Western

Industrial Investors, Developers Turn Up the Heat in Denver

by Taylor Williams July 31, 2018

Denver industrial assets are achieving record pricing as cap rates compress well below 5 percent for Class A product. As this is happening, developers are taking on hefty projects, signaling that Denver’s industrial real estate cycle is stretching its legs instead of winding down. Among the headlines: • Denver’s single largest investment transaction on record occurred in the first quarter of 2018. The Pauls Corporation sold 14 Class A, highly functional assets totaling 1.9 million square feet to Clarion Partners in the Airport submarket. • The largest speculative build of 701,900 square feet is underway by Majestic Realty. Prologis is building more than 500,000 square feet in the Central submarket, while Hyde Development kicked off the 1.8-million-square-foot 76 Commerce Center project in the “less than proven” I-76 Corridor. • Industrial land pricing has doubled in recent years to now double-digit pricing as triple-net asking lease rates approach $8 per square foot. Despite these impressive headlines, here are three reasons we expect further expansion in Denver’s industrial sector into 2019. Investor Preferences Align CBRE’s 2018 Americas Investor Intentions Survey revealed a dramatic increase in the popularity of industrial investments compared to years prior. Half of investors in the Americas are seeking …

July 31, 2018

Acquisitions Arizona Office Western

NKF Arranges $33.1M Sale of 177,312 SF Office Property in Phoenix

by Amy Works July 30, 2018

PHOENIX — NKF Capital Markets has brokered the sale of The Madison, an office property located at 5343 and 5353 S. 16th St. in Phoenix’s Camelback Corridor. A joint venture between EverWest Real Estate Investors and CenterSquare Investment Management sold the asset to Admiral Capital Group for $33.1 million. Paul Jones, Kevin Shannon, Rick Stumm, Ken White, Brunson Howard and CJ Osbrink of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction. Situated on 2.8 acres and renovated in 2017, The Madison includes two four-story office buildings, totaling 177,312 square feet, and subterranean parking. At the time of sale, the property was 93 percent occupied by a diverse mix of tenants.

July 30, 2018

Arizona Loans Retail Western

KeyBank Provides $35.3M Financing for Retail Center in Goodyear, Arizona

by Amy Works July 30, 2018

GOODYEAR, ARIZ. — KeyBank Real Estate Capital has provided a $35.3 million CMBS first-mortgage loan for Market at Estrella Falls, a retail center in Goodyear. The name of borrower was not released. Jacob Proctor of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term, two-year interest-only period and a 30-year amortization schedule. The borrower used the loan to acquire the property, as well as an adjacent vacant lot for future development. Burlington, T.J. Maxx/HomeGoods and C-A-L Ranch Stores anchor the 292,034-square-foot shopping center.

July 30, 2018

Development Multifamily Seniors Housing Washington Western

Áegis Living Opens 82-Unit, Italian-Inspired Seniors Housing Community in Seattle

by Amy Works July 30, 2018

SEATTLE — Áegis Living has opened the doors on Áegis at Ravenna, an assisted living and memory care community in Seattle’s Maple Leaf neighborhood. The property will feature 82 total units. The Ravenna name is a reference to both a neighboring Seattle neighborhood and a 19th-century opera house in Ravenna, Italy, the inspiration for the community’s design. The community features views of local landscapes, including Maple Leaf Reservoir Park, Waldo Woods and Lake Washington. Based in nearby Bellevue, Áegis Living operates 30 seniors housing communities in Washington, California and Nevada.

July 30, 2018

Acquisitions New Mexico Retail Western

AAG Management Acquires 43,484 SF Albertsons in New Mexico for $9M

by Amy Works July 30, 2018

CLOVIS, N.M. — AAG Management has purchased a single-tenant retail property located 1905 N. Prince St. in Clovis. An undisclosed seller sold the property for $9 million. Albertsons Market occupies the 43,484-square-foot building. Matt Berres of JLL’s Capital Markets represented the seller in the deal.

