Western

Del Mar Ventures Buys Campbell Crossing Retail Center in Phoenix with Plans to Renovate

by Amy Works April 9, 2019

PHOENIX — Del Mar Ventures Group has acquired Campbell Crossing, an infill retail center located at 4514 N. 16th St. in Phoenix. MCK Realty sold the property for $2.5 million, or $105.37 per square foot. The 1980s-vintage asset features 23,725 square feet across with 15 suites, with five tenants currently in place. Del Mar Ventures plans to remodel the property and change the tenant mix. The firm plans to reposition Campbell Crossing as a high-end retail destination by updating and modernizing building exteriors and interiors and installing high-quality tenants. Jerry Jacobs and David Guido of Newmark Knight Frank represented the buyer in the transaction.

April 9, 2019

Acquisitions California Office Western

Harbor Associates Acquires 213,459 SF Encino Office Park Near Los Angeles for $47.8M

by Amy Works April 8, 2019

ENCINO, CALIF. — Harbor Associates has purchased Encino Office Park, a transit-oriented office campus located at 6345 Balboa Blvd. in Encino. An undisclosed seller sold the property for $47.8 million. The four-building property features 213,459 square feet of office space and is adjacent to the Balboa Station of the Orange Line transportation system that connects the property to Warner Center, Universal City and downtown Los Angeles. The property was 89 percent leased at the time of closing, and features 12-foot slab-to-slab ceiling heights and subterranean parking. Harbor plans to renovate the property, which was built in two phases between 1988 and 1990. Renovations will include a new building entry, project lobbies, electric-vehicle charging stations, bike rooms, LED site lighting, and improvements to the corridors and restrooms. The vacant office space will be repositioned as modern speculative suites and feature a high-impact reception area, flooring upgrades, glass conference rooms, new paint, new carpet and the implementation of energy-efficient LED lighting to replace existing florescent lighting fixtures. Anthony Delorenzo, Mark Shaffer, Todd Tydlaska and Mike Longo of CBRE represented the seller in the deal. Shaun Moothart, Bruce Francis, Dana Summers and Katie Diaz of CBRE arranged financing for the project through PNC …

April 8, 2019

Acquisitions California Industrial Western

JLL Income Property Trust Buys 240,000 SF Industrial Portfolio in East Bay Area for $47M

by Amy Works April 8, 2019

FREMONT, CALIF. — JLL Income Property Trust has acquired Fremont Distribution Center, a two-building industrial portfolio in the Oakland/East Bay submarket of Fremont. An undisclosed seller sold the asset for $47 million. At the time of sale, the 240,000-square-foot property was fully leased.

April 8, 2019

Acquisitions Arizona Multifamily Western

Embrey Partners Sells 319-Unit The Flats at SanTan in Metro Phoenix

by Amy Works April 8, 2019

GILBERT, ARIZ. — Embrey Partners has completed the disposition of The Flats at SanTan, an apartment community located at 2550 S. Santan Village Parkway in Gilbert. Weidner Apartment Homes acquired the 319-unit property for an undisclosed price. Built in 2018 and situated on 10 acres, The Flats at SanTan features eight residential buildings, attached and detached garages, leasing office, clubhouse, fitness center, heated pool, spa, outdoor yoga courtyard, Wi-Fi lounge with computers and printers, dog park, dog wash, outdoor kitchen, grilling areas and fire pit. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

April 8, 2019

California Hospitality Loans Western

Sonnenblick-Eichner Co. Arranges $36.3M Acquisition Loan for Silicon Valley Hotel

by Amy Works April 8, 2019

CAMPBELL, CALIF. — Sonnenblick-Eichner Co. has secured $36.3 million in first mortgage financing for the acquisition of DoubleTree by Hilton Hotel Campbell – Pruneyard Plaza, a 169-room full-service hotel in downtown Campbell. The undisclosed borrower used the long-term, fixed-rate loan to facilitate the purchase of the hotel and provide funds for a $5.8 million renovation. The 12-year loan, which a life insurance company provided, features a 4.5 percent interest rate with four years of interest-only payments and a 30-year amortization schedule.

