Western Real Estate Business

JUN 2018

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 16 • June 2018 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T IPA NEGOTIATES $58.3 MILLION SALE OF APARTMENT COMPLEX PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Escape, an apartment complex lo- cated at 4700 N. 16th St. in downtown Phoenix. P.B. Bell sold the property to Weidner Apartment Homes for $58.3 million, or $239,139 per unit. Built in 2016, the property features 244 apart- ment units, a resident lounge with bil- liards tables and views of Camelback Mountain. Steve Gebing and Cliff Da- vid of IPA represented the seller and procured buyer in the transaction. NAI HORIZON FACILITATES $6.3 MILLION SALE OF FLEX BUILDING SCOTTSDALE, ARIZ. — NAI Ho- rizon has arranged the sale of a flex building located at 8445 E. Hartford Drive in Scottsdale's Airpark sub- market. C.R.C Investments LLC sold the property to Proverbs 3:5 LLC for $6.3 million. The buyer plans to con- vert the 30,000-square-foot property into a music venue. Troy Giammarco and Tyler Smith of NAI Horizon rep- resented the seller, while Steve Burger of CRE Property Advisors represent- ed the buyer in the transaction. ALLIANT CREDIT UNION CLOSES $14.6 MILLION REFINANCING FOR INDUSTRIAL PROPERTY CHANDLER, ARIZ. — Alliant Credit Union has arranged a $14.6 million loan for the refinancing of an indus- trial property located in Chandler. The property features 162,714 square feet of distribution space. The undisclosed sponsor had recently closed with a higher interest rate bridge loan and was seeking a low-leverage transac- tion to replace that debt. Alliant struc- tured the 10-year loan with a 30-year amortization schedule and two years of interest-only payments. RYAN COS., CADENCE SENIOR LIVING START CONSTRUCTION OF 170-UNIT PROJECT MESA, ARIZ. — Ryan Cos. and Ca- dence Senior Living have unveiled plans for Azure Mesa, a 170-unit in- dependent living, assisted living and memory care community in Mesa, a suburb of Phoenix. The upscale, 183,000-square-foot property will fea- ture 142 units that may be used for independent living or assisted living, plus 28 units devoted to memory care. Construction is already underway, with a planned delivery of summer 2019. HFF worked on behalf of Ca- dence and Ryan to arrange a joint ven- ture equity partnership with an un- disclosed institutional partner. Azure Mesa is located on an eight-acre site adjacent to Granite Reef Park, close to restaurants, retail, recreation and medical services. Ryan A+E is de- signing the community, while Studio SIX5 is designing the interiors. The Cadence-Ryan team is working on a second Azure location in North Scott- sdale, which recently received Scott- sdale City Council approval. Ryan Companies currently has over 600,000 square feet of senior living projects under construction in Arizona and na- tionally has completed over 4 million square feet of senior living communi- ties. Cadence Senior Living has over 30 years of seniors housing develop- ment and management experience. FISHER BROTHERS, BENEVILLE STUDIOS BREAK GROUND ON RETAIL, ENTERTAINMENT COMPLEX LAS VEGAS — Fisher Brothers and Beneville Studios have broken ground on AREA15, a retail, art and enter- tainment complex located along West Desert Inn Road in Las Vegas. Weav- ing together immersive experiences, music and corporate events, art instal- lations, restaurants, bars and nightlife, the 126,000-square-foot complex is slated to open in late 2019. The com- plex will appeal to a variety of clien- tele, including gamers, comic-con and sci-fi enthusiasts, artists and music and festival lovers. MARCUS & MILLICHAP ARRANGES SALE OF MOTEL 6 IN ALBUQUERQUE ALBUQUERQUE — Marcus & Millic- hap has brokered the sale of a Motel 6, located at 1701 University Blvd. NE in Albuquerque. The 117-room property, which was renovated in 2015, sold for an undisclosed price. Allan Miller, Chris Gomes and Joseph Jaques of Marcus & Millichap's Dallas office represented the seller, a limited liabil- ity company, and buyer, another limit- ed liability company. Matthew Reeves of Marcus & Millichap was the broker of record in New Mexico. SVN|CHICAGO NEGOTIATES $9.1 MILLION SALE OF RETAIL PROPERTY GROUND LEASE FARMINGTON, N.M. — SVN| Chicago Commercial has arranged the sale of a retail ground lease located at 3560 E. Main St. in Farmington. An institutional buyer acquired the prop- erty from a private investment group for $9.1 million. The Home Depot oc- cupies the property on an absolute triple-net lease basis. Tim Franz of SVN|Chicago Commercial represent- ed the seller in the transaction. WALKER & DUNLOP PROVIDES $17 MILLION FREDDIE MAC REFINANCING FOR SENIORS HOUSING COMMUNITY GILBERT, ARIZ. — Walker & Dunlop Inc. has provided $17 million in Fred- die Mac financing for American Or- chards, an assisted living and mem- ory care community in the Phoenix suburb of Gilbert. Completed in June 2016, American Orchards consists of two distinct buildings: The Sapwood Building with 38 assisted living suites and The Heartwood Building with 35 memory care suites. The 10-year, non- recourse, fixed-rate financing features two years of interest-only payments. The transaction will allow the bor- rower — American Care Concepts — to pay off existing bank debt while cashing out equity for future projects. Walker & Dunlop's team included Kevin Giusti, Jeff Ringwald and Bill Jackson. Located in downtown Phoenix, Escape features 244 apartments, a resident lounge with billiards and views of Camelback Mountain. Rendering credit: A+I (Architecture Plus Information) Slated to open in late 2019, AREA15 will bring 126,000 square feet of unique retail, art and entertainment offerings to Las Vegas.

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