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.
MORGAN HILL, CALIF. — The city planning commission of Morgan Hill has approved plans for a three-story, mixed-use building located at 17395 Monterey Road in downtown Morgan Hill. Designed by KTGY Architecture + Planning, the 10,000-square-foot building will be used as a dining destination owned and operated by local restauranteur Dan McCranie. Construction is slated to begin in early 2017, with completion scheduled by the end of the year.
LOS ANGELES — A private partnership has acquired Valencia Studios, a 120,878-square-foot production studio in the Los Angeles submarket of Valencia, for $19.3 million. The four-building studio is located at 26030 Avenue Hall and 28343 Avenue Croker. The space has been used to produce such television shows as NCIS, Jag and the Power Rangers. The new buyer plans to continue operating the space as a production studio. Jeffrey Andrew of Cushman & Wakefield Pacific represented the buyers. CBRE’s Craig Peters and Robert Valenziano represented the sellers, Capital Foresight Limited Partnership and Valencia Studios NKG.
WOODINVILLE, WASH. — Cru Selections has leased 10,970 square feet of industrial space at The Park at Woodinville. The property is located adjacent to one of the largest industrial winery locations in the state of Washington. Woodinville and its warehouse district have become home to over 100 wineries and tasting rooms over the last two decades. CBRE’s Erik Larsen represented Cru. Derek Heed of Colliers International represented the landlord, KBS Realty Advisors, in this transaction.
DENVER — Franklin Street Properties Corp. (NYSE: FSP), a Massachusetts-based REIT, has acquired the Dominion Towers office property in downtown Denver for $154 million. The property includes a 19-story tower and a 28-story tower that are connected. The Class A buildings total 613,527 rentable square feet, resulting in a purchase price of $251 per rentable square foot. Dominion Towers is situated in the center of downtown Denver, within one block of light rail access and adjacent to the 16th Street Mall. The towers are 89 percent leased, and EOG Resources Inc., an oil and gas company, is the largest renter, taking up 29 percent of the property through December 2026. FSP funded the acquisition of Dominion Towers with cash on hand and the proceeds of a $150 million unsecured, two-year bridge loan with JPMorgan Chase Bank NA as administrative agent. FSP plans to implement $3 million in capital improvements to the property. “We believe that the acquisition of Dominion Towers will provide additional opportunities for value creation by growing our presence in downtown Denver to almost 2 million rentable square feet,” says Jeffrey Carter, president and chief investment officer of FSP. FSP’s stock price closed at $12.25 per share on …
HONOLULU — A joint venture between EdR and Laconia Development has begun construction of a $110 million student housing development located adjacent to the University of Hawaii in Honolulu. The community will offer 599-beds in a mix of one-, two-, three- and four-bedroom units with ground-floor retail and structured parking. Rooftop amenities will include a fitness center, outdoor terrace lounge, community kitchen, study lounges and gaming areas — all with views of Waikiki, Diamond Head and Manoa Valley. EdR will be the 90 percent owner in the community, and will manage the property upon completion. The project is scheduled for delivery in summer 2018 or 2019.