Western

Castle Lanterra Acquires 201-Unit Apartment Building in Metro Denver

by Amy Works April 23, 2018

LAKEWOOD, COLO. – New York-based Castle Lanterra Properties has purchased The Ranch at Bear Creek, a multifamily property located at 3324 S. Field St. in Lakewood, about seven miles southwest of Denver. The acquisition price and name of the seller were not released. Built in 1973, the property features 118 two- and three-bedroom townhomes, 54 two-bedroom units and 29 one-bedroom apartments. Community amenities include a remodeled clubhouse, newly constructed fitness center, two swimming pools, a business center, a spin and yoga room with fitness on demand, an outdoor grilling area with new gas grills, an outdoor lounge with gas fire pit and a recreation room.

April 23, 2018

Acquisitions California Multifamily Western

Mogharebi Group Facilitates $12.2M Sale of Apartment Community in Bakersfield, California

by Amy Works April 23, 2018

BAKERSFIELD, CALIF. – The Mogharebi Group (TMG) has arranged the sale of Case Del Sol Apartments, a 205-unit multifamily community located at 2601 Fremont St. in Bakersfield. A San Fernando Valley, Calif.-based private investment group purchased the property for $12.2 million. Built in 1965, the gated community features a mix of studio and one-bedroom layouts, a swimming pool, 24-hour maintenance and a central laundry facility. Alex Mogharebi, Otto Ozen, Robin Kane and Mark Bonas of TMG represented the buyer and seller, a San Diego-based private investment group, in the deal.

April 23, 2018

Acquisitions Colorado Loans Multifamily Seniors Housing Western

CBRE Arranges Sale of, Acquisition Financing for, 85-Unit Seniors Housing Community in Suburban Denver

by Amy Works April 23, 2018

LITTLETON, COLO. – CBRE has arranged the sale of MorningStar of Littleton, an 85-unit assisted living and memory care community in the Denver suburb of Littleton. A joint venture between Kayne Anderson Real Estate and MorningStar Senior Living acquired the property from an institutional investor for an undisclosed price. Lisa Widmier of CBRE’s National Senior Housing team represented the seller. Aron Will, also with CBRE National Senior Housing group, arranged $20.5 million in acquisition financing on behalf of the buyers. CBRE Multifamily Capital originated the 10-year, fixed-rate, interest-only loan through Fannie Mae. MorningStar has operated the property since its completion in 2006, and will continue to do so following the acquisition.

April 23, 2018

Acquisitions Industrial Washington Western

Andover/CORFAC Brokers Sale of Industrial Building in Washington’s Puget Sound Region

by Amy Works April 23, 2018

FEDERAL WAY, WASH. – The Andover Co./CORFAC International has arranged the sale of an industrial property located at 2835 S. 344th St. in Federal Way, about 22 miles south of Seattle. Khalsa Gurmat Center purchased the 10,578-square-foot building from Federal Way Campus LLC for an undisclosed price. Brian Bruinink, Mike Hemphill and Jim Bisset of Andover/CORFAC represented the seller, while Jeff Crane, also with Andover/CORFAC, represented the buyer in the deal.

April 23, 2018

Acquisitions Restaurant Retail Utah Western

Faris Lee Negotiates $2.2M Sale of Jack in the Box-Leased Property in St. George, Utah

by Amy Works April 23, 2018

ST. GEORGE, UTAH – Faris Lee Investments has brokered the sale of a single-tenant retail property located at 1596 S. Convention Center Drive in St. George. An undisclosed seller sold the building for $2.2 million. Jack in the Box occupies the 3,260-square-foot property on a triple-net leased basis. Joe Chichester, Thomas Chichester and Matt Brooks of Faris Lee represented the buyer, a Northern California-based private investor, while NAI Excel represented the seller.

