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.

Issue link: https://westernrealestatebusiness.epubxp.com/i/993830

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Page 19 of 50

C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • June 2018 • 17 S O U T H W E S T HFF SECURES $29.3 MILLION ACQUISITION FINANCING FOR APARTMENT PROPERTY IN SUBURBAN PHOENIX CHANDLER, ARIZ. — HFF has ar- ranged $26.3 million in financing for Greentree Place, an apartment prop- erty located at 250 S. Elizabeth Circle in Chandler, a suburb of Phoenix. Josh Simon and Brad Miner of HFF worked on behalf of Western Wealth Capital, which acquired the property on behalf of the borrower, an MDC Realty Advisors USA-managed fund. The five-year, floating-rate loan was used to acquire the property and in- cludes a future-funding component to provide the borrower with a capital expenditure program. The 256-unit property features a mix of one- and two-bedroom layouts, resort-style swimming pool, spa, tennis court, vol- leyball court, fitness center, business center and courtyards with a commu- nity playground. LEVROSE COMMERCIAL NEGOTIATES $7.2 MILLION ACQUISITION OF SHOPPING CENTER IN PHOENIX PHOENIX — LevRose Commercial Real Estate/TCN Worldwide has ar- ranged the acquisition of Bell Park Plaza, a shopping center located at the northeast corner of 43rd Avenue and Bell Road in Phoenix. Canada-based Triumph Real Estate Investment Fund from Hanley V Properties purchased the retail property for $7.2 million. At the time of closing, the 33,480-square- foot property was 93 percent occu- pied. Tenants include Subway, Hobby Bench, Banner Health Urgent Care and Papa John's Pizza. Jon Rosenberg and Keri Davies of LevRose repre- sented the buyer, while Greg Abbot of CBRE represented the undisclosed seller in the deal. ALPHA WAVE INVESTORS SELLS 60-UNIT APARTMENT COMMUNITY IN TUCSON TUCSON, ARIZ. — Alpha Wave In- vestors, a private equity investment firm, has completed the disposition of Skyline Park Apartments, a multifam- ily property located at 5290 S. Park Ave. in Tucson. A Southern California- based owner of multifamily proper- ties purchased the asset for $2.6 mil- lion. Alpha Wave originally acquired the property in 2017, implemented a repositioning/renovation program and rebranded the property to Skyline Park Apartments. Built in 1985, the two-story property features 60 units in a mix of one- and two-bedroom lay- outs, a swimming pool and children's play area. Bill Hahn, formerly of Col- liers and now with NorthMarq, repre- sented the seller, while Alon Shnitzer of ABI Multifamily represented the buyer in the deal. COLLIERS BROKERS $12.4 MILLION SALE OF RETAIL PROPERTY LAS VEGAS — Colliers International has arranged the sale of a retail prop- erty located at 2827 Paradise Road in Las Vegas. Stirling Club LLC acquired the property from JDLB LLC for $12.4 million. Stirling Club occupies the 73,576-square-foot property. Chris Clifford, Steve Neiger and Brett Rath- er of Colliers represented the seller in the deal. CUSHMAN & WAKEFIELD BROKERS $2.1 MILLION SALE OF APARTMENT BUILDING TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Bellevue Winstel Apartments, an apartment building located at 3737 E. Bellevue St. in Tucson. Gould Fam- ily Properties VIII LLC sold the prop- erty to 3737 E. Bellevue Street LLC for $2.1 million. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield|PICOR handled the trans- action. BRENNAN COMPLETES ACQUISITION, LEASEBACK OF INDUSTRIAL FACILITY PHOENIX — Brennan Investment Group has acquired a two-building in- dustrial facility located at 4245 N. 40th Ave. in Phoenix. The 79,968-square-foot property was simultaneously leased back to the seller, F&B Manufacturing, a provider of parts for the aerospace, au- tomotive, power generation and semi- conductor industries. F&B Manufactur- ing uses the facility as its headquarters and for manufacturing and distribution. RECENT CLOSINGS Las Vegas, NV Garden Apartments $55MM Gleneden Beach, OR Full Service Hospitality $16.1MM Moreno Valley, CA Regional Mall $60.25MM Las Vegas, NV Industrial $7.5MM 100% of Reserve 121% of Reserve 134% of Reserve 167% of Reserve RealINSIGHT Marketplace has successfully sold over $1 Billion across all asset classes since 2017. Looking for an investment opportunity, check out our current Sale Events and Real Estate Listings at ri-marketplace.com. Bringing Buyers, Sellers and Brokers together. ri-marketplace.com | 1-800-915-7015

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