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 2017 • 21 S O U T H W E S T SR CONSTRUCTION BUILDS FIRST TWO NEIGHBORHOOD HOSPITALS IN LAS VEGAS FOR DIGNITY HEALTH LAS VEGAS — SR Construction has completed construction on two of the Las Vegas Valley's first neighborhood hospitals, North Las Vegas Campus and Blue Diamond Campus. The projects are a joint venture between Dignity Health and Emerus. The North Las Vegas Campus Neighbor- hood Hospital is located at 1550 W. Craig Road in North Las Vegas and was the first to be built in the state. The three-story building houses a li- censed hospital on the first floor with 16 patient rooms. The hospital also has a diagnostic imaging suite, lab, inpatient waiting room and space for primary care and specialty phy- sicians, in addition to a wellness center. The Blue Diamond Campus Neighborhood Hospital is located at 4855 Blue Diamond Road. It was the second of four facilities to open. The 27,000-square-foot, two-story build- ing mirrors a similar layout housing a licensed hospital on the first floor. It also has a diagnostic imaging suite, lab, inpatient waiting room and space for primary care and specialty physi- cians, in addition to a wellness center located on the second floor. CBRE ARRANGES $20.2 MILLION CONSTRUCTION FINANCING FOR 144-UNIT COMMUNITY IN GLENDALE GLENDALE, ARIZ. — CBRE has ar- ranged $20.2 million in construction financing for MorningStar of Glen- dale, a 144-unit independent living, assisted living and memory care com- munity in Glendale, about nine miles north of Phoenix. The borrower is a joint venture between MorningStar Senior Living, N-Shea Group and an institutional equity partner. This will be MorningStar's fourth community in the Phoenix metro area. Morn- ingStar will operate the community once it's completed. CBRE secured the four-year, floating-rate loan with 42 months of interest-only payments through a regional bank. Aron Will ar- ranged the financing. TA REALTY PURCHASES PHOENIX INDUSTRIAL PORTFOLIO FOR $24.5 MILLION PHOENIX — TA Realty has pur- chased a 266,607-square-foot indus- trial portfolio in Phoenix for $24.5 million. The portfolio is situated in Scottsdale and Tempe. The properties include four industrial/flex assets at 9160 S. McKemy Street and 9185 and 9245 S. Farmer Ave. in Tempe and 7400 E. Tierra Buena Lane in Scott- sdale. The portfolio is more than 96 percent leased to 12 tenants across in- dustries like IT services, transporta- tion, automotive and home improve- ment. JLL's Capital Markets team represented the seller, the Hewson Company, in this transaction. TANGLEWOOD VILLAGE APARTMENTS IN CARSON CITY CHANGES HANDS CARSON CITY, NEV. — The 130-unit Tanglewood Village Apartments in Carson City has sold to an LLC for an undisclosed sum. The community is located at 919 South Roop Street. It is situated near Interstate 580 and U.S. Route 50. Amenities include a swim- ming pool, sundeck, tennis courts and a fitness center. It was built in 1978 to condominium specifications. Kenneth N. Blomsterberg, Ryan Rife and Benja- min L. Nelson of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction. WITKOFF, NEW VALLEY BUY FORMER FOUNTAINBLEAU RESORT IN LAS VEGAS FOR $600 MILLION LAS VEGAS — A partnership be- tween Witkoff and New Valley LLC has purchased the former Fountain- bleau resort on the Las Vegas Strip for $600 million. The property is lo- cated at 2755 Las Vegas Blvd. South. The 63-story resort never fully saw the light of day after construction ceased on the $2.9 billion, 3,900-room property in 2009 in the midst of the Great Recession. It was purchased by Carl Icahn's firm, Icahn NV Gam- ing Acquisition LLC, in 2010 for $150 million when the asset was in bankruptcy. The property is situated across from Circus Circus, near En- core and SLS Las Vegas. It sits in front of the Westgate Las Vegas, as well as the Las Vegas Convention Center, which is in the midst of a $1.4 billion expansion and renovation. The as- set was acquired at a substantial dis- count to replacement cost, according to Witkoff. The company spent four months conducting due diligence on the resort and Las Vegas market prior to the acquisition. New Valley LLC is an investment company owned by Vector Group. Learn about the many real estate development and redevelopment opportunities and how you can partner with Peoria today at: www.peoriaed.com/invest Repurpose, Reuse & Reimagine Redevelopment Peoria is launching a new redevelopment initiative Peoria is interested in turning aging shopping centers into attractive, new mixed-use projects, or re-purposing them into a unique office product. This is a priority in Peoria. With a supportive mayor and highly motivated city council driving the city's redevelopment initiatives, Peoria is reinventing its future. The North Las Vegas Campus Neighborhood Hospital is located at 1550 W. Craig Road in North Las Vegas and was the first to be built in the state.