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 30 • May 2017 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T GTM ARCHITECTS COLLABORATES ON 17,700 SF SUGAR FACTORY LOCATION IN LAS VEGAS LAS VEGAS — GTM Architects has completed design work with Sugar Factory American Brasserie at six new locations across the U.S., including its largest restaurant in Las Vegas. At 17,700 square feet on two levels, the Las Vegas location includes an in- door dining room plus two outdoor patios on both levels, a 14-seat mini- carousel leading to a private gazebo, a full service café, a bulk candy selec- tion in the confectionary shop, and an upscale Chocolate Lounge spanning more than 3,000 square feet. INDIGO CREEK APARTMENTS IN GLENDALE SELLS FOR $55.2 MILLION GLENDALE, ARIZ. — The 408-unit Indigo Creek apartment complex in Glendale has sold to Resource Real Estate for $55.2 million. The commu- nity is situated on more than 19 acres in the Arrowhead region of Greater Phoenix, about three miles from the Bell Road Retail Corridor. Indigo Creek was built in 1998. Unit amenities include ceramic tile entries and oval, Roman-style soaking tubs. Community amenities include three resort-inspired swimming pools and two spas accented by gas-burning fire pits. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and seller, Bascom Arizona Ventures, in this transaction. DESERT GARDENS APARTMENTS IN GLENDALE CHANGES HANDS GLENDALE, ARIZ. — The 307-unit Desert Gardens apartments in Glen- dale has sold to Del Marco LLC for $19.5 million. The community is lo- cated at 13517 W. Glendale Ave. Desert Gardens was 99 percent leased at the time of the sale. It con- tains 17, two-story buildings situated on 11.1 acres. Community amenities include a covered playground, basketball court, dog park, tennis court, horseshoe pit, sand volleyball court, fitness center, clubhouse, heated pool, jetted hot tub and barbeque ramada areas. It is situated near Luke Air Force Base, the Westgate Entertainment District, Uni- versity of Phoenix Stadium and Gila River Arena. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International represented both the buyer and seller, Desert Gardens V LLC, in this transac- tion. HSL DESERT SANDS RECEIVES $21.5 MILLION IN FINANCING FOR CASA GRANDE APARTMENT COMPLEX CASA GRANDE, ARIZ. — HSL Desert Sands Properties has received $21.5 million in financing for a 323-unit apartment complex in Casa Grande. The community is located at 720 West O'Neil Drive. The property was built in 2008. Casa Grande is about 45 miles south of the Phoenix central business district and 70 miles northwest of Tucson. The funds will be used to refinance the property. The 10-year Fannie Mae loan fea- tures a 30-year amortization schedule. HSL Desert Sands Properties LLC is an entity affiliated with HSL Prop- erties and Humberto S. Lopez, who owns multifamily and other commer- cial real estate throughout the South- west. The loan was provided by Hunt Mortgage Group. SAGEWOOD CCRC IN PHOENIX BREAKS GROUND ON 68-UNIT EXPANSION PHOENIX — Sagewood, a luxury continuing care retirement commu- nity (CCRC) in North Phoenix, has broken ground on The Estates, a new neighborhood at the community. The expansion will include 24 new standalone homes as well as a 44-unit assisted living building, a 13,000-square-foot events center, a reconfiguration of the main entrance and new parking areas. Development partners on the proj- ect include Life Care Services, West- minster Capital and the Phoenix Chamber of Commerce. Sagewood currently features 292 units spanning the continuum of care, along with two clubhouses and on- site Acacia Health Center that recently doubled in size. SEND YOUR NEWS TO western@francemediainc.com SMART Investment, SMART Partnership Learn about the many real estate development opportunities and how you can partner with Peoria today at: www.peoriaed.com/invest Smart Partnerships lead to Smart Investments With a strong mayor and city council leading an aggressive economic development strategy, Peoria Arizona is poised to make strong public-private partnerships. Investors and developers can choose among many exclusive redevelopment, commercial and industrial real estate development opportunities in Peoria. Peoria