Western

Primior to Break Ground on First Harbor Plaza Mixed-Use Project in Santa Ana, California

by Amy Works June 19, 2019

SANTA ANA, CALIF. — Primior is scheduled to break ground on First Harbor Plaza, the firm’s mixed-used development in Santa Ana, on June 26. Located at the intersection of North Harbor Boulevard and West First Street, the two-building First Harbor Plaza will offer 40,129 square feet of restaurant, retail, office and medical office space. Building 1 features 14,400 square feet in two large anchor suites and five smaller spaces on the first floor and the same configuration on the second floor. Building 2 will include 3,880 square feet on the first floor, two suites on the second floor totaling 3,778 square feet and a 3,778-square-foot suite on the third floor. Chase Bank will occupy the first-floor corner space at Building 1, and Optima Salon Studios will occupy the third-floor suite at Building 2.

June 19, 2019

Acquisitions California Retail Western

HFF Arranges $27M Sale of Poway Crossings Retail Center Near San Diego

by Amy Works June 19, 2019

POWAY, CALIF. — HFF has brokered the sale of Poway Crossings, a value-add retail center located at 12622-12654 Poway Road in Poway, a suburb of San Diego. Sterling Organization acquired the property on behalf of its institutional value-add fund, Sterling Value Add Partners III, for $27 million. The name of the seller was not released. Situated on 10 acres, Poway Crossings features 109,455 square feet of retail space. At the time of sale, the asset was 80 percent leased to a variety of tenants, including LA Fitness, Dollar Tree, Big 5 Sporting Goods, Massage Envy, Sola Salon Studios, Sushi Lounge, Banfield Pet Hospital and KFC. The center was constructed in 1979 and renovated throughout the years, most recently in 2015. Gleb Lvovich and Daniel Tyner of HFF represented the seller in the deal.

June 19, 2019

Acquisitions California Office Western

Equinvests Capital Acquires Camino West Corporate Park in California for $8.8M

by Amy Works June 19, 2019

CARLSBAD, CALIF. — San Diego-based Equinvests Capital has purchased Camino West Corporate Park, an office property in Carlsbad. Swift Real Estate Services sold the asset for $8.8 million. Situated on 4.4 acres at 2035 Corte del Nogal, Camino West Corporate Park features 54,830 square feet of office space. At the time of sale, the two-story, multi-tenant property was 72 percent leased. The asset also recently underwent a $2.6 million remodel, including new lobbies, common area, corridors, landscaping, lighting, outdoor lounge areas and restrooms. The office park features an on-site deli, showers and lockers. Louay Alsadek, Matt Pourcho, Hunter Rowe, Anthony DeLorenzo and Gary Stache of CBRE represented the seller in the transaction.

June 19, 2019

Acquisitions Colorado Multifamily Student Housing Western

Pinnacle Real Estate Arranges $1.9M Sale of Bear’s Den Apartments Near University of Northern Colorado

by Amy Works June 19, 2019

GREELEY, COLO. — Pinnacle Real Estate Advisors has arranged the $1.9 million sale of Bear’s Den Apartments, a multifamily property located adjacent to the University of Northern Colorado campus in Greeley. The community consists of 16 units in four buildings. Scott Fetter and Joe Hornstein of Pinnacle brokered the transaction. The buyer acquired the property through a 1031 exchange. The seller was not disclosed.

June 19, 2019

Loans Oregon Retail Western

Wilshire Quinn Provides $1.1M Refinancing for Retail Property in Oregon

by Amy Works June 19, 2019

BEAVERTON, ORE. — Wilshire Quinn Capital, through Wilshire Quinn Income Fund, has provided a $1.1 million refinancing for a retail property in Beaverton. The multi-tenant, 6,634-square-foot retail building is situated on a 32,670 square-foot lot. At the time of financing, the property was fully leased and recently appraised for $2.1 million.

