Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/818922
C A L I F O R N I A 26 • May 2017 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T VIRTUA PARTNERS TO BUILD SPRINGHILL SUITES HOTEL IN AVONDALE AVONDALE, ARIZ. — Virtua Part- ners has announced plans to build a 130-room SpringHill Suites Hotel in Avondale. The hotel will be a part of a 58-acre mixed-use site that's situated one half mile north of Interstate 10. The hotel will be developed by Quyp Hospitality LLC, an affiliate of Virtua Partners. The firm has partnered with Marriott on the project. WOODSIDE VILLAGE IN RENO CHANGES HANDS RENO, NEV. — The 250-unit Wood- side Village in Reno has sold to Ho- rizon Realty Advisors LLC for an undisclosed sum. The community is located at 4800 Kietzke Lane. It is situ- ated across the street from the Reno- Sparks Convention Center. Kenneth Blomsterberg, Ryan Rife and Benjamin Nelson of Marcus & Millichap repre- sented the buyer and seller, Woodside Village Opco LLC, in this transaction. CRISMON GATEWAY VILLAGE BREAKS GROUND TO CREATE UPSCALE RETAIL/ RESTAURANT DEVELOPMENT MESA, ARIZ. — Rick Richmond re- cently broke ground on Crismon Gate- way Village, an upscale mixed-use retail and restaurant development on Crismon and Baseline roads in Mesa. Mary Nollenberger, Rommie Moja- hed and Eddie Gonzalez of SVN Des- ert Commercial Advisors represent Richmond, the development owner. Amenities will include coffee, day spa, quick service restaurant, break- fast cafe, wine bistro and fitness as well as service retail to serve the needs of the community. GRIFFIN-AMERICAN HEALTHCARE REIT IV BUYS RENO MEDICAL OFFICE BUILDING RENO, NEV. — Griffin-American Healthcare REIT IV has purchased a 191,000-square-foot medical office building in Reno for an undisclosed sum. The Class A building is situated on the campus of Street Mary's Re- gional Medical Center. The six-story building is fully leased to seven tenants. About 80 percent of the building is leased to Prime Health- care Services — Reno LLC, the opera- tor of Street Mary's Regional Medical Center. The property is the primary outpa- tient location for the hospital, provid- ing healthcare services like wellness, physical therapy, obstetrics and gyne- cology, oncology, radiology, women's health, neurology, bariatrics and in- ternal medicine. The asset was devel- oped by Ensemble Real Estate Solu- tions & Investments. The building was acquired from an unaffiliated third party represented by CBRE's Chris Bodnar and Lee Ash- er. The REIT financed the acquisition using cash on hand. It also borrowed under its line of credit with Bank of America and KeyBank National As- sociation. American Healthcare Inves- tors and Griffin Capital Company co- sponsor the REIT. JCH ARRANGES NEW OPERATOR FOR 95-UNIT ASSISTED LIVING COMMUNITY IN LAS VEGAS LAS VEGAS — JCH Consulting Group has arranged the placement of a "long-term, publicly traded credit tenant" at a 95-unit assisted living community in Las Vegas. The name of the facility was not disclosed. The owner, a private equity firm based in California, had not received rent from the previous tenant for over a year and was in the process of evic- tion. JCH helped the new operator se- cure an emergency license to take over the distressed property. The new, 25-year lease agreement allows rents to return to market rates within three years. JCH Consulting Group is a real es- tate brokerage firm focused on seniors housing. Crismon Gateway Village recently broke ground in Mesa, Ariz. Where your business is our priority - Avondale, AZ is a City on the rise with growing residential communities, I-10 freeway frontage, available sites, strong leadership, and friendly service. • Population 80,073 • Pro-Business and Flexible Procedures • Efficient and Personalized Service • Compressed Process • Unmatched Results Development and Engineering Services Department: 623-333-4000 To learn more about Avondale, AZ, please visit www.avondaleaz.gov Sports and Entertainment College Life Historic Downtown Hospitality Regional Retail Opportunities