Western

Hensel Phelps, Mithun to Break Ground on $98M Expansion at UC Irvine

by Nellie Day June 13, 2017

IRVINE, CALIF. — The design-build team of Hensel Phelps and Mithun is set to break ground on a $98 million redevelopment project at the University of California – Irvine. The 215,000-square-foot development — titled the UCI Middle Earth Expansion — will be completed in two phases. The first phase will include the demolition of Brandywine Commons and Brandywine Student Center to be replaced by a new student housing building. The second phase of development will include the renovation of Pippin Commons. The new project, in total, will house roughly 494 students in two five-story residential towers and include a new dining facility, classrooms and amenity space. The new student housing is set to open for occupancy in August 2019.

June 13, 2017

Arizona Industrial Western

Lake Washington Partners Completes 1 MSF Coldwater Depot Logistics Center in Avondale

by Nellie Day June 13, 2017

AVONDALE, ARIZ. — Lake Washington Partners has completed the 427,000-square-foot expansion of the Coldwater Depot Logistics Center in Avondale. The property is located at 1100 N. 127th Ave. The 54-acre site now accommodates 1 million square feet of cross-dock distribution/warehouse space southwest of Phoenix. Lake Washington Partners will manage the property through its management division. CBRE’s Daniel Calihan will head up the center’s leasing efforts.

June 13, 2017

Multifamily Washington Western

Security Properties, Intercontinental Real Estate Corp. Acquire Echo Lake Apartments in Shoreline

by Nellie Day June 13, 2017

SHORELINE, WASH. — A joint venture between Security Properties and Intercontinental Real Estate Corp. has purchased the 289-unit Echo Lake Apartments for an undisclosed sum. The community is located at 1150 N. 192nd St. Echo Lake contains 9,000 square feet of retail space. It was built in 2009. Security Properties affiliate Madrona Ridge Residential will manage the property.

June 13, 2017

Colorado Multifamily Seniors Housing Western

Pathfinder Buys 104-Unit Independent Living Community Near Denver for $16M

by Nellie Day June 13, 2017

AURORA, COLO. — Pathfinder Partners, a San Diego-based investment firm, has acquired a 104-unit independent living community within the Shalom Park Senior Living Campus in the Denver suburb of Aurora. Pathfinder, along with Denver-based Hillcrest Development Group, paid $16 million for the property and plan to implement $3 million of improvements. The community, which Pathfinder will rebrand as V-Esprit, is situated on approximately 15 acres and includes 104 units consisting of 60 apartments and 44 patio homes averaging 1,050 square feet. The seller was Shalom Park, a Colorado nonprofit that still owns the balance of the Shalom Park Senior Living Campus. V-Esprit residents will continue to have access to the combined campus amenities. The $3 million renovation project is slated to include converting four of the one-bedroom apartment units (leaving 100 units in total) into a clubhouse and card room, and renovating and modernizing the theater room, library, communal dining area and leasing office. Pathfinder also plans to make improvements to the apartment interiors. This is Pathfinder’s first seniors housing acquisition.

June 13, 2017

California Loans Office Western

ZMI Real Estate Receives $16M Loan for Flex, Office Campus in Carlsbad

by Nellie Day June 13, 2017

CARLSBAD, CALIF. — ZMI Real Estate has received a $16 million loan to refinance the 145,759-square-foot Carlsbad Commerce Center. The center is located at 2185-2237 Faraday Ave. It contains a mixture of office, creative office and flex units. The campus was built between 1984 and 1986. It was renovated in 2004. The campus is currently 91.3 percent leased to tenants like Advanced Brain Monitoring, SabreSciences and GIMDx. CBRE’s Mark McGovern, Scott Peterson and Brian Cruz secured the five-year loan through Aetna Life Insurance Company. It will pay off the existing mortgage, which was coming due in September.

