PORTLAND, ORE. — Shorenstein Properties has disposed of River Forum, a two-building office asset located in Portland. Clarity Real Estate acquired the campus for an undisclosed price. Situated along the South Waterfront, River Forum features 209,000 square feet of Class A office space. At the time of sale, the property was 90 percent leased to a diverse tenant base. Charles Safley, Paige Morgan and Trevor Kafoury of CBRE represented the seller in the transaction.
ALBANY, ORE. — Hunt Real Estate Capital has provided an $11.8 million Fannie Mae DUS conventional multifamily loan to refinance Albany Meadows Apartments in Albany, approximately 70 miles south of Portland. The borrower is KRBO Oregon Properties, backed by Paul A. Kerley as key principal. The loan features a 12-year term with four years of interest-only payments followed by a 30-year amortization schedule. Additionally, yield maintenance will apply during the first 138 months. Developed in 1974 on 10.5 acres, the property features 121,352 square feet of rentable space spread across 39 one-story residential buildings offering a total of 127 garden-style apartments. Property amenities include a clubhouse with fitness center and swimming pool, as well as 190 parking spaces.
BELMONT, CALIF. — Sares Regis Group of Northern California (SRGNC) has closed escrow on the retail portion of The Ashton in Belmont. Terms of the transaction, including acquisition price and buyer, were not disclosed. The one-story, 4,900-square-foot retail center is fully occupied by three tenants: Bank of America, Row House and Apizza. Developed by SRGNC affiliate Regis Homes Bay Area, The Ashton features 74 for-sale residences spread across two four-story residential buildings. The transit-friendly property is located in Belmont’s City Center neighborhood at the corner of Davey Glen Road and El Camino Real, near Highway 101 and within walking distance of the Belmont Caltrain station. The development team included Tricon Capital, Dahlin Group, BKF Engineers, Nishkian Menniger and Regis Contractors Bay Area.
COLORADO SPRINGS, COLO. — Berkadia has arranged financing on behalf of Las Vegas-based Crystal View Capital for the acquisition of AAA Platte Self Storage, a self-storage facility in Colorado Springs. Located at 4510 Edison Ave., AAA Platte Self Storage is a 308,749-square-foot, 877-unit self-storage and industrial warehouse facility located near Peterson Air Force Base. Cutt Ableson and Johnny King of Berkadia’s Houston office secured the three-year, adjustable-rate loan, which MidCap Financial Services provided.
KIRKLAND, WASH. — Canada-based Rise Properties Trust has acquired Salix Juanita Village, a mixed-use property located at 9740 NE 119th Way in Kirkland. An undisclosed seller sold the asset for $101.5 million. Rise plans to reposition the 211-unit property, which features 20,891 square feet of retail space. Including Salix Juanita Village, Rise has acquired nine properties with a total capitalization of $588 million this year. The company owns approximately 4,150 units across 23 multifamily properties in the Pacific Northwest. Seattle-based Thrive Communities will manage the property. JLL negotiated the transaction.
LOS ANGELES — Meridian Capital Group has arranged $52 million in non-recourse construction financing for Produce LA, a speculative mixed-use development located in Los Angeles. The three-year loan, which a balance sheet lender provided, features a floating rate, two one-year extension options and full-term interest-only payments. Seth Grossman and Sarah Kuebler of Meridian negotiated the financing for the undisclosed borrower. Located at 640 S. Santa Fe Ave., the 71,400-square-foot development site is located within an Opportunity Zone in the Arts District of downtown Los Angeles. When complete, the four-story, 113,600-square-foot property will feature Class A creative office space with ground-floor restaurant and retail space and a 4,300-square-foot rooftop terrace. Additionally, the project will sit above two levels of subterranean parking and include an adjacent 64-stall surface lot, totaling 216 parking spaces for the property. Produce LA is also located adjacent to the Sixth Street Viaduct project, a new bridge and 12-acre park slated to open in 2020, as well as the proposed Sixth Street metro station.
WHITEFISH, MONT. — Berkadia’s Hotels & Hospitality team has arranged the sale and financing of TownePlace Suites Whitefish Kalispell, an all-suite hotel in Whitefish. Scottsdale, Ariz.-based Glacier House Hotels sold the asset to Venture Hospitality for an undisclosed price. Matt Bailly and Spencer Scott of Berkadia represented the seller, while Adrienne Kautzman, also of Berkadia, secured financing for the buyer in the deal. The 10-year, fixed-rate loan features a 60 percent loan-to-cost ratio and three years of interest-only payments. Built in 2018, the 81-suite hotel is located next to Glacier National Park and the Going-to-the-Sun highway. The property is also near Glacier International Airport, Whitefish Lake, Whitefish Mountain Resort and Flathead Lake.
HAYWARD, CALIF. — KeyBank Real Estate Capital (KBREC) has secured $35 million of Federal Housing Authority (FHA) fixed-rate loans for San Francisco-based Tesseract Capital Group (TCG) for the refinancing of two multifamily assets in Hayward. The company secured $17.5 million for Vivante Apartments and $17.4 million for Solis Garden Apartments. Both transactions closed using FHA’s 223(f) mortgage insurance program. Built in 1965 on two acres, the garden-style Vivante Apartments features 51 market-rate apartments in a mix of two-, three- and four-bedroom floor plans. TCG has completed $1.1 million of renovations, including $400,000 to install solar panels. Solis Garden Apartments, which was built in 1965 on two acres, features 62 market-rate apartments in a mix of studio, one-, two- and three-bedroom layouts in four three-story buildings. The interior and exterior of the property were recently renovated, including the installation of solar panels. Katie Plett of KBREC’s Commercial Mortgage Group and Amy Schroeder of KBREC’s Income Property Group structured the financing for the properties.
LAS VEGAS — Marcus & Millichap has arranged the sale of a medical office property located at 8678 Spring Mountain Road. A limited liability company sold the property to an undisclosed buyer for $1.6 million. Southwest Neck & Back Clinic occupies the 9,672-square-foot building. Ray Germain and Austin Lee of Marcus & Millichap’s Las Vegas office represented the seller in the deal.
The Inland Empire industrial market signaled that it may be transitioning toward slower growth in the second half of the year. Leasing volume declined sharply to nearly 7.8 million square feet, which is the lowest volume seen in a single quarter since 2011. New construction deliveries pushed the average rent to the highest level on record — $0.86 per square foot. Of the 13.7 million square feet completed year to date, 32 percent remained available at the end of the quarter. Despite the deliveries, vacancy remained steady at 4.5 percent since the third quarter of 2018, proving demand for industrial space in the Inland Empire is still present. The U.S. economy may be facing a drop off after climbing steadily for the past 10 years. The trade war and tariffs are undoubtedly influencing the ports’ cargo volume, which supports industrial demand in the Inland Empire. Retailers usually prepare for increased sales during the holiday season by increasing imports in July and August. However, imports through August 2019 were down 2.4 percent from 2018. Imports had increased 3.1 percent last year at this time. The U.S. is dependent on imported goods, though, so cargo volume is unlikely to take a significant …