s Phase I will feature the 137,000-square-foot MQ Field House, the 200,000-square-foot MQ Iceplex, a central utility plant and onsite civil and sitework improvements, as well as offsite infrastructure improvements necessary to support the larger project, including parking. MQ Field House will include interchangeable wood, turf and specialty flooring systems on two floors of athletic space, including eight basketball courts, six volleyball courts, four indoor soccer fields, 24 pickleball courts, two 7-on-7 football fields, 32 badminton courts, two party rooms and a rooftop event patio. MQ Field House will offer fitness programming that will be taught by University of Arizona …

October 30, 2024

Colorado Development Multifamily Western

Thompson Thrift Opens 319-Unit Quarry Apartment Community in Fort Collins, Colorado

by Amy Works October 30, 2024

FORT COLLINS, COLO. — Thompson Thrift has opened The Quarry, a multifamily property located at 1775 Ashlar Drive near the main campus of Colorado State University in Fort Collins. The first residents began moving into the community in April, and Thompson Thrift expects construction to be completed during first-quarter 2025. Situated on 20 acres, The Quarry offers 319 one-, two- and three-bedroom apartments in three- and four-story buildings, as well as 10 single-family villa structures and detached garages. Units features gourmet bar kitchens with quartz countertops and designer backsplashes, walk-in closets and full-size washers/dryers, as well as private outdoor spaces with fenced yards on select units. Community amenities include a clubhouse, 24-hour fitness center, swimming pool with cabanas, community garden and a fitness trail.

October 30, 2024

Acquisitions Arizona Industrial Western

Leon Industrial Acquires 175,723 SF Portfolio in Tempe, Arizona

by Amy Works October 30, 2024

TEMPE, ARIZ. — Leon Industrial, a subsidiary of Dallas-based Leon Capital Group, has purchased the Tempe Freestanding Industrial Portfolio, an infill industrial portfolio situated on more than 9 acres in Tempe. Terms of the transaction were not released. Totaling 175,723 square feet, the portfolio includes a 116,516-square-foot building at 525 W. 21st St., a 33,400-square-foot building at 1917-196 W. 1st St. and a 25,807-square-foot building at 1401 S. Siesta Lane. At the time of sale, the buildings were each 100 percent leased to single tenants. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield’s Private Capital Group represented the buyer and undisclosed seller in the transaction. Additionally, Mike Haenel and Andy Markham of Cushman & Wakefield provided leasing advisory services.

October 30, 2024

Acquisitions California Retail Western

NAI Capital Directs $6.8M Purchase of Dollar Tree-Occupied Retail Building in Garden Grove, California

by Amy Works October 30, 2024

GARDEN GROVE, CALIF. — NAI Capital Commercial has arranged the acquisition of a retail building located at 10840 Katella Ave. in Garden Grove. An entity doing business as Katella Gateway Plaza LLC purchased the asset from Garden Grove Gateway LLC for $6.8 million. Dollar Tree occupies the 15,000-square-foot building, which was built in 2005, under a triple-net lease. Sheri Messerlian and Ilmar Kalviste of NAI Capital Commercial represented the buyer, while Shawn Bakke represented the seller in the deal.

October 30, 2024

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