Western

Bridgepoint-Shopping-Center-San-Mateo-CA

JLL Brokers $127M Sale of Bridgepointe Shopping Center in San Mateo, California

by Amy Works January 10, 2025

SAN MATEO, CALIF. — JLL Capital Markets has brokered the $127 million sale of Bridgepointe Shopping Center in San Mateo, roughly 20 miles south of San Francisco. Originally developed in 1988 and renovated in 2023, the 231,700-square-foot property spans 23.7 acres. Tenants at the center, which was fully leased at the time of sale, include Ross Dress for Less, Marshalls, Nordstrom Rack, Total Wine & More, Chick-fil-A, Five Below and The Container Store. Eric Kathrein, Daniel Tyner, Geoff Tranchina, Greg Lvovich, Warren McClean and Danny Finkle of JLL Capital Markets represented the seller, Nuveen Real Estate, in the transaction. Additionally, JLL procured the buyer, a joint venture between Sterling Organization and Cohen & Steers, and secured acquisition financing.

January 10, 2025

Acquisitions Arizona Industrial Western

EastGroup Properties Buys 519,112 SF Akimel Gateway Industrial Facility in Chandler, Arizona

by Amy Works January 10, 2025

CHANDLER, ARIZ. — EastGroup Properties has acquired Akimel Gateway, a Class A industrial property at 17500 S. 40th St. in Chandler, from Trammel Crow Co. and CBRE IM for $83 million. Situated on 38 acres, Akimel Gateway offers 519,112 square feet of industrial space. The property’s four buildings are located alongside the Loop 202 freeway frontage with immediate access to the diamond interchange at 40th Street and Loop 202. Built in 2022, each of the buildings are fully occupied and feature 139 dock-high doors, 24-foot to 32-foot clear heights, 2,500 amps to 3,000 amps power and drive-around capabilities with multiple points of ingress and egress. Rusty Kennedy, Joe Cesta, Cooper Fratt, John Werstler, Tanner Ferrandi and Mike Parker of CBRE represented the seller in the deal.

January 10, 2025

Development Loans Multifamily Washington Western

Waterton Provides $69.2M Senior Construction Loan for Apartment Development in Vancouver, Washington

by Amy Works January 10, 2025

VANCOUVER, WASH. — Waterton, in partnership with Strathcona Capital, has provided a $69.2 million senior construction loan for the development of 12th & Main, a seven-story mid-rise apartment building in Vancouver. The borrower, Oregon-based Pahlisch Commercial, started construction in December 2024 on the project that is slated for completion in 2027. Totaling 198 units, 12th & Main will offer studio, one- and two-bedroom floor plans and an amenity package including a 24-hour fitness center, rooftop lounge with river views, dog wash station, game room, remote work offices, electric vehicle charging stations and a steam shower and sauna. Additionally, the property will include 21,359 square feet of ground-floor commercial space. Pahlisch Commercial will occupy roughly half of the ground-floor space as its headquarters office.

January 10, 2025

Loans Montana Multifamily Western

Gantry Secures $10.5M Loan for Multifamily Community in Montana

by Amy Works January 10, 2025

KALISPELL, MONT. — Gantry has secured a $10.5 million permanent loan to retire construction debt from the development of the second phase for The Landings on Two Mile, an apartment community in Kalispell. Located at 110, 112, 114 and 118 Teton St., the second phase features 72 one-, two- and three-bedroom floor plans. Demetri Koston of Gantry’s Spokane, Wash., office represented the borrower, a private real estate investor, in the financing. The 12-year, fixed-rate loan was secured from an agency lender with an upfront interest-only period transitioning to 30-year amortization. In 2021, Gantry provided a $16.4 million permanent loan for the property’s 108-unit first phase.

January 10, 2025

Acquisitions Colorado Multifamily Western

Sagard Real Estate Acquires Alta Green Mountain Apartment Complex in Lakewood, Colorado for $104.6M

by Amy Works January 9, 2025

LAKEWOOD, COLO. — Sagard Real Estate has purchased Alta Green Mountain, a multifamily community located at 13055 W. Mississippi Court in Lakewood, from an undisclosed seller for $104.6 million. Dave Martin and Brian Mooney of Northmarq’s Denver Multifamily Investment Sales team represented the seller in the deal. Built in 2020, Alta Green Mountain offers 260 one-, two- and three-bedroom floor plans with an average unit size of 864 square feet. Apartment amenities include stainless steel kitchen appliances, gray mocha cabinets, washers/dryers, walk-in closets, keyless entries, river white granite countertops, glass tiled backsplashes, garden tubs, balconies and tuck-under garages with driveways available for rent. Some units include mountain views and panoramic views of Denver. Community amenities include a clubhouse, outdoor kitchen and grilling areas, scenic overlook firepit, dog spa, storage units, year-round pool and spa, athletic club with yoga and spin room, an innovation lounge with computer access and individual work rooms, an onsite dog park and run, bike and ski repair shop, and community game room.

