Western

Voit Real Estate Negotiates $3.3M Sale of Industrial Asset in El Cajon, California

by Amy Works May 1, 2018

EL CAJON, CALIF. — Voit Real Estate Services has brokered the sale of a two-building industrial property located at 680 W. Bradley Ave. and 1675 N. Johnson Ave. in El Cajon. Simmons Family Trust acquired the property from Actus Holdings for $3.3 million. The buyer plans to use the property, which totals 21,058 square feet, as a warehouse/distribution center for Bicycle Warehouse. The new acquisition will be Bicycle Warehouse’s eighth location and will house the company’s corporate offices, distribution warehouse and central service center. Randy LaChance and Greg Marx of Voit represented the seller, while Chris Duncan, also of Voit, represented the buyer in the transaction.

May 1, 2018

Conference Coverage Features Industrial Nevada Western Western Feature Archive

E-Commerce, Business Relocation Feed Growth in Las Vegas Industrial Market

by David Cohen May 1, 2018

LAS VEGAS — The Las Vegas industrial market was built on supporting the city’s tourism and hospitality industry, which brings in nearly $60 billion per year, according to a study by Applied Analytics. But in recent years, the segment has evolved and grown thanks to the emergence of e-commerce and the harsh market conditions of nearby Southern California. A panel at the InterFace Las Vegas Industrial conference, held at the Four Seasons Hotel in Las Vegas on April 24, brought together eight regional developers and owners to discuss the changing state of the Las Vegas industrial market in 2018. Included on the panel were Michael Dermody, CEO at Dermody Properties; Taylor Arnett, vice president at CapRock Partners; Kevin Higgins, senior vice president and partner at CBRE; Doug Roberts, partner at Panattoni Development Co.; Fritz Wyler, managing director at Prologis; Rod Martin, director of development at Majestic Realty Co.; and Jordan Schnitzer, president at Harsch Investment Properties. Phil Ralston, president at American Nevada Co, moderated the panel. “Historically, the Southwest [Las Vegas] submarket has brought a premium in rents [compared] to what you see in the other submarkets, and 80 percent of the tenant base there is doing business on the …

May 1, 2018

California Loans Multifamily Western

Invesco Closes $80M Loan for 344-Unit Multifamily Property in San Diego’s Mission Valley

by Amy Works April 30, 2018

SAN DIEGO — Invesco Real Estate has originated an $80 million senior loan for the acquisition and full redevelopment of Bella Posta Apartments, a 344-unit multifamily property located in San Diego’s Mission Valley submarket. The sponsor is Sares Regis Multifamily Value Add Fund II, an affiliate of Sares Regis Group. Loan proceeds will be used to acquire, as well as renovate and upgrade, the property. Planned renovations include the full modernization of exteriors, common areas and amenities.

April 30, 2018

Acquisitions Arizona Multifamily Western

L5 Investments, MLA Properties, BH Equities Buy Apartment Community in Phoenix for $27.2M

by Amy Works April 30, 2018

PHOENIX — L5 Investments, in partnership with MLA Properties and BH Equities, has acquired Cielo Apartments, a multifamily community located at 8222 N. 19th Ave. in Phoenix, for $27.2 million. Built in 1981, Cielo features 360 residences in a mix of studio, one- and two-bedroom units, ranging in size form 455 square feet to 879 square feet. At the time of acquisition, the property was 91 percent occupied. The buyers plan to execute an $4.2 million capital improvement plan to increase occupancy and attract and retain residents. The renovation plan will update unit interiors, including flooring, cabinets, lighting, appliances, and adding in-unit washers and dryers in select units. On-site amenities include two pools, a newly renovated clubhouse and fitness center, a picnic and barbecue area, and covered parking. Brett Polachek and Jim Crews of Cushman & Wakefield represented the buyer and undisclosed seller in the off-market transaction.

April 30, 2018

California Loans Office Retail Western

Continental Partners Arranges $9.3M in Financing for Mixed-Use Property in Tustin, California

by Amy Works April 30, 2018

TUSTIN, CALIF. — Continental Partners has secured $9.3 million in financing for an office and retail property located at 15501 Red Hill Ave. in Tustin. Eugene Rutenberg of Continental Partners arranged the five-year loan, which includes $8.7 million in initial funding and $588,000 to be released as cash-out proceeds after the undisclosed sponsor completes minor tenant improvements to fully stabilize the property. Recently renovated, the 44,123-square-foot property was vacant at the time of loan application. During the loan application, the borrower executed two long-term leases, including TAPS Fish House & Brewery, for the property.

