Western

HFF Secures $32.5M Acquisition Financing for Old Rainier Brewery Mixed-Use Campus in Seattle

by Amy Works January 18, 2019

SEATTLE — HFF has arranged $32.5 million in financing for the acquisition of the Original Rainier Brewery, a mixed-use campus located at 5624-6004 Airport Way South in Seattle’s historic Georgetown neighborhood. Tom Wilson and Zachary Kersten of HFF secured a three-year, floating-rate loan with two one-year extension options with a debt fund for the borrower, ScanlanKemperBard. The borrower plans to make improvements to the property. Originally built in the early 1990s as a brewery for Seattle Brewing and Malting Co., the property eventually housed Rainier Beer and is a designated landmark. The campus encompasses four separate buildings — the Bottling Plant, the Malt House, the Warehouse and the General Office — and two land parcels. The assets feature natural light, exposed brick, original flooring, historical detailing and unique layouts. At the time of financing, the property was 92 percent leased to 55 tenants, including REI, Patagonia, Keen, Elysian Brewing Co., Frans Chocolate and Kyoto Art and Antiques.

January 18, 2019

Acquisitions Colorado Office Western

Unique Properties Arranges $14.2M Sale of The Forum Office Building in Aurora, Colorado

by Amy Works January 18, 2019

AURORA, COLO. — Unique Properties has negotiated the sale of The Forum, an office building located in Aurora. An undisclosed buyer acquired the property for $14.2 million, or $82.04 per square foot. Located at 14001 E. Illiff Ave., the property features 174,622 square feet of office space. At the time of sale, the building was 76 percent occupied. The Lippitt/Shwayder Team of Unique Properties represented the undisclosed seller, while Newmark Knight Frank represented the buyer in the deal.

January 18, 2019

Acquisitions California Restaurant Retail Western

SRS Real Estate Partners Directs $3M Sale of Del Taco-Occupied Property in the Inland Empire

by Amy Works January 18, 2019

LAKE ELSINORE, CALIF. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a single-tenant retail property located at 16810 Lakeshore Drive in Lake Elsinore. A partnership specializing in the ownership of net-lease properties sold the asset to an undisclosed Southern California buyer for $3 million, or $1,957 per square foot. Del Taco occupies the 1,558-square-foot building with 12.5 years remaining on its corporate-guaranteed, 15-year, absolute triple-net lease. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller, while Chris Itule of Itule Real Estate Group represented the buyer in the all-cash transaction.

January 18, 2019

Acquisitions Colorado Office Top Stories Washington Western

Unico Sells 11-Property Office Portfolio in Seattle, Denver for $710M

by Kristin Harlow January 18, 2019

SEATTLE AND DENVER — Real estate investment and operating firm Unico Investment Group LLC has sold 11 office assets totaling 1.8 million square feet in Seattle and Denver for $710 million. Broad Street Principal Investments LLC, an affiliate of Goldman Sachs, was the buyer. The portfolio includes 10 creative office assets and one parking garage. The collection of properties is 85 percent leased to more than 190 tenants. Since 2014, Unico has invested $87 million in capital improvements for the properties. Some of the fully repositioned assets include the iconic Smith Tower in Seattle’s Pioneer Square, 1505 Fifth Ave. in Seattle’s central business district (CBD) and the DC Building in Denver’s CBD. The 27-building portfolio also includes new-construction buildings such as the Circa Building, which is located along Denver’s Platte Street. The Class A asset received the Mayor’s Design Award for Sustainability in 2018. Unico will retain a stake in the portfolio and will continue to operate and manage the properties on behalf of the new partnership. “We look forward to working with Goldman Sachs to fully complete the property repositions and new development opportunities still embedded within the portfolio,” says Jonas Sylvester, Unico president. Jason Flynn and Paul Nelson …

January 18, 2019

Acquisitions Colorado Retail Western

HFF Brokers Sale of 367,918-Square-Foot Retail Center in Metro Denver

by Amy Works January 17, 2019

LONGMONT, COLO. — HFF has arranged the sale of Harvest Junction, a 367,918-square-foot shopping center in Longmont. The center is located 38 miles north of Denver and is split by Ken Pratt Boulevard, separating the property into north and south sections. Harvest Junction was fully leased at the time of the sale to tenants including Lowe’s, Dick’s Sporting Goods, Ulta Beauty, DSW, Marshalls, Ross Dress for Less and Best Buy. Chad Murray, Aaron Johnson and Barry Brown of HFF represented the seller, RPT Realty, in the transaction. A partnership between Walton Street Capital LLC and Alberta Development Partners acquired the center for an undisclosed amount.

