Western

Central Development to Build Encompass Business Park in Centennial

by Nellie Day October 6, 2016

CENTENNIAL, COLO. — Central Development has announced plans to build Encompass Business Park, a 55-acre office and industrial park, in Centennial. The Class A park will be situated on South Blackhawk Street, between East Arapahoe Road and East Fremont Avenue. The site, formerly known as Centennial East Corporate Center, will soon contain a 150,000-square-foot spec industrial building. This will be the largest individual spec industrial project in southeast Denver, according to Central Development. The new Encompass Business Park will offer a total of 13 development sites, ranging from 14,000 square feet to 150,000 square feet, with broad and flexible zoning that can accommodate retail, office, flex, industrial, medical and storage uses. Central Development purchased the land for Phase I from Jordan-Arapahoe LLC for $4.5 million. NGKF’s Kittie Hook and Wade Fletcher represented the LLC and assisted Central Development in the acquisition. The team is also handling the marketing, sales and leasing for Encompass. Central Development’s capital partner on the project is an LLC managed by Washington Capital Management.

October 6, 2016

Arizona Multifamily Western

Aukum Management Acquires Cantera Apartments in Chandler for $46M

by Nellie Day October 5, 2016

CHANDLER, ARIZ. — Aukum Management has purchased the 288-unit Cantera apartments in Chandler for $46 million. The community is located at 2475 W. Pecos Road. Cantera was built adjacent to the Price Road Corridor, the area’s largest high-tech employment hub, in 2002. About 200 units will undergo a renovation. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch executed the transaction. The seller was Rockwood Capital.

October 5, 2016

California Office Western

Douglas Emmett Buys Trophy Office Asset in Santa Monica

by Nellie Day October 5, 2016

SANTA MONICA, CALIF. — Douglas Emmett has purchased a 128,935-square-foot office building in downtown Santa Monica. The sales price was $139.5 million according to the seller, Blackstone Group. The asset is located at 233 Wilshire Blvd. The building is 91 percent leased to tenants like Luther Burbank Savings, Tunnel, Hirschfeld Kraemer LLP, GoodRX and Enenstein & Ribakoff. It sits adjacent to the Third Street Promenade, which features retailers like Nike, Nordstrom, Bloomingdale’s, Apple, Tesla and Lululemon. HFF’s Ryan Gallagher, Michael Leggett, Andrew Harper, Tim Geiman and Michael Matchett represented both the buyer and seller in this transaction.

October 5, 2016

Hospitality New Mexico Western

Marriott International Opens First Tribute Hotel in Santa Fe

by Nellie Day October 5, 2016

SANTA FE, N.M. — Marriott International has opened the 157-room La Posada de Santa Fe in New Mexico, the first hotel within the company’s Tribute Portfolio of resorts and spas. The hotel is located at 330 E. Palace Ave. in Santa Fe. La Posada is situated on six acres, steps from the historic downtown plaza and Canyon Road. The hotel contains three food and beverage outlets, including Julia, a Spirited Restaurant & Bar, the Staab House and the Patio Restaurant. Signature features of the Tribute Portfolio include an homage to the area’s local history, which can be seen in the resort’s bright blue doors, the Patio’s twinkle lights, traditional Southwestern fireplaces, colorful gardens and tapestries. Marriot will open additional Tribute Portfolio hotels throughout the U.S., including Denver and San Diego.

October 5, 2016

Arizona Multifamily Student Housing Western

Western Wealth Capital Buys Multifamily Property Near ASU for $17M

by Nellie Day October 5, 2016

TEMPE, ARIZ. — Canada-based Western Wealth Capital has acquired Amber Gardens, a 164-unit multifamily community located less than one mile away from the Arizona State University campus in Tempe, for $17 million. The property — built in 1985 — features a mix of studio, one- and two-bedroom units. Amenities include two pools, a spa, 24-hour fitness center, clubhouse and laundry facilities. United Development Group was the seller in the transaction. Carrick Sears and Chip Kloppenburg of SVN Desert Commercial Advisors represented the buyer.

