GRESHAM, ORE. — Radiant Senior Living has broken ground on a new memory care building at Farmington Square Gresham, an assisted living and memory care community in the Portland suburb of Gresham. The community currently features four buildings. The new memory care building will include 15 units that can house up to 26 residents. Construction is scheduled for completion in June 2017. Radiant Senior Living operates 18 communities in Oregon, Washington, Montana and Colorado.
LIHUE, HAWAII — Holliday Fenoglio Fowler (HFF) has arranged $96 million in financing for the development of Timbers Kauai – Ocean Club & Residences on the Hawaiian island of Kauai. The private oceanfront residence club will be situated within the planned Hokuala Resort in Lihue. Timbers Kauai will be the first real estate component of the planned 450-acre Hokuala Resort development that encompasses the existing Jack Nicklaus Signature Golf Course. Future developments within the resort will include a boutique hotel, luxury residential neighborhood, retail shopping village, resort spa, multiple dining options and multiple wedding venues. Timbers Kauai amenities will include an infinity-edge, oceanfront swimming pool with expansive terrace; family pool with beach entry, waterslide and waterfalls; poolside dining; fitness center and motion studio with outdoor lanai; spa and wellness center; Keiki Club for children; business center; club lounge; retail and sundries shop; and the private Ocean Club restaurant. The project is scheduled for completion in summer 2017. HFF’s Paul Brindley, Bryan Clark and Brad Greenway secured the construction financing from Mosaic Real Estate Credit.
BRIGHTON, COLO. — Inland Real Estate Acquisitions has acquired the 252-unit Solaire Apartments in Brighton for $57.5 million. The community is located at 1287 S. 8th Ave., about 20 miles northeast of Denver’s CBD. Solaire Apartments was 94 percent leased as of the closing date. Community amenities include a heated swimming pool, hot tub, 24-hour fitness center, outdoor grilling stations, business center and playground. The community is also situated on one of the nation’s largest geothermal systems, allowing Solaire Apartments to provide its residents with renewable energy. Inland Real Estate Acquisitions was represented in-house by Matthew Tice.
SANTA MONICA, CALIF. — Hersha Hospitality Trust has purchased the 77-room Ambrose Hotel in Santa Monica for $47.5 million. The hotel is located at 1255 20th St. The Ambrose Hotel is situated within Santa Monica’s 7.9 million-square-foot office market. It is also near Silicon Beach, which includes notable employers like Google, Facebook, Apple, IMAX, Hulu and Riot Games. Hersha utilized 1031 exchange proceeds from the recent sale of two suburban Boston hotels to fund the Ambrose acquisition.
IRVINE, CALIF. — Cavium has leased a four-story building within Irvine Co.’s new NextGen campus at Sand Canyon Business Center in Irvine Spectrum. The semiconductor product provider recently acquired networking and storage provider QLogic Corp., which will occupy the new space next summer. QLogic will join AutoGravity, an automotive financing firm that has leased 40,000 square feet in the project’s other four-story building. With these two leases, the NextGen campus is now 70 percent pre-leased. Jeff Hoffman and Tracey Solari of Newmark Cornish & Carey and Greg Tippin, Stacy Garcia and Byron Foss of Newmark Grubb Knight Frank represented Cavium in the transaction.
VANCOUVER, WASH. — Senior Living Investment Brokerage has arranged the sale of a 48-unit assisted living community in Vancouver, just across the Columbia River from Portland, Ore., for $7.5 million. A regional company received the community out of bankruptcy and sold it to a regional owner-operator. The new owner plans to invest in improvements, including converting some employee apartments into units for more residents. The community was built in 2013. The name was not disclosed. Matthew Alley, Jason Punzel and Jeff Binder of Senior Living Investment Brokerage arranged the deal on behalf of the seller.
REDWOOD CITY, CALIF. — Equinix Inc. (NASDAQ: EQIX) has agreed to acquire a portfolio of 24 data center sites and their operations from Verizon Communications Inc. (NYSE, NASDAQ: VZ) for $3.6 billion. The portfolio consists of 29 buildings across 24 sites in North and South America, including Atlanta and Norcross, Ga.; Bogotá, Columbia; Boston; Chicago; Culpeper, Va.; Dallas, Houston and Richardson, Texas; Denver; Los Angeles, Santa Clara and San Jose, Calif.; Miami and Doral, Fla.; New York City; São Paulo, Brazil; Seattle; and Washington, D.C. The NAP of the Americas facility in Miami was formerly a flagship facility for Verizon, and will become a strategic hub and gateway for Equinix customer deployments servicing Latin America. Approximately 250 Verizon employees, primarily in the operations functions of the acquired data centers, will become Equinix employees. The all-cash transaction is expected to close by mid-2017. Evercore, J.P. Morgan Securities LLC and Davis Polk & Wardwell LLP advised Equinix in the acquisition. At the close of the transaction, Redwood City, Calif.-based Equinix’s total global footprint will be 175 data centers in 43 markets with approximately 17 million gross square feet across the Americas, Europe and Asia. Equinix’s stock price closed at $332.08 per share …
Denver’s economic growth, its reputation as a commercial hub in the Rockies and the growth in e-commerce sales are all factors contributing to the metro’s strong industrial property performance. Denver employers are on track to add 39,000 new workers to their headcounts by year end, expanding the local workforce by 2.8 percent, with the professional and business services and construction sectors driving employment gains. As household formation and retail spending has increased, demand for industrial space in Denver has followed suit. The city’s strategic position as a Western state commercial hub, along with the rapid rise in e-commerce sales, has attracted retailers and distributors, such as FedEx and Amazon, to the area. These large retailers and distributors are contributing to the high demand for industrial space, especially given the limited number of industrial property deliveries in 2015. The industrial construction pipeline is growing as a result of this demand. Spurred on by Denver’s positive economic performance, developers have expanded the industrial development pipeline, including higher levels of speculative development. About 3.7 million square feet of industrial space will have come online by the end of the year. About 1 million square feet of space was delivered in 2015. The breakneck …
AUBURN, WASH. — KeyBank’s Community Development Lending & Investing group has provided $95.2 million in tax-exempt bond financing to construct two affordable housing communities in the Seattle suburb of Auburn, one for families and one for seniors. AVS Communities is developing the two properties. The Villas at Auburn will offer 295 units of affordable housing for families while The Reserve at Auburn will offer 297 units of affordable housing for seniors. Both projects will serve residents making 60 percent or less of the area median income. KeyBank provided a $47 million construction loan for The Reserve at Auburn, with a $40.6 million Freddie Mac Tax Exempt Loan (TEL) component arranged by Key’s Commercial Mortgage Group. The company provided a $48.2 million construction loan for The Villas at Auburn, with a $40.9 million Freddie Mac TEL arranged by Key’s Commercial Mortgage Group. The Washington State Housing Finance Commission issued the tax-exempt bonds. Victoria Quinn and Al Beaumariage arranged the financing.
SAN DIEGO — Pacific Castle has completed the disposition of Santee Town Center, a 120,000-square-foot retail center in the San Diego submarket of Santee. An undisclosed buyer acquired the property for $27 million. Ross Dress for Less, Michael’s and Office Depot occupy the center. REZA Investment Group represented Pacific Castle in the deal.