April 30, 2018

Acquisitions Arizona Retail Western

Orion Investment Brokers Sale of LA Fitness-Anchored Retail Center in Chandler, Arizona

by Amy Works April 30, 2018

CHANDLER, ARIZ. — Orion Investment Real Estate has arranged the sale of a portion of Valle Del Sol, a multi-building retail property located at the corner of Dobson and Warner roads in Chandler. AVD Land 2 LLC acquired the property located at 2090 N. Dobson Road for $2.1 million, or $268 per square foot, and the property at 2080 N. Dobson Road for $1.2 million, or $305 per square foot. LA Fitness and Lee Lee International Market occupy the buildings. Judi Butterworth and Lacey Eyman of Orion Investment Real Estate represented the seller, Arizona-based BCB-WB Partners LLC, in the transaction.

April 30, 2018

California Development Multifamily Seniors Housing Western

Carlton Senior Living to Build $30M Seniors Housing Community in Santa Rosa, California

by Amy Works April 30, 2018

SANTA ROSA, CALIF. — The Sonoma County Board of Zoning Adjustments has approved plans by Carlton Senior Living LLC to build a senior living complex in Santa Rosa. The Concord-based Carlton owns and operates 11 Northern California seniors housing communities. The company expects to break ground soon on the 134 rental apartments on the 3.7-acre site. Development costs were estimated at $30 million. The property will offer independent living, assisted living and memory care. Construction is expected to take approximately 14 months.

April 30, 2018

Arizona Loans Multifamily Seniors Housing Western

CBRE Negotiates $37M Refinancing for 170-Unit Seniors Housing Community in Arizona

by Amy Works April 27, 2018

SCOTTSDALE, ARIZ. — CBRE has arranged a $37 million refinancing for Andara Senior Living, a 170-unit independent living and assisted living community in the Phoenix suburb of Scottsdale. The borrower is The Reliant Group, which acquired the community in 2013 from the original developer. At that time, Reliant brought in Senior Lifestyle Corp. as operator and implemented a capital improvement plan, leading to an occupancy rate regularly above 90 percent. The Freddie Mac loan includes a seven-year term, fixed rate and 36 months of interest-only payments. Aron Will of CBRE National Senior Housing, along with Andrew Behrens and Jesse Weber of CBRE Multifamily Institutional Group, arranged the financing.

April 27, 2018

Colorado Loans Multifamily Western

HFF Arranges $33.8M Loan for Apartment Community in Metro Denver

by Amy Works April 27, 2018

BROOMFIELD, COLO. — HFF has arranged $33.8 million in financing for Palisade Park, a garden-style apartment community at 16815 Huron St. in Broomfield, a northern suburb of Denver. Josh Simon and Kristian Lichtenfels of HFF secured the financing for Jeffrey Sanders of Boulder-based Mountain View Capital. The seven-year, floating-rate loan was secured through Freddie Mac’s CME Program. Loan proceeds were used to refinance expiring construction financing. Completed in 2017, the 216-unit Palisade Park is 95 percent occupied and comprises one-, two- and three-bedroom units ranging from 731 square feet to 1,247 square feet. Additionally, the property features 14,500 square feet of indoor and outdoor amenity space, including a beach-style pool with sundeck and spa; pergola with gas grills and fire pit; 24-hour fitness center; clubhouse with billiards; WiFi lounge; media center and business room; dog wash and dog park; playground; and detached garages.

April 27, 2018

Loans Office Oregon Western

Alliant Credit Union Closes $9M Refinancing for Office Property in Portland

by Amy Works April 27, 2018

PORTLAND, ORE. — Alliant Credit Union has closed a $9 million refinancing for a newly constructed office property located in Portland’s Eastside submarket. The loan replaces the construction financing. The 33,351-square-foot property features energy-efficient construction, which is expected to result in LEED Platinum certification. Prior to the receipt of certificate of occupancy, the property was 95 percent pre-leased. The borrower was not disclosed. Casey Davidson of HFF referred the transaction to Alliant.

April 27, 2018

Newer Posts

Older Posts