Property Type

Buchanan Mortgage Provides $35.5M Construction Loan for Multifamily Project in Downtown Santa Rosa, California

by Amy Works November 11, 2022

SANTA ROSA, CALIF. — Buchanan Mortgage Holdings, an affiliate of Newport Beach, Calif.-based Buchanan Street Partners, has provided a $35.5 million non-recourse senior construction loan for the development of an apartment community located at 888 Fourth in downtown Santa Rosa. Construction was approximately 50 percent completed at the time of loan closing. Totaling 108 apartments, the multifamily property will offer unobstructed views from all units, a rooftop hot tub, third-level recreation terrace, ground-level picnic area and a fitness center. The market-rate multifamily property is slated to open in mid-2023. The name of the borrower was not released.

November 11, 2022

Acquisitions Healthcare Nevada Retail Western

Omninet Capital Divests of 83,930 SF Retail, Medical Plaza in Las Vegas for $25M

by Amy Works November 11, 2022

LAS VEGAS — Beverly Hills, Calif.-based Omninet Capital has sold Nellis Plaza, a retail and medical center in Las Vegas, to Glen Una Management for $25 million. The transaction is the buyer’s first major retail acquisition in the Las Vegas market. Situated on 7.5 acres at 305-325 N. Nellis Blvd., Nellis Plaza features 83,930 square feet of retail and healthcare space. At the time of sale, the property was 98 percent occupied, with only 1,200 square feet vacant. Marlene Fujita Winkel, Charles Moore, Emily Brun and Alex Casingal of Cushman & Wakefield’s Private Capital Group in Las Vegas represented the seller in the deal.

November 11, 2022

Old-Orchard-Shopping-Center-Santa-Clarita-CA

California Loans Retail Western

iBorrow Provides $15M Refinancing for Old Orchard Shopping Center in Santa Clarita, California

by Amy Works November 11, 2022

SANTA CLARITA, CALIF. — iBorrow has provided a $15 million loan for the refinancing of Old Orchard Shopping Center, a retail strip center in Santa Clarita. The loan proceeds will retire an outstanding CMBS loan and provide for a reserve for tenant improvements and leasing commissions for newly leased suites. Located at 23329-23449 Lyons Ave., Old Orchard Shopping Center features 100,000 square feet of retail space and is anchored by Vallarta Supermarkets.

November 11, 2022

Acquisitions Arizona Office Western

Next Gen Black Canyon Sells Multi-Tenant Office Building in Phoenix for $11.2M

by Amy Works November 11, 2022

PHOENIX — Next Gen Black Canyon LLC has completed the disposition of Black Canyon Commerce Center – Building A, a multi-tenant office property in Phoenix. Washington-based Evergreen Associates acquired the asset for $11.2 million. Located at 2101 W. Peoria Ave., the single-story building features 62,771 square feet of office space. At the time of sale, the property was fully leased to two tenants. Building A was originally built in 1999. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Private Capital team in Phoenix represented the seller in the deal.

November 11, 2022

Acquisitions New York Northeast Retail Top Stories

Kimco Realty Acquires Shopping Center Portfolio on Long Island for $375.8M

by John Nelson November 11, 2022

JERICHO, N.Y. — Kimco Realty (NYSE: KIM), a retail and mixed-use real estate REIT based in Jericho, has acquired a portfolio of eight shopping centers on Long Island. Kabro Associates, a privately held owner based in Woodbury, N.Y., sold the portfolio to Kimco for $375.8 million. Each of the eight retail centers, five of which are grocery-anchored, are located within a 15-minute drive of the Kimco corporate headquarters in Jericho. The centers in the sold portfolio include: • The Gardens at Great Neck • Woodbury Common • The Market Place • Stop & Shop Shopping Center • Southgate Shopping Center • Green Cove Plaza • Syosset Corners and • Sequams Shopping Center The portfolio was 94.4 percent leased at the time of sale. Tenants at the centers include TJ Maxx, GoHealth Urgent Care, Rite Aid, Starbucks, Dunkin’ and Chipotle Mexican Grill, among others. Jose Cruz, Christopher Munley, Andrew Scandalios, James Galbally, Steve Simonelli, Colin Behr and J.B. Bruno of JLL represented Kabro Associates in the transaction. “This acquisition was a rare chance to expand our presence in one of Kimco’s most highly desired markets, with a portfolio of irreplaceable real estate located in one of the most heavily trafficked, densely …

