Western

Emerald Communities Completes $145M CCRC Near Seattle

by Nellie Day October 13, 2017

GIG HARBOR, WASH. — Emerald Communities has opened Heron’s Key, an 18-acre continuing care retirement community (CCRC) in the Seattle suburb of Gig Harbor. Development costs were estimated at $145 million. Ziegler provided bond financing for the project and construction began in June 2016. The community offers a total of 275 units: 184 independent living apartments, 10 independent living cottage homes, 36 assisted living apartments and 45 private skilled nursing beds. Independent living homes range from 729 to 1,800 square feet. Heron’s Key offers an financing plan that includes a one-time, 75 percent-refundable entrance fee. This will be the first CCRC in the county, and the largest project ever built in Gig Harbor, according to Emerald Communities, a Seattle-based operator.

October 13, 2017

Arizona Industrial Western

Bailard Buys 188,142-Square-Foot Industrial Building in Phoenix for $16.1M

by Nellie Day October 13, 2017

PHOENIX — Bailard has purchased a 188,142-square-foot industrial building in Phoenix for $16.1 million. The facility is located at 7822 S. 46th St. in the Sky Harbor Airport submarket. The property is fully leased to BAE Systems. The seller, Cohen Asset Management, acquired the asset in 1992. Will Strong of Cushman & Wakefield and Rick Lee and Conner Lee of Lee & Associates represented both the buyer and seller in this transaction.

October 13, 2017

Loans Multifamily Seniors Housing Washington Western

Berkeley Point Capital Provides $9.3M HUD Refinancing for 63-Unit Seniors Housing Community Near Seattle

by Nellie Day October 13, 2017

TACOMA, WASH. — Berkeley Point Capital has provided a $9.3 million FHA 232/223(f) refinancing for Spring Ridge Assisted Living & Memory Care, a 63-unit seniors housing community in the Seattle suburb of Tacoma. The loan replaces the existing debt on the property, which was for the acquisition, renovation and expansion of the property. Tom White led the transaction out of Berkeley Point’s Bethesda, Md., office. The loan features a 3.45 percent interest rate and an 80 percent loan-to-value ratio.

October 13, 2017

Arizona Office Western

Benchmark Electronics Leases New Headquarters at Rio 2100 in Tempe

by Nellie Day October 13, 2017

TEMPE, ARIZ. — Benchmark Electronics has announced its plans to relocate its new headquarters to Rio 2100, a new 52-acre office park in Tempe. The Class A property is situated at the southwest intersection of the Loop 101 and 202 freeways. Rio 2100 will eventually feature office, retail, restaurant and multifamily space, as well as two hotels within the Rio Salado corridor. Groundbreaking for the new site is expected to begin before the end of the year for completion in early 2019. Benchmark’s current headquarters is at 4141 N. Scottsdale Road. The global design, engineering and manufacturing company was previously based in Angleton, Texas. JLL’s Andrew Medley represented Benchmark. CBRE’s Bryan Taute represented the landlord, Boyer, in this transaction.

October 13, 2017

California Retail Western

Ross Stores Opens 40 New Locations Nationally

by Nellie Day October 13, 2017

DUBLIN, CALIF. — Ross Stores has recently opened 30 Ross Dress for Less and 10 dd’s Discounts stores across 22 different states in September and October. These new locations complete the company’s store growth plans for fiscal 2017. (Ross added 96 new stores total in 2017.) “This fall, we continued to expand our Ross and dd’s footprints across both new and existing markets, with nearly half of our Ross store openings in our newest market — the Midwest,” says Jim Fassio, president and chief development officer. Ross Stores Inc. is headquartered in Dublin and boasts 1,412 Ross Dress for Less locations in 37 states, the District of Columbia and Guam. The company also operates 215 dd’s Discounts stores in 16 states. Long term, the company hopes to reach 2,000 stores for Ross and 500 for dd’s Discounts

October 13, 2017

Colorado Retail Western

Hutensky Capital Partners Acquires Power Center in Metro Denver for $48M

by Nellie Day October 12, 2017

NORTHGLENN, COLO. — Hutensky Capital Partners has purchased Marketplace at Northglenn, a 439,000-square-foot shopping center in Northglenn, a northern suburb of Denver, for $48 million. The center is shadow-anchored by Lowe’s Home Improvement, and is also home to Ross Dress for Less, Bed Bath & Beyond, Office Depot, PetSmart and JoAnn Fabrics. The seller was not disclosed.

October 12, 2017

Colorado Retail Western

Simon Breaks Ground on Denver Premium Outlets in Thornton

by Nellie Day October 12, 2017

THORNTON, COLO. — Simon has broken ground on Denver Premium Outlets, a 330,000-square-foot open-air outlet center located 12 miles outside Denver in Thornton. The mall will be home to 80 outlet stores offering discount, name-brand merchandise. The location marks the first and only Premium Outlets development in the state of Colorado. It is scheduled to open in fall 2018.

October 12, 2017

Arizona Office Western

Flagstaff Office Building Sells for $7.3M

by Nellie Day October 12, 2017

FLAGSTAFF, ARIZ. — The Shoppes at Osgood LLC has acquired a 27,711-square-foot office building in Flagstaff for $7.3 million. The two-story building is located at 399 S. Malpais Lane. The Class A asset was built in 2014 just west of Northern Arizona University. It is about 85 percent leased to tenants like CollegeAmerica, NextCare Urgent Care and Arizona Arthritis & Rheumatology Associates PC. Matt Olson of Property Resource Group represented the buyer. CBRE’s Andrew Fosberg, Dylan Brown and Jeffrey Pion represented the seller, Anthem Boise LLC, in this transaction.

October 12, 2017

California Multifamily Western

North Hollywood Apartment Complex Changes Hands for $4.4M

by Nellie Day October 12, 2017

LOS ANGELES — An individual/personal trust has acquired a 32-unit apartment complex in North Hollywood for $4.4 million. The community is located at 6706 Cleon Ave. in the Los Angeles submarket. Janette Monfared and Jason Tuvia of Marcus & Millichap represented both the buyer and seller, an LLC, in this transaction.

October 12, 2017

California Retail Western

Nordstrom Opens at Century City With Latest Store Design

by Nellie Day October 12, 2017

LOS ANGELES — Nordstrom Inc. opened its newest Los Angeles full-line store at Westfield Century City, a re-location from Westside Pavilion. The store offers a new store design and new customer services. Also, in West Hollywood, the retailer launched Nordstrom Local, a neighborhood hub where customers can access the company’s services in a central location. The three-level, 154,000-square-foot Century City store offers the fifth ‘Nordstrom x Nike’ sneaker boutique, a women’s-only fitness/fashion lifestyle concept; and SPACE, a boutique featuring advanced and emerging designers. The store also houses the first West Coast MAC Makeup Studio; Bar Verde, a full-service, seasonally-focused restaurant and bar; Style Bar, an area to meet with complimentary personal stylists; Nordstrom to You, a personal stylist service on wheels; Buy Online & Pick-Up In-Store; Reserve & Try In-Store; Curbside Pickup; and Two-Hour Delivery. Nordstrom Century City will have the company’s latest store design concept, which includes more windows to incorporate natural light and connect the shopping experience to the outside world. Also on the horizon: The company plans to open its 10th Nordstrom Rack location in Los Angeles at the FIGat7th shopping center downtown. Nordstrom Rack is the off-price division of Nordstrom. Nordstrom is a fashion retailer based in …

October 12, 2017

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