Western

3520-3524-3512-3516-Schaefer-St-Culver-City-CA

Gantry Secures $21.4M Refinancing for Creative Office Property in Culver City, California

by Amy Works August 14, 2024

CULVER CITY, CALIF. — Gantry has arranged a $21.4 million construction takeout loan for a two-building creative office project in Culver City, just west of Los Angeles. Located at 3520-3524 and 3512-3516 Schaefer St., the 30,000-square-foot Class A buildings feature 18-foot ceiling, open floor plans with modern interiors, and landscaped exteriors with gathering spaces. Tony Kaufmann and Andrew Ferguson of Gantry represented the borrower, a private real estate investment and development firm based in West Los Angeles. One of Gantry’s correspondent insurance company lenders provided the loan, which features a fixed rate with a three-year initial term and 30-year amortization.

August 14, 2024

Acquisitions Colorado Retail Western

Cushman & Wakefield Negotiates $7.3M Sale of Lucky’s-Occupied Grocery Store in Fort Collins, Colorado

by Amy Works August 14, 2024

FORT COLLINS, COLO. — Cushman & Wakefield has arranged the sale of a single-tenant retail asset located at 425 S. College Ave. in Fort Collins, about 60 miles north of Denver. McWhinney sold the asset to an undisclosed investor for $7.3 million. Lucky’s Market occupies the 26,602-square-foot property on a long-term lease. The asset was built on 1.7 acres in 1966 and most recently renovated in 2018. During its ownership, McWhinney completed at $3 million renovation, adding bike parking and landscaping elements. Jon Hendrickson, Aaron Johnson, Aki Palmer and Cole VanMeveren of Cushman & Wakefield, along with Peter Pavlakis of Legend Retail Group, represented the seller in the deal.

August 14, 2024

Acquisitions Industrial Washington Western

Marcus & Millichap Brokers Sale of 63,500 SF Arts Industrial Park in Olympia, Washington

by Amy Works August 14, 2024

OLYMPIA, WASH. — Marcus & Millichap has brokered the sale of Arts Industrial Park, an industrial property in Olympia, about midway between the Seattle/Tacoma area and the Pacific Coast. A partnership sold the asset to a value-add syndicator buyer for $4.8 million. Located at 6221 Rich Road SE, Arts Industrial Park features 63,500 square feet of industrial space. The buyer plans to spend $1 million on renovations and improvements to the property. Matthew Herman and RJ Vara of Marcus & Millichap’s Seattle office represented the seller in the transaction.

August 14, 2024

California Development Loans Multifamily Western

PSRS Arranges $5.9M Construction Financing for Carson Loft Apartments in Carson, California

by Amy Works August 14, 2024

CARSON, CALIF. — PSRS has arranged $5.9 million in construction financing for Carson Loft Apartments, a multifamily project in Carson, a suburb south of Los Angeles. The community will feature 20 market-rate apartments spread across two parcels totaling 22,587 square feet. Michael Warner of PSRS secured the two-year loan with a 63 percent loan-to-cost ratio and interest-only payments. The borrower is a first-time developer/borrower, and a local bank provided the funds.

August 14, 2024

Acquisitions Colorado Multifamily Western

Equity Residential Buys 202-Unit NOVEL White Fence Farm Apartments in Lakewood, Colorado

by Amy Works August 13, 2024

LAKEWOOD, COLO. — Equity Residential has acquired NOVEL White Fence Farm, a newly constructed multifamily community at 6273 W. Jewell Ave. in the Denver suburb of Lakewood. Crescent Communities and equity partner ParkProperty Capital purchased the asset for an undisclosed price. Completed in 2023, NOVEL White Fence Farm features 202 apartments spread across two residenital buildings, a clubhouse, an all-seasons heated pool and hot tub, a fitness studio, resident gardens, private garages and secure bike storage. The LEED Gold-certified community is an adaptive reuse development of White Fence Farm, a restaurant and animal farm, with the original 9,300-square-foot farmhouse transformed into the community’s anchor clubhouse. NOVEL White Fence Farm is Crescent Communities’ first residential development in Colorado. Courtney Crowder, Jack Kachadurian and Craig Ratterman of Newmark represented the seller in the deal.

August 13, 2024

California Healthcare Loans Office Western

JLL Arranges $35.8M in Financing for Two Medical Office Properties in Southern California

by Amy Works August 13, 2024

COSTA MESA AND CHULA VISTA, CALIF. — JLL has secured $35.8 million in financing in two separate transactions for Turner Healthcare Facilities Fund, launched by Santa Monica-based Turner Impact Capital in 2017. John Chun and Matt DiCesare of JLL Capital Markets arranged the financing in both transactions. The JLL team arranged a three-year, $6.7 million loan through a regional bank for 1650 Adams Ave., a 12,436-square-foot medical property in Costa Mesa, and a seven-year, $29.1 million loan through a national healthcare lender for 480 4th Ave., a 64,231-square-foot medical building in Chula Vista.

