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Crystal Investment Property Brokers Sale of 107-Key Landing Hotel in Ketchikan, Alaska

Amy Works — Mon, 30 Sep 2024 13:43:12 +0000

KETCHIKAN, ALASKA — Crystal Investment Property (CIP), a member of Hotel Brokers International, has arranged the sale of The Landing Hotel, Restaurant & Pub in Ketchikan. CIP’s Joseph Kennedy, along with Mary Wanzer, a licensed Alaska broker, represented the undisclosed seller in the deal. The name of the buyer and acquisition price were not released. Located at 3434 Tongass Ave., The Landing Hotel, Restaurant & Pub is a 107-key, independent mid-scale hotel. The full-service property offers flexible meeting and events space, event planning and catering for onsite and offsite events, a lounge area, fireplace, business center, fitness center and courtesy shuttle service. Additionally, the hotel is home to two dining options: The Landing Restaurant and Portside Pub & Grill (formerly Jeremiah’s Pub).

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Time Equities Acquires Industrial Property in Anchorage, Alaska for $9.1M

Amy Works — Wed, 10 Jul 2024 13:15:18 +0000

ANCHORAGE, ALASKA — Time Equities Inc. (TEI) has expanded its Alaska portfolio with the purchase of 501 W. 58th Ave., an industrial facility in Anchorage. 58TH Avenue Warehouse LLC/Chugach Alaska Corp. sold the asset for $9.1 million Spanning 2.4 acres, the industrial site features 48,011 square feet of first-floor space and various mezzanine and outdoor storage space. Platt Electric and Chugach Alaska occupy the property. Ami Ziff, Jonathan Kim, Grant Scott and Eli Smith provided in-house representation for TEI, while Eric Sobolik of Jack White Commercial represented the buyer in the transaction.

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PACE Loan Group Completes $10M Financing for Aviator Hotel in Anchorage, Alaska

Amy Works — Thu, 02 May 2024 13:02:00 +0000

ANCHORAGE, ALASKA — PACE Loan Group (PLG) has completed the third tranche of C-PACER financing for The Aviator Hotel in downtown Anchorage. With this round of $10 million financing, the hotel has received $16.7 million in Commercial Property Assessed Clean Energy & Resilience (C-PACER) loans to support the renovations and upgrades to the 1970s-era hotel, which is being redeveloped into a modern, Class A hotel. Once the renovation is complete in late 2024, The Aviator Hotel will have 250 rooms and suites, a retail store, coffee shop, brewery, bar and a restaurant with year-round outdoor deck with views of Denali, the highest mountain peak in North America. Renovation of the property began in 2022. To date, 61 room updates have been completed. Renovations include energy conservation measures, including HVAC upgrades, building envelope, water fixtures, lighting, insulation, snow-load management and energy-efficient heating. The conservation measures are expected to save an average of $259,773 in energy costs annually over the next 30 years, and the resilience improvements will increase the building’s resistance to extreme weather events. Matthew McCormack of PLG originated the C-PACER loans, which required collaboration with other municipal and private funding sources.

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PACE Loan Group Arranges $5.5M in Financing for Aviator Hotel in Anchorage, Alaska

Jeff Shaw — Thu, 29 Jun 2023 13:47:07 +0000

ANCHORAGE, ALASKA — PACE Loan Group (PLG) has arranged $5.5 million in Commercial Property Assessed Clean Energy & Resilience (C-PACER) financing for the Aviator Hotel in Anchorage. The historic hotel, located at 239 W. 4th Ave., is undergoing renovations. Once renovation is complete in 2024, the Aviator Hotel will be a high-end boutique hotel with 252 rooms and suites, a retail store, coffee shop, brewery and a bar and restaurant that will feature a year-round outdoor deck with views of Denali. The C-PACER financing is the largest of its kind to date in Alaska, according to PLG. The loan funds the renovations at the 1970s-era, three-story hotel, including energy conservation measures such as HVAC upgrades, building envelope, water fixtures, lighting and energy-efficient heating. The municipality of Anchorage launched C-PACER in May of 2021, with the first loan closing in August 2022.

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Time Equities Acquires Retail, Warehouse Portfolio in Anchorage for $44M

Amy Works — Tue, 26 Apr 2022 14:15:09 +0000

ANCHORAGE, ALASKA — Time Equities Inc. has purchased Midtown Mall and 5900 Old Seward Highway in Anchorage from Seritage Growth Properties for a $44 million. Totaling 252,663 square feet, the deals mark Time Equities’ entry to Alaska. Midtown Mall is a 164,664-square-foot, grocery-anchored shopping center. At the time of sale, the property was 81 percent leased. Current tenants include Carr’s Grocery Store, Guitar Center, Nordstrom Rack and Planet Fitness. Situated on 7.8 acres, 5900 Old Seward Highway is a 98,087-square-foot former Sears warehouse building, which is currently vacant. Ami Ziff, Jonathan Kim and Grant Scott provided in-house representation for Time Equities, while Dino Christophilis of CBRE represented the seller in the deal.

