Western

CBRE Secures $18.3M Acquisition Loan for Apartment Complex in Chandler, Arizona

by Amy Works July 2, 2018

CHANDLER, ARIZ. — CBRE Capital Markets’ Debt & Structured Finance team has arranged an $18.3 million loan for the acquisition of Avilla at Chandler Heights, an apartment complex located at 255 E. Chandler Heights Road in Chandler. Brian Cruz, Scott Peterson and Bill Chiles of CBRE’s San Diego office secured the interest-only, fixed-rate loan through Fannie Mae for the borrower, San Diego-based The Certé Group. Constructed in 2017, the property consists of 116 single-story units, featuring private backyards, in 101 individual buildings. All two- and three-bedroom units are standalone buildings and the one-bedroom units are in duplex configurations. Situated on 9.5 acres, the community features a swimming pool, spa, central greenbelt, gated access and covered parking.

July 2, 2018

Development Multifamily Oregon Seniors Housing Western

MorningStar, Confluent Start Construction of Seniors Housing Community in Oregon

by Amy Works July 2, 2018

HAPPY VALLEY, ORE. — Co-developers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Happy Valley in the Portland suburb of Happy Valley. The three-story, 83,300-square-foot property will feature 61 units of assisted living and 27 units of memory care. Located on two acres, the community is scheduled to open in summer 2019. This is the second seniors housing project in the Portland metro area for the joint venture, and the 12th overall. Local firms involved in the project include LRS Architects and LCG Pence Construction. Thoma-Holec Design, based in Mesa, Ariz., will serve as interior designer.

July 2, 2018

Acquisitions California Retail Western

Hanley Investment Group, Voit Real Estate Services Negotiate $9.8M Sale of Shopping Plaza in Southern California

by Amy Works July 2, 2018

RANCHO CUCAMONGA, CALIF. — Hanley Investment Group Real Estate Advisors, in conjunction with Voit Real Estate Services, has arranged the $9.8 million sale of RC Plaza, a 37,239-square-foot retail center in Rancho Cucamonga, a city in San Bernardino County. Bill Asher and Ed Hanley of Hanley Investment Group, along with Joe Miller of Voit Real Estate Services, arranged the transaction on behalf of the seller, a private partnership based in Orange County. Eric Treibatch of Ophir Management Services Inc. represented the buyer, a private investor from Los Angeles. RC Plaza includes nine buildings and is home to tenants such as Starbucks Coffee and Pizza Hut. The center includes an additional 15,717-square-foot building that is separately owned and was not included in the sale.

July 2, 2018

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Brokers $6.8M Sale of Multifamily Building in Denver

by Amy Works July 2, 2018

DENVER — Pinnacle Real Estate Advisors has arranged the sale of Observatory Park, an apartment building located at 2035 S. Josephine St. in Denver. Old Faithful Properties sold the property to Michael Blackman for $6.8 million, or $316 per square foot. The 21,674-square-foot building features 40 apartment units. Kevin Calame of Pinnacle represented the seller in the transaction.

July 2, 2018

Acquisitions Multifamily Washington Western

Security Properties Buys 248-Unit Multifamily Property Near Olympia for $54.5M

by Amy Works June 29, 2018

LACEY, WASH. — Security Properties, along with a university endowment, has acquired Marq on Martin, a multifamily property located at 8545 Litt Drive SE in Lacey, a suburb of Olympia. An undisclosed seller sold the property for $54.5 million. Constructed in 2017, the property consists of 248 apartment units across 10 residential buildings. Situated on 12 acres, the property features a mix of one- and two-bedroom floor plans with an average unit size of 831 square feet. With this acquisition Security Properties now owns 18 assets totaling more than 4,000 units in the Puget Sound marketplace. Security Properties Residential, an affiliate of Security Properties, will manage the property.