June 13, 2017

Hospitality Nevada Top Stories Western

Golden Entertainment to Acquire American Casino & Entertainment Properties for $850M

by Katie Sloan June 13, 2017

LAS VEGAS — Golden Entertainment Inc. (NASDAQ: GDEN) has agreed to acquire American Casino & Entertainment Properties LLC, which owns four gaming and entertainment properties in Nevada, for $850 million. American Casino & Entertainment’s portfolio features 3,879 slot machines, 89 table games and 4,895 hotel rooms in Las Vegas and Laughlin, Nevada. Properties include: The Stratosphere Casino, Hotel & Tower, featuring an 80,000-square-foot casino, 2,427 guestrooms and suites, 13 restaurants, nine bars, two pools, entertainment venues and a 1,149-foot observation tower located on the North Las Vegas Strip. Arizona Charlie’s Hotel & Casino – Decatur, located just off the Las Vegas Strip, which features 1,060 slot machines, seven table games and 259 hotel rooms. Arizona Charlie’s Hotel & Casino – Boulder, located on Boulder Highway in Las Vegas, which features 849 slot machines, seven table games and 303 hotel rooms. The Aquarius Casino Resort, located on the banks of the Colorado River in Laughlin, Nev. The property features a 57,000-square-foot casino, eight restaurants, three bars, 1,906 guestrooms and suites and an entertainment pavilion. The purchase consideration consists of $781 million cash plus approximately four million shares of Golden Entertainment stock issued to American Casino & Entertainment’s current owner, Whitehall Street …

June 13, 2017

Market Reports New Mexico Office Western Western Market Reports

Albuquerque’s Office Market Struggles to Recover

by Camren Skelton June 13, 2017

The New Mexico office market heart is found in Albuquerque. During the first quarter of 2017, the Albuquerque office market has seen an increase in activity from local companies looking for newer and updated spaces, but not necessarily more space. The office market has been the last to see any type of recovery after the recession. The vacancy rate remains steady at about 21 percent. Continuing through 2017, we anticipate moderately positive absorption. Albuquerque remains over-built and under-demolished, with many office buildings being functionally obsolete. Other than two new, build-to-suit medical buildings, one being 43,000 square feet and the other being 90,000 square feet, there are not any planned speculative office buildings. State Farm recently announced it will vacate 35,000 square feet and move its call center operations to Arizona. A multi-market, healthcare administration office has downsized from 67,000 square feet to about 25,000 square feet. These shifts will yield two properties with large contiguous spaces, an excellent opportunity for tenants with large space requirements. However, there are fewer opportunities for those looking for updated spaces. There are currently less than 10 modern office buildings for lease or sale. As such, modern Class A office buildings continue to have high …

June 13, 2017

California Industrial Western

Goldman Sachs Buys 161,610 SF Distribution Building in Los Angeles

by Nellie Day June 12, 2017

LOS ANGELES — Goldman Sachs Asset Management (GSAM) Private Real Estate has purchased a 161,610-square-foot distribution center in the Mid Counties submarket of Los Angeles for an undisclosed sum. The Class A facility is located at 12252 Whittier Blvd. The property is fully leased to one tenant. John Repstad and Mark Repstad of Realty Advisory Group represented both the buyer and seller, Terreno Realty Corp., in this transaction.

June 12, 2017

California Office Western

Harbor Group International Purchases Torre Plaza in Cupertino for $66.2M

by Nellie Day June 12, 2017

CUPERTINO, CALIF. — Harbor Group International (HGI) has purchased Torre Plaza, an 88,580-square-foot office complex in Cupertino, for $66.2 million. The Class A property is situated near the 280 and 85 freeways. It is fully leased. This is HGI’s second Cupertino acquisition in the past five months.

June 12, 2017

Colorado Industrial Western

Inline Distributing Co. Buys Facility at Crossroads Commerce Park Building in Denver

by Nellie Day June 12, 2017

DENVER — Inline Distributing Co. has purchased its new 69,550-square-foot industrial facility at Crossroads Commerce Park in Denver. The building is situated along 52nd Avenue just west of Washington Street in unincorporated Adams County. Construction on the facility commenced last fall. It was completed in early June. Murray & Stafford was the general contractor, while Ware Malcomb acted as architect. JLL’s Nick Steitz represented the construction products supplier, while NKF’s Mike Wafer, Tim D’Angelo and Mike Wafer Jr. represented the seller, Trammell Crow Co., in this transaction.

June 12, 2017

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