Western

Construction Begins on 510-Unit CCRC in San Diego

by Nellie Day January 22, 2018

SAN DIEGO — Construction has begun on The Glen at Scripps Ranch, a 510-unit continuing care retirement community (CCRC) in San Diego. KTGY Architects designed the property, located in the Scripps Ranch neighborhood of the city. The community will feature 62 freestanding independent living villas, 48 garden terrace-style independent living apartments, 290 standard independent living apartments, 58 assisted living units (including memory care) and 52 skilled nursing beds. Continuing Life, based in nearby Carlsbad, will provide business and advisory services for the 53-acre property. The community has been in the planning and approvals phase since 2010, and is slated for completion in late 2019.

January 22, 2018

California Hospitality Western

Montage Hotels & Resorts Announces Plans for 130-Room Hotel in Sonoma County

by Nellie Day January 22, 2018

HEALDSBURG, CALIF. — Montage Hotels & Resorts has unveiled plans for Montage Healdsburg, a 130-room hotel in the Sonoma County city of Healdsburg.Construction is scheduled to start in spring 2018. The 258-acre resort will feature bungalow-style accommodations, Spa Montage, an infinity pool overlooking the resort’s vineyards and Montage’s children’s program called Paintbox. The new hotel will open in 2020. The Robert Green Company is developing the property. Ohana Real Estate Investors will be the owner, and Montage Hotels & Resorts will operate the asset.

January 22, 2018

Multifamily New Mexico Western

CFH Investment Partners Buys 456-Unit Apartment Complex in Albuquerque

by Nellie Day January 22, 2018

ALBUQUERQUE, N.M. — CFH Investment Partners has purchased the 456-unit Diamond Mesa apartment community in southwest Albuquerque for an undisclosed sum. The community is located at 2300 Diamond Mesa Trail SW. Diamond Mesa was built in 2015. It is situated near one of six Facebook data centers currently under construction just south of Albuquerque. Property amenities include a social lounge with game tables, resort-style pool area, fitness facility, business center and a barbeque grilling area. Each of the one- to three-bedroom units includes nine-foot ceilings, patios and balconies, and full size washers and dryers. Select units include walk-in closets and a separate laundry room. CBRE arranged the transaction.

January 22, 2018

Colorado Multifamily Seniors Housing Western

Greystone Brokers $31.3M Sale of 188-Unit Affordable Community in Denver

by Nellie Day January 22, 2018

DENVER — Greystone’s Real Estate Advisors group has arranged the sale of Juanita Nolasco Apartments, a 188-unit affordable seniors housing community in Denver. Jonathan Rose Cos. acquired the property from a limited liability company for $31.3 million. Greystone’s Aaron Hargrove and Eric Taylor represented the seller. The 13-story Juanita Nolasco Apartments was built in 1972 and rehabilitated in 2008 via 4 percent Low Income Housing Tax Credits.

January 22, 2018

California Retail Western

Faris Lee Arranges $15M Sale of CVS/Pharmacy-Anchored Center in Huntington Beach

by Nellie Day January 22, 2018

HUNTINGTON BEACH, CALIF. — Faris Lee Investments has arranged the $15 million sale of CVS Beach Garfield Center, a 31,140-square-foot retail property anchored by a freestanding CVS/Pharmacy in Huntington Beach. Shaun Riley of Faris Lee arranged the transaction on behalf of the buyer, 209 N. Brand Blvd. LP. Triwell Properties represented the seller, Sampont Properties LLC. In addition to CVS/Pharmacy, the center is home to tenants including Starbucks Coffee, O’Reilly Auto Parts, Verizon Wireless and Bank of America. The property was fully leased at the time of sale.

