Western

Altar’d State Opens Boutique in Lone Tree, Colorado

by Nellie Day December 4, 2017

LONE TREE, COLO. — A new 6,088-square-foot Altar’d State store has opened in Lone Tree at the Park Meadows Mall. St. Louis-based Knoebel Construction completed construction on the chain’s 50th store in five years, working with the retailer across 26 states. The new Lone Tree location features Colorado-inspired furnishings, a rotating display window platform with graphics of Aspen tree trunks, and Aspen leaf design accents. The store is also one of the first to integrate checkout video monitors that display messages about the charitable causes Altar’d State supports. Since its start in 2009, Altar’d State has expanded from 13 employees to nearly 1,500. Today, Altar’d State operates nearly 90 boutiques in 30 states. Knoebel Construction, Inc. is a national general contractor specializing in retail center, restaurant, grocery, healthcare and retail store construction.

December 4, 2017

California Loans Mixed-Use Western

PCCP Provides $63.8M Loan for Mixed-Use Development in San Jose

by Nellie Day December 1, 2017

SAN JOSE, CALIF. — PCCP has provided a $63.8 million senior loan to Hudson Cos. for the development of Vespaio, a mixed-use project located at 138 Stockton Ave. in San Jose. The seven-story property will feature 162 residential units and 39,042 square feet of retail and commercial space. Slated for completion in 2019, the project will consist of three floors of commercial space fronting Stockton Avenue and two levels of structured parking. Amenities include a business center, fitness center, resident lounge, test kitchen, gaming area, pool, spa, outdoor cabanas, and rooftop deck with grills and a fire pit.

December 1, 2017

California Multifamily Western

JV to Develop 551-Unit Apartment Community Near New BART Station in San Jose

by Nellie Day December 1, 2017

SAN JOSE, CALIF. — A joint venture between Western National Group, Anchor Real Estate Capital and Fantasia Holding Group has started construction of a 551-unit apartment complex within the master-planned community of Market Park in San Jose. The mixed-use development is situated near major freeways like Highway 87, 101, I-680 and I-880. The new community has been dubbed The Platform. It will include 37,500 square feet of retail. The new development will be the closest apartment community to the new Berryessa BART transit station, scheduled to open in June 2018. The Platform will offer two resort-style pools, two fitness centers with indoor-outdoor convertible space, multiple high-end outdoor kitchen areas, a dog salon, two bike stations for maintenance and storage, and two clubhouses with indoor entertainment and gaming facilities. The community is scheduled to open in the third quarter of 2019.

December 1, 2017

California Retail Western

Faris Lee Brokers $16.8M Sale of Single-Tenant Retail Property in San Francisco

by Nellie Day December 1, 2017

SAN FRANCISCO — Faris Lee Investments has arranged the sale of a freestanding retail property located at 1900 19th Ave. in San Francisco. Guilfoyl-Greenspan Trust sold the single-tenant property to First and Mission Properties for $16.8 million in a 1031 exchange. CVS/pharmacy will occupy the 17,920-square-foot building, which is undergoing a major renovation. Jeff Conover and Thomas Chichester of Faris Lee represented the seller, while Dan Lem of LemRx Realty Advisors represented the buyer in the deal.

December 1, 2017

California Industrial Western

Essendant Co. Leases 405,299 SF at Wonderful Industrial Park Near Bakersfield

by Nellie Day December 1, 2017

SHAFTER, CALIF. — Essendant Co. has leased 405,299 square feet of industrial space at Wonderful Industrial Park (WIP) in Shafter. The facility is located at 4805 Centennial Plaza Way near Bakersfield. Essendant will use this facility for local and regional fulfilment, e-commerce and distribution. The company will occupy the space in the second quarter of 2018. Wonderful Industrial Park is a 1,625-acre, rail-served, master-planned, entitled industrial development able to accommodate requirements ranging from 100,000 square feet to 2 million square feet. Wonderful Real Estate started construction on a speculative 1 million-square-foot, 40-foot-clear industrial building at WIP in September with an expected delivery date of March 2018. WIP is home to several corporate users including Target, Ross Stores, American Tire Distributors, FedEx, Formica, State Farm, DMSI, MRC Global and Baker Hughes. JLL’s Mike McCrary, Peter McWilliams and Hewett are leading the leasing efforts at Wonderful Industrial Park.

