Western

Boardman Enterprises Sells 124,822 SF Chandler Heights Marketplace in Arizona for $30.8M

by Amy Works June 21, 2019

CHANDLER, ARIZ. — Boardman Enterprises has completed the disposition of Chandler Heights Marketplace, a grocery-anchored neighborhood shopping center in Chandler. Sita Enterprises acquired the 124,822-square-foot asset for $30.8 million. Situated on 18 acres at 4940 S. Gilbert Road, the property was more than 69 percent occupied at the time of sale. Current tenants include Bashas’, Ace Hardware, Leslie’s Pool Supplies, Starbucks Coffee, Orangetheory Fitness, Pizza Hut, H&R Block and Edward Jones. Shane Jimenez of Lee & Associates of Idaho, along with Jan Fincham and Andrew Lundahl of Lee & Associates Arizona, represented the seller, while Nathan Cardon of Cardon Commercial represented the buyer in the deal.

June 21, 2019

California Development Loans Mixed-Use Multifamily Retail Western

Parkview Financial Provides $16.5M Construction Loan for Mixed-Use Project in Los Angeles

by Amy Works June 21, 2019

LOS ANGELES — Parkview Financial has funded a $16.5 million construction loan to Los Angeles-based 5050 Pico LLC for the development of Kentish Town, a mixed-use project in Los Angeles. Located at 5050 W. Pico Blvd., the 60,110-square-foot property will feature 79 residential units and 2,121 square feet of ground-floor retail space. Additionally, the asset will include one grade-level parking area and one subterranean parking level, totaling 67 spaces. Community amenities will include two rooftop decks, a bike room with storage and a residential lounge. Apartments are available in a mix of studio and one-bedroom floorplans, averaging 601 square feet. Units will feature engineered hardwood/vinyl flooring, a full kitchen with stainless steel appliances and an in-unit washer/dryer, as well as balconies on the majority of the apartments. Eight of the units will offer below-market-rate rents.

June 21, 2019

California Development Hospitality Loans Western

CBRE Arranges $15.5M in Development Financing for 124-Room Home2Suites in Southern California

by Amy Works June 21, 2019

GARDEN GROVE, CALIF. — CBRE has arranged $15.5 million in financing for Garden Grove Hotel LLC, a private buyer, for the development of a Home2Suites hotel in Garden Grove. Bruce Francis, Dana Summers, Doug Birrell, Bob Ybarra, Shaun Moothart and David Stinebaugh of CBRE facilitated the loan. The financing features an 18-month floating-rate period during construction that will convert into a fixed-rate loan for 36 months with two one-year extension options. The lending amount represents 73.5 percent of total project costs. Located at 13650 Harbor Blvd., the 124-unit hotel is currently under construction, with completion slated for late 2020.

June 21, 2019

Acquisitions California Industrial Western

MCA Realty Sells 69,914 SF Industrial Property in Ventura County for $10.2M

by Amy Works June 21, 2019

MOORPARK, CALIF. — Orange County, Calif.-based MCA Realty has completed the sale of an industrial building, located at 14401 Princeton Ave. in Moorpark. Big Brand Tires acquired the asset for $10.2 million. The buyer plans to fully occupy the 69,914-square-foot property. MCA purchased the property in November 2017, as part of a 137,465-square-foot, two-building industrial acquisition for $7.5 million. Renovations included the removal of approximately 20,000 square feet of mezzanine space to create more functional space. Additionally, the seller added an expansion truck court and large loading dock with a canopy. Bennett Robinson of CBRE, along with Robert Griffin and Rick Sheckter of Newmark Knight Frank, represented the seller, while John Ochoa of Lee & Associates represented the buyer in the transaction.

June 21, 2019

Acquisitions Industrial Self-Storage Washington Western

Marcus & Millichap Brokers $6.5M Sale of Self-Storage Facility in Metro Seattle

by Amy Works June 21, 2019

SEATAC, WASH. — Marcus & Millichap has arranged the sale of International Boulevard Self Storage, a self-storage facility located in SeaTac. A local investment group acquired the asset for $6.5 million. Located at 19825 International Blvd., the 45,273-square-foot property features 453 self-storage units. The facility was built in 1974. Christopher Secreto of Marcus & Millichap’s Seattle office represented the out-of-state seller and secured the buyer in the deal.