January 22, 2018

Retail Top Stories Washington Western

Amazon Opens Prototype 1,800 SF Checkout-Free Grocery Store in Seattle

by Taylor Williams January 22, 2018

SEATTLE — Amazon.com Inc. (NASDAQ: AMZN) has opened the first location of Amazon Go, an 1,800-square-foot mini grocery store in Seattle that allows customers to shop without waiting in checkout lines. The store was open exclusively to Amazon employees for the past year. The store is located at 2131 7th Ave. near the corner of Blanchard Street, less than a mile from Pike Place Market and the e-commerce giant’s headquarters. It offers ready-to-eat meals and snacks prepared by Amazon chefs, as well as grocery staples and artisanal baked goods. The offerings also include chef-designed meal kits. Shoppers must have an Amazon account and the Amazon Go app, the latter of which enables entry into the store. Once inside, customers shop as they normally would and then simply leave. While there are no cashiers, there are employees working in the store who prepare food and check IDs on purchases of alcoholic beverages. The store employs inventory-tracking technologies featuring cameras and motion sensors that automatically detect items being removed or returned to shelves. Shortly after shoppers depart, they receive a digital receipt and charges to their Amazon account. “Amazon has generally been regarded as a threat to conventional retail,” says Kenneth Katz, …

January 22, 2018

Arizona Loans Multifamily Seniors Housing Western

Ziegler Closes $70.2M Bond Financing for 651-Unit CCRC in Phoenix

by Nellie Day January 19, 2018

PHOENIX — Ziegler has closed $70.2 million in bond financing for The Beatitudes Campus, a nonprofit continuing care retirement community (CCRC) in north central Phoenix. The Beatitudes Campus sits on 27 acres and features 188 entrance-fee independent living apartments, 11 entrance-fee independent living patio homes, 259 rental independent living apartments, 92 traditional assisted living units, 29 early-stage memory care beds and 72 skilled nursing beds. The bonds will refund $64.6 million in outstanding bonds from 2006, finance $6.3 million in pre-development costs for master-planned renovations and fund a debt service reserve fund.

January 19, 2018

Multifamily New Mexico Seniors Housing Western

MorningStar, Confluent Start Construction of 77-Unit Seniors Housing Community Near Albuquerque

by Nellie Day January 19, 2018

RIO RANCHO, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Rio Rancho, a 77-unit assisted living and memory care community in the Albuquerque suburb of Rio Rancho. The 70,863-square-foot development will be situated on 5.5 acres. It will feature 51 assisted living suites and 26 memory care suites. The co-developers plan to open an information center onsite by May 2018, and complete construction in December 2018. The project represents the 11th joint venture between affiliates of MorningStar, a Denver-based owner-operator, and Confluent Senior Living, a subsidiary of Confluent Development, a Denver-based real estate investment and development firm. Confluent is the project owner and MorningStar will serve as the operator. Rosemann & Associates is serving as the architect for the new development, New Mexico-based Bradbury Stamm Construction is the general contractor and Thoma-Holec Design is the interior designer. The development marks the second MorningStar Senior Living community in metro Albuquerque, with MorningStar and Confluent completing MorningStar Assisted Living & Memory Care of Albuquerque in February 2016. Confluent sold the Albuquerque community to Harbert Seniors Housing Fund in July, with MorningStar maintaining its role as operator. The MorningStar and Confluent partnership continues its growth …

January 19, 2018

Colorado Multifamily Seniors Housing Western

Heavenrich & Co. Arranges $8.4M Sale of 40-Unit Memory Care Community in Colorado

by Nellie Day January 19, 2018

LOVELAND, COLO. — Heavenrich & Co. has arranged the sale of Aspen House, a memory care community consisting of two adjacent properties in Loveland, approximately 50 miles north of Denver. The properties were built in 2010 and 2015 and feature 40 units representing 80 licensed beds. Madison Realty Cos. acquired the community from an undisclosed seller for $8.4 million. Brian Clark, senior director at Heavenrich & Co.’s Denver office, managed the transaction.

January 19, 2018

California Retail Western

CBRE Brokers $5.2M Sale of Shopping Center in San Diego’s Point Loma

by Nellie Day January 19, 2018

SAN DIEGO — CBRE has arranged the sale of Midway Square, a multi-tenant shopping center located at 3112 Midway Drive in San Diego’s Point Loma district. Winston Square LLC sold the property to Midway Square LLC for $5.2 million. Reg Kobzi, Sam Alison, Mike Philbin and Amar Goli of CBRE represented the seller, while Andrew Slade of CIRE Partners represented the buyer in the deal. At the time of sale, the property was 100 percent leased. Express Time, Auto Serve Center, Suspension Plus and Smog Creek occupy the 15,271-square-foot, single-level retail center.

January 19, 2018

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