SAN PEDRO, CALIF. — MWest Holdings has received a $24 million loan for the acquisition of San Pedro Bank Lofts in San Pedro. The property consists of two four-story buildings offering a total of 89 apartments. CIT Group’s Real Estate Finance division was the sole arranger for the senior loan.
PASADENA, CALIF. — Avison Young has arranged the sale the Artistry Theater Building, located at 600 E. Colorado Blvd. in Pasadena’s Playhouse District. Colorado Creative LLC sold the property to Morton Development Group for $5.3 million. The buyer plans to redevelop the long-vacant property into a retail and office asset. Built in 1931 as a United Artists theatre, the 15,060-square-foot property was first renovated in 1960, but the property has fallen into a long state of disrepair and neglect. Its tenant of more than a decade, Angels School Supply, vacated the building more than three years ago, and the property has been empty ever since. Andrew Berk and Chase Gordon of Avison Young represented the seller, while the buyer was self-represented in the transaction.
BEVERLY HILLS, CALIF. — Lang & Lang Properties has completed the sale of a retail building, located at 457-459 N. Rodeo Drive in Beverly Hills. A joint venture led by Michael Shabani of Crown Equity, Hakim Holdings, GWP Real Estate and Mazal Enterprises, acquired the property for $96 million, or $8,240 per square foot. Brioni, an Italian menswear retailer, and Alexander McQueen, a British fashion house, occupy the 11,625-square-foot retail building. With 50 feet of frontage on Rodeo Drive, the property comprises 7,150 square feet of ground-floor space, approximately 600 square feet on the mezzanine level and 3,875 square feet on the basement level. Carine Mamann, Kazuko Morgan and Stephen Algermissen of Cushman & Wakefield represented the buyer in the transaction.
SAN DIEGO — CIT Group’s Real Estate Finance division has arranged $50 million in financing for the acquisition of a six-property industrial portfolio in San Diego’s Otay Mesa submarket. BKM Capital Partners purchased the assets, which total 14 buildings and 703,215 square feet, from Stockbridge Capital Group for an undisclosed price. Cushman & Wakefield represented the seller in the transaction. The light industrial multi-tenant properties offer access to major transportation routes and the border crossing to Mexico. At the time of sale, the portfolio was 97 percent occupied by a diverse range of 44 tenants. The properties are: Border Point Business Park at 6754, 6744 and 6794 Calle De Linea San Diego International Center at 883 Siempre Viva Road Faraday Industrial Park at 2325, 2345, 2365, 2375 Michael Faraday Drive and 2350 Marconi Place Otay Business Center at 6987 and 6995 Calle De Linea Frontera Business Center at 2695 Customhouse Court Otay Crossing Business Park at 2340 Enrico Fermi Drive and 10025 Siempre Viva Road
SALT LAKE CITY — TruAmerica Multifamily, in a joint venture with an institutional partner, has purchased Country Lake, a multifamily property located in Salt Lake City’s Silicon Slopes submarket. An undisclosed seller sold the asset for $45.7 million. This acquisition increases TruAmerica’s holdings in the market to 1,595 units. Built in 1973, Country Lake features 253 apartments in a mix of one- and two-bedroom layouts. On-site community amenities include a pool, clubhouse with Wi-Fi access, central garden, outdoor barbecue area, dog park, tennis court and a playground. TruAmerica plans to implement a capital improvement program, including upgrading apartment interiors, renovating all community amenities such as the fitness center, and refreshing exteriors and landscaping. Steve Gebing, Cliff Davis, Danny Smith and Brock Zylstra of Institutional Property Advisors brokered the transaction.
FRESNO, CALIF. — CBRE has provided $32 million in Freddie Mac financing for the acquisition of The Windham Senior Living, a 200-unit independent living and assisted living community in Fresno’s affluent Woodward Park neighborhood. The borrower is The Reliant Group, which plans to make capital improvements and bring in Cadence Senior Living to operate the community under a third-party management agreement. The property is situated on a 10.2-acre parcel and consists of a main three-story building and six one-story buildings featuring 30 cottages each. The CBRE team involved in the financing includes Aron Will and Austin Sacco of CBRE National Senior Housing, as well as Andrew Behrens and Jesse Weber of CBRE Multifamily Institutional Group. The 10-year, fixed-rate, Green Advantage loan features 72 months of interest-only payments. This transaction represents one of the first Freddie Mac Green Advantage loans closed in the seniors housing space.
GOODYEAR, ARIZ. — Ware Malcomb has announced the completion of Arizona Desert Ear, Nose & Throat Specialists, a medical office located at 13555 W. McDowell Road in Goodyear, a suburb of Phoenix. Ware Malcomb provided interior architecture and design services for the project. The redesigned 5,200-square-foot property features seven exam rooms, four offices, a sinus procedure room, allergy testing room, audio room, instrument cleaning room, conference room and break room. Design features include sliding barn doors for the conference room, a prominent work surface for the medical assistant station, a spacious waiting room and a check-in/out desk that doubles as a workroom behind a built-in bookshelf. Aksarben served as general contractor for the project.
WESTMINSTER, COLO. — CA Senior Living LLC has started construction of Atria Westminster, a five-story, 137-unit senior living community in Westminster, approximately 10 miles northwest of Denver. When complete, Atria Westminster will offer 107 assisted living apartments, 30 memory care studios, and a single-story dining and amenity wing. Assisted living units will range in size from 410-square-foot studios to 970-square-foot two-bedrooms, while memory care studios will range from 275 to 310 square feet. Designed by OZ Architects and built by Brinkmann Constructors, Atria Westminster is located less than a half-mile from a variety of shopping, dining and entertainment offerings. Louisville, Ky.-based Atria Senior Living has been retained as the operator for the community. The property is expected to open in early 2020. CA Senior Living is the seniors housing investment and development division of Chicago-based CA Ventures. The company currently has 22 communities operating or under construction throughout the U.S. Atria Westminster will be the fourth CA Senior Living property operated by Atria Senior Living.
KAPOLEI, HAWAII — Garn Development Co. has purchased a 2.6-acre land parcel on Manawai Street in Kapolei on the island of Oahu for an undisclosed price. Garn Development plans to construct a limited-service hotel on the site, which is located within the 40-acre Leihano development. An affiliate of Kisco Senior Living is master developer for Leihano, a mixed-use development situated in the urban core of Kapolei. Slated to open in fall 2019, the four-story, extended-stay hotel will feature 183 suites with full kitchens, complimentary breakfast and family-friendly amenities. Garn Development is a managing partner of the existing 180-room Embassy Suites by Hilton and Residence Inn by Marriott, which is currently under construction at Leihano. In 2016, Kisco opened Ilima at Leihano, its 84-unit assisted living community within Leihano. Additional tenants within Leihano include St. Jude Catholic Church, First Hawaiian Bank, C.S. Wo, National Kidney Foundation, Lili’uokalani Trust, Hele Gas and Starbucks Coffee. Currently the master-planned community has only two land parcels remaining for sale. Nathan Fong of Colliers International handled the transaction.
SEATTLE — Westcore Properties has completed the sale of a single-tenant industrial building in Seattle’s Georgetown submarket. Talon Private Capital acquired the property for $14.5 million, or $193.21 per square foot. OpenSquare, a provider of office space workstations and furniture for corporate users, fully occupies the 75,048-square-foot property, which is located at 303 S. River St. Andy Miller of Kidder Mathews, along with Mike Roy and Kevin Skillestad of Neil Walter Co., represented the seller in the deal.