August 13, 2024

Acquisitions California Retail Western

Reliable Properties Acquires Portion of Barnsdall Square Shopping Center in Los Angeles

by Amy Works August 13, 2024

LOS ANGELES — Reliable Properties has acquired a portion of Barnsdall Square, a grocery/drug store-anchored retail center in Los Angeles’ Los Feliz neighborhood. DMDE Properties sold the asset for an undisclosed price. The transaction includes the acquisition of a 2.86-acre parcel on 1625 N. Vermont Ave. and a partial interest in the 1.39-acre parcel on 1533 N. Vermont Ave. Spanning 6.3 acres, Barnsdall Square offers 92,000 square feet of leasable space. Current tenants include Jons Marketplace Grocery Store, Rite Aid Pharmacy and 22 other tenants. Jeff Adkison, Bryan Ley, Rob McRitchie and Brendan McArthur of JLL Retail Capital Markets represented the seller in the deal.

August 13, 2024

Acquisitions Multifamily Washington Western

Bluerock Real Estate, Security Properties Sell 176-Unit Navigator Villas in Pasco, Washington

by Amy Works August 13, 2024

PASCO, WASH. — Bluerock Real Estate and Security Properties have completed the disposition of Navigator Villas, an apartment property located at 6212 N. Road 68 in Pasco. Terms of the transaction were not released. Pasco is located along the Columbia River southeast of Seattle and southwest of Spokane. Built in 2013, Navigator Villas offers four two-bedroom duplexes and 172 townhomes averaging 985 square feet. Each unit features black appliances, vinyl tile flooring, gas fireplaces, air conditioning and an in-unit washer. Situated on 10.7 acres, the community features a clubhouse, resort-style pool, 24-hour fitness center, playground and 352 parking spaces. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the sellers in the transaction. Jim Flinn and Justin Fitchett of CBRE arranged long-term agency financing on behalf of the undisclosed buyer.

August 13, 2024

Acquisitions Arizona Net Lease Restaurant Retail Western

SRS Brokers $7.5M Sales of Two Fast Food Restaurant Properties in White Hills, Arizona

by Amy Works August 13, 2024

WHITE HILLS, ARIZ. — SRS Real Estate Partners Capital Markets has arranged the sales of two quick-service restaurants in White Hills for a total consideration of $7.5 million. The newly constructed, adjacent properties are occupied by Carl’s Jr. and Del Taco, both of which have 20-year, absolute triple-net leases in place. White Hills is located in the Mojave Desert, approximately 70 miles southeast of Las Vegas. The Carl’s Jr. property, located at 19360 U.S. Highway 93, sold for $3.8 million. The 2,586-square-foot asset was built in 2022. Located at 19312 U.S. Highway 93, the Del Taco asset sold for $3.7 million. The 2,304-square-foot property was built in 2023. Matthew Mousavi, Patrick Luther and Winston Guest of SRS Capital Markets represented the seller, a multi-unit franchisee. The properties were acquired by individual out-of-state 1031 buyers.

August 13, 2024

Industrial Market Reports Oregon Western Western Market Reports

Portland’s Industrial Market Is Down, but Not Out

by Jeff Shaw August 13, 2024

— By Gabe Schnitzer, Vice President of Industrial Properties, Norris & Stevens — Portland and Southwest Washington possess a total industrial real estate market of 233 million square feet. Portland is frequently praised as the most affordable city on the West Coast, offering lower average home prices compared to its northern and southern counterparts, while providing a high quality of life for its residents. From 2017 to 2022, Portland’s average annual industrial sales volume was $810 million, with institutional funds accounting for 20 percent of the total sales volume during that time. This represented the highest average industrial volume for the city, with early 2022 boasting nearly $1.4 billion in total sales volume. Then Portland experienced its wake-up call. Ill-conceived legislation, poor leadership and damaging national media coverage caused the city’s reputation to decline. This, in turn, led to a significant drop in the city’s industrial sales volume. From 2022 to 2023, the volume fell by almost $500 million. Despite hopes of stabilization in 2024, sales volume dropped further by nearly $150 million. While some of this decline can be attributed to interest rates and other macroeconomic factors beyond Portland’s control, the impact on institutional investors has been severe. Their …

August 13, 2024

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