Western

Joint Venture Acquires Centerpointe La Palma Business Park Near Cerritos for $106.1M

by Nellie Day September 19, 2017

CERRITOS, CALIF. — A joint venture between Greenlaw Partners and Westbrook Partners has acquired Centerpointe La Palma, a 525,560-square-foot business park in the Cerritos submarket of La Palma for $106.1 million. The 10-building business park is located on Centerpointe Drive. Centerpointe La Palma is situated near the 91, 5 and 605 freeways in north Orange County. It was 89 percent leased at the time of sale. Notable tenants include the State of California, Tesoro, Honeywell, United Healthcare, University of Phoenix and St. Joseph Health. The JV represented itself in the transaction. NKF’s Kevin Shannon, Paul Jones and Blake Bokosky represented the seller, an East Coast-based pension fund advisor.

September 19, 2017

California Industrial Western

Rockefeller Group Starts Construction of 2 MSF of Inland Empire Industrial Developments

by Nellie Day September 19, 2017

SAN BERNARDINO AND PERRIS, CALIF. — Rockefeller Group has commenced construction on two industrial projects totaling 2 million square feet in the Inland Empire. The projects include Tri-City Industrial Complex, a 19-acre site at 1333 S. Tippecanoe Ave. in San Bernardino, and Optimus Logistics Center, a 68-acre site along the I-215 corridor in Perris. Tri-City will include two speculative industrial distribution buildings totaling 425,535 square feet, while Optimus will feature two speculative buildings totaling approximately 1.4 million square feet. The projects are slated for completion in the third and fourth quarters of 2018. HPA Architects is designing both developments. JLL’s Mike McCrary and Peter McWilliams are the exclusive leasing agents for Optimus. Fullmer Construction is building the project. Chuck Belden, Kyle Kehner, Milo Lipson, Tim Pimentel and Ryan Velasquez of Cushman & Wakefield are the exclusive leasing agents for Tri-City. Millie & Severson is building the project.

September 19, 2017

Arizona Multifamily Seniors Housing Western

Blueprint Arranges $15.3M Sale of Two Skilled Nursing Facilities in Arizona

by Nellie Day September 19, 2017

MESA AND TUCSON, ARIZ. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a two-property, 249-bed skilled nursing portfolio in Mesa and Tucson. A California-based regional owner-operator sold the properties for $15.3 million as part of a non-core disposition. The buyer was a publicly traded owner-operator with a large presence in Arizona. The purchase price equates to approximately $61,250 per licensed bed. Christopher Hyldahl, Gideon Orion, and Amy Sitzman were the lead advisors on the transaction.

September 19, 2017

California Multifamily Student Housing Western

UC Davis Opens Three Residence Halls, Community Building

by Nellie Day September 19, 2017

DAVIS, CALIF. — The University of California, Davis has opened Tercero 4, an on-campus development consisting of three residence halls and a community building. The residence halls — Cottonwood Hall, Redwood Hall and Madrone Hall — will be home to about 200 students each and offer single-, double- and triple-occupancy rooms. Cottonwood Hall features a music room with sound attenuation and a piano for practicing music; a wellness and meditation room; and a large recreation room with a television, game tables and three video-gaming stations for use by all Tercero residents. Olive Hall, the new community building, includes a large main lounge with a community demonstration kitchen. The $59.1 million project is part of a long-term development plan that aims to increase student beds on campus from about 9,400 in 2015 to 15,600. In the next two years, the university plans to open a new 500-seat dining hall and a 400-bed residence hall, replacing the existing Webster Hall.

September 19, 2017

Arizona Multifamily Seniors Housing Western

Spectrum Debuts 159-Unit Seniors Housing Community in Phoenix

by Nellie Day September 19, 2017

PHOENIX — Spectrum Retirement Communities has opened The Enclave at Anthem Senior Living, a 159-unit independent living, assisted living and memory care community in Phoenix’s North Black Canyon Corridor. The 160,000-square-foot community is located on 6.5 acres. It is Spectrum’s fourth in the Phoenix metro area, with four more currently under construction. Spectrum both owns and operates the community. Denver-based Spectrum Retirement Communities LLC operates 36 senior living communities in 12 states from New York to Oregon totaling more than 4,200 units. The company has an additional 16 communities currently under construction.

