Property Type

AAA Management Receives $47.6M Construction Loan for Geo Queen Anne Apartments in Seattle

by Amy Works October 25, 2021

SEATTLE — San Diego-based AAA Management has obtained $47.6 million in financing for the construction of Geo Queen Anne, an apartment development in Seattle’s Queen Anne submarket. Located at 2222 15th Ave. West, the six-story, 148,159-square-foot building will feature 168 apartments, 20 percent of which will be designated as affordable. Community amenities will include a fitness center, package center, rooftop terrace with fireplaces and barbecues, bike storage and 96 parking spaces in an underground structure. Completion is slated for early 2023. Bill Chiles, Scott Peterson and Morgon Fraser of CBRE’s Debt & Structured Finance team in San Diego arranged the loan for the borrower.

October 25, 2021

California Development Industrial Western

CapRock Partners Breaks Ground on 24-Acre Saddle Ranch Industrial Complex in Norco, California

by Amy Works October 25, 2021

NORCO, CALIF. — CapRock Partners, with Premier Design + Build Group as general contractor, has broken ground on Saddle Ranch Phase II in Norco. Situated on 23.8 acres at 3166 Horseless Carriage Drive, the development will feature three buildings offering a total of 387,180 square feet. The speculative structures will feature 32-foot clear heights, 8,000 amps of power in each building, ESFR K17 @ 52 PSI fire sprinklers, three drive-in doors and 35 dock doors. Additionally, Premier will add parking to accommodate approximately 36 trailers and 309 vehicles. The project scope also includes 270,000 square feet of landscaping. Project partners include RGA, Office of Architectural Design, X Engineering and Darin Fong and Associates. Completion is slated for third-quarter 2022.

October 25, 2021

Acquisitions Colorado Retail Western

Blue West Capital Arranges $2.8M Sale of USPS-Occupied Property Near Denver

by Amy Works October 25, 2021

CASTLE ROCK, COLO. — Blue West Capital has brokered the sale of a single-tenant building located at 220 S. Wilcox St. in Castle Rock. A California-based 1031 exchange investor acquired the newly constructed asset for $2.8 million. The United States Postal Service occupies the 5,382-square-foot property as a mission-critical financial station that combines retail operations and carrier logistics. Zach Wright and Brandon Gayeski of Blue West Capital represented the seller, a Midwest-based real estate development firm, in the deal.

October 25, 2021

Acquisitions Idaho Multifamily Seniors Housing Western

Blueprint Brokers Sale of 79-Unit Streamside Assisted Living in Nampa, Idaho

by Amy Works October 25, 2021

NAMPA, IDAHO — Blueprint Healthcare Real Estate Advisors has arranged the sale of Streamside Assisted Living & Memory Care in Nampa. The community features 54 assisted living units and 25 secured memory care units. A regional buyer expanding in the Pacific Northwest acquired the property from a local seller. Further details were not disclosed.

October 25, 2021

Hawaii Hospitality Loans Top Stories Western

JLL Arranges $450M Refinancing for Hyatt Regency Resort in Honolulu

by Taylor Williams October 25, 2021

HONOLULU — JLL has arranged a $450 million loan to refinance debt on the Hyatt Regency Waikiki Beach Resort & Spa in Honolulu. Situated on a three-acre site, the hotel totals 1,230 rooms across two 40-story buildings with views of Waikiki Beach and downtown Honolulu. The resort features three dining venues, a spa, outdoor pool, 24-hour fitness center and 20,510 square feet of meeting space. The property also houses the Pualeilani Atrium Shops to offer guests an onsite shopping experience. Hotel guests can also access weekly cultural activities such as lei making, ukulele and hula lessons and a day camp for children. Guestrooms are furnished with flatscreen TVs, work areas and private balconies with mountain or beach views. Suites with separate living areas and wet bars are also available. The property offers proximity to a number of key transit hubs and tourist destinations on the island. These include Daniel K. Inouye International Airport, the Honolulu Harbor cruise terminal, Kapiolani Park, the Royal Hawaiian Center and Waikiki Beach Walk Entertainment Center. Kevin Davis and Mike Huth of JLL arranged the five-year, floating-rate loan on behalf of the borrower, South Korea-based Mirae Asset Global Investments. A consortium of lenders that included Deutsche …

October 25, 2021

Data Centers Industrial Market Reports Southeast Southeast Market Reports Virginia