June 29, 2018

Development Multifamily Seniors Housing Washington Western

Alliance Residential Launches Active Adult Brand, Breaks Ground on Seniors Housing Community Near Seattle

by Amy Works June 29, 2018

TUKWILA, WASH. — Alliance Residential Co., one of the largest multifamily developers and managers in the country, has broken ground on Marvelle at Southcenter, an active adult community in the Seattle suburb of Tukwila. The 166-unit community marks the launch of Alliance’s active adult brand, Marvelle. The developer noted that baby boomer demand has been strong at its standard multifamily communities, leading it to start building age-restricted properties. Besides the age restrictions, the Marvelle community will also offer 13,000 square feet of indoor amenity space, more than double the common space at its standard apartment complexes. It is also a transit-oriented development and located near the Southcenter area’s many restaurants, retail shops and medical facilities. Urbal Architecture designed the seven-story, 235,828-square-foot property. Apartments range from 500 square feet to more than 1,200 square feet. The community is scheduled to open in fall 2019.

June 29, 2018

Acquisitions Arizona Industrial Office Retail Western

Dunbar Real Estate Acquires 134,886 SF Business Park in Tempe, Arizona

by Amy Works June 29, 2018

TEMPE, ARIZ. — El Segundo, Calif.-based Dunbar Real Estate Investment Management purchased Mill Avenue Business Park, located at 40 E. Baseline Road, 5030 S. Mill Ave. and 5005-5025 S. Ash Ave. in Tempe. San Juan Capistrano, Calif.-based Birtcher Anderson Realty sold the property for $14.2 million. Bob Buckley, Steve Lindley and Tracy Cartledge of Cushman & Wakefield Phoenix negotiated the transaction on behalf of the seller. Built in 1983, Mill Avenue Business Park features 134,886 square feet of office, industrial and retail space. The property recently underwent a $1.3 million renovation. At the time of sale, the asset was 87.7 percent occupied.

June 29, 2018

Acquisitions Colorado Retail Western

Newmark Knight Frank Brokers $5.1M Sale of Shopping Center in Metro Denver

by Amy Works June 29, 2018

LONE TREE, COLO. — Newmark Knight Frank has arranged the sale of Meadows Shopping Center, located at 8870 E. Maximus Drive in Lone Tree, approximately 20 miles south of Denver. Meadows Partners LLC sold the property to Meadows Shopping Center LLC for $5.1 million. The shopping center features 19,755 square feet of retail space. Riki Hashimoto and Daniel Grooters of Newmark Knight Frank represented the seller in the deal.

June 29, 2018

Acquisitions California Retail Western

Marcus & Millichap Negotiates Sale of 52,388 SF Retail Property in Redlands

by Amy Works June 29, 2018

REDLANDS, CALIF. — Marcus & Millichap has arranged the sale of Park West Plaza, a retail property located at 415 and 461 Tennessee St. in Redlands. An undisclosed partnership sold the property for $6.2 million. Built in 1978 and situated on 3.8 acres, the retail asset features four buildings offering a total of 52,388 square feet. Chuck Shillington of Marcus & Millichap’s Ontario office represented the seller in the deal. The name of the buyer was not released.

June 29, 2018

Acquisitions California Office Top Stories Western

Vanbarton Group Acquires 21-Story Office Tower in San Francisco

by Kristin Harlow June 29, 2018

SAN FRANCISCO — Vanbarton Group LLC has acquired 101 Mission Street in San Francisco. The 206,455-square-foot, 21-story office tower is located in the heart of the South Financial Transbay District. The Class A property is currently 86 percent leased to tenants such as Wells Fargo, Forbes and Pearson. Although the price was not disclosed, Vanbarton received a $116.5 million acquisition loan for the transaction. The building, which is LEED Gold-certified by the U.S. Green Building Council, features views of the San Francisco Bay, column-free office space and 10,500-square-foot floor plates. Services and amenities include on-site property management, 24-hour security, a conference room and building shower. HKS Architects Inc. designed the property. JLL is the leasing agent. Gerry Rohm, Michael Leggett, David Dokko, Ben Bullock and Thomas Foley of HFF represented the undisclosed seller. Peter Smyslowski of HFF arranged acquisition financing. Vanbarton Group is a privately owned real estate investment and advisory firm with corporate offices in New York City and San Francisco. — Kristin Hiller

June 29, 2018

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