September 19, 2017

California Multifamily Seniors Housing Western

Clearwater Living to Open 136-Unit Independent Living Community in Oxnard

by Nellie Day September 18, 2017

OXNARD, CALIF. — Clearwater Living is preparing to open Clearwater at RiverPark, a 136-unit independent living community in Oxnard. Presales are currently underway, with a planned opening of January 2018. Residents who pre-select an apartment and move in within 30 days of the grand opening will pay less in “community fees” and also receive a discount on the first month’s rent. Apartments range in size from 610 to 1,040 square feet. The property is located near malls, art museums and beaches.

September 18, 2017

Colorado Multifamily Western

Continental Realty Advisors Buys 256-Unit Apartment Complex in Westminster

by Nellie Day September 18, 2017

WESTMISNTER, COLO. — Continental Realty Advisors (CRA) has purchased the 256-unit Canyon Reserve at the Ranch Apartments in Westminster for an undisclosed price. The community is located at 2890 W. 116th Place. The property includes 16 two-story buildings with amenities like clubhouses, a resort-style pool, gym, dog park and business center. All apartments feature wood-burning fireplaces, vaulted ceilings, deep-bath garden tubs, and private patios or balconies. Canyon Reserve was built in 1984. CRA plans to upgrade both the common-area amenities and unit interiors as part of their value-add program. The firm partnered with GTIS on the acquisition. Amenity upgrades will include enhanced landscaping, new exterior paint, expansion and improvement of the pool surrounds, addition of fitness on demand, construction of a coffee lounge & patio, and expansion of the existing leasing center. Interior upgrades will consist of updated cabinetry, stainless steel appliances, plank flooring, modern lighting, hardware and paint.

September 18, 2017

Arizona Multifamily Seniors Housing Western

HJ Sims Structures $3.8M in Equity Financing in Assisted Living Community Near Tucson

by Nellie Day September 18, 2017

MARANA, ARIZ. — HJ Sims has completed a $3.8 million financing for The Watermark at Continental Ranch, a proposed 99-unit assisted living and memory care community in the Tucson suburb of Marana. Sims provided the financing to a joint venture between affiliates of Link Development LLC and Watermark Retirement Communities, which will also operate the property. Continental Ranch will be Link’s fourth seniors housing development in Arizona. Watermark manages 40 seniors housing communities in 21 states. Sims structured preferred equity on behalf of the joint venture owners, meeting regulatory requirements for the senior construction lender. A new entity, LW Development Funding I LLC, was formed to issue the $3.8 million of taxable bonds. High-net-worth accredited investors purchased the bonds. Sims then used to capital to fund the preferred equity investment.

September 18, 2017

Colorado Restaurant Retail Western

Chipotle Reopens Flagship Location Following First Renovation in 24 Years

by Nellie Day September 18, 2017

DENVER — Chipotle Mexican Grill has reopened its doors to the first-ever Chipotle restaurant in its hometown of Denver following a summer-long renovation. The original Chipotle location opened in the former Dolly Madison ice cream shop on East Evans Avenue across from the University of Denver, where founder, chairman and CEO Steve Ells prepared the food and served the very first Chipotle customers. Chipotle expanded the basement of the 850-square-foot restaurant to create additional storage and food prep space, allowing the small open kitchen — still a hallmark design element of all Chipotle locations — to be more efficient. Work in the dining room updated the style of the space, while preserving features of the first restaurant. Ells opened the second Chipotle in 1995 and the third in 1996. Today, Chipotle has more than 2,300 locations worldwide.

September 18, 2017

Industrial Oregon Western

JV Buys 171,828 SF Nimbus Oaks Business Park in Beaverton

by Nellie Day September 15, 2017

BEAVERTON, ORE. — A joint venture between Vista Investment Group and Acre Valley Real Estate Capital has purchased Nimbus Oaks, a 171,828-square-foot flex/business park in Beaverton, for an undisclosed sum. The park is located at 9000-9560 S.W. Nimbus Ave. in the 217 Corridor submarket. Notable tenants at Nimbus Oaks include XO Communications, Opus Agency, Kingcom and the Northwest Regional Education Service District. The asset was built between 1984 and 1985. Andrew Kirsh of Sklar Kirsh represented Vista in this transaction. Kidder Matthews will handle leasing and property management.

September 15, 2017

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