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The X Co. Completes 20-Story Multifamily High-Rise in Downtown Phoenix

Taylor Williams — Fri, 11 Mar 2022 12:24:29 +0000

PHOENIX — Chicago-based developer The X Co. has completed X Phoenix, a 20-story multifamily high-rise project located at 200 W. Monroe St. in the state capital’s downtown area. The 731,321-square-foot building houses 330 residential units and represents Phase I of a larger development. Phase II of X Phoenix will feature a 26-story multifamily tower that will be developed on an adjacent parcel. Construction of Phase II is scheduled to begin this spring. Phase I of X Phoenix included a parking garage with 612 stalls, plus an indoor mezzanine storage space with 159 bike parking spots and a wash station. The eighth floor of the building houses two pools with a poolside bar and restaurant that is scheduled to open in April. In addition, the ninth floor of the building features a 9,000-square-foot fitness center with locker rooms and a yoga studio. Lastly, the building contains 50,000 square feet of commercial space that will be built out to support restaurant and coworking uses. Chicago-based Fitzgerald & Associates designed X Phoenix, with Workshop/APD handling interior design. Clayco, a design-build firm with five offices across the county, provided construction management services. Kimley-Horn and Peterson Associates provided engineering services. The X Co. has built…

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Live Oak Funds $15M Construction Loan for Seniors Housing Community in Fairbanks, Alaska

Amy Works — Thu, 30 Sep 2021 15:33:46 +0000

FAIRBANKS, ALASKA — Live Oak Bank has provided a $15 million construction loan for owner-operator Frontier Partners LLC to support the development of a 68-unit assisted living community in Fairbanks. The community will consist of 50,680 square feet and will be situated on 7.8 acres. The debt was structured into two loans utilizing the SBA 504 program. The interim construction loan will be held by Live Oak Bank in the amount of $10.2 million, and the second bridge loan prior to the 504 Debenture will be in the amount of $4.8 million.

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Greystone Provides $22.5M Refinancing for Assisted Living Facility in Anchorage, Alaska

Amy Works — Wed, 18 Aug 2021 15:52:57 +0000

ANCHORAGE, ALASKA — Greystone has provided a $22.5 million bridge loan to refinance Aspen Creek Senior Living, an assisted living facility in Anchorage. Stella Plotkin of Greystone originated the loan on behalf of the borrower, Spring Creek Holdings. The floating-rate, interest-only bridge financing features a 24-month term with two six-month extension options, with the intention to transition to permanent HUD-insured financing. The financing retires the existing loan from the property’s initial construction and enables the borrower to continue with ongoing renovations, including the completion of the secured memory care wing. Completed in 2019, Aspen Creek Senior Living features 96 beds, with 21 designated for memory care residents.

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SLIB Negotiates $32.5M Sale of Seniors Housing Community in Anchorage, Alaska

Amy Works — Mon, 10 May 2021 12:52:20 +0000

ANCHORAGE, ALASKA — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 116-unit assisted living and memory care community in Anchorage. The community opened in December 2019. The 82,813-square-foot facility sits on 2.7 acres of land, with an adjacent 2.7-acre plot available for purchase. The community’s developer sold the asset to a national REIT for $32.5 million. The new owner will use a third-party operator. The REIT also is considering a joint-venture independent living expansion at the property. Vince Viverito, Brad Goodsell and Jason Punzel of SLIB handled the transaction.

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Institutional Property Advisors Brokers Sale of 28-Property Fred Meyer Portfolio in Pacific Northwest

Jeff Shaw — Thu, 06 May 2021 15:39:36 +0000

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale-leaseback of a 28-property portfolio of net-leased Fred Meyer stores in the West. While the price was not disclosed, Marcus & Millichap’s research department claims that the sale is the largest retail transaction since the beginning of the COVID-19 pandemic. Fred Meyer is a wholly owned subsidiary of Kroger (NYSE: KR) and features a superstore-style format. Benderson Development acquired the 4.5 million-square-foot portfolio. The Fred Meyer portfolio is located in Shoreline, Bellingham, Everett, Lynnwood, Longview, Vancouver, Puyallup, Richland and Tacoma, Washington; Eugene, Salem, Albany, Beaverton, Corvallis, Portland, Medford, Oregon City, Roseburg, Springfield, The Dalles and Tualatin, Oregon; Nampa and Garden City, Idaho; and Anchorage, Alaska. “The Pacific Northwest has always been one of our top areas of interest to grow our national footprint,” says Randy Benderson, president and director of Benderson Development. “Fred Meyer is a leader in these markets and we’re very pleased to strengthen and enhance our long-term partnership with them.” Kroger will execute new 25-year absolute net leases for each property, with an initial portfolio-wide base rent totaling $25 million per year. Tom Lagos, Patrick Toomey, Jose Carrazana, Jessica Baram and Ryan…

