Western

Boston Capital Invests in Affordable Community in Alaska

by Nellie Day November 2, 2017

WASILLA, ALASKA — Boston Capital is investing an undisclosed sum in the construction of Vista Rose II Apartments, a 36-unit affordable community for seniors in Wasilla, approximately 40 miles northeast of Anchorage. Vista Rose II Apartments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The developers are The Pacific Companies, based in Eagle, Idaho, and Deep Green Housing and Community Development, based in Los Angeles. Units will be available to residents aged 55 and over earning 60 percent or less of the Area Median Income (AMI). Twenty-eight units will be restricted to households with incomes at or below 50 percent of AMI, and two units restricted to households with income at or below 30 percent of AMI. The investment marks Boston Capital’s 32nd partnership with The Pacific Companies, and its first property in Alaska.

November 2, 2017

Arizona Office Western

DP Electric Buys 34,370 SF Office Building in Tempe for $3.4M

by Nellie Day November 2, 2017

TEMPE, ARIZ. — DP Electric has purchased a 34,370-square-foot office building in Tempe for $3.4 million. The building is located at 2210 S. Roosevelt St. The space will serve as the firm’s new corporate headquarters. The office will be renovated to house the company’s entire staff under one roof. Renovations will include an open-concept floor plan with offices flanking work stations, and many areas for conferences and collaboration. It will also include an employee gym, locker rooms, and a café and event space that open to the outdoors with an adjacent large patio for entertaining. DP Electric has been at its current Tempe location since 2005, and will begin operating out of the new corporate headquarters by summer 2018. Kurt Saulnier of Lee & Associates Arizona represented the electrical contracting firm while Eric Jones of Commercial Properties Incorporated represented the seller, Robert Coleman Trust.

November 2, 2017

Industrial Mixed-Use Office Top Stories Utah Western

WICP Underway on $200M Mixed-Use Campus Near Provo, Utah

by John Nelson November 2, 2017

LINDON, UTAH — WI Commercial Properties (WICP), a developer based in Tampa, Fla., is building out a new master-planned campus in Lindon known as Mountain Technology Center. The $200 million development is situated about 12 miles north of Provo in Utah County. WICP has already invested over $80 million in the 55-acre development and will be investing another $120 million before the project’s completion. The campus sits west of the Pleasant Grove Boulevard freeway interchange and features unobstructed mountain views with lake views to the south. At full build-out, the mixed-use development will feature 650,000 square feet of Class A office and industrial space spread over 10 buildings, as well as a food court off Pleasant Grove Boulevard. The new components coming to the campus include Mountain Tech North, which comprises an 88,000-square-foot flex industrial facility known as Mountain Tech III and the new food court. Mountain Tech III will be the first building with 32-foot clear heights in Utah County, according to WICP. Mountain Tech South is planned on the south side of Pleasant Grove Boulevard. This phase will include two four-story office buildings and four office/warehouse hybrid facilities. Construction on Mountain Tech South is scheduled to begin in …

November 2, 2017

Colorado Industrial Office Western

Confluent Development, Bradbury Properties to Build Three Office, Industrial Buildings in Denver

by Nellie Day November 1, 2017

DENVER — A joint venture between Confluent Development and Bradbury Properties has agreed to build three new office and industrial buildings in Highfield Business Park in Denver. The park is situated near the intersection of E-470 and Peoria Street, southeast of Centennial Airport. The first project was completed in June and now houses two tenants. The 101,000-square-foot facility (Highfield Building 5), broke ground in October 2016 as a spec development. The building is occupied by Charter Communications and Gateway Classic Cars. The second project is a build-to-suit development for EdgeConneX. The third project in the business park is a 92,000-square-foot spec industrial facility. The project will break ground in November, with project completion scheduled for spring 2018.

