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315-S-Hamel-Road-LA
AcquisitionsCaliforniaMultifamilyWestern

Charles Dunn Co. Brokers $3.2M Sale of Multifamily Property in Los Angeles

by Amy Works

LOS ANGELES — Charles Dunn Co. has arranged the sale of an apartment building located at 315 S. Hamel Road in the Beverly Grove neighborhood of Los Angeles. Bentley Place LLC acquired the property for $3.2 million, or $293,181 per unit. Built in 1954, the 6,000-square-foot property features nine one-bedroom/one-bath units and two studio units. At the time of escrow, six units were vacant. Michael Monempour of Charles Dunn Co. represented both the buyer and seller, which was the original developer of the property.

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1125-Joshua-Way-Carlsbad-California
AcquisitionsCaliforniaIndustrialTop StoriesWestern

RAF Pacifica Group Sells 1 MSF Industrial Portfolio in Metro San Diego for $170M

by Taylor Williams

CARLSBAD, VISTA, SAN MARCOS AND TEMECULA, CALIF. — RAF Pacifica Group has completed the disposition of a 12-asset industrial portfolio in San Diego County. An undisclosed buyer acquired the properties for $170 million. Totaling more than 1 million square feet, the portfolio consists of institutional-quality assets in the southern California cities of Carlsbad (3261, 3266 and 3193 Lionshead Ave. and 2281 Las Palmas); Vista (1125 Joshua Way, 1385 Park Center Drive, 2641 and 2651 La Mirada Drive); San Marcos (120 Mata Way, 195 Bosstick Blvd., and 2946, 2950 and 2954 Norman Strasse Road); and Temecula (26201 Ynez Road and 42259 Rio Nedo Road). The Class A properties feature highly efficient warehouse designs and loading capabilities, low office build-out percentages, expansive clear heights and strategic layouts for parking, loading and truck traffic flow. Aric Starck of Cushman & Wakefield’s San Diego office represented the seller, while the buyer was self-represented in the transaction. “The RAF portfolio incorporates a remarkable mix of existing core assets, fully renovated warehouse/distribution centers, as well as newly developed, state-of-the-art projects,” said Starck. “Each asset is strategically positioned in sought-after locations characterized by superior access to freeways, amenities, airports and residential communities.” According to Starck, the deal …

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Lantana-Hills-Apts-San-Diego-CA
Affordable HousingCaliforniaLoansMultifamilyWestern

Berkeley Point Capital Provides $52.4M Refinancing for Affordable Housing in San Diego

by Amy Works

SAN DIEGO — Berkeley Point Capital has provided a $52.4 million multifamily affordable housing refinancing for Lantana Hills Apartment Homes in San Diego. The borrow is an affiliate of the Convermat Corp. Lantana Hills Apartments Homes was built in two phases with 300 units constructed in 1955 and the remaining 80 units constructed in 1986. The complex comprises one- and two-bedroom apartments, 23 acres of landscaping and parks, two swimming pools, a newly remodeled fitness center, and garage and surface parking. The new loan, provided via Fannie Mae’s Affordable Housing Group, features a 12-year term with eight years of interest-only payments. The financing was used to retire tax-exempt, variable-rate bonds totaling $37.5 million that were issued by the City of San Diego in 2004. The complex underwent a $5.9 million in renovations between 2014 and 2017 that included new wood flooring, quartz kitchen countertops, new kitchen appliances and accessories, while also becoming a pet-friendly community. The borrower plans on spending an additional $1.4 million in capital expenditures in 2018. Mitch Clarfield of Berkeley Point’s Santa Monica, Calif., office facilitated the loan for the borrower.

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Santa-Maria-Town-Center-Santa-Maria-CA
AcquisitionsCaliforniaRetailWestern

Goldman Sachs Sells 331,804 SF Regional Mall in Santa Maria, California

by Amy Works

SANTA MARIA, CALIF. — Goldman Sachs has completed the sale of Santa Maria Town Center, a regional mall located at 100 Town Center East in Santa Maria. A global insurance company acquired the property for an undisclosed price. Built in 1976 and situated on 6.11 acres, the mall features 331,804 square feet of retail space. Tenants include Edwards Theatres RPX Digital Cinema. The Sears and Macy’s at the site were not part of the sale. Philip Voorhees, Jimmy Slusher, George Good, James Tyrrell of CBRE’s National Retail Partners-West represented the seller in the deal.

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Revel Lacey, Lacey, Wash.
DevelopmentMultifamilySeniors HousingWashingtonWestern

Wolff Co. Completes 135-Unit Seniors Housing Property in Lacey, Washington

by Amy Works

LACEY, WASH. — Scottsdale, Ariz.-based The Wolff Co. has completed Revel Lacey, a seniors housing community located at 211 Hoh St. SE in Lacey. The community will celebrate its grand opening on Saturday, Oct. 13. The three-story community features 135 studio, one- and two-bedroom independent living residences, as well as two guest suites. On-site amenities include a full-service salon and spa, fitness center, movie theater and chef-driven dining experiences in a modern-American restaurant and pub created by Chef Beau MacMillan. The Wolff Co. is currently developing senior living communities throughout the United States, with plans to expand its portfolio by investing $300 million to $400 million annually in the development of additional communities.

