Western

Golden-Arms-Apts-Craig-CO

CRAIG, COLO. — Marcus & Millichap has brokered the purchase of Golden Arms Apartments, an apartment building located in Craig. A private investor acquired the property for $2.5 million. Jason Hornik of Marcus & Millichap represented the buyer in the transaction. Built in 1979, the 55,960-square-foot building features 40 two-bedroom/one-bath units and 24 three-bedroom/one-bath units. Additionally, the property features a variety of upgrades including new exterior paint, landscaping, a resurfaced parking lot, a new storage shed, guttering and fencing, laundry room broiler and updated laundry room equipment.

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From its near-perfect weather, parks and beaches to its commerce-friendly environment and well-educated workforce, Orange County has plenty of attractions to offer residents, businesses and multifamily investors. Add to that list well-paying jobs in the expanding professional and business services, and tech and healthcare sectors, and you can see why demand for housing in the county is on the rise. Job growth has pushed the unemployment rate to below 3 percent, a level not seen since the fourth quarter of 1999. The strengthening economy has created a tremendous tailwind for apartment demand in a metro where the cost of a single-family home is out of reach for most households. As a result, Orange County’s multifamily vacancy rate stood at the extremely low level of 3.8 percent at the end of the third quarter. The low level of apartment vacancy has also been positively affected by a change in the rate of new construction. After several years of increased supply, the amount of new housing in the pipeline has begun to decrease, having reached the apex of the current cycle in 2017. This year and next, the county will receive about 4,000 new apartments, down from the more than 4,800 units …

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For developers of affordable housing, a certain amount of NIMBYism is virtually inevitable. But the contentiousness of our times has amplified the rumbling of, “not in my backyard,” into a shout. Time consumed in countering the claims and tactics of affordable housing opponents can damage or derail a developer’s plans — delaying approvals, raising costs and in some cases causing the project to be abandoned altogether. At a time when large segments of the population have been priced out of many neighborhoods, the need to defuse NIMBYism is critical, not simply for preserving individual communities, but also for protecting the greater social fabric. Fortunately, time-tested strategies that have long been used to win over local affordable housing opponents become even more effective when shifted to web-based platforms. Savvy developers are now using their websites and social media to discredit stereotypes about affordable housing communities, demonstrate transparency and promote dialogue. When community members realize that affordable housing is something that can contribute to their neighborhood rather than detract from it, the conversation changes dramatically. Introduce Yourself with a Compelling Website Opponents of affordable housing often couch their objections as an appeal to the greater good, highlighting the potential effect a community …

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Microsoft-Redmond-WA

REDMOND, WASH. — Demolition began on Jan. 8 for Microsoft’s multibillion-dollar overhaul of its corporate headquarters campus in Redmond and includes the decommissioning and demolition of 13 buildings. In mid-2018, the company announced its plans to renovate its campus and build nearly 3 million square feet of new workspace on 72 acres at its current campus in Redmond. Construction of the new buildings is expected to begin soon, with completion slated for 2022. The project team includes architecture firms LMN, NBBJ, WRNS Studio and ZGF Architects; general contractors Skanska, Balfour Beatty, GLY and Sellen; and lead landscaping architect Berger Partnership with OLIN. CBRE, JLL and OAC Services are serving as project managers for the redevelopment. Once complete, the modernized campus will include: • 18 new buildings, ranging from 180,000 square feet to 200,000 square feet, clustered in four distinct villages • Accessibility features to enhance mobility and ease of access for all employees • Buildings that are four to five stories in height • Atriums and courtyards for improved daylighting and direct connections to the outdoors • Sustainable design strategies • A gateway to serve employees and visitors arriving via Sound Transit’s Redmond Technology Center light rail station • A …

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338-346-N-Rodeo-Dr-Beverly-Hills-CA

BEVERLY HILLS, CALIF. — HFF has secured $160 million, or $5,691 per square foot, in refinancing for a high-street retail property located at 338-346 N. Rodeo Drive in Beverly Hills. Tom Ford, Bally and Balenciaga occupy the two-story, 28,114-square-foot retail property, which is situated on the premier 300 block and across street from the flagship Gucci store. Marc Schillinger led the HFF team that arranged the 10-year, fixed-rate loan through an entity managed by an affiliate of Apollo Global Management for the borrower, a private owner.

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Andersen-Corp-Goodyear-AZ

GOODYEAR, ARIZ. — Minnesota-based Andersen Corp., a window and door manufacturer, along with Opus Development Co., has broken ground on a manufacturing facility within Goodyear Crossing Industrial Park in Goodyear. Situated on 26 acres, the 550,000-square-foot facility will feature 21 truck bays on the east side of the building, four truck bays on the southeast corner, rail service by two lines and a front entrance with two stories of glass windows. As lead developer, designer and constructor, Opus expects the building shell to be completed in October, and Andersen aims to have the facility fully operational by first-quarter 2020. The project team includes Opus Development Co. as developer, Opus Design Build as design-builder and Opus AE Group as architect and structural engineer of record. Cushman & Wakefield represented Andersen, while JLL represented Opus in the lease deal.

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10777-E-45th-Ave-Denver-CO

DENVER — Scott Development Group has completed the sale of an industrial facility located on a 4.5-acre site at 10777 E. 45th Ave. in Denver’s Montebello submarket. 3939 Williams Building Corp. acquired the property for $6 million. The property features 57,000 square feet of manufacturing and distribution space. Nick Schill of Pinnacle Real Estate Advisors represented the seller in the transaction.

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COLORADO SPRINGS, COLO. — Newmark Knight Frank (NKF) has arranged the acquisition of an office property located in Colorado Springs. GOG Properties LLC purchased the property from 1555 GOG LLC for $4.7 million. Located at 1555 Garden of the Gods Road, the property features 39,597 square feet of office space. Simon Penner of NKF represented the buyer, while NAI Highland represented the seller in the deal.

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WILSONVILLE, ORE. — MG Properties Group has acquired two multifamily properties in Wilsonville, a suburb of Portland, for a total of $92.1 million. The company acquired Domaine at Villebois, a 274-unit property built in 2008, from a partnership between Holland Partner Group and Hetiman for $69.5 million and the 126-unit Haven at Charbonneau, built in 1990, from TruAmerica Multifamily for $22.6 million. Both properties feature a mix of floor plans and a variety of on-site amenities, including outdoor pools and hot tubs, fitness centers and updated clubhouses. Ira Virden and Carrie Kahn of HFF represented the sellers in the deal. Charles Halladay, Rick Salinas, Scott Gilson and Charlie Wilson of HFF arranged financing for the acquisition. MG Properties has purchased 12 properties in the past 12 months, totaling more than 3,200 units and over $880 million in combined valued. The company is targeting additional acquisitions in Washington, Oregon, Arizona, California, Colorado and Nevada.

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Chico-Mall-Chico-CA

CHICO, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of Chico Mall, a regional mall located off Highway 99 and East 20th Street in Chico. Ethan Conrad Properties acquired the 503,710-square-foot property for an undisclosed price. Situated on nearly 39 acres, the mall features more than 30 tenants, including Dick’s Sporting Goods, JCPenney and Forever 21. Nicholas Bicardo, Thomas Dobrowski and Brandon Rogoff of NKF represented the undisclosed seller in the deal.

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