November 1, 2017

California Loans Multifamily Western

Berkeley Point Capital Provides $105M in Financing for Avion at Spectrum in San Diego

by Nellie Day November 1, 2017

SAN DIEGO — Berkeley Point Capital has provided $105 million in acquisition financing for the 448-unit Avion at Spectrum apartment community in San Diego. The community is located at 8811 Spectrum Center Blvd. The property was purchased by an affiliate of Prime Residential. The luxury apartments were completed in 2002 and partially upgraded by the seller in 2012. Avion at Spectrum features oval garden soaking tubs, crown molding, nine-foot ceilings, granite countertops and stainless steel appliances. The pet-friendly community is near Interstate 15, Interstate 805 and Highway 163. Amenities include a resort-style spa, pool with cabanas, grilling area, fire pit and fitness studio.

November 1, 2017

California Multifamily Student Housing Western

TSB Realty Arranges Sale of Student Housing Community Near CSU Sacramento

by Nellie Day November 1, 2017

SACRAMENTO, CALIF. — TSB Realty LLC has arranged the sale of The Element, a 792-bed student housing community located near California State University-Sacramento. The community offers one-, two-, three- and four-bedroom, fully furnished units. Shared amenities include a resort-style swimming pool, updated fitness facility, covered basketball half-court, lighted sand volleyball court and game room. TSB represented the seller, a joint venture between VerTex Student Housing Partners and Harrison Street Real Estate Capital, in the transaction. Nelson Brothers acquired the property for an undisclosed price.

November 1, 2017

California Multifamily Seniors Housing Western

CareTrust Acquires Three Skilled Nursing Facilities in Southern California for $69M

by Nellie Day November 1, 2017

SAN CLEMENTE, CALIF. — CareTrust REIT Inc. has acquired three skilled nursing facilities in Southern California, and provided mortgage financing on a fourth. CareTrust entered into a tenant agreement with Providence Group, which has operated all four facilities since 2015. The names of the facilities were not disclosed. The total investment for the three-facility, 528-bed portfolio was approximately $69 million inclusive of transaction costs. The properties will yield approximately $6.1 million in initial annual cash rent, according to CareTrust. The mortgage on the 104-bed skilled nursing facility was $12.5 million inclusive of transaction costs, at an annual interest income of 9 percent. The master lease carries an initial term of 15 years, with two five-year renewal options and CPI-based rent escalators. The acquisition was funded using CareTrust REIT’s $400 million unsecured revolving credit facility.

November 1, 2017

California Retail Western

Marcus & Millichap Arranges $7.2M Sale of Rite Aid-Leased Property in Lancaster, California

by Nellie Day November 1, 2017

LANCASTER, CALIF. — Marcus & Millichap has arranged the $7.2 million sale of a 15,482-square-foot store in Lancaster net-leased to Rite Aid. Lior Regenstreif of Marcus & Millichap arranged the transaction on behalf of the buyer, an undisclosed partnership. The name of the seller was not released.

November 1, 2017

California Loans Retail Western

Walker & Dunlop Secures $24M Financing for Retail Center in Clovis

by Nellie Day October 31, 2017

CLOVIS, CALIF. — Walker & Dunlop has secured $24 million in permanent financing for The Trading Post Shopping Center, a 127,764-square-foot retail center in Clovis. Jeff Hudson, Riley Manke and Andrew Westling of Walker & Dunlop secured the 10-year, fixed-rate loan on behalf of the borrower, Rich Development Enterprises LLC. At the time of sale, The Trading Post Shopping Center was more than 95 percent leased to tenants including Sprouts Farmer’s Market, Ross Dress for Less, Sketchers, Tuesday Morning, Dollar Tree, Pieology, Deli Delicious and Union Bank.

October 31, 2017

California Industrial Western

Duke Realty Buys Two Industrial Assets in Southern California Totaling 873,870 SF

by Nellie Day October 31, 2017

FONTANA AND CITY OF INDUSTRY, CALIF. — Duke Realty Corp. has purchased two industrial buildings totaling 873,870 square feet in Southern California. The assets are part of a larger $700 million, 12-property industrial portfolio Duke has purchased from Bridge Development Partners. The assets include a 429,870-square-foot building at South Ajax Avenue in the City of Industry and a 444,000-square-foot facility at 11250 Poplar Ave. in Fontana. Poplar Avenue was completed and leased in 2016, while Ajax Avenue was completed in 2017. HFF’s Anthony Brent and Ryan Martin represented both the buyer and seller in this transaction.

October 31, 2017

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