July 30, 2018

Acquisitions Colorado Multifamily Western

Pinnacle Negotiates $4M Sale of 21-Unit Apartment Building in Denver

by Amy Works July 30, 2018

DENVER — Pinnacle Real Estate Advisors has arranged the sale of an apartment building located at 1410 Poplar St. in Denver. An undisclosed buyer purchased the property for $4 million or approximately $190,000 per unit. Built in 1949, the building features 21 apartment units. Eric Veith of Pinnacle represented the buyer, while Matt Lewallen and Kevin Calame of Pinnacle represented the undisclosed seller in the transaction.

July 30, 2018

Acquisitions Office Washington Western

Unico Properties Purchases Two Office Buildings in Seattle’s CBD for $359M

by Amy Works July 27, 2018

SEATTLE — Unico Properties has purchased two office properties located in Seattle’s southern central business district (CBD). According to Puget Sound Business Journal, the acquisition price was $359 million. Comprising the entire 1100 block of Second Avenue and totaling 705,868 square feet, the asset consists of adjoining buildings: 1111 Third and 2nd & Spring. At the time of sale, the buildings were collectively 95 percent leased following a $65 million renovation completed in 2017. Built in 1980 by Wright Runstad, the 33-story, 705,868-square-foot 111 Third includes a 358-stall, six-level, subterranean parking garage, a fitness center, bike storage, showers, locker rooms, an expanded modern lobby, an outdoor plaza, and updated exterior façades and store fronts. The name of the seller was not released.

July 27, 2018

Colorado Loans Mixed-Use Multifamily Retail Western

HFF Arranges $118.5M Refinancing for Mixed-Use Property in Aurora, Colorado

by Amy Works July 27, 2018

AURORA, COLO. — HFF has arranged $118.5 million in financing for The Forum Fitzsimons, a mixed-use residential and retail property located in Aurora, a suburb of Denver. The borrower is a joint venture between Catalina Development Co., The Pollin Group and Sightway Capital. Chris McColpin and Josh Simon of HFF arranged the five-year, floating-rate loan through a specialty finance company. Loan proceeds were used to replace the existing construction financing, which HFF arranged on behalf of the development team in 2015. Located at 13650 E. Colfax Ave., the four-story property features 397 apartments and 28,640 square feet of ground-floor retail space. Additionally, the property offers more than 15,000 square feet of amenities, including two resort-style pools and spas with outdoor fireplaces and grills; clubrooms with a theater and game room; a fitness facility with specialized yoga and cycling rooms; an internet café and business center; a dog washing facility and two bark parks; a bike shop; storage facilities; and a six-story gated parking structure.

July 27, 2018

Acquisitions California Office Western

TMG Partners Sells 320,000 SF Office Building in Downtown Oakland to KKR

by Amy Works July 27, 2018

OAKLAND, CALIF. — TMG Partners has completed the sale of 1330 Broadway, an office building located in downtown Oakland. KKR, a global investment firm, acquired the property for an undisclosed price. In addition to the sale, TMG is partnering with KKR and will continue with on-site property management and asset management. TMG originally purchased the 18-story, 320,000-square-foot building in November 2015. Tenants at the property include Oracle, Arup, Clovis Oncology, UCSF, Verizon, Chase Bank and Citizens Engagement Lab.

July 27, 2018

Acquisitions California Multifamily Western

IREA Brokers $10.1M Sale of Bonita Terrace Apartment Building in Hollywood Hills

by Amy Works July 27, 2018

LOS ANGELES — Investment Real Estate Associates (IREA) has arranged the sale of Bonita Terrace, an apartment building located at 6900 Bonita Terrace in Los Angeles’ Hollywood Hills. A California-based private individual acquired the property for $10.1 million, or $632,000 per unit. Built in 2014, the property features 16 apartments, elevator service and secure subterranean parking garage. Jonathan Krikorian, Clark Everitt and William Everitt of IREA represented the buyer and seller, a California-based private individual.

July 27, 2018

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