November 11, 2022

Colorado Market Reports Office Western Western Market Reports

The Work-From-Home Trend Continues to Plague Denver

by Jeff Shaw November 11, 2022

By David Gagliano, Senior Vice President and Principal, Fuller Real Estate Leasing trends in the metro Denver office market are continuing their slow progression downward. Inquiries from tenants looking to lease office product is down 10 percent from 2021. Concurrently, we have seen an uptick in smaller office users who are looking for space in lieu of their home office. Landlords have been quick to concede to tenants, incentivizing them with extensive quantifiable tenant improvements and lease rates lower than their competition. Anecdotally, it becomes obvious with nearly every prospective tenant that they are viewing multiple properties. Not only are they viewing several properties, but many have several options within the exact vicinity of the subject property. This trend makes it even more critical for landlords to have the best representation from their brokers. This market instability also speaks to the favor landlords are giving to current tenants upon lease renewal, as capturing occupancy prior to vacating becomes vital. With current and most likely future increases in interest rates, we will see a dip in activity in owner-user purchases that should lead to a rise in leasing activity. The suburban markets are still seeing a surge in migration from the downtown …

November 11, 2022

Acquisitions Multifamily Oregon Student Housing Western

PTLA Real Estate Acquires Four-Property Student Housing Portfolio Near the University of Oregon

by Amy Works November 10, 2022

EUGENE, ORE. — PTLA Real Estate has acquired a four-property student housing portfolio near the University of Oregon campus in Eugene. The communities — named The Anthony, The Pearl, Westgate and The Sonja — offer a total of 186 units and 383 beds. The properties were 95 percent leased ahead of the current academic year. The portfolio recently underwent roughly $2 million in renovations, including updates to shared amenity spaces. Jaclyn Fitts, William Vonderfecht and Casey Schaefer with CBRE’s national student housing team and Josh McDonald with CBRE’s Northwest multifamily investment sales team arranged the transaction on behalf of the undisclosed seller.

November 10, 2022

Acquisitions Multifamily Nevada Western

Cottonwood Group Buys Two Apartment Communities in Las Vegas for $122.5M

by Amy Works November 10, 2022

LAS VEGAS — Cottonwood Group has purchased Summit on Nellis (formerly The Boulevard) and The Quinn, two apartment communities in Las Vegas, for $64 million and $58.5 million, respectively. The acquisition marks Cottonwood’s entry into the Las Vegas multifamily market. The Summit on Nellis, located at 3050 S. Nellis Blvd., features 296 units, and The Quinn, at 5500 S. Mountain Vista St., offers 237 units. For both transactions, Cottonwood partnered with experienced operators and contributed the majority of the equity. This year, Cottonwood has invested in six multifamily properties, including these two in Las Vegas.

November 10, 2022

Acquisitions California Loans Office Western

George Smith Partners Arranges $39.4M in Acquisition Financing for Office Campus in Southern California

by Amy Works November 10, 2022

LAGUNA HILLS, CALIF. — George Smith Partners (GSP) has arranged two loans totaling $39.4 million in acquisition financing for a five-building office campus in Laguna Hills. Situated on 16 acres, the properties are located at 23332, 23382 and 23422 Mill Creek Drive and 2441 and 24461 Ridge Route Drive. The first loan included $24.8 million of non-recourse, seven-year, fixed-rate CMBS debt for the purchase of three office buildings that are 84 percent leased and total 158,000 square feet. GSP sourced a lender that was able to close with a complicated Delaware Statutory Trust equity structure in a tight timeframe. The second loan was $14.6 million in non-recourse, 75 percent loan-to-value bridge financing for the acquisition of two buildings that are 79 percent leased and total 66,000 square feet. GSP identified a lender that could provide a flexible 24-month loan term with three 12-month extensions. Steve Bram, David Pascale, Nick Rogers and Allison Higgins of GSP advised on the financing. Further details on the sales, including buyer, seller and price, were not disclosed.

November 10, 2022

Phase-II-Brown-Field-Tech-Park-San-Diego-CA

California Development Industrial Western

Murphy Development Starts Construction of Brown Field Technology Park Phase II in San Diego

by Amy Works November 10, 2022

SAN DIEGO — Murphy Development Co. (MDC) has broken ground on Phase II of Brown Field Technology Park, a 52-acre corporate industrial park in San Diego’s Otay Mesa neighborhood. The second phase will include two speculative industrial buildings: Building 1, a 102,099-square-foot asset, and Building 2, a 101,145-square-foot facility. Completion of the two buildings is scheduled for third-quarter 2023. The buildings will feature 32-foot clear heights, 4,000 amps of 277/480 volt power, manufacturing sewer and water capacity, ESFR sprinklers, concrete truck courts, wide column spacing, and high-dock door ratios designed for distribution users. The buildings will accommodate a variety of tenant needs, ranging in size from 30,000 square feet to 203,244 square feet. Andy Irwin, Joe Anderson and Greg Lewis of JLL are overseeing the leasing of the two buildings.

November 10, 2022

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