June 19, 2019

Acquisitions Multifamily Nevada Student Housing Texas Top Stories Western

Preiss, BCEG International Acquire Two Student Housing Communities Totaling 1,104 Beds in San Antonio, Las Vegas

by Kristin Harlow June 19, 2019

SAN ANTONIO AND LAS VEGAS — The Preiss Co. (TPCO), in a joint venture partnership with BCEG International Investment US (BCEGI), has acquired the 624-bed High View Place Student Apartments in San Antonio and the 480-bed Rebel Place in Las Vegas. Neither the sellers nor purchase prices were disclosed. Located at 15949 Chase Hill Blvd. and serving the University of Texas at San Antonio student population, High View Place offers a variety of one-, two- and four-bedroom floor plans. Each of the 204 units includes a kitchen, balcony, in-unit washer and dryer, 50-inch TV, complimentary high-speed internet and cable, and walk-in closets. Amenities include study spaces, a clubhouse, computer lab, swimming pool, gaming center, sand volleyball court and grilling area. TPCO is overseeing a multi-million refurbishment of the property, which marks the company’s third acquisition in the San Antonio market in the last 12 months. Plans call for electronic key-fob installation and upgrades to the interior flooring, amenities and internet service. Rebel Place is located at 3896 Swenson St. near the University of Nevada, Las Vegas. Each fully furnished apartment includes energy-efficient appliances, cable television packages, internet and in-unit washer and dryers. Community amenities include a fitness center, picnic area, …

June 19, 2019

Summer-Grove-Tanglewood-Colorado-Springs-CO

Acquisitions Colorado Multifamily Western

Bascom Group, Axton Group Buy Two Apartment Properties in Colorado Springs for $41.1M

by Amy Works June 18, 2019

COLORADO SPRINGS, COLO. — The Bascom Group, in partnership with an affiliate of The Axton Group, has acquired Summer Grove Apartments and Tanglewood Apartment Homes, two adjacent multifamily communities in Colorado Springs, for a total consideration of $41.1 million. The joint venture purchased the 374-unit Summer Grove Apartments, located at 3802 Half Turn Road, for $31 million, or $82,887 per unit. The 112-unit Tanglewood property, located at 3803 Half Turn Road, cost $10.1 million, or $90,625 per unit. Jake Young of CBRE brokered the transaction, while Brian Eisendrath and Annie Rice, also of CBRE, arranged debt financing with Don Broderick and Erik Frandsen of TCF Bank.

June 18, 2019

Acquisitions California Multifamily Western

Levin Johnston Negotiates $15.9M Sale of Buena Vista Apartments in Alameda, California

by Amy Works June 18, 2019

ALAMEDA, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sale of Buena Vista Apartments, a multifamily community located at 4330-450 Buena Vista Ave. in Alameda. A private, high-net-worth investor sold the property to an undisclosed buyer for $15.9 million. Adam Levin and Robert Johnston of Levin Johnston represented the seller in the transaction. Originally constructed in 1966 and renovated in 2018, the 52-unit property consists of two parcels and offers a mix of studio, one- and two-bedroom floor plans. On-site amenities include laundry facilities, gated secure entrance, bike storage, barbecue and picnic areas, and storage for tenant use.

June 18, 2019

Acquisitions California Office Western

Mission Federal Credit Union Sells Former Headquarters in San Diego for $10.4M

by Amy Works June 18, 2019

SAN DIEGO — Mission Federal Credit Union has completed the disposition of its former headquarters in San Diego. Alvarez & Marsal Capital Real Estate, a creative office developer, acquired the asset for $10.4 million. Located at 5785 Oberlin Drive in San Diego’s Sorrento Mesa submarket, the 61,406-square-foot property features an entry lobby, open floor plans and an extensive glass line with hillside views. The buyer plans to convert the three-story building, which was built in 1985, into creative office space. Matt Pourcho, Anthony DeLorenzo, Gary Stache and Doug Mack of CBRE represented both parties in the transaction.

June 18, 2019

Acquisitions California Retail Western

Faris Lee Investments Arranges $6.9M Sale of Restoration Hardware Location in Irvine, California

by Amy Works June 18, 2019

IRVINE, CALIF. — Faris Lee Investments has arranged the sale of a retail property located in Irvine. A Los Angeles-based buyer acquired the asset from an Irvine-based seller for $6.9 million. Restoration Hardware, a publicly traded company with more than 5,200 employees, occupies the property. Rick Chichester, Tom Chichester and Joe Chichester of Faris Lee Investments represented the seller and buyer in the deal.

June 18, 2019

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