Richmond Industrial Pipeline Shows No Sign of Slowing Development, Leasing

by John Nelson October 25, 2021

At the mid-year mark, industrial occupancy in the greater Richmond area remains strong, closing with an overall occupancy rate of 93 percent in the categories we track (Class A, B select C vacant and investor-owned product with a minimum of 40,000 square feet total). Class A occupancy increased to 96 percent at the end of the second quarter, up from 93 percent at the end of the first quarter. Class B occupancy experienced a slight decrease to 91 percent, down from 92 percent at the end of the first quarter. CoStar Group reports overall industrial occupancy at 95 percent for product of all sizes, including investor-owned facilities, but excluding flex space (minimum 50 percent office). Richmond’s strategic Mid-Atlantic location along Interstate 95 provides access to 55 percent of the nation’s consumers within two days’ delivery by truck, and in addition to being the northernmost right to work state on the Eastern seaboard, Virginia has once again been named as the top state for business by CNBC. Business Facilities also ranked Richmond as one of the top locations for corporate headquarters. With 12 Fortune 1000 companies located in the region, Richmond is home to the most Fortune 1000 headquarters compared to …

October 25, 2021

Development Hospitality Nevada Retail Western

Shopoff Realty, Contour Secure Entitlement Approvals for 19-Story Dream Las Vegas Resort

by Amy Works October 22, 2021

LAS VEGAS — A joint venture between Shopoff Realty Investments and Contour has secured entitlements for the full development of Dream Las Vegas, a previously announced resort and casino on the Las Vegas Strip. Situated on 5.2 acres at 5051 S. Las Vegas Blvd., the 19-story development will feature 526 guest rooms and suites, gaming, dining and nightlife venues, a pool deck, retail experiences, meeting rooms, and a fitness center. Completion is slated for third-quarter 2024. The property will be branded and managed by Dream Hotel Group. McCarthy Construction will manage the design and construction of the resort and casino, with excavation for the project set to start in the second quarter of 2022.

October 22, 2021

California Development Loans Multifamily Seniors Housing Western

CBRE Originates $42M Construction Financing for LGBTQ-Focused Seniors Housing Community in Palm Springs, California

by Amy Works October 22, 2021

PALM SPRINGS, CALIF. — CBRE Senior Housing has arranged $42 million in construction financing for Living Out Palm Springs, a luxury active adult community that will cater primarily to LGBTQ residents. Aron Will, Austin Sacco and Tim Root of CBRE Senior Housing arranged the financing on behalf of a joint venture between KOAR International Inc. and a group of high-net-worth investors. The financing is a non-recourse, four-year loan with full-term interest-only payments and an extension option. A national bank provided the funds. The nine-acre site is located at the northwest corner of East Tahquitz Canyon Way and North Hermosa Drive in central Palm Springs. The community will be the first of its kind, as virtually no other LGBTQ-oriented, market-rate active adult communities exist in the market today, according to CBRE. Additionally, the community was planned and will be operated with the active involvement and input of the LGBTQ community. While the community’s primary target is LGBTQ seniors living in Southern California, marketing efforts will target prospective residents from all over the United States. The community will feature 122 units. Living Out Management LLC, an affiliate of KOAR, will operate the community under a traditional management agreement.

October 22, 2021

Colorado Development Industrial Western

Brookfield Properties Breaks Ground on 695,899 SF Central Park Logistics Center in Denver

by Amy Works October 22, 2021

DENVER — Brookfield Properties has broken ground for the development of Central Park Logistics Center, an industrial project located at 9300 and 9400 E. 46th Place in Denver. Slated for delivery in spring 2022, Central Park Logistics Center will feature two buildings offering a total of 695,899 square feet of last-mile warehouse and industrial space. The buildings will feature 32-foot and 36-foot clear heights, cross-dock and front-park/rear-load designs, TPO cool roofs, clerestory windows, ESFR sprinkler systems, modern truck courts with ample car and trailer parking, and speculative office space completed with core and shell construction. Building 1, which will be located at 9300 E. 46th Place, will total 201,501 square feet, divisible down to 35,000 square feet. Building 2, located at 9400 E. 46th Place, will total 494,398 square feet, divisible down to 75,000 square feet. Ware Malcomb is serving as project architect and Brinkman Construction is the general contractor. Mike Wafer and Mike Wafer Jr. of Newmark are exclusive leasing agents for the project.

October 22, 2021

Acquisitions California Industrial Western

Avison Young Negotiates Acquisition of 156,937 SF Gifford Business Park in San Bernardino, California

by Amy Works October 22, 2021

SAN BERNARDINO, CALIF. — Avison Young has arranged the purchase of Gifford Business Park, a multi-tenant industrial property in San Bernardino. A Southern California-based private investor acquired the asset from Phoenix-based Gifford Business Park LLC for $21.1 million. Alan Pekarcik and Chris Smith of Avison Young represented the buyer in the transaction. Built in 1989 on 11.5 acres, the seven-building property features 156,937 square feet of industrial space. At the close of escrow, the property was 95 percent occupied by 35 tenants. The asset is located at 750-760 E. Central Ave. and 765-791 S. Gifford Ave.

October 22, 2021

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