Western

TruAmerica, ASB Real Estate Purchase Multifamily Community in Orange County for $85.8M

by Amy Works September 20, 2018

FOUNTAIN VALLEY, CALIF. — TruAmerica Multifamily, in partnership with ASB Real Estate Investments on behalf of its Allegiance Real Estate Fund, has acquired Corte Bella, a multifamily property located 9580 El Rey Ave. in Fountain Valley. An undisclosed seller sold the property for $85.8 million. Built in 1969 and situated on 12 acres, the property features 251 units in a mix of one- and two-bedroom layouts spread across multiple two-story buildings. Community amenities include seven swimming pools, a fitness center, dog park, courtyards and barbecue picnic areas. At the time of closing, Corte Bella was 97 percent occupied. Mike Murphy, Tom Moran Jr. and Mary Ann King of Moran & Co. represented the seller in the transaction.

September 20, 2018

Arizona Development Multifamily Oregon Student Housing Western

Gilbane Announces Two New Student Housing Developments in Arizona, Oregon

by Amy Works September 20, 2018

TEMPE, ARIZ., AND CORVALLIS, ORE. — Providence, R.I.-based Gilbane Development Co. has announced the launch of two new developments in Arizona and Oregon as part of five recently announced projects across the United States. The five properties total over 3,500 beds, with project costs valued at more than $400 million. In Tempe, Ariz., Gilbane is developing Alor, a three-building, purpose-built student housing and market-rate/workforce housing property. Situated 1,000 feet from Arizona State University’s Tempe campus, the property will feature 946 student beds and 64 units of market-rate/workforce apartments, as well as 12,000 square feet of retail space and a structured parking garage. On-site amenities will include a rooftop swimming pool; courtyard swimming pool; 25,000-square-foot rooftop amenity deck and sky lounge; 6,000-square-foot open-air fitness center with cardio, full weights and a fitness/yoga center; outdoor courtyards with fire pits and cabanas; spa; central clubhouse; 24-hour study lounges; game rooms; and a computer lab. Adjacent to the southeast corner of Oregon State University’s campus in Corvallis, Ore., Gilbane’s Sierra will feature 228 student housing units, a heated pool, clubhouse, fitness center, game room, group study rooms, structured parking, garage and three courtyards. Additionally, the property is located a few blocks from downtown Corvallis. …

September 20, 2018

Acquisitions California Industrial Western

Duke Realty Acquires 25.5-Acre Industrial Development Site in Irwindale, California

by Amy Works September 20, 2018

IRWINDALE, CALIF. — Duke Realty has purchased a 25.5-acre land parcel located at 13131 Los Angeles St. in Irwindale for an undisclosed amount. The site is zoned and entitled for heavy industrial users and can accommodate a variety of layouts, including a nearly 500,000-square-foot warehouse. Additionally, the property features Interstate 605 frontage. Darla Longo and Barbara Perrier of CBRE and Andy White of Colliers International represented the undisclosed private seller in the deal.

September 20, 2018

Acquisitions California Retail Western

Newman International Buys 159,324 SF Shopping Center in Southern California for $20M

by Amy Works September 20, 2018

SAN BERNARDINO, CALIF. — Newman International has acquired Seley Plaza, a neighborhood shopping center located at 2002-2383 E. Highland Ave. in San Bernardino. A joint venture between Robhana Group and SAFCO Capital Corp. sold the property for $20 million, or $125 per square foot. At the time of sale, the 159,324-square-foot property was 91 percent occupied by 21 tenants. Current tenants include 99 Cents Only, Rite Aid Pharmacy, Big 5 Sporting Goods, Dollar Tree, Chase Bank, Rent-A-Center, Western Dental, Del Taco and Goodyear Tire. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller, while Max Wang and John Griffin, also of Cushman & Wakefield, represented the buyer in the deal.

September 20, 2018

California Loans Retail Western

Quantum Capital Arranges $16M Loan for New Retail Center in Downtown Los Angeles

by Amy Works September 20, 2018

LOS ANGELES — Quantum Capital Partners has secured $16 million in long-term first mortgage financing for the recapitalization of a retail center in downtown Los Angeles’ Arts District. Third Art Holdings, a local investment group, is the sponsor. Located at 833 E. Third St., the 27,000-square-foot retail center is the $5 million adaptive reuse of a 1930s-era bowstring truss warehouse building. Completed in 2017, the property is currently 100 percent leased to a variety of tenants, including Over the Influence, H. Lorenzo, Shinola, Salt and Straw, Salt Bae and Inko Nito. Proceeds from the 10-year CMBS loan originated by Deutsche Bank were used to take out the construction loan and return equity to the sponsor. Jonathan Hakakha and Mike Yim of Quantum Capital Partners arranged the financing for the borrower.

September 20, 2018