Western

Cushman & Wakefield Arranges $10.2M Sale of Grocery-Anchored Center in Phoenix

by Nellie Day October 16, 2017

PHOENIX — Cushman & Wakefield has arranged the $10.2 million sale of Covington Plaza, a Bashas’-anchored shopping center in Phoenix. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller, an entity formed by CW Capital, in the transaction. Dallas-based Covington Plaza LLC acquired the asset. In addition to Bashas’, the 105,574-square-foot center was 87.4 percent leased at the time of sale to tenants including Domino’s Pizza, State Farm Insurance, Firestone Auto and Dairy Queen.

October 16, 2017

Arizona Multifamily Seniors Housing Western

TransEquity Development Buys 5.7 Acres in Arizona for Assisted Living Community

by Nellie Day October 16, 2017

AVONDALE, ARIZ. — TransEquity Development has purchased a 5.7-acre site in the Phoenix suburb of Avondale for $600,000. The developer plans to build an assisted living and memory care community on the vacant plot. A land speculator acquired the site more than 20 years ago, but was unable to close a sale of the property since then. The plot is located just south of I-10 and is near large retailers like Walgreens, Wal-Mart, Target and JCPenney. Judy Jones of SVN Desert Commercial Advisors brokered the transaction on behalf of the seller. The transaction was handled by Vickie Etherton with Landmark Title Assurance Agency. Construction of the assisted living community is expected to begin immediately.

October 16, 2017

Arizona Retail Western

Velocity Signs Two Retailers to 48,000 SF Vacant Storefront in Phoenix

by Nellie Day October 16, 2017

PHOENIX — Velocity Retail Group has signed two new retailers to a vacant big box site formerly occupied by Fry’s Food & Drug in Phoenix. The 48,000-square-foot store will be split to accommodate two retailers. Marshalls will occupy 23,475 square feet and Michaels will lease 25,324 square feet. Dave Cheatham and Darren Pitts of Velocity Retail and Jeff Dinsmore of JLL represented Fry’s in the lease transaction. Greg Laing and Dan Gardiner of Phoenix Commercial Advisors represented Marshalls and Michaels. The building will be remodeled, and the tenants are expected to open by the fourth quarter of 2018.

October 16, 2017

California Loans Multifamily Top Stories Western

Greystar Receives $201M Loan to Develop 636-Unit Multifamily Community in San Jose

by Taylor Williams October 16, 2017

SAN JOSE, CALIF. — Greystar has received a $201 million loan for the development of The Reserve, a 636-unit multifamily community that will be located at 897 S. Winchester Blvd. in San Jose. The site previously housed a 216-unit community that was also branded “Reserve.” Demolition of that property began in August. The Reserve will be situated within walking distance of Santana Row, a 42-acre mixed-use development that houses about 70 shops, 20 restaurants and nine spas and salons. In addition, the community will be adjacent to I-280, which provides access to the base offices of Apple, eBay, Google and Netflix, among others. Scheduled for completion in 2020, The Reserve will offer a mix of one-, two- and three-bedroom units averaging 869 square feet per unit. The project will also feature more than 8,000 square feet of ground-floor retail space and two levels of underground parking. Amenities will include a pool, rooftop lounge, fitness center with yoga rooms, clubhouse with private dining rooms, business center, pet spa and electric car charging stations. Charles Halladay and Jordan Angel of HFF led the debt placement effort. Canadian lender Otéra Capital provided the capital on behalf of Greystar. The South Carolina-based multifamily development and …

October 16, 2017

Multifamily Seniors Housing Washington 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

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