Western

UC Santa Cruz, Redtree Partners Plan 400-Bed Residence Hall Development

by Amy Works May 23, 2024

SANTA CRUZ, CALIF. — A public-private partnership between The University of California (UC) Santa Cruz and Redtree Partners is set to break ground on a residence hall development. Santa Cruz is located in the Central Coast region. The community will be located on Delaware Avenue and will offer 400 beds for upper-division undergraduate students, along with units for 60 university employees. The student housing portion of the project will offer rents priced at 20 percent below market rate and the employee housing will be priced at approximately 5 percent below market rate. Seven employee units will meet the city’s affordable housing designation, and another 12 units will be available to moderate-income employees. The university will lease the units from owner and developer Redtree Partners upon completion. Construction is scheduled to begin this summer with completion planned for fall 2026.

May 23, 2024

California Industrial Loans Self-Storage Western

Talonvest Capital Arranges $36.8M Bridge Loan for a Self-Storage Facility in Hawthorne, California

by Amy Works May 23, 2024

HAWTHORNE, CALIF. — Talonvest Capital has closed a $36.8 million bridge loan for a self-storage facility in Hawthorne, in the South Bay region of metro Los Angeles. The borrower is 1784 Holdings. The nonrecourse bridge loan includes a three-year term with two extension options and full-term interest-only payments. The financing was funded by a unique lending program. Jim Davies, Britt Taylor Mason Brusseau, Tom Sherlock and Lauren Maehler of Talonvest represented the borrower.

May 23, 2024

Acquisitions Colorado Industrial Western

John Propp Commercial Group Brokers $5.4M Sale of Industrial Building in Denver

by Amy Works May 23, 2024

DENVER — John Propp Commercial Group has arranged the sale of a single-tenant industrial building, located at 4695 N. Ironton St. in Denver. LVPA 4695 N Ironton Street OS Owner LLC acquired the asset from H.A.L. Construction for $5.4 million. Penske Truck Leasing occupies the 20,168-square-foot, multi-bay truck maintenance facility, which is situated on 3.4 acres and fully fenced. John V. Propp and Joshua Cohen of John Propp Commercial Group represented the seller, while Stream Realty represented the buyer in the transaction.

May 23, 2024

Market Reports Nevada Retail Western Western Market Reports

Las Vegas Retail Market: A Tale of Two Cities

by Jeff Shaw May 23, 2024

— By Geoffrey West, Senior Vice President, Investment Property Sales and Acquisitions, MDL Group/CORFAC International — The Las Vegas retail market remains a tale of two cities with the tourism-driven Resort Corridor and surrounding MSA comprising two very different markets. In the past, the stories of the “cities” were somewhat divergent with robust development, premium rents, and top-tier restaurant, bar, entertainment and retail tenants dominating in the Resort Corridor. In contrast, the primarily suburban MSA experienced decreasing rental growth rates, metered new development and fewer exciting new tenants. However, looking at the past and current years, as well as into 2025, it appears the party isn’t just on the Las Vegas Strip anymore. Due in part to a statistical undersupply, the suburban Las Vegas retail market is poised to experience increasing rental growth rates over the next 12 to 18 months. The lack of new supply is expected to put continued upward pressure on retail leasing rates and downward pressure on vacancy rates, which are expected to be nearing record 2007 levels. Economic Summary The Las Vegas market saw the completion of more than $8 billion in development in 2023. Among these are the $3.9 billion, 3,644-room Fontainebleau Las Vegas, …

May 23, 2024

California Development Industrial Western

Joint Venture Breaks Ground on 267,000 SF Milmont Industrial Development in Fremont, California

by Amy Works May 22, 2024

FREMONT, CALIF. — A joint venture between Oaktree Capital Management and Hines Interests has broken ground on Milmont Industrial, an advanced manufacturing and distribution facility in the Bay Area city of Fremont. Located at 49000 Milmont Drive, Milmont Industrial will be redeveloped from three buildings into a 267,000-square-foot industrial building with high clear heights, heavy power, ample parking and loading docks. CBRE is marketing the facility for lease.