December 1, 2017

California Retail Western

Progressive Real Estate Arranges $3.2M Sale of Retail Building in Riverside, California

by Nellie Day December 1, 2017

RIVERSIDE, CALIF. — Progressive Real Estate Partners has brokered the sale of a retail building located at 10000 Magnolia Ave. in Riverside. A San Bernardino-based private investor sold the property to a Laguna Beach-based development firm for $3.2 million. A portion of the 22,000-square-foot building is being renovated for the new tenant, the Social Security Administration, which is slated to open in 2018. Greg Bedell and Pablo Velasco of Progressive Real Estate represented the buyer and seller in the transaction.

December 1, 2017

Loans Multifamily Oregon Seniors Housing Western

Lancaster Pollard Arranges Four Refinancings Totaling $55.1M for Summit Healthcare REIT

by Nellie Day November 30, 2017

PORTLAND, ORE. — Lancaster Pollard has arranged $55.1 million in FHA Sec. 232/223(f) loans to refinance four Summit Healthcare REIT properties in Delaware and Oregon. The program provides for the acquisition and refinancing of healthcare properties including licensed skilled nursing facilities, assisted living, intermediate care facilities, board and care, and combinations thereof. The four properties refinanced were Atlantic Shores Rehabilitation & Health Center, a 181-bed skilled nursing facility in Millsboro, Del.; Pinnacle Rehabilitation & Health Center, a 151-bed skilled nursing facility in Smyrna, Del.; Applewood Retirement Community, a 69-unit independent living community in Salem, Ore.; and Gateway Care and Retirement Center, a 66-unit independent living, assisted living and skilled nursing community in Portland, Ore. Summit owns the four properties through joint ventures. Both Applewood and Gateway are part of the Sapphire Health Services Community network. Jason Dopoulos led the transactions for Lancaster Pollard.

November 30, 2017

Colorado Hospitality Western

Laurus Corp. Opens 285-Room Hotel in Vail, Colorado

by Nellie Day November 30, 2017

VAIL, COLO. — Laurus Corp. has opened the 285-room Hotel Talisa in Vail. The hotel, formerly known as Vail Cascade Resort and Spa, is located at 1300 Westhaven Drive along Gore Creek. The asset underwent a $60 million renovation and rebranding. Hotel Talisa is Vail’s only true ski-in/ski-out luxury resort, according to Laurus. The hotel will offer regular events, including a social hour, complimentary once-weekly beauty treatments, s’mores served creekside, and yoga classes followed by champagne. Hotel Talisa also offers three culinary venues, each sourcing ingredients from local Colorado ranchers and farmers. Two Roads Hospitality will continue to manage the property.

November 30, 2017

Colorado Loans Multifamily Western

Harborview Capital Partners Closes $30M HUD Refinancing for Denver-Area Multifamily Property

by Nellie Day November 30, 2017

DENVER — Harborview Capital Partners has closed a $30 million HUD refinancing for an undisclosed multifamily asset outside of Denver. The non-recourse loan came through HUD’s Section 223(f) program with a fixed interest rate for 35 years. The borrower is a local owner-operator. Harborview’s Avi Begun originated the loan.

November 30, 2017

Arizona Multifamily Seniors Housing Western

JV Starts Construction of 246-Unit Seniors Housing Community in Arizona

by Nellie Day November 30, 2017

CHANDLER, ARIZ. — LCS, Harrison Street Real Estate Capital and Ryan Cos. US Inc. have started construction of Clarendale of Chandler, a 262,000-square-foot seniors housing community in the Phoenix suburb of Chandler. Once completed, the Class A community will be located on 16.5 acres and offer 116 independent living units, 64 assisted living units, 38 memory care units and 14 duplex villas. It will be the sixth Clarendale-branded community in the country, and the first in the Southwest. Ryan Cos. is acting as developer and general contractor, and its architecture and engineering team, Ryan A + E, will design the community. Direct Supply Aptura is providing interior design services. Life Care Services, an LCS Company, will operate the community once completed. Clarendale of Chandler is scheduled to open in the spring of 2019.

November 30, 2017

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