Western

Leon Capital to Develop 380-Unit Residences at SanTan Village in Gilbert, Arizona

by Amy Works March 11, 2019

GILBERT, ARIZ. — Dallas-based Leon Capital Group plans to develop Residences at SanTan Village, a multifamily community located north of SanTan Village Mall in Gilbert. Situated on 15.8 acres, the Residences at SanTan Village will feature 380 units in six three- and four-story buildings designed in a modern prairie style. Construction is slated to begin in summer 2019 with the first units available in early fall 2020. The property will feature a variety of floor plans with best-in-class interior finishes, including nine- to 10-foot ceilings, urban mudrooms, smart locks, walk-in showers, soaking tubs, granite countertops, stainless steel appliances, wood-plank vinyl flooring and private garages. On-site amenities will include a two-tiered, zero-edge resort pool with swim-up hospitality and entertainment area with televisions; poolside cabanas; and a two-story fitness and wellness center with Peloton bikes and an indoor/outdoor yoga garden. The property will also feature a 1,900-square-foot sky terrace with chef’s kitchen; resident’s club and sports bar with kitchen and a multi-screen television wall; a business and conference center; outdoor gaming garden with grilling stations; and on-site, fully furnished guest suites. The property will also be walking distance to Top Golf, Main Event and SanTan Village, a 500-acre, open-air development featuring 3 million …

March 11, 2019

Acquisitions California Office Western

Newmark Knight Frank Arranges $11.3M Sale of Office Property in Torrance, California

by Amy Works March 11, 2019

TORRANCE, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of an office building, located at 3520 Challenger St. in Torrance. Excelsior Partners acquired the asset from Fairway LLC for $11.3 million. Sean Fulp, Ken White, Ryan Plummer and Mark Schuessler of NKF’s Team Shannon Private Capital Group, led by Fulp and Kevin Shannon, represented the seller, while the buyer was self-represented in the transaction. Built in 1990 and renovated in 2016, the two-story property is situated on 2.5 acres and offers a flex industrial component with approximately 5,200 square feet of storage warehouse space accessible by two dock-high loading doors and one ramped loading area. Bobit Business Media, a media publisher and events producer, fully occupies the 49,336-square-foot property.

March 11, 2019

California Loans Multifamily Western

Arbor Realty Trust Funds $2.8M Loan for Multifamily Building in Southern California

by Amy Works March 11, 2019

CARSON, CALIF. — Arbor Realty Trust has funded a $2.8 million Freddie Mac Small Balance Loan (SBL) for Sky South Bay, a multifamily property located in Carson. Built in 2018, Sky South Bay features 13 apartments in a mix of studio-plus, one- and two-bedroom layouts with private patios or rooftop decks. Interior amenities include designer kitchens with quartz countertops and stainless steel appliances, central heating and air conditioning, in-unit washers/dryers and secure on-site parking. Eugene Yanovskiy of Arbor’s New York City office originated the loan.

March 11, 2019

Acquisitions California Industrial Office Western

Embarcadero Capital Partners Acquires 108,500 SF Flex Asset in North San Jose

by Amy Works March 8, 2019

SAN JOSE, CALIF. — San Francisco-based Embarcadero Capital Partners has purchased 2125 O’Nel, an office/R&D building located in North San Jose. PSAI Realty Partners sold the 108,500-square-foot, value-add property for an undisclosed price. Built in 1984 and renovated in 2012, the two-story building is will configured for technology users needing to house multiple functions under one roof. The building is situated on 5.2 acres. Eric Fox, Steve Hermann, Adam Lasoff, Seth Siegel and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets group represented the seller, while Erik Hallgrimson of the firm’s San Jose office, along with Craig Fordyce of Colliers International provided local market advisory.

March 8, 2019

California Loans Multifamily Western

NKF Arranges $40.7M in Construction Financing for Multifamily Project in Sunnyvale, California

by Amy Works March 8, 2019

SUNNYVALE, CALIF. — Newmark Knight Frank (NKF) has secured $40.7 million in non-recourse construction financing and preferred equity for the development of 311 Mathilda Street, a multifamily property in downtown Sunnyvale. The borrowers and developers are Lane Partners and Bay West Development. The five-story development will feature 75 apartments, a landscaped courtyard, roof deck, state-of-the-art fitness center and clubhouse. Lane Partners and Bay West have secured entitlements for the project and will begin construction in the second quarter of 2019. California Bank & Trust provided the first mortgage construction loan, while PCCP provided the preferred equity investment. Chris Moritz and Ramsey Daya of NKF represented the borrowers in the financing.