October 5, 2016

Hawaii Retail Western

Applebee’s Opens First Restaurant in Hawaii

by Nellie Day October 5, 2016

HONOLULU — Applebee’s Grill and Bar has opened its first restaurant in Hawaii, located in Ewa Beach on Oahu. The new Applebee’s restaurant features the brand’s new American-made, wood-fired grill menu. A second Applebee’s location is already planned to open next year at the Ka Makana Alii Mall in West Oahu. With more than 2,000 locations now in all 50 states, Guam, Puerto Rico and 15 countries, Applebee’s is one of the world’s largest casual dining brands. Applebee’s is franchised by subsidiaries of DineEquity Inc., which is among the world’s largest full-service restaurant companies.

October 5, 2016

California Industrial Western

Westcore Properties Buys Industrial Portfolio in San Diego for $75M

by Nellie Day October 4, 2016

SAN DIEGO — Westcore Properties has purchased a four-property industrial portfolio in San Diego for $75 million. The portfolio contains a total of 514,169 square feet spread over 22 buildings. The portfolio includes 16990 Goldentop Road in Rancho Bernardo; 500-938 S. Andreasen Drive in Escondido; and 133-155 Mata Way and 540-550 Pacific St. in San Marcos. Westcore will perform cosmetic improvements at each property, which will include landscaping and painting, as well as maintenance and upgrades for HVAC systems, asphalt and roofs. Rick Reeder and Brad Tecca of Cushman & Wakefield were the brokers of record for this transaction. The seller was TA Realty.

October 4, 2016

California Loans Multifamily Seniors Housing Western

HFF Arranges $41.5M in Financing for Three-Property Seniors Housing Portfolio in Sacramento

by Nellie Day October 4, 2016

SACRAMENTO, CALIF. — Holliday Fenoglio Fowler (HFF) has arranged $41.5 million in financing for a three-property seniors housing portfolio in Sacramento. HFF represented Harbert Seniors Housing Fund I LP, an affiliate of Harbert Management Corp., to secure the seven-year, floating-rate acquisition loan through Freddie Mac. The properties in the portfolio are: Chateau on Capitol Avenue, Chateau at River’s Edge and River’s Edge. Chateau on Capitol Avenue is located at 2701 Capitol Ave. less than two miles east of downtown Sacramento. The property has 56 assisted living units totaling 60,268 rentable square feet. Chateau at River’s Edge and River’s Edge are adjacent properties located at 601 and 641 Feature Drive, approximately 3.9 miles east of Chateau on Capitol Avenue. Chateau at River’s Edge has 97 assisted living and 10 memory care units while River’s Edge features 94 independent living units totaling 55,576 rentable square feet. The properties are 95 percent leased overall. HFF’s Ryan Maconachy, Chad Lavender and Sarah Anderson arranged the financing.

October 4, 2016

Arizona Multifamily Seniors Housing Western

Bascom Acquires 123-Unit Independent Living Community in Arizona for $18M

by Nellie Day October 4, 2016

PRESCOTT, ARIZ. — Bascom Arizona Ventures has acquired the Prescott Lakes Senior Community, a 123-unit luxury independent living community for $18 million or $146,341 per unit. Built in 2003, the community is located within the Prescott Lakes master-planned community in Prescott, about 100 miles north of Phoenix. Bascom plans interior and exterior renovations to the community, including an in-pool lounge, new entrances and a remodeled clubhouse. Brian Halpern and Alex Kane of Jones Lang LaSalle Americas Inc. arranged the debt financing for the buyer. John Cunningham from JLL represented the undisclosed seller in the transaction. Bascom Arizona Ventures is an affiliate of private equity firm The Bascom Group LLC.

October 4, 2016

Colorado Multifamily Seniors Housing Western

New Dawn Reopens Two Memory Care Communities in Colorado

by Nellie Day October 4, 2016

COLORADO SPRINGS AND AURORA, COLO. — New Dawn Memory Care has reopened its two memory care communities in Colorado Springs and Aurora. Radiant Senior Living was named as the operator of both communities. The Portland, Ore.-based operator manages 18 seniors housing communities in Washington, Oregon, North Dakota and Colorado.

October 4, 2016

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