Western

Xenon Investments Buys 81-Unit Apartment Property in Hollywood for $28M

by Amy Works August 15, 2018

LOS ANGELES — Xenon Investments, a local multifamily operator, has purchased Las Palmas Villa Apartments, located at 2039 N. Las Palmas Ave. and 2026 N. Highland Ave. in Hollywood. Berk Investments sold the property for $28 million. The 67,700-square-foot asset features a mix of studio/junior one-bedroom, one-bedroom and two-bedroom units, controlled access, a swimming pool with sundeck, courtyard with fountain, parking, laundry facilities on each floor and elevator access to all levels. Unit amenities include spacious floorplans and air conditioning, with many units featuring a balcony or patio. The buyer plans to upgrade all common areas, including the building façade, and completely renovate all unit interiors with state-of-the-art amenities and conveniences. Dean Zander, Stewart Weston and John Montakab of CBRE represented the seller in the deal.

August 15, 2018

California Development Loans Multifamily Western

George Smith Partners Arranges $22.3M in Financing for Multifamily Development in Los Angeles

by Amy Works August 15, 2018

LOS ANGELES — George Smith Partners has secured $22.3 million in financing for the ground-up development of a workforce multifamily property located in Los Angeles’ Koreatown district. The borrower and property developer is a joint venture between Index Real Estate Investments and Ketter Construction. Located at 3057 W. Pico Blvd., the project will feature 51 workforce apartment units and 3,350 square feet of ground-floor retail space. Construction is underway on the development, with a slated completion in early 2020. Jonathan Lee and Shahin Yazdi of George Smith Partners arranged the transaction. The financing includes a $17.3 million senior loan priced at LIBOR plus 375.5 basis points for the 36-month term, while the $5 million tranche was priced at a 12.25 percent annual interest rate.

August 15, 2018

Acquisitions California Multifamily Seniors Housing Western

Cadence Living Acquires 158-Unit Seniors Housing Community Near San Francisco

by Amy Works August 15, 2018

MILLBRAE, CALIF. — Cadence Living has acquired Marymount Greenhills Retirement Center, a 158-unit independent living, assisted living and memory care community in the San Francisco suburb of Millbrae. Cadence plans to renovate the property over the next year and rename it Cadence Millbrae. The project will modernize the apartments, corridors and common areas. Greenhills Retirement Center is located adjacent to Greenhills Park and has views of San Francisco Bay. Cadence Living is a developer, owner and operator based in Scottsdale, Ariz. The company’s portfolio includes properties in California, Arizona and Colorado, with plans to further expand in the South and West.

August 15, 2018

Acquisitions Colorado Mixed-Use Office Retail Western

NavPoint Real Estate Negotiates $6.5M Sale of Mixed-Use Property in Boulder

by Amy Works August 15, 2018

BOULDER, COLO. — NavPoint Real Estate Group has arranged the sale of a multi-tenant retail/medical office property located at 3280-3300 28th St. in Boulder. REM Investment sold the property to Peterman Properties for $6.5 million. The property features 39,368 square feet of retail and medical office space. John Witt and Matt Call of NavPoint Real Estate Group represented the seller in the deal.

August 15, 2018

Acquisitions Office Washington Western

Lincoln Property Co. Buys 103,494 SF Office Building in Seattle for $58.7M

by Amy Works August 14, 2018

SEATTLE — Lincoln Property Co. has purchased 501 Eastlake, an office property located in Seattle’s South Lake Union submarket. LBA Realty sold the five-story property for $58.7 million, or $568 per square foot. Built in 2002, the 103,494-square-foot property features an on-site athletic facility and walkable amenities. At the time of sale, the building was 79 percent leased to a variety of tenants, including the regional headquarters of Capital One. Kevin Shannon, Nick Kucha, Michael Moll, Tim O’Keefe and James Childress of NKF Capital Markets represented the seller in the transaction.