April 23, 2018

Acquisitions Nevada Retail Top Stories Utah Western Wyoming

Newmark Affiliate Arranges $91.3 Sale of Retail Portfolio in Mountain West

by Taylor Williams April 23, 2018

SALT LAKE CITY — Newmark Grubb ACRES, a Utah-based brokerage firm, has arranged the sale of a portfolio of single-tenant retail properties leased to Codale Electric Supply Inc., a Salt Lake City-based distributor of electric, energy and lighting products. The sales price was $91.3 million. The portfolio includes nine properties, six of which are located in Utah. One of the assets is in Nevada (Elko), and two of the properties are in Wyoming (Rock Springs and Casper). Codale has a total of 13 retail locations throughout the western United States. According to Codale’s website, its stores range in size from 15,000 square feet to 54,000 square feet, not including the company’s 210,000-square-foot headquarters, which was one of the assets included in the portfolio sale. All totaled, the portfolio spans 476,500 square feet. Bryce Blanchard of Newmark Grubb ACRES represented the seller, Holt Properties, a real estate company owned and operated by the Holt family, which founded Codale Electric in 1975. Blanchard also procured the buyer, an undisclosed, out-of-state REIT. Sonepar, a French electronics distribution firm, acquired Codale in 2012. — Taylor Williams

April 23, 2018

California Development Office Western

HFF Arranges $145M Construction Loan for Office Building Renovation, Expansion in San Francisco’s SOMA District

by Amy Works April 20, 2018

SAN FRANCISCO – HFF has arranged $145 million in construction financing for 633 Folsom, a seven-story office building located in the SOMA submarket of San Francisco. The Swig Co. will use the loan proceeds to complete a full-building renovation and expansion, which will add five floors to the property. Once completed, the 171,632-square-foot building will become a 12-story, 266,053-square-foot Class A office building. Originally built in 1967 by The Swig Co., 633 Folsom has been fully leased for the past 20 years, most recently to California Pacific Medical Center. The project is scheduled to commence this summer. Bruce Ganong and Bercut Smith of HFF secured the financing for Swig.

April 20, 2018

Arizona Development Multifamily Seniors Housing Western

BridgeWater Opens 140-Unit Affordable Seniors Community in Midtown Phoenix

by Amy Works April 20, 2018

PHOENIX – BridgeWater Assisted Living has opened BridgeWater Assisted Living Midtown, a 140-unit affordable seniors housing community in Phoenix. This is BridgeWater’s second affordable community in the Phoenix metro. The property is seven stories tall and offers assisted living and memory care services using the Medicaid ALTCS program, which allows Medicaid to pay for services that are normally private pay. Veterans eligible for Wartime Pension may also qualify for supplemental aid and benefits.

April 20, 2018

Acquisitions Office Washington Western

Spire Real Estate Acquires 68,766 SF Office Building in Bellevue, Washington

by Amy Works April 20, 2018

BELLEVUE, WASH. – Spire Real Estate has purchased Swift Gateway, a multi-tenant office building located in Bellevue. The three-story, 68,766-square-foot building was renovated in 2016. Brian Bonipart, Michael Taylor and Skip Slavin of Newmark secured a five-year, $14.5 million acquisition loan with a 30-year amortization schedule on behalf of Spire. Newmark will service the non-recourse financing.

April 20, 2018

Acquisitions Colorado Retail Western

Pinnacle Brokers $5M Sale of 8,318 SF Retail Property in Castle Rock, Colorado

by Amy Works April 20, 2018

CASTLE ROCK, COLO. – Pinnacle Real Estate Advisors has arranged the sale of a multi-tenant retail property located at 1341 New Beale St. in Castle Rock. A Colorado-based developer sold the property to a California-based private investor for $5 million, or $601 per square foot, in a 1031 exchange. The newly built property features 8,318 square feet of retail space. At the time of sale, the property was fully occupied by Potbelly Sandwich Shop, Smoothie King, European Wax Center, Fine Nails and Beau Thai.

April 20, 2018

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