Western

Fountain Residential Breaks Ground on 174-Bed Student Housing Community Near Cal State – Chico

by Nellie Day August 9, 2017

CHICO, CALIF. — Fountain Residential Partners has broken ground on Campus Walk, a 174-bed student housing community located near California State University – Chico. The property will offer fully furnished two- and four-bedroom units. Community amenities are set to include study rooms, a pool deck with a movie screen, and a specially designed outdoor fitness and lounge area. Chico-based general contractor Modern Building Inc. is building the community, which Aspen Heights will lease and manage. The development is scheduled for completion in fall 2018.

August 9, 2017

Industrial Nevada Western

Blueprint Studios Trends Leases Former IGT Headquarters in Las Vegas

by Nellie Day August 9, 2017

LAS VEGAS — Blueprint Studios Trends has leased an 81,000-square-foot space within the Southwest Corporate Campus in Las Vegas that formerly served as the headquarters of International Gaming Technology (IGT). The campus is located at 7900 W. Sunset Road. The studio plans to use the space to produce designs for large-scale events, including tradeshows, general sessions, exhibit booths, summits and sales kick-off meetings. Southwest Corporate Campus was completed in 2007. Notable neighboring tenants include IGT, IKEA, Pepsi, UFC, Freeman Company, Scientific Games, Ainsworth and Switch. The Naseef Team of Colliers International represented Blueprint. Susan Borst, Dan Doherty, Chris Lane and Jerry Doty of Colliers International represented the landlord, Panattoni Development.

August 9, 2017

Hospitality New Mexico Western

Home2 Suites by Hilton Opens in Las Cruces

by Nellie Day August 9, 2017

LAS CRUCES, N.M. — The 91-room Home2 Suites by Hilton has debuted in Las Cruces. The new hotel is located at 1120 N. Telshor Blvd. The property offers all-suite accommodations with fully equipped kitchens and modular furniture. It also features complimentary Internet and communal spaces. Trademark Home2 Suites amenities include Spin2 Cycle, a combined laundry and fitness area, Home2 MKT for grab-and-go items and the Inspired Table, a complimentary daily breakfast that includes more than 400 potential combinations. Home2 Suites is situated near downtown Las Cruces, Las Cruces International Airport, New Mexico State University, Veterans Memorial Park and Dripping Springs Natural Area. The pet-friendly property is owned by Las Cruces Hotel Partners LLC and managed by Kana Hotel Group.

August 9, 2017

Colorado Multifamily Western

Jackson Square Properties Purchases Gateway Park Apartments for $75.2M

by Nellie Day August 8, 2017

DENVER — Jackson Square Properties has acquired the 328-unit Gateway Park Apartments in Denver for $75.2 million. The community is located at 4255 Kittredge St., near Interstate 70 and Pena Boulevard in northeast Denver. Community amenities include two swimming pools with sundecks and all-season spas; outdoor dining area with gas grills; private lake with fishing and beach; walking and jogging path along the adjacent nature preserve; state-of-the-art fitness center, clubhouse with fireplace and kitchenette; business center; and community recycling program. The property was 98 percent leased at closing. HFF’s Jordan Robbins, Jeff Haag and Anna Stevens represented the seller, a joint venture between Griffis Residential and PCCP, in this transaction.

August 8, 2017

Hawaii Loans Office Western

Newmark Arranges $75M Loan for Topa Financial Center in Honolulu

by Nellie Day August 8, 2017

HONOLULU, HAWAII — Newmark has arranged $75 million in financing for the 23-story TOPA Financial Center office tower in downtown Honolulu. The 508,000-square-foot building occupies an entire city block. The 10-year loan was placed with one of Newmark’s correspondent life insurance company lenders. George Mitsanas and Jasmine Polson arranged the fixed-rate financing.

August 8, 2017

California Industrial Western

Westcore Properties Acquires 830,750 SF Industrial Building in San Bernardino

by Nellie Day August 8, 2017

SAN BERNARDINO, CALIF. — Westcore Properties has purchased an 830,750-square-foot industrial property in San Bernardino for an undisclosed sum. The Class A, cross-dock facility is located at 6207 North Cajon Blvd. The asset features 36-foot clear height, all-concrete truck yards and secured trailer parking. Nearby corporate neighbors include Hewlett Packard, JC Penny and FedEx, among others. CBRE’s Darla Longo brokered the off-market transaction with an undisclosed seller. The firm is also marketing the space for lease.

August 8, 2017

California Industrial Western

Nazareth Enterprises Buys Johnson & Johnson Vision Facilities in Milpitas for $49.8M

by Nellie Day August 8, 2017

MILPITAS, CALIF. — Nazareth Enterprises has purchased a 180,086-square-foot flex building in Milpitas occupied by Johnson & Johnson Vision for $49.8 million. The building is located at 510 Cottonwood Drive in the Silicon Valley submarket. The property was developed in 1981. Significant renovations commenced in 2008. The property features concrete construction, solar power, four dock doors and ample parking.

August 8, 2017

California Market Reports Office Western Western Market Reports

OC Spec Office Development Signals Post Recession Recovery

by Camren Skelton August 8, 2017

Orange County’s innovative office economy continues to be supported by healthy underlying demand drivers. Tech, financial and business services companies continue to provide a strong employment base that was not readily present during the last cycle. Major colleges and universities such as Chapman and UC Irvine provide a steady pool of job-seeking professionals. The climate, lifestyle and general quality of life also continues to attract top employment talent from across the country. Office vacancy is trending downward with rental rates increasing beyond pre-recession levels. As the health of the office market solidifies, notable developers like the Irvine Company, Trammell Crow Co. and Lincoln Property have recently commenced or completed construction on formidable office projects. These new office projects are noteworthy in that they were started on a speculative basis. This is a new trend in the market that would have been unheard of less than three years ago. This is a strong indication of the increased confidence by lenders, equity sources and developers in the Orange County office market’s recovery. Irvine Company has become the dominant source of speculative development due to considerable new development. This company was ahead of the spec curve when it built the first sizeable inventory …

August 8, 2017

Hawaii Retail Western

Colliers International Negotiates $42.3M Sale of Flagship Walgreens in Honolulu

by Nellie Day August 7, 2017

HONOLULU — Colliers International has arranged the $42.3 million sale of a flagship Walgreens store located across from Ala Moana Center in Honolulu. The single-tenant, net-leased property was sold by an entity affiliated with Salem Partners and Argosy Real Estate Partners. Tom Lagos of Colliers International spearheaded negotiations on behalf of the buyer, a Los Angeles-based Korean investment fund. The transaction was structured as a reverse 1031 exchange, which required the buyer to park a grocery-anchored property located in California with an Exchange Accommodation Titleholder (EAT). This enabled the buyer to purchase the Walgreens site now, and complete the sale of the grocery-anchored center — Hacienda Plaza — at a later date.

August 7, 2017

Multifamily Oregon Seniors Housing Western

Granite Investment Group Acquires Two-Property Memory Care Portfolio in Portland

by Nellie Day August 7, 2017

PORTLAND, ORE. — Granite Investment Group has acquired Tabor Crest, a two-property memory care company in East Portland, for an undisclosed price. One of the facilities was completed in 2016 and was leased up in six months. The second was acquired by the sellers in 2004 and underwent improvements to the facility and operations. Avalon Health Care Group will operate the 60-unit portfolio. Congressional Bank provided a bridge loan as part of the transaction. Housing and Healthcare Finance will process the permanent HUD loan. Based in Irvine, Calif., Granite is a privately held investment management firm.

August 7, 2017

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