March 8, 2019

Acquisitions California Industrial Office Western

SVP Management Buys Vacant Flex/R&D Building in Bay Area for $19M

by Amy Works March 8, 2019

SAN JOSE, CALIF. — SVP Management has purchased a vacant flex/R&D office building, located at 3775 N. First St. in San Jose. Chandler HFP, an affiliate of Los Angeles-based Held Properties Inc. sold the property for $19 million. Built in 1985, Honeywell occupied the single-story, 67,733-square-foot building from its acquisition in 2013 through December 2017. Originally, the property served as the world headquarters for RAE Systems Inc. Held Properties owned the property since 2014. Bob Bower and Chip Sutherland of CBRE Capital Markets-Investment Properties represented both parties in the transaction.

March 8, 2019

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Negotiates $8.5M Sale of Seniors Housing Community in Portland

by Amy Works March 8, 2019

PORTLAND, ORE. — Senior Living Investment Brokerage has arranged the sale of RN Villa Care Center, a 38-unit residential care facility in Portland. Residential care is a form of seniors housing that utilizes a smaller, more home-like atmosphere. The 22,165-square-foot community sits on a one-acre plot. A local operator sold the community to a Southern California-based private equity firm for $8.5 million, or $233,000 per unit. The seller plans to use the proceeds to invest in other real estate assets. The seller was seeking to expand its Pacific Northwest portfolio. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.

March 8, 2019

Acquisitions Arizona Retail Western

SAFCO Capital Sells 25,000 SF Retail Property in Tucson, Arizona, for $2.5M

by Amy Works March 8, 2019

TUCSON, ARIZ. — SAFCO Capital has completed the disposition of a retail property, located at 3662-3692 S. 16th Ave. in Tucson. California-based CRE Strategic Investments acquired the asset for $2.5 million. At the time of sale, the 25,000-square-foot property was fully occupied by DaVita Dialysis and Desert Sports & Fitness. Craig Finfrock of Commercial Retail Advisors represented the seller, while the buyer was self-represented in the deal.

March 8, 2019

California Hospitality Top Stories Western

Airbnb Agrees to Acquire HotelTonight in Effort to Expand Booking Options

by Kristin Harlow March 8, 2019

SAN FRANCISCO — Airbnb has signed an agreement to acquire HotelTonight, a hotel-booking service focused on making last-minute trips for boutique and independent hotels. The deal will expand Airbnb’s ability to offer hotel listings. Terms of the deal were not disclosed, but The Wall Street Journal reports that HotelTonight was last valued at $463 million in March 2017. Airbnb expects the transaction to close in approximately 30 days. San Francisco-based Airbnb, an online lodging company, says the acquisition is part of its mission to create “an end-to-end travel platform that combines where you stay, what you do and how you get there, all in one place.” More than 400,000 companies are using Airbnb to help manage their travel, and same-day bookings are now growing twofold year over year, according to Airbnb. “Welcoming more boutique hotels to our platform will help us deliver on our commitment to make Airbnb for everyone, providing guests the authentic, local experience they have come to expect on every trip,” wrote Airbnb in a press release. In 2018, Airbnb more than doubled the number of rooms available on its platform in properties that hosts categorized as boutique hotels, bed and breakfasts and other hospitality venues like …

March 8, 2019

Acquisitions Multifamily Nevada Western

PacifiCap Properties Sells 332-Unit Multifamily Asset in Reno for $35.3M

by Amy Works March 7, 2019

RENO, NEV. — Portland, Ore.-based PacifiCap Properties has completed the disposition of Southwest Village, a multifamily property located in Reno’s Old Southwest Reno neighborhood. A New York-based company acquired the property for $35.3 million, or $106,476 per unit. Constructed in 1972, the 14-building, controlled-access community features 332 apartments averaging 852 square feet, two swimming pools, three laundry facilities and 500 parking spaces. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer in the transaction.

March 7, 2019

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