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Alaska Cargo & Cold Storage to Develop 700,000 SF Climate-Controlled Warehouse at Anchorage International Airport

Amy Works — Thu, 04 Feb 2021 14:42:33 +0000

ANCHORAGE, ALASKA — Alaska Cargo and Cold Storage (ACCS) and the State of Alaska have executed a 55-year ground lease agreement at Ted Stevens Anchorage International Airport (ANC) for the development of a climate-controlled warehouse facility at the airport. Located on Great Circle Route, the 700,000-square-foot facility will offer 32.5 million cubic feet of capacity, providing the airport, which is the world’s sixth-busiest cargo airport, with a critical piece of infrastructure. ANC is situated within 9.5 hours of 90 percent of key markets in Asia, Europe and North America. In September 2020, the U.S. Department of Transportation awarded the Alaska Energy Authority a $21 million BUILD grant to administer in support of the ACCS project. The facility will be built in phases, with construction of the 190,0000-square-foot first phase slated to begin in the second half of this year. When fully complete, the facility will offer cold and warm storage, quick cargo, general warehousing options, logistics services and auxiliary space for tenant offices. ACCS is a joint venture of industrialist Chad Brownstein and McKinley Capital Management, which is led by Rob Gillam. David Norrie and Katrin Gist of CBRE, along with Paul Schilling of Schilling Commercial Real Estate, will market…

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Perkins&Will Designs $30M Renovation of KeyBank Plaza Office Building in Downtown Anchorage

Amy Works — Wed, 27 Jan 2021 15:03:45 +0000

ANCHORAGE, ALASKA — Perkins&Will, a global architecture firm, in partnership with an Alaska-based developer, has designed the $30 million modernization and expansion of 601 W. 5th Avenue, formerly the KeyBank Plaza Building located in downtown Anchorage. Originally constructed in 1972 by Alaska Mutual Savings Bank, the nine-story property required extensive structural repairs as a result of the region’s 7.1 magnitude earthquake in November 2018. In addition to seismic reinforcements, the nine-story building will undergo an external transformation into a sleek, glacier-like office building, paying homage to Alaska’s natural wonders. The reimagined property will feature an additional 40,000-square-foot sloped façade that reconfigures the building to resemble a glacier. Floor-to-ceiling windows will replace the existing precast concrete cladding to allow for maximum natural light. The redesign also includes radiant heating, six new skylights and drought-tolerant native plants. The building will be retrofitted with significant interior improvements, including the replacement of all mechanical, electrical and plumbing systems; construction of a new stair tower; modernization of the elevators; and installation of a freight elevator.

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Columbia Sussex Buys 348-Room Hotel Portfolio in Anchorage

Amy Works — Tue, 15 Oct 2019 13:52:34 +0000

ANCHORAGE — Columbia Sussex has purchased three hotel properties, totaling 348 rooms, in Anchorage. Blackstone Group sold the assets for an undisclosed sum. The hotels are the 125-room Hilton Garden Inn at 4555 Union Square Drive; the 101-room Hampton Inn at 4301 Credit Union Drive; and the 122-room Homewood Suites at 101 W. 48th Ave. The properties were built in 2001, 1997 and 2003, respectively. Each property features an indoor pool, fitness center with hot tub, 24-hour business center, meeting space and recently renovated guestrooms. The hotels will continue to operate under their current names with current staff and employees. With 1,341 rooms in its inventory, Columbia Sussex claims to now be the largest full-service, year-round hotel operator in Alaska. The company also owns Marriott Anchorage Downtown and Hilton Anchorage, which it has operated for more than a decade.

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Columbia Sussex Completes Renovations at Hilton Anchorage in Alaska

Amy Works — Thu, 13 Jun 2019 14:01:10 +0000

ANCHORAGE — Columbia Sussex has completed a multi-million-dollar renovation at Hilton Anchorage, located at 500 W. Third Ave. in downtown Anchorage. The project included upgrades to the lobby, dining establishments, guest rooms, fitness center and conference spaces. The renovated guestrooms include work stations with desk-level electrical outlets and high-speed internet access, The Bed by Hilton bedding systems, Hilton alarm clock radios with MP3 Player plug-ins, Cuisinart single-serve/dual-cup coffee makers, back-lit vanities, full-length mirrors, showers with rain showerhead fixtures and 49-inch televisions. The hotel also features 11 suites and more than 50 Club Level executive rooms. Hotel amenities include a fitness center, indoor pool, hot tub, Kaladi Brothers Coffee, Hooper Bay Café, Bruins Bar and 23,000 square feet of flexible meeting and event space. Crestview Hills, Ky.-based Columbia Sussex has owned and managed the hotel since 2006.