June 21, 2019

Development Hospitality Mixed-Use Office Oregon Retail Top Stories Western

BPM Plans $600M, 35-Story Mixed-Use Tower in Downtown Portland

by Jeff Shaw June 21, 2019

PORTLAND, ORE. — BPM Real Estate Group has unveiled plans for a 35-story tower in downtown Portland that will feature a mix of condominiums, office space, retail and the Pacific Northwest’s first Ritz-Carlton hotel. Project costs are estimated at $600 million. The tower will be built on the current site of the Alder Street Food Cart Pod, a collection of street food vendors that recently announced it would close at the end of this month. Construction of the project is slated to begin before the end of the year for completion in early 2023. Marriott International Inc. recently signed a contract to bring the Ritz-Carlton Residences brand to the tower with 251 hotel rooms and 138 condominiums. Marriott will also operate that portion of the development, which will be the city’s first five-star hotel, according to Marriott. Plans also call for retail space and a ground-level food hall, while details on the office portion have not yet been released. The new tower will be one of the five tallest buildings in Portland upon completion, offering views of the city, Cascade Mountains and Willamette River. The site is a few blocks from Pioneer Courthouse Square, the most-visited tourist destination in Oregon, …

June 21, 2019

Development Hawaii Loans Multifamily Walker & Dunlop Western

Walker & Dunlop Arranges $40.6M in Financing for Keahumoa Place Apartments in Hawaii

by Amy Works June 20, 2019

EWA BEACH, HAWAII — Walker & Dunlop has structured $40.6 million in financing across four loans for Keahumoa Place Apartments, a multifamily housing community under development in Ewa Beach on Oahu. The Michaels Organization, the borrower, is developing the master-planned community. Located 20 miles west of Honolulu, the garden-style project will be built on previously vacant, state-owned land and provide much-needed affordable housing options. Once completed in 2021, Keahumoa Place Apartments will consist of 320 one-, two- and three-bedroom units in 37 two-story buildings across 20 acres of land. Community amenities will include a garden space, picnic area, pet park and community center with multi-purpose room and computer lab. The property will also feature solar panels with efficient energy storing and sharing technology to reduce the project’s carbon footprint, as well as lower utility costs for residents. Kyle Peterson and Michael Liefer of Walker & Dunlop structured the financing through Freddie Mac’s Tax-Exempt Loan and Unfunded Forward Commitment programs, allowing the borrower to lock in interest rates through the entire term of each 16-year loan. The Walker & Dunlop team worked closely with the borrower, the Hawaii Housing Finance & Development Corp. and Hawaii’s Attorney General to complete the multi-phased …

June 20, 2019

Acquisitions Arizona Retail Western

Vestar Acquires University Plaza Shopping Center in Arizona for $27.5M

by Amy Works June 20, 2019

FLAGSTAFF, ARIZ. — Vestar has purchased University Plaza, a shopping center located 1312 S. Plaza Way in Flagstaff. An undisclosed seller sold the property for $27.5 million. Situated near downtown Flagstaff, University Plaza features 165,615 square feet of retail space. At the time of sale, the property was 98 percent leased and anchored by Safeway, Ross Dress for Less, Bed Bath & Beyond and PetSmart. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller in transaction.

June 20, 2019

Acquisitions Arizona Industrial Western

Kasten Long Commercial Negotiates $17.5M Sale of Cold-Storage Warehouse Near Phoenix

by Amy Works June 20, 2019

GLENDALE, ARIZ. — Kasten Long Commercial Group has arranged the sale of a warehouse asset, located at the northwest corner of 51st Avenue and Camelback Road in Glendale. CBRE Global Investors acquired the property for $17.5 million from an undisclosed seller. Built in 1987, the property features 105,906 square feet of cold-storage space. Sprouts Farmers Market is a tenant at the property. Walter Unger of Kasten Long Commercial brokered the deal.

June 20, 2019

California Development Mixed-Use Multifamily Restaurant Retail Western

Sudberry Properties Breaks Ground on The Hub at Scripps Ranch Mixed-Use Project in San Diego

by Amy Works June 20, 2019

SAN DIEGO — Sudberry Properties has started construction of The Hub at Scripps Ranch, a mixed-use redevelopment project located at 9850 Carroll Canyon Road in San Diego’s Scripps Ranch submarket. Situated on 9.5 acres, The Hub will features 260 apartments and 10,700 square feet of retail and restaurant space. The property is slated to open in phases, with the first apartments and commercial spaces available for occupancy in the fourth quarter of 2020. The Hub will consist of five four-story, garden-style residential buildings, a leasing center, 2,053-square-foot gym, lounge and a terrace overlooking a landscaped pool area, as well as high-visibility locations for restaurants and retailers. The property will feature apartment units in a mix of one-, two- and three-bedroom layouts, ranging from 614 square feet to 1,391 square feet. Interior amenities will include stainless steel appliances, quartz countertops, wood-style flooring and in-unit washers/dryers. The development team includes MVE Architecture, Reylenn Construction Co., Pasco Laret Suiter & Associates, GroundLevel Landscape Architecture and Design Tec. Matt Mosser of Retail Insite is handling leasing for the property. Aldon Cole and Olga Walsh of HFF arranged a construction loan through a commercial bank, as well as mezzanine financing from a correspondent life company …

June 20, 2019

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