OCEANSIDE, CALIF. — Flocke & Avoyer Commercial Real Estate has directed the sale of three single-tenant, triple-net leased assets at Pacific Coast Plaza Center, a 450,000-square-foot retail center in Oceanside. AGC Pacific Coast Plaza sold the three properties for a total consideration of $11.2 million. Mahalah PCP Pad A and C acquired two properties, occupied by McDonald’s and Mimi’s, while H&S Energy purchased the Chevron-occupied asset. Steve Avoyer of Flocke & Avoyer represented the buyer, a private 1031 exchange, in the McDonald’s and Mimi’s transaction. El Warner of The Matthews Group, along with Stewart Keith, Brad Williams and Ashley Tiefel of Flocke & Avoyer Commercial Real Estate, represented the seller of the McDonald’s and Mimi’s deal.
DENVER — Unique Properties / TCN Worldwide has negotiated the sale of an industrial asset, located at 6400 Washington St. in Denver. Gibraltar Property Management acquired the property from North Denver Group Co-Tenancy for $4.1 million. Situated on 4.7 acres, the asset consists of a 14,540-square-foot industrial service and rental center. The property features a large storage yard, oversized drive-in doors and a showroom area. At the time of sale, the property was fully leased to United Rentals under an absolute triple-net lease basis. Brett MacDougall and Michael DeSantis of Unique Properties / TCN Worldwide represented the buyer and seller in the transaction.
HENDERSON, NEV. — KeyBank Real Estate Capital has secured $65 million in Fannie Mae financing for Maxx Properties’ previously announced acquisition of Villas at Green Valley in Henderson. Built in 1984 and 1986, the community features 609 garden-style apartment units across 38 two- and three-story apartment buildings, a clubhouse and fitness center on 21 acres. Alan Isenstadt of KeyBank Real Estate Capital’s Income Property Group and Erik Storz of Key’s Commercial Mortgage Group arranged financing for the project.
CHANDLER, ARIZ. — Cadence Living has acquired 7.7 acres in Chandler, approximately 20 miles southeast of Phoenix, with plans to build a seniors housing community on the site. Named Cadence at Ocotillo, the community will offer 191 units of independent living, assisted living and memory care. Development costs for the 206,283-square-foot building are estimated at $46 million. Construction of Cadence at Ocotillo is slated to begin in the fall of this year. Partners on this project include Chandler-based Whitneybell Perry as the architect and locally based Drive Development Partners as construction manager. The company partnered with Global Senior Housing on the land acquisition. This will be Scottsdale-based Cadence’s fourth community in Arizona: Inspira Arrowhead in Glendale celebrated its grand opening on March 28, 2019. Inspira Arrowhead is in partnership with locally owned The PB Bell Companies and MT Builders. Acoya Mesa, opening in Summer 2019, is located adjacent to Granite Reef Park in Mesa and will feature 170 independent living, assisted living and memory care units. Acoya Scottsdale at Troon, which features views of Pinnacle Peak, is located in north Scottsdale. Cadence broke ground on the community in November 2018 and plans to open 135 luxury independent and assisted living …
TEMPE, ARIZ. — San Diego-based MG Properties Group has acquired Elevate at Discovery Park Apartments, formerly known as Villa Blanco, in Tempe for an undisclosed price. The low-density, garden-style apartment community features 379 units in a mix of one-, two and three-bedroom layouts. The community includes resort-style amenities and immediate access to the Loop 101 Freeway. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the undisclosed seller, while Brian Eisendrath and Cameron Chalfant, also of CBRE, arranged financing for the buyer in the deal.
CHINO, CALIF. — SteelCo USA has purchased a manufacturing facility located at 13900 Sycamore Way in Chino. A private individual sold the property for $10.7 million. Built in 1986, the 68,175-square-foot facility features 10,116 square feet of office space, 26-foot minimum clear height and eight ground-level drive-in doors with 1.8 acres of excess land. The property will serve as SteelCo USA’s sixth facility in the Inland Empire. West Coast Steel divisions include SteelCo USA, Great Pacific Elbow, Mission Metals and Deluxe Building Products. Tim Pimentel, Chuck Belden and Kyle Kehner of Cushman & Wakefield’s Ontario, Calif., office represented SteelCo USA, while David Nguyen of Lee & Associates and Brad Yates of Colliers International represented the seller in the transaction.
GARDEN GROVE, CALIF. — SRS Real Estate Partners has arranged the sale of the ground lease for a single-tenant restaurant property, located at 12011 Harbor Blvd. in Garden Grove. A Southern California-based private investor sold the property for $3.4 million. Joe’s Crab Shack occupies the asset, which is situated along restaurant row approximately 1.2 miles from Disneyland. Patrick Luther and Matthew Mousavi of SRS’ National Net Lease Group represented the buyer, a Southern California-based private investor, in the all-cash transaction.
LOS ANGELES — Douglas Emmett Inc. (NYSE: DEI) has acquired The Glendon, a multifamily and retail complex in the Westwood Village neighborhood of Los Angeles, for $365 million. Built in 2008, The Glendon features 350 apartment units and 50,000 square feet of ground-floor retail space on a 4.3-acre plot. The multifamily and retail components combined were 97 percent occupied at the time of sale. The Glendon common areas were recently upgraded and the property is midway through a total unit renovation, which DEI plans to complete. Westwood Village is located approximately 12 miles west of downtown Los Angeles. The neighborhood is home to UCLA’s main campus, and abuts popular locations such as Los Angeles National Cemetery and Bel-Air Country Club. The Glendon is also located within walking distance of more than 2.1 million square feet of DEI-owned office space. DEI is a Santa Monica-based real estate investment trust. Although the seller was not officially disclosed, Clarion Partners purchased the property in 2014, according to Los Angeles Business Journal. With the acquisition of The Glendon, DEI has grown its total multifamily portfolio by over 20 percent in the last two years to more than 4,000 units in West Los Angeles and …
SEATTLE — Security Properties and Rockwood Capital have acquired Legacy at Pratt Park, a mixed-used property located 1800 S. Jackson St. in Seattle’s Central District, for an undisclosed price. Built in 2009, Legacy at Pratt Park features 249 apartments, as well as four retail spaces totaling 6,720 square feet. The property offers 360-degree views of the Seattle skyline, Elliott Bay, Mt. Rainier and the Olympic Mountains. Amenities include three rooftop decks, a fitness center, resident lounge, business center, pet wash room, package room, theater room, bike room and controlled building entry. The buyers plan to renovate all units to an interior spec consistent with that of new construction in the area, along with common area improvements. Security Properties Residential, an affiliate of Security Properties, will manage the asset.
LOS ANGELES — Realm Group, a joint venture between Newport Beach, Calif.-based Realm Real Estate and Irvine, Calif.-based The Bascom Group, has purchased a 1.5-acre site, located at 675 S. Bixel St. in downtown Los Angeles. Realm Group entitled the site for the development of a 36-story, 422-unit mixed-use high-rise multifamily building. The concrete, steel and glass tower will have a loft-style design and feature a rooftop sky lounge providing views of the city’s skyline. A 40,000-square-foot amenity deck on the fifth floor will feature a pool terrace and dog park. Construction is slated to commence in 2020. Charles Halladay, Jamie Kline, Nicholas Lench and Samuel Godfrey of HFF facilitated the land financing. Starwood Property Trust provided the debt financing for the land purchased.