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KeyBank Provides $12.7M Financing for Mixed-Use Property in Anchorage, Alaska

Amy Works — Tue, 13 Nov 2018 14:59:51 +0000

ANCHORAGE, ALASKA — KeyBank Community Development Lending & Investment (CDLI) has provided Cook Inlet Housing Authority (CIHA) with $12.7 million in financing. The package includes $6.9 million in combined construction-to-permanent loan financing for the development of Elizabeth Place Apartments in downtown Anchorage, along with $5.8 million in Low Income Housing Tax Credit (LITHC) equity. The mixed-use property will feature 2,680 square feet of ground-floor commercial space, 38 units of affordable housing for those earning 50 percent to 60 percent area median income, and 12 market-rate units. Among the affordable housing units, 15 will be fully equipped for residents with sensory and mobility impairments, 10 units will be set aside for residents who are otherwise differently abled and four will be for residents experiencing homelessness. CIHA partnered with a variety of local organizations on the development, including University of Alaska, YWCA, Red Cross, Providence Alaska, Ninestar, Credit Union 1, Alaska Injury Prevention Center, Junior Achievement and Catholic Social Services. Victoria Quinn and Beth Palmer Wirtz of KeyBank’s CDLI team arranged the financing.

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Hunt Mortgage Provides $5.4M Refinancing for Two Multifamily Properties in Anchorage

Amy Works — Wed, 06 Jun 2018 13:40:22 +0000

ANCHORAGE, ALASKA — Hunt Mortgage Group has provided two Fannie Mae Small Balance Loans totaling $5.4 million for two multifamily properties in Anchorage. The borrower is a limited liability company backed by key principal Elaine Baker, owner of Elaine S. Baker & Associates, a design and furnishing company. The transactions included: A $2.8 million loan for the acquisition of Horizon West Apartments, a 29-unit apartment property located at 540 L St. Constructed in 1971, the five-story building features 17 one-bedroom/one-bath units and 12 two-bedroom/two-bath units. At the time of acquisition, the property was 96 percent occupied. The 10-year loan features a fixed rate with 12 months of interest-only payments followed by a 30-year amortization schedule. A $2.6 million loan for the purchase of East 56th Avenue Apartments, located at 200, 240 and 270 E. 56th Ave. The community features five three-story, walk-up multifamily buildings constructed in 2009. At the time of sale, the property was 95 percent occupied. The property features 10 two-bedroom/one-bath units and 12 two-bedroom/two-bath units. The 10-year, fixed-rate loan features a 30-year amortization schedule.

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Boston Capital Invests in Affordable Community in Alaska

Nellie Day — Thu, 02 Nov 2017 15:59:09 +0000

WASILLA, ALASKA — Boston Capital is investing an undisclosed sum in the construction of Vista Rose II Apartments, a 36-unit affordable community for seniors in Wasilla, approximately 40 miles northeast of Anchorage. Vista Rose II Apartments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The developers are The Pacific Companies, based in Eagle, Idaho, and Deep Green Housing and Community Development, based in Los Angeles. Units will be available to residents aged 55 and over earning 60 percent or less of the Area Median Income (AMI). Twenty-eight units will be restricted to households with incomes at or below 50 percent of AMI, and two units restricted to households with income at or below 30 percent of AMI. The investment marks Boston Capital’s 32nd partnership with The Pacific Companies, and its first property in Alaska.

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Rooflifters USA Raises Roof at Dimond Mall in Anchorage for New Dave & Buster’s

Nellie Day — Fri, 25 Aug 2017 15:42:25 +0000

ANCHORAGE, ALASKA — Rooflifters USA has completed a 25,200-square-foot roof raising that will allow Dave & Busters to open at the Dimond Mall in Anchorage. The mall modified the space and raised the roof about six feet. The larger height allows tenants like movie theaters, big-box retailers and climbing-wall facilities to occupy spaces that most traditional retail locations are unable to initially accommodate. The actual roof raising was done overnight. It’s part of a massive reconfiguration for the Dimond Center remodel and expansion project. The 44,000-square-foot Dave & Buster’s is slated to open in 2018.

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Glenn Square in Anchorage Sells for $25.5M

Nellie Day — Fri, 17 Oct 2014 15:23:55 +0000

ANCHORAGE, AK — JL Properties has acquired Glenn Square, a 182,451-square-foot shopping center in Anchorage, for $25.5 million. The property is located at 3090 Mountain View Drive. Notable tenants at the center include Bass Pro Shops, Bed Bath & Beyond, Michael’s and PetCo. The center was built in 2006. Capital Pacific represented both the buyer and seller, Kimco, in this transaction.

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