January 17, 2019

Acquisitions California Retail Western

Colliers, JLL Arrange $43M Acquisition of Encinitas Marketplace in California

by Amy Works January 17, 2019

ENCINITAS, CALIF. — Colliers International San Diego Region and JLL have negotiated the purchase of Encinitas Marketplace, a neighborhood retail center in Encinitas. An undisclosed seller sold the property to Encinitas Marketplace LLC for $43 million. Richard Lebert and Matt Zimsky of Colliers, along with Chris Ross of JLL, represented the buyer, while REZA Investment Group represented the seller in the deal. Located at 110-194 N. El Camino Real, Encinitas Marketplace features 124,411 square feet of retail space. Tenants include The Vitamin Shoppe, Five Guys, Firehouse Subs, Chick-fil-A, O’Reilly Auto Parts, Phenix Salon Suites, My Sister’s Closet, Sylvan Learning Center, The Joint Chiropractic, Allstate and Pacific Dental.

January 17, 2019

Acquisitions Hawaii Industrial Western

Alexander & Baldwin Buys Two Warehouses in Hawaii for $40M

by Amy Works January 17, 2019

KAPOLEI, HAWAII — Alexander & Baldwin (A&B) has purchased two warehouse buildings, located within Kapolei Business Park Phase I, for $40 million in an off-market transaction. Built on adjacent parcels totaling 6.45 acres, the properties feature 32-foot clear heights, dock-high loading, ESFR sprinkler systems and rooftop photovoltaic systems, which will be used by tenants to defray energy costs. The buildings offer a total of 150,000 square feet of Class A industrial space. The acquisition was financed by proceeds of A&B’s sale of its agricultural lands on Maui. Last year, the company completed the $262 million sale of approximately 41,000 acres of agricultural farmland on Maui to Mahi Pono, a farming venture between Pomona Farming and the Public Sector Pension Investment Board. The seller, national moving company Covan, will continue to lease approximately 75 percent of the asset.

January 17, 2019

Acquisitions Arizona Multifamily Western

MG Properties Acquires 429-Unit Sonoran Apartments in Arizona

by Amy Works January 17, 2019

PHOENIX — San Diego-based MG Properties Group has purchased Sonoran Apartments, a multifamily property located in Phoenix, for an undisclosed price. Built in 1995, the garden-style apartment community features 429 units in a mix of one-, two- and three-bedroom floor plans with well-appointed kitchens, walk-in closets, full-size washers/dryers and private patios or balconies. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE Phoenix represented the undisclosed seller, while Rocco Mandala of CBRE arranged financing for the acquisition.

January 17, 2019

Acquisitions Arizona Multifamily Western

IPA Negotiates $37.2M Sale of Multifamily Complex in Central Phoenix

by Amy Works January 17, 2019

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Monterra Apartment Homes, a multifamily community in central Phoenix. Weidner Apartments Homes sold the property to an institutional investment manager for $37.2 million, or $144,186 per unit. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal. Built in 2001, Monterra Apartment Homes features 258 apartments.

January 17, 2019

Features Midwest Multifamily Northeast Southeast Student Housing Texas Western

NKF Multifamily: Student Housing Sector Outlook for 2019

by Katie Sloan January 17, 2019

To ring in the New Year, Student Housing Business — sister publication to REBusinessOnline — sat down with Ryan Lang, executive managing director and head of Newmark Knight Frank’s student housing division, to discuss his outlook for the year ahead. SHB: What challenges will your market face in 2019? Where are the opportunities within these challenges? Lang: It appears volatility on the capital markets side will continue to be closely monitored heading into 2019 and beyond. There remains great opportunity as the student market, as a whole, is fundamentally sound and viewed as a risk averse asset class within the larger investment community. SHB: Which submarkets will surprise people in 2019? Lang: While average occupancy at major Tier I universities continues to be stable near 95 percent, we believe several markets that have been supply constrained over the past few academic year cycles will begin making noticeable recoveries. Of note, we believe Texas Tech (Lubbock), Ole Miss (Oxford), and Michigan State (Lansing) have the potential to outperform investor expectations. SHB: What market shifts are you noticing that others haven’t? What would you whisper to clients and prospects? Lang: Along with newer construction product, there are clearly more opportunistic assets hitting the market and more yield driven …

January 17, 2019

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