Western

MG Properties Group Buys 379-Unit Elevate at Discovery Park Apartments in Tempe, Arizona

by Amy Works June 11, 2019

TEMPE, ARIZ. — San Diego-based MG Properties Group has acquired Elevate at Discovery Park Apartments, formerly known as Villa Blanco, in Tempe for an undisclosed price. The low-density, garden-style apartment community features 379 units in a mix of one-, two and three-bedroom layouts. The community includes resort-style amenities and immediate access to the Loop 101 Freeway. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the undisclosed seller, while Brian Eisendrath and Cameron Chalfant, also of CBRE, arranged financing for the buyer in the deal.

June 11, 2019

Acquisitions California Industrial Western

SteelCo USA Acquires 68,175 SF Manufacturing Facility in Inland Empire for $10.7M

by Amy Works June 11, 2019

CHINO, CALIF. — SteelCo USA has purchased a manufacturing facility located at 13900 Sycamore Way in Chino. A private individual sold the property for $10.7 million. Built in 1986, the 68,175-square-foot facility features 10,116 square feet of office space, 26-foot minimum clear height and eight ground-level drive-in doors with 1.8 acres of excess land. The property will serve as SteelCo USA’s sixth facility in the Inland Empire. West Coast Steel divisions include SteelCo USA, Great Pacific Elbow, Mission Metals and Deluxe Building Products. Tim Pimentel, Chuck Belden and Kyle Kehner of Cushman & Wakefield’s Ontario, Calif., office represented SteelCo USA, while David Nguyen of Lee & Associates and Brad Yates of Colliers International represented the seller in the transaction.

June 11, 2019

Acquisitions California Restaurant Retail Western

SRS Arranges $3.4M Ground Lease Sale of Joe’s Crab Shack-Occupied Property Near Disneyland

by Amy Works June 11, 2019

GARDEN GROVE, CALIF. — SRS Real Estate Partners has arranged the sale of the ground lease for a single-tenant restaurant property, located at 12011 Harbor Blvd. in Garden Grove. A Southern California-based private investor sold the property for $3.4 million. Joe’s Crab Shack occupies the asset, which is situated along restaurant row approximately 1.2 miles from Disneyland. Patrick Luther and Matthew Mousavi of SRS’ National Net Lease Group represented the buyer, a Southern California-based private investor, in the all-cash transaction.

June 11, 2019

Acquisitions California Multifamily Retail Top Stories Western

Douglas Emmett Acquires Apartment, Retail Complex in Los Angeles for $365M

by Jeff Shaw June 11, 2019

LOS ANGELES — Douglas Emmett Inc. (NYSE: DEI) has acquired The Glendon, a multifamily and retail complex in the Westwood Village neighborhood of Los Angeles, for $365 million. Built in 2008, The Glendon features 350 apartment units and 50,000 square feet of ground-floor retail space on a 4.3-acre plot. The multifamily and retail components combined were 97 percent occupied at the time of sale. The Glendon common areas were recently upgraded and the property is midway through a total unit renovation, which DEI plans to complete. Westwood Village is located approximately 12 miles west of downtown Los Angeles. The neighborhood is home to UCLA’s main campus, and abuts popular locations such as Los Angeles National Cemetery and Bel-Air Country Club. The Glendon is also located within walking distance of more than 2.1 million square feet of DEI-owned office space. DEI is a Santa Monica-based real estate investment trust. Although the seller was not officially disclosed, Clarion Partners purchased the property in 2014, according to Los Angeles Business Journal. With the acquisition of The Glendon, DEI has grown its total multifamily portfolio by over 20 percent in the last two years to more than 4,000 units in West Los Angeles and …

June 11, 2019

Acquisitions Mixed-Use Multifamily Retail Washington Western

Security Properties, Rockwood Capital Buy Legacy at Pratt Park Mixed-Use Property in Seattle

by Amy Works June 10, 2019

SEATTLE — Security Properties and Rockwood Capital have acquired Legacy at Pratt Park, a mixed-used property located 1800 S. Jackson St. in Seattle’s Central District, for an undisclosed price. Built in 2009, Legacy at Pratt Park features 249 apartments, as well as four retail spaces totaling 6,720 square feet. The property offers 360-degree views of the Seattle skyline, Elliott Bay, Mt. Rainier and the Olympic Mountains. Amenities include three rooftop decks, a fitness center, resident lounge, business center, pet wash room, package room, theater room, bike room and controlled building entry. The buyers plan to renovate all units to an interior spec consistent with that of new construction in the area, along with common area improvements. Security Properties Residential, an affiliate of Security Properties, will manage the asset.