August 14, 2018

Acquisitions California Retail Western

Hanley Investment Group Arranges $10.3M Sale of Shopping Center in Sacramento

by Amy Works August 14, 2018

SACRAMENTO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of Natomas Shopping Center in Sacramento. A Bakersfield-based private investor sold the property to another private investor for $10.7 million in an off-market transaction. CVS/pharmacy, Ace Hardware and Dollar Tree anchor the 50,168-square-foot property. Built in 2007, the asset is situated on 7.5 acres at 2000-2050 Club Center Drive. At the time of sale, the retail center was 100 percent occupied. Kevin Fryman and Bill Asher of Hanley Investment represented the seller, while the buyer was self-represented in the deal.

August 14, 2018

Acquisitions Nevada Office Western

Sun Commercial Real Estate Brokers $6.5M Sale-Leaseback of Office Property in Las Vegas

by Amy Works August 14, 2018

LAS VEGAS — Sun Commercial Real Estate has arranged the sale-leaseback of Windmill Place, an office property located at 370 E. Windmill Lane in Las Vegas. MSA Engineering Consultants sold the property to an East Coast-based buyer for $6.5 million, or $299 per square foot. The seller signed a new 10-year lease at closing for the 21,638-square-foot building. In operation since 1978, MSA Engineering is licensed in 40 states. Cathy Jones, Jessica Cegavske, Roy Fritz, Paul Miachika and Taylor Vasquez of Sun Commercial’s Investment Service Group brokered the transaction.

August 14, 2018

California Loans Office Washington Western

iBorrow Provides Two Loans Totaling $11.7M for Properties in San Francisco, Spokane

by Amy Works August 14, 2018

SAN FRANCISCO AND SPOKANE, WASH. — iBorrow, a private direct lender for commercial real estate, has provided two loans totaling $11.7 million for properties in San Francisco and Spokane. The lender funded a $5.6 million loan to refinance a four-story, 9,580-square-foot building, located at 131 Franklin St. in San Francisco. The asset is situated on a 2,395-square-foot lot in the Hayes Valley neighborhood. The name of the borrower was not disclosed. Additionally, iBorrow provided a $6.1 million to an undisclosed borrower for an office building located at 901 N. Monroe St. in Spokane. The three-story property features 76,814 square feet of office space. Brian Good, CEO of iBorrow, handled both transactions.

August 14, 2018

Acquisitions Arizona Retail Western

Store Capital Corp. Acquires Big-Box Retail Building in Arizona for $3.4M

by Amy Works August 14, 2018

CHANDLER, ARIZ. — Scottsdale-based Store Capital Corp. has purchased a big-box retail property located at 1200 N. Alma School Road in Chandler. Five Sons Furniture AZ LLC sold the building for $3.4 million. Ray Cashen of Cashen Realty Advisors represented the seller in the deal. Situated on 6.8 acres, the property features 62,286 square feet of space. VASA Fitness, the tenant, plans to invest $3 million in improvements at the property to convert it into a state-of-the-art health club facility.

August 14, 2018

Facebook-Data-Center-Los-Lunas-New-Mexico

Market Reports Multifamily New Mexico Western Western Market Reports

New Companies Bring Larger Needs for Multifamily Housing to Albuquerque

by Taylor Williams August 14, 2018

Albuquerque is a hidden gem. It isn’t a huge market when compared to places like Seattle, Austin or Denver, but that doesn’t mean there isn’t room for growth and development. The Urban Land Institute predicts Albuquerque’s development will trail other metros with stronger economies in 2018. But there are positive trends and developments for Albuquerque and the surrounding areas, which can make us competitive. A new Facebook data center was built in Los Lunas, a 30-minute drive from Albuquerque. This has created new jobs for the Los Lunas and Albuquerque areas. Anywhere from 800 to 1,000 workers go through the data center every day, and 80 percent of them are from New Mexico. The center will have a $2 billion impact on the state and metro areas, leading to more jobs and opportunities for the region. Albuquerque will also take part in the “Facebook Community Boost Program.” The program helps the community by offering free workshops, business training and networking to boost careers. More companies like Facebook can be recruited to New Mexico as long as we make the area business-friendly and retain talent so everyone can succeed. With more jobs and opportunity, there will be an immediate need for …

August 14, 2018

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