May 22, 2024

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

CPP Acquires 102-Unit Corinthian House Affordable Seniors Housing Community in San Jose

by Amy Works May 22, 2024

SAN JOSE, CALIF. — Community Preservation Partners (CPP) has purchased Corinthian House, an affordable seniors housing property in San Jose. CPP’s total development investment is approximately $38 million, which includes the purchase price of $21 million and an estimated per-unit renovation cost of $85,000. Built in 1982, Corinthian House comprises two elevator-served, three-story buildings on 1.7 acres. Located at 250 Budd Ave., the 102-unit property offers studio and one-bedroom layouts designated for seniors age 62 and older earning between 30 and 60 percent of the area median income. Planned renovations include vinyl plank flooring, cabinets and countertops, modern appliances, water-saving toilets, vanities and mirrors, and energy-smart lighting. Common-area renovations will include updates to the community room, laundry rooms, salon and leasing and management office. Additionally, the property will receive a new fitness center. Renovations are slated for completion by December. The property’s Housing Assistance Payment (HAP) Section 8 contract was set to expire, but with CPP’s involvement, the contract will be preserved for another 20 years. Partners on the project include California Tax Credit Allocation Committee, which issued 9 percent Low-Income Housing Tax Credits; Comerica Bank, which will provide the acquisition and rehabilitation loan; CitiBank, which will provide the permanent loan; …

May 22, 2024

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Brokers Sale of 54-Unit Timberglen Apartments in Craig, Colorado

by Amy Works May 22, 2024

CRAIG, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Timberglen Apartments, a multifamily building in Craig, a city of fewer than 10,000 residents in the northwestern quadrant of the state. The asset traded for $4.9 million. Located at 3465 Douglas St., Timberglen Apartments offers 54 residences. Michael Krebsbach and Kenny Clarke of Pinnacle Real Estate Advisors handled the transaction for the undisclosed buyer and seller in the deal.

May 22, 2024

Arizona Development Retail Western

Haydon Starts Construction of 60,000 SF Vanguard Truck Centers Dealership in Tolleson, Arizona

by Amy Works May 22, 2024

TOLLESON, ARIZ. — Phoenix-based Haydon has broken ground on a Vanguard Truck Centers dealership in Tolleson, just west of Phoenix. The project team includes Impact Development Management as the real estate development management firm and Fitzgerald Associates as architect. Situated on 12 acres, the 60,000-square-foot facility will feature 26 service bays in an air-conditioned shop, a 24,000-square-foot parts warehouse, and a state-of-the-art showroom and office area with electric charging capabilities. The facility will also feature Volvo and Mack new truck sales, premium used truck sales, finance and insurance, Vanguard Truck Leasing and comprehensive parts and service offerings.

May 22, 2024

Acquisitions California Retail Western

Marcus & Millichap Arranges Sale of 14,000 SF Retail Property in Stockton, California

by Amy Works May 22, 2024

STOCKTON, CALIF. — Marcus & Millichap has brokered the $1.1 million sale of a retail building in Stockton, located in California’s Central Valley. Located at 3750 West Lane, the property features 14,000 square feet of retail space. Dominic Mazzoni and Edward Nelson of Marcus & Millichap represented the Idaho-based individual/personal trust seller, while Chris Sill of Lee & Associates procured the buyer, a private investor, in the deal.

May 22, 2024

Acquisitions Arizona Hospitality Top Stories Western

Henderson Park Acquires Arizona Biltmore Luxury Resort in Phoenix for $705M

by Kristin Harlow May 22, 2024

PHOENIX — Henderson Park, an international private equity real estate firm, has acquired the Arizona Biltmore resort in Phoenix. Blackstone Real Estate sold the asset for $705 million. The 705-room luxury hotel recently underwent a substantial renovation. Originally opened in 1929, the property is situated on 39 acres and is located about 10 miles from the Phoenix Sky Harbor International Airport. Amenities include more than 200,000 square feet of meeting space, seven swimming pools, multiple food-and-beverage outlets and a 28,000-square-foot spa. Pyramid Global Hospitality, a hotel management company with which Henderson Park previously acquired the La Quinta Resort in Palm Springs in 2021, will serve as the hotel manager for the Arizona Biltmore. Morgan Stanley, along with Deutsche Bank and JPMorgan, provided a $460 million commercial mortgage to finance the acquisition. The resort purchase was completed through funds managed by Henderson Park, including a commitment from Cincinnati-based Western & Southern Financial Group Inc. and its real estate arm, Eagle Realty. “This transaction presents a rare and compelling opportunity to acquire a historic but newly refurbished hotel in one of the country’s premier hospitality markets, and to both immediately capitalize on accelerated performance and to further enhance the resort’s offering into …

May 22, 2024

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