June 10, 2019

California Development Multifamily Western

Realm Group Acquires High-Rise Multifamily Development Site in Downtown Los Angeles

by Amy Works June 10, 2019

LOS ANGELES — Realm Group, a joint venture between Newport Beach, Calif.-based Realm Real Estate and Irvine, Calif.-based The Bascom Group, has purchased a 1.5-acre site, located at 675 S. Bixel St. in downtown Los Angeles. Realm Group entitled the site for the development of a 36-story, 422-unit mixed-use high-rise multifamily building. The concrete, steel and glass tower will have a loft-style design and feature a rooftop sky lounge providing views of the city’s skyline. A 40,000-square-foot amenity deck on the fifth floor will feature a pool terrace and dog park. Construction is slated to commence in 2020. Charles Halladay, Jamie Kline, Nicholas Lench and Samuel Godfrey of HFF facilitated the land financing. Starwood Property Trust provided the debt financing for the land purchased.

June 10, 2019

California Loans Multifamily Western

CIT Provides $48.2M in Financing for Southern California Apartment Complex

by Amy Works June 10, 2019

COLTON, CALIF. — CIT Group’s Real Estate Finance division has provided $48.2 million in senior secured financing for the acquisition and redevelopment of The District at Grand Terrace, a multifamily property located in Colton. The borrower, an investment fund managed by Tower 16 Capital Partners, previously announced its purchase of the property. Situated on 15 acres, the property features 352 garden-style apartment units. The financing includes funding for interior and exterior renovations of the property.

June 10, 2019

Loans Multifamily Oregon Seniors Housing Western

Carnegie Capital Arranges $15M Construction Loan for Seniors Housing Community in Oregon

by Amy Works June 10, 2019

OREGON — Carnegie Capital has arranged $15 million in construction financing for a seniors housing community in Southern Oregon. The property offers assisted living and memory care. The developer previously worked with Carnegie Capital for another community in Redmond. Further details on the asset were not disclosed. JD Stettin of Carnegie Capital sourced and structured the three-year loan with a 5.5 percent interest rate. The financing represents a 75 percent loan-to-value ratio.

June 10, 2019

California Loans Multifamily Seniors Housing Western

Grandbridge Facilitates Refinance of Northern California Manufactured Housing Community

by Amy Works June 10, 2019

SONOMA, CALIF. — Grandbridge Real Estate Capital has arranged a cash-out refinancing for a manufactured home community in Sonoma. Situated on 39 acres, the age-restricted manufactured housing community features 292 sites. Hunter Curtis and Taylor Curtis of Grandbridge’s Newport Beach, Calif., office originated the transaction for the undisclosed borrower. The non-recourse loan was structured with a fully amortizing term and funded through one of Grandbridge’s insurance company correspondents.

June 10, 2019

Acquisitions Multifamily Utah Western

SALT Development Sells 493-Unit Multifamily Community in Downtown Salt Lake City

by Amy Works June 7, 2019

SALT LAKE CITY — SALT Development has completed the sale of 4th West, a multifamily property located at 255 N. 400 W in downtown Salt Lake City. Although the acquisition price and buyer were not released, the company claims that the transaction represents the largest total dollar single-asset sale in Utah’s history. Constructed in 2017, 4th West features 493 units, a one-acre rooftop community space with zero-edge pool and private cabanas; exclusive Sky Lounge with fire pits and grilling stations; and a clubhouse with a full-service kitchen and 5,100-square-foot health club, including a spin and yoga studio. Additionally, the community features a gated dog park, pet grooming station, bike wash with storage, business center with conference rooms, and a sports lounge with a TruGolf simulator, pool tables and 16-screen multiplex LED TV. The property is located adjacent to TRAX, offering direct access to Salt Lake City’s light rail system. Eli Mills and Patrick Bodnar of CBRE represented the seller in the deal.

June 7, 2019

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