April 8, 2019

Acquisitions California Retail Western

Colliers Brokers $13.6M Sale of Harbor Club Retail Condos in San Diego’s Marina District

by Amy Works April 8, 2019

SAN DIEGO — Colliers International San Diego has arranged the sale of the retail spaces at Harbor Club, a residential and retail building located in downtown San Diego. One Harbor sold the assets to Tower Investments for $13.6 million. Located at 285 J St., 100 J St., 200 Harbor Drive and 330 Third Ave., the property features 42,810 square feet of retail space. Current tenants include Morton’s The Steakhouse, Striders Clubhouse, Robert Cromeans Salon, San Diego Wine & Culinary Event Center, and the Luxe Lounge and Spa. Bill Shrader of Colliers’ Urban Property Team represented the seller and buyer in the deal.

April 8, 2019

California Development Retail Western

Donahue Schriber Launches $120M Expansion at Del Mar Highlands Town Center in San Diego

by Amy Works April 5, 2019

SAN DIEGO — Donahue Schriber has announced a $120 million expansion at Del Mar Highlands Town Center, a destination mixed-use property at 12925 El Camino Real in San Diego. The expansion will bring the asset to more than 400,000 square feet of retail, dining and entertainment space. The expansion, known The Collection at Del Mar Highlands Town Center, will bring an additional 120,000 square feet space, offering 40 new retailers, restaurants, fitness studios and new spaces to work, play and lounge. The project centers around relocation of Jimbo’s…Naturally, as the grocery store expands to 25,000 square feet. The grocer’s new space is slated to open this summer. Additional tenants at The Collection will be OH! Juice; Cascade Spa; Perlman Wellness Center; Head Lettuce, a healthy dining concept; and Diesel, a Brentwood, Calif.-based bookstore. CermaiCafe will also relocate to the new space. The expansion includes a boutique fitness row, which is slated to open in 2020. The new collection of fitness brands will offer a variety of fitness options, including StretchLab, Row House and an expanded Club Pilates location. Located above the expanded Jimbo’s…Naturally, The Sky Deck will bring eight to 10 dining destinations, a central cocktail bar and an elevated …

April 5, 2019

Acquisitions California Multifamily Seniors Housing Western

SLIB Negotiates $22.8M Sale of Memory Care Community in Southern California

by Amy Works April 5, 2019

VISTA, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Vista Gardens, a 71-unit memory care community in Vista, located between San Diego and Los Angeles. A private equity firm based in Colorado acquired the community for $22.8 million as part of a growth strategy in seniors housing. The seller was a local, single-asset owner seeking to exit the industry. Vista Gardens totals 44,000 square feet and is located on a 4.5-acre plot. The price equates to $321,000 per unit. Alec Blanc of Monarch Advisors (an affiliate of SLIB) sourced the senior debt for the transaction. It consisted of an $18.1 million loan, including $1.9 million for planned capital expenditures, from a regional commercial bank. The loan is structured with a five-year term, interest-only payments for the first two years and partial recourse from the buyer with a burn-off provision. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.

April 5, 2019

Acquisitions California Retail Western

Marcus & Millichap Brokers Sale of Two Multi-Tenant Retail Pads in Rialto, California

by Amy Works April 5, 2019

RIALTO, CALIF. — Marcus & Millichap has negotiated the sale of two multi-tenant retail pads at Rialto Marketplace, located at the southwest corner of Riverside and San Bernardino avenues in Rialto, two blocks north of Interstate 10. Scott Hook of Marcus & Millichap arranged the sale. Terms of the transaction were not released. Recently developed by Newmark Merrill Cos., the assets total 25,567 square feet. Tenants include Starbucks Coffee, GNC, Wingstop, Pieology Pizzeria and T-Mobile. Walmart Supercenter is the anchor tenant for Rialto Marketplace.

April 5, 2019

Loans Multifamily Washington Western

Hunt Real Estate Capital Provides $17M in Financing for Anew Terry Apartments in Seattle

by Amy Works April 5, 2019

SEATTLE — Hunt Real Estate Capital has funded a $17 million first mortgage bridge loan for the refinancing of Anew Terry Apartments, a multifamily property located in Seattle’s First Hill neighborhood. The borrower is 423 Terry Partners, an affiliate of Anew Apartments. Built in 1911 and redeveloped between 2016 and 2018, Anew Terry Apartments features 112 units. Property amenities include a community space on each floor, digital doorman, work spaces, fitness center with yoga room, dog washing station, outdoor patio with barbecue grills and fire pit, courtyard, ground-floor lounge and bike storage with repair station. Greg Piantanida and Ryan Heiberg of GP Realty Financing arranged the financing.

April 5, 2019

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