Western

Thorofare Capital Funds $19M Bridge Loan for Assisted Living Community in Phoenix

by Nellie Day February 1, 2017

PHOENIX — Thorofare Capital has provided a $19 million, fixed-rate bridge loan to an affiliate of ArciTerra Cos. LLC. The funds will be used to refinance debt on MorningStar at Arcadia, a 135-bed assisted living community in Phoenix. Located on a 1.1-acre site, the community features 80 assisted living units and 30 memory care units in a four-story, 139,643-square-foot building. MorningStar Senior Living operates the property, which opened in 2014. The funds will retire the construction loan on the community and result in more equity for the ownership, a Phoenix-based real estate investment and development company. The term is two years of interest-only payments. Thorofare Capital is a Los Angeles-based investment manager specializing in senior mortgage debt for middle-market commercial real estate assets.

February 1, 2017

Colorado Multifamily Western

BMC Investments, Oak Coast Properties Buy Timber Lodge Apartments Near Denver for $40.5M

by Nellie Day January 31, 2017

THORNTON, COLO. — A joint venture between BMC Investments and Oak Coast Properties has purchased the 390-unit Timber Lodge Apartments in Thornton for $40.5 million. The asset is located nine miles north of downtown Denver. Timber Lodge was built in 1972. It has recently undergone a $6.9 million capital improvement program that renovated many of the units. The community is currently 94 percent occupied. HFF’s Brock Yaffe and Charles Halladay assisted in securing a $13.8 million supplemental loan for the buyer through Freddie Mac’s CME Program. HFF will service the securitized loan.

January 31, 2017

Colorado Industrial Western

Sierra Pacific Industries Purchases Crossroads Commerce Park in Denver

by Nellie Day January 31, 2017

DENVER — Sierra Pacific Industries has purchased the 52,566-square-foot Crossroads Commerce Park in Denver for an undisclosed sum. The property is located at the northwest corner of 52nd Avenue and Washington Street in unincorporated Adams County. Construction on the facility commenced last summer and was completed this week. Murray & Stafford is the general contractor and Ware Malcomb is the architect. Colorado Business Bank provided financing. The Newmark Grubb Knight Frank team of Mike Wafer, Tim D’Angelo and Mike Wafer Jr. represented the seller, Trammell Crow Co., in this transaction. The team also handled the leasing and marketing for Crossroads.

January 31, 2017

California Industrial Western

Exeter Property Group Buys 13.5 Acres in Livermore for Industrial Project

by Nellie Day January 31, 2017

LIVERMORE, CALIF. — Exeter Property Group has purchased 13.5 acres of land in East Livermore for $9 million. The property is located at the southeast corner of Greenville Road and I-580. The group plans to build a 260,000-square-foot, Class A distribution facility on the site. The project is scheduled to be ready for occupancy in the fourth quarter of this year.

January 31, 2017

Office Washington Western

Atlas Workbase Debuts New Coworking Space in Seattle Aimed at Executives

by Nellie Day January 31, 2017

SEATTLE — Atlas Workbase has opened a new 20,000-square-foot coworking space at the Lumen Building in Seattle’s Queen Anne neighborhood. The space will cater to mature companies, small businesses and executives, meaning managers and consultants rather than the traditional start-up crowd. The space is targeting professional industries like retail banking, insurance and law that seek a professional shared workspace. Atlas Workbase was designed in conjunction with Gensler and OpenSquare. It was created with partners including FedEx Office, Steelcase and Philips Lighting. Atlas previously announced a partnership with FedEx Office. The company has opened an in-house print and ship center inside its Mercer Street facility.

January 31, 2017

Arizona Retail Western

Cushman & Wakefield Arranges $4.2M Sale of Raising Cane’s Property in Tucson

by Nellie Day January 31, 2017

TUCSON, ARIZ. — Cushman & Wakefield has arranged the $4.2 million sale of a 3,616-square-foot Raising Cane’s restaurant in Tucson. The single-tenant property is occupied under a 20-year, triple-net lease to Micatrotto Holdings DBA Raising Cane’s. Micatrotto Restaurant Group backs the lease. Chris Hollenbeck of Cushman & Wakefield represented the seller, Phoenix-based Eisenberg Co. Chris Rodriguez of Pacific Northwest represented the buyer, Leal 2002 Family Trust.

January 31, 2017

California Multifamily Student Housing Western

AMCAL Equities Breaks Ground on 750-Bed Student Housing Community Near California State University, Sacramento

by Nellie Day January 30, 2017

SACRAMENTO, CALIF. — AMCAL Equities LLC has closed financing for and broken ground on The Crossings, a 750-bed student housing community located near the California State University, Sacramento campus. The $75 million community is being built within the Sacramento Center for Innovation, an area that has been designated by the city to foster the exchange of technical knowledge and expertise between students, faculty, innovative businesses and technology companies. The project will include an 11,000-square-foot Center for Innovation, to be used by students and faculty. Community amenities will include fully furnished units, a 14,800-square-foot clubhouse with an outdoor basketball court and a resort-style swimming pool. The developers received $22.5 million in funding from Anchor Real Estate Capital, and a $50 million construction loan from JPMorgan Chase. Humphreys & Partners Architects LP designed the project, and AMCAL General Contractors Inc. will oversee construction. Asset Campus Housing will manage the property upon completion. The project is scheduled for delivery in August 2018.

January 30, 2017

Nevada Retail Western

Joint Venture Acquires Town Square in Las Vegas

by Nellie Day January 30, 2017

LAS VEGAS — A joint venture between TH Real Estate and Fairbourne Partners has acquired Town Square, a 1.1 million-square-foot lifestyle center comprised of 26 buildings in Las Vegas. The property is 90 percent occupied by tenants including Apple, Whole Foods Market, H&M, Victoria’s Secret, Saks Off 5th and The Container Store. Solar City, a company led by Elon Musk, also leases approximately 113,000 square feet of office space at the property. TH Real Estate will be the majority holder, taking an 85 percent stake in the property.

January 30, 2017

Arizona Restaurant Retail Western

Marcus & Millichap Arranges $2M Sale of Restaurant Property in Casa Grande

by Nellie Day January 30, 2017

CASA GRANDE, ARIZ. — Marcus & Millichap has arranged the $2 million sale of a 7,441-square-foot Olive Garden located in Casa Grande. Jamie Medress, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer was undisclosed.

January 30, 2017

California Company News Retail Western

Banana Republic Brand President to Depart Gap Inc.

by Nellie Day January 30, 2017

SAN FRANCISCO — Andi Owen, global brand president of Banana Republic, will leave Gap Inc. in late February. While a search is underway for Banana Republic’s next president, Gap Inc. CEO Art Peck will directly oversee the brand. Since joining Gap Inc. in 1991, Owen has held a variety of leadership roles at the company, including executive vice president and general manager for Gap Global Outlet and senior vice president and general manager for Banana Republic Factory Stores. San Francisco-based Gap Inc. oversees the Gap, Banana Republic, Old Navy, Athleta and Intermix brands. Gap Inc. has approximately 3,300 company-operated stores, 450 franchise stores and e-commerce sites.

January 30, 2017

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