CONCORD, CALIF. — NXT Capital has funded a $29 million first-mortgage loan for the acquisition of Summit at Lime Apartments, a Class B apartment community in Concord. The name of the borrower was not released. The community features 120 apartment units, a swimming pool, fitness center, two outdoor barbecue areas and a dog park. Annie Rice of CBRE’s Los Angeles office placed the loan with NXT Capital.
DENVER — Equity Residential has acquired SkyHouse Uptown, a high-rise multifamily community located in Denver. Simpson Housing and Novare Group sold the property for an undisclosed price. David Martin, Pamela Koster and Mike Grippi of JLL represented the sellers in the deal. Completed in 2017, the property features 354 residential units, 6,650 square feet of street-level retail space and parking for 485 vehicles. On-site amenities include a rooftop pool, open-air lounge, fireplaces, outdoor grilling stations, fitness and business centers, a clubhouse/game room, storage units, bike, ski and snowboard storage and a 24/7 concierge.
SAN BERNARDINO, CALIF. — Voit Real Estate Services has arranged the sale of a newly developed industrial warehouse building located at 2705 Lexington Ave. in San Bernardino. A partnership between Hartford, Conn.-based Penwood Select Industrial Partners III and Newport Beach, Calif.-based Shaw Development Partners sold the property to a global consumer products company for $18.2 million. The 154,451-square-foot facility features 2,200 square feet of office space, an ESFR sprinkler system, a secured concrete truck court and electrical service of 1,200 amps. The buyer plans to use the property for its own operational and distribution needs. Frank Geraci, Juan Gutierrez and Adam Geiger of Voit’s Inland Empire office represented the seller in the transaction.
KIRKLAND, WASH. — Colliers International has arranged the sale of The Residences at 518, an apartment complex located at 518 Second St. in Kirkland. Greenwood Pub LLC sold the property to Goodwin DC LLC for $3.4 million, or $339,000 per unit. Colliers’ Tim McKay, Dan Chhan and Sam Wayne handled the transaction. Built in 1901, the 10-unit property was fully renovated in 2016 resulting in additional units and exterior upgrades.
SINGAPORE — CapitaLand has acquired a multifamily portfolio located throughout the metropolitan areas of Seattle, Portland, Los Angeles and Denver for $835 million. The Singapore-based real estate company acquired the assets through its wholly owned international business unit, CapitaLand International. The 16-property, Class B portfolio includes 3,787 units, representing a price per unit of approximately $220,000. The acquisition will more than double CapitaLand’s investment in the U.S. to over $1.5 billion, as well as increase its presence in the market to more than 6,500 units. “The stable, reliable cash flows of these Class B multifamily properties make this suburban portfolio more attractive than the higher-priced urban core segment,” says Gerald Yong, CEO of CapitaLand International. “Situated in well-established, well-connected rental communities, this portfolio of low-rise and garden-style properties continue to be a strong draw for middle-income and skilled professionals working in surrounding employment hubs.” The portfolio includes five properties located in Seattle, three in Portland, three in the greater Los Angeles area and five in Denver. All of the properties in the portfolio were more than 90 percent occupied at the time of sale, with an average length of stay of two years. Community amenities across the portfolio include swimming …
RIVERSIDE, CALIF. — Invesco Real Estate has purchased Meridian Distribution Center II, located at 22000 Opportunity Way in Riverside. Sun Life Assurance Co. of Canada, through its advisor Bentall Kennedy, sold the property for an undisclosed price. Newcastle Partners completed construction of the 503,592-square-foot property earlier this year. Situated on 26.9 acres, the facility features 36-foot interior clearance, 88 dock-high doors, 150 trailer parking stalls and 217 car parking spaces. The property is part of the master-planned Meridian Business Park, an industrial campus comprising more than 1,290 acres west of the Interstate 215 Freeway. At build out, the campus will feature 16 million square feet of space. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield’s Ontario, Calif., office worked with Jeff Chiate, Jeffrey Cole, Mike Adey and Ed Hernandez of Cushman & Wakefield’s Capital Markets team in Irvine, Calif., to represent the buyer and seller in the transaction.
SAN FRANCISCO — HFF has arranged $113.5 million in financing for a 12-building multifamily portfolio in San Francisco. The borrower is Mosser Capital. Peter Smyslowski and Bercut Smith of HFF secured the six-year (including extension options), floating-rate loan through an affiliate of Walton Street Capital. The financing includes interest-only payments through the first five years of the term. The planned use of the funding was not disclosed. The portfolio features a total of 455 residential units and 13 ground-floor retail suites. The properties are located at 775 (36 units) and 1029 (58 units) Geary St.; 17 Decatur St. (eight units); 840 (50 units) and 2360 (21 units) Van Ness Ave.; 245 Leavenworth St. (48 units); 305 Hyde St. (38 units); 347 Eddy St. (40 units); 371 Turk St. (25 units); 575 O’Farrell St. (47 units); 618 Bush St. (38 units); and 891 Post St. (46 units).
NEWPORT BEACH, CALIF. — Granite Properties has purchased 100 Bayview — a six-story, Class A office property located in Newport Beach — for undisclosed price. The 346,334-square-foot building features an on-site fitness center and close proximity to a 250-room Marriott hotel, restaurants, retail and walking trails. The building has undergone a number of renovations. Granite Properties plans to further invest in the property by improving the lobby and outdoor common spaces, including balconies and private patios. Granite Properties owns and manages six Class A office buildings in Southern California totaling more than 1.7 million square feet. Eastdil Secured represented the undisclosed seller in the deal.
LAS VEGAS — Colliers International – Las Vegas has brokered three sales of properties in Las Vegas for a total consideration of $19 million. In the first deal, Dan Gluhaich of Colliers represented Green Circle Foundation in the purchase of a retail property located at 3815-3835 Blue Diamond Road. An undisclosed seller sold the 24,447-square-foot property for $9.1 million. In the second transaction, 325 SW LLC purchased a 70,000-square-foot office property located at 325 E. Warm Springs Road within Park Place. GCCFC 2005-GGC Warm Springs Office sold the property for $8.7 million. Taber Thill and Patti Dillon of Colliers represented the seller. In the final deal, Thill and Dillon represented Nemo Inc. in the disposition of an office property located at 229 S. Las Vegas Blvd. Green Unicorn LLC acquired the 8,250-square-foot property for $1.2 million.
ORO VALLEY, ARIZ. — Commercial Retail Advisors has arranged the acquisition of Safeway Vistoso Plaza, a retail property located in Oro Valley, a suburb approximately six miles north of Tucson. Brentwood Developments acquired the property from SB Vistoso Shopping Center LLC for $10 million. The acquisition includes 34,770 square feet of 100 percent occupied inline retail space at 12112, 12142 and 12115 N. Rancho Vistoso Blvd. The property also features a 55,000-square-foot Safeway, which was not included in the sale. Craig Finfrock of Commercial Retail Advisors represented the buyer, while Robert Nolan of Oxford Realty Advisors represented the seller in the transaction.