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AcquisitionsArizonaRetailWestern

LevRose Commercial Arranges $5.1M Sale of 13,760 SF Shopping Center in Phoenix

by Amy Works

PHOENIX — Scottsdale, Ariz.-based LevRose Commercial Real Estate has negotiated the sale of Sonoran Desert Village, a retail center located at 2805-2815 W. Carefree Highway in Phoenix. An undisclosed seller sold the property for $5.1 million, or $370 per square foot. The property features 13,760 square feet of retail space and ample parking. Mark Cassell and Trenton McCullough of LevRose Commercial represented the seller in the transaction.

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AcquisitionsColoradoRetailWestern

NAI Shames Makovsky Brokers Two Retail Property Sales in Metro Denver Totaling $4.5M

by Amy Works

DENVER AND WHEAT RIDGE, COLO. — NAI Shames Makovsky has arranged the sales of two retail properties located in metro Denver totaling $4.5 million. In the first transaction, Second and Broadway LLC sold a 4,821-square-foot property located at 141 Broadway in Denver. KRF Post LLC acquired the property for $3 million. Sandy Feld and Jake Malman of NAI Shames Makovksy represented both parties in the deal. In the second transaction, All Sacred Holdings LLC purchased a 7,205-square-foot property at 7700 W. 44th Ave. in Wheat Ridge. Patrick Nichols Associates LLC sold the property for $1.5 million. Todd Silverman and Paul Cattin of NAI Shames Makovsky represented the seller in the deal.

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Antelope-Woods-Sacramento-CA
AcquisitionsCaliforniaMultifamilyWestern

Ridge Capital Investors, Contrarian Capital Acquire Two Multifamily Properties Near Sacramento for $39.5M

by Amy Works

SACRAMENTO, CALIF. — Ridge Capital Investors and Contrarian Capital Management have acquired two apartment communities in metro Sacramento. JCM Partners sold the properties in two separate transactions totaling $39.5 million. The properties are La Rivera Commons, built in 1975 and located at 8719 Woodwan Way, and Antelope Woods, built in 1986 and located at 6413 Tupelo Drive. Both properties are Class B apartment communities and feature a total of 268 units. The ownership group plans to execute a renovation program across the two-property portfolio that will include substantial improvements to unit interiors and exteriors, as well as upgrades to property amenities, branding and signage. Upon completion, the properties will compete with comparable Class B+ and A- properties, according to the new owners. Marc Ross of CBRE represented the seller on the La Rivera Commons transaction. Steve Nelson, Dusty Haeling, Phil Saglimbeni, Sal Saglimbeni and Ken Blomsterberg of Marcus & Millichap/IPA represented the seller in the Antelope Woods deal.

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Nine-Apts-Tempe-AZ
AcquisitionsArizonaMultifamilyWestern

NorthMarq Multifamily Brokers $38.5M Sale of Apartment Complex in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — NorthMarq Multifamily has arranged the sale of Nines Apartments, located at Baseline and Rural roads in Tempe. Los Angeles-based Tides Equities LLC acquired the property from 3rd Ave Investments for $38.5 million. Built in 1974, Nines Apartments features 244 units in a mix of studio, one-, two- and three-bedroom layouts. The buyer plans to implement interior and exterior improvements to the property. Bill Hahn, Trevor Koskovich and Jesse Hudson of NorthMarq Multifamily represented the buyer and seller in the transaction.

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Rancho-Vista-Corporate-Center-San-Diego-CA
CaliforniaDevelopmentOfficeWestern

Ware Malcomb Completes Redevelopment of 838,300 SF Office Campus in San Diego

by Amy Works

SAN DIEGO — Ware Malcomb has completed the redevelopment construction of Rancho Vista Corporate Center, located at 16399 W. Bernardo Drive in San Diego. Swift Real Estate Partners is the developer, Level 10 Construction served as general contractor and Ware Malcomb provided architecture, interior design and branding services for the project. The newly renovated corporate campus features Class A office and R&D buildings totaling 838,300 square feet on 67.5 acres. The project included the renovation of the exteriors, with upgraded landscape and hardscape throughout, as well as upgrading the on-site amenities for tenants. Additionally, the project now features a remodeled conference center, courtyard and 15,600-square-foot café with an operable glass wall system, as well as a new indoor workout facility, activity center with basketball and volleyball courts, outdoor collaboration areas and an outdoor dining area with a stretched fabric canopy. Ware Malcomb’s Branding Studio also provided signage design services for the redevelopment. The main goal for the project was to create site and brand identity with a design focused on energy efficiency, with xeriscaping to minimize water use and abundant shared areas to allow users to utilize site amenities.

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