Western Real Estate Business

OCT 2016

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A & H A WA I I www.REBusinessOnline.com Western Real Estate Business • October 2016 • 27 S O U T H W E S T WELBROOK STARTS CONSTRUCTION OF $13 MILLION SKILLED NURSING FACILITY FLAGSTAFF, ARIZ. — Welbrook Se- nior Living has started construction of a 50-bed skilled nursing facility in Flagstaff. Services at the facility will focus on transitional rehabilitation. Development costs were estimated at $13 million. Welbrook has partnered with Em- bree Asset Group to develop the facil- ity. Construction is slated for comple- tion in late 2017. Based in California, Welbrook is a seniors housing operator just entering the transitional rehab space. Embree is a construction and development com- pany that has worked in all 50 states. DSW TO OPEN 21 NEW STORES THIS FALL ALBUQUERQUE, N.M. — DSW Inc., a leading branded footwear and ac- cessories retailer, plans to open 21 new stores nationwide this fall, in- cluding four out West. The Western- based stores will be situated in Albu- querque, N.M.; Silverdale, Wash.; and Salinas and Chino, Calif. The 21 new stores will open in Au- gust through October. TEMPE OFFICE COMPLEX SELLS FOR $29.3 MILLION TEMPE, ARIZ. — A two-building of- fice complex in Tempe has sold to a partnership formed by Angelo, Gor- don & Co, Douglas Allred Company and David Warren for $29.3 mil- lion. The complex is located at 1330 W. Southern Ave. and 3001 S. Priest Drive. They contain a total of 250,000 square feet. The buildings are located near In- terstate 10 and U.S. 60 freeways, just a short drive from Phoenix Sky Har- bor International Airport. The latter building is fully leased and was built in 1995. The seller was Cordia Capital Man- agement. ORION ARRANGES $1.4 MILLION SALE OF SPANISH VILLAGE IN ARIZONA CAREFREE, ARIZ. — ORION Invest- ment Real Estate has arranged the $1.4 million sale of Spanish Village, a 22,819-square-foot retail center locat- ed in Carefree. The property was 26 percent occu- pied at the time of sale. Braxton Glass of ORION represented the buyer, Raskin Partners, in the transaction. Danny Gardiner of Phoenix Commer- cial Advisors represented the seller, Spanish Village Holdings LLC. MONARCH INVESTMENT & MANAGEMENT GROUP PURCHASES TUCSON MULTIFAMILY PORTFOLIO TUCSON, ARIZ. — Monarch Invest- ment & Management Group has pur- chased a five-property multifamily portfolio in Tucson for an undisclosed sum. The communities contain 1,004 units totaling 686,314 square feet. The transaction includes the 160- unit Hampton Park, the 254-unit San Mateo, the 152-unit Solano Springs, the 310-unit Lakeside Apartments and the 128-unit Highland Apartments. The latter property is situated in Si- erra Vista, while the rest are located in Tucson. The portfolio enjoys an average oc- cupancy rate of 94 percent. The prop- erties were all constructed between 1973 and 1985. This is Monarch's first purchase in Arizona. Cindy Cooke and Brad Cooke of Colliers International repre- sented the seller, Hamilton Zanze, in this transaction. CROSSROADS APARTMENTS IN PHOENIX SELLS FOR $25.2 MILLION PHOENIX — The 316-unit Crossroads Apartments in Phoenix has sold to CS1031 Crossroads Apartments for $25.2 million. The Class B community is located at 2222 West Beardsley Road in the Deer Valley submarket. It was built in 1982. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, WW Crossroads Apartments LLC, in this transaction. CS1031 Crossroads Apartments pur- chased the community on behalf of Rincon Partners. The LLC sold the as- set on behalf of Olympus Property. DERMODY PROPERTIES COMMENCES CONSTRUCTION ON LOGISTICENTER AT LAS VEGAS BOULEVARD LAS VEGAS — Dermody Properties has commenced construction on Lo- gistiCenter at Las Vegas Boulevard, a 550,000-square-foot industrial facility in Las Vegas. The facility will be situ- ated near North Walnut Road in the Interstate 15 corridor. LogistiCenter at Las Vegas Boule- vard will be equipped to handle dis- tribution, e-commerce, manufacturing and warehouse operations. The space will be able to accommodate up to four tenants. The project should be complete by the second quarter of 2017. It is being design-built by United Construction Company. The site offers an addition- al eight to nine acres of excess land for retail or office building development. DONE DEAL. LEADING EXPERTS. LEADING TECHNOLOGY. Closing the deal. Achieving better efficiencies through smarter technology. At Money360, we know that nothing matters more in direct marketplace lending than confidence of execution. That's why we've built the platform and the team of seasoned professionals who make it happen. Bridge and Permanent Loans on commercial real estate nationwide from $1M-$15M. (888) 908-2864 or CapitalByMoney360.com

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