January 9, 2025

Acquisitions Colorado Development Multifamily Student Housing Western

Joint Venture Buys Development Site for 397-Bed Student Housing Community Near Colorado State University

by Amy Works January 9, 2025

FORT COLLINS, COLO. — A joint venture between Landmark Properties, Silverpeak Real Estate Partners and Peninsula Investments has acquired a development site at 255 Johnson Drive in Fort Collins for the construction of a 397-bed student housing community. Dubbed The Mark Fort Collins, the property will offer 193 units in a mix of studio through four-bedroom configurations for students attending Colorado State University. The six-story development will offer shared amenities including a clubhouse, fitness center, resort-style swimming pool, ski storage, pet spa, individual and group study areas, and rooftop courtyards with grilling stations. Construction on the project is set to begin this month with completion slated for fall 2026. The development team includes Mode 3 Architecture and the company’s in-house construction arm, Landmark Construction. TSB Capital Advisors coordinated financing for the project.

January 9, 2025

Acquisitions Multifamily Seniors Housing Washington Western

SLIB Brokers Sale of 131-Unit Seniors Housing Community in Spokane, Washington

by Amy Works January 9, 2025

SPOKANE, WASH. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Moran Vista Senior Living, a 131-unit seniors housing community located in Spokane. Originally built in 1997 and renovated and expanded in 2008, the property features independent living, assisted living and memory care residences. A regional owner-operator acquired the community from a Pacific Northwest-based seller. The buyer’s portfolio comprises roughly 20 properties throughout Washington and Arizona. Jason Punzel of SLIB brokered the transaction.

January 9, 2025

California Loans Retail Western

BWE Secures $20M Bridge Loan for Retail Outparcel Redevelopment in Merced, California

by Amy Works January 9, 2025

MERCED, CALIF. — BWE has secured a $20 million bridge loan to finance the redevelopment of an outparcel adjacent to Marketplace at Merced in Merced. Sears formerly occupied the 85,000-square-foot property. The project will include a complete interior renovation, as well as the addition of two pad sites totaling 6,164 square feet. The redevelopment was fully preleased at the time of financing. Tenants at the property will include Ulta Beauty, Five Below, Petco, Rack Room Shoes and Burlington Coat Factory. Mike Guterman of BWE arranged the 30-month loan on behalf of the borrower. Citivest Commercial Investments LLC provided the financing.

January 9, 2025

Acquisitions California Retail Western

Marcus & Millichap Arranges Sale of 10,867 SF Retail Property in Oakley, California

by Amy Works January 9, 2025

OAKLEY, CALIF. — Marcus & Millichap has arranged the sale of Main Street Shops, a retail center located at 2170 Main St. in Oakley. The developer, which built the property, sold the asset to a private investor for $4.6 million. Constructed in 2007, the 10,867-square-foot Main Street Shops consists of seven retail suites, including restaurants, dentists and salons. Quentin Caruso and Vince Schwab of Marcus & Millichap represented the seller and procured the buyer in the deal.

January 9, 2025

California Development Mixed-Use Office Retail Top Stories Western

Report: Los Angeles City Council Approves $1B Redevelopment of Television City Studios

by Katie Sloan January 9, 2025

LOS ANGELES — The Los Angeles City Council approved plans for the $1 billion redevelopment of Television City studios at 7800 Beverly Blvd. on Tuesday, according to reports by the Los Angeles Times. The landmark property was designed by architect William Pereira and developed in 1952. The studios have since been home to TV programs including “The Carol Burnett Show,” “The Ed Sullivan Show,” “Wheel of Fortune,” “Good Times” and “All in the Family.” The redevelopment project is headed by Hackman Capital Partners, which acquired the property from CBS in 2018 for $750 million. Multiple plans for the site have been submitted over the course of the past two years due to pushback from the local community, according to the LA Times. Owners of nearby establishments including A.F. Gilmore Co. of the Original Farmers Market and Grove LLC — which owns The Grove shopping center developed by Rick Caruso — have sided with neighborhood groups against the project claiming it was too big and would make local traffic significantly worse, according to the newspaper. In response to these requests, Hackman worked with the city council to produce the recently approved plans for the project, which include the removal of 15-story, 150,000-square-foot office tower …

January 9, 2025

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