Western

Cedar Sinai Park Sells 246-Unit Seniors Housing Campus in Portland

by Amy Works October 29, 2024

PORTLAND, ORE. — Nonprofit Cedar Sinai Park has sold its namesake seniors housing campus totaling 246 units in southwest Portland. Situated within four miles of downtown Portland, the Cedar Sinai Park campus comprises Rose Schnitzer Manor, a 154-unit assisted living community; Robison Jewish Health Center, a 44-bed skilled nursing facility; and the Harold Schnitzer Center for Living, a 48-bed skilled nursing facility. Built in 2016, the Harold Schnitzer Center for Living also offers adult daycare services. Rose Schnitzer Manor was constructed in 1998 and 2002, and Robison Jewish Health Center — which is currently vacant — was built in 1956 and renovated in 2017. The property is located within three miles of two short-term, acute-care hospitals. Michael Segal, Dan Mahoney and Daniel Waldhorn of Blueprint represented Cedar Sinai Park in the sale. The seller plans to use sale proceeds to establish a new foundation to continue to serve the Portland Jewish community. An Illinois-based private investor with an Oregon-based operating partner acquired the campus for an undisclosed price.

October 29, 2024

Acquisitions Nevada Retail Western

Hanley Arranges Sale of New 2,365 SF Retail Property in Las Vegas Leased to Starbucks

by Amy Works October 29, 2024

LAS VEGAS — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed, single-tenant retail property located at 9285 W. Russell Road in Las Vegas. Starbucks Coffee occupies the building, which totals 2,365 square feet and features a drive-thru, on a 10-year lease. Bill Asher and Jeff Lefko, in association with ParaSell Inc., represented the developer and seller in the transaction. Jason Otter of Logic Commercial Real Estate represented the buyer, a local private investor. The acquisition price was not released.

October 29, 2024

Emerging Trends Report Predicts Rebound in Transaction Volume in 2025 as Capital Markets Are ‘Poised for Recovery’

by John Nelson October 29, 2024

LAS VEGAS — At the September meeting of the Federal Open Market Committee (FOMC), the Federal Reserve lowered the federal funds rate by 50 basis points, which is the first easing of monetary policy in four years. This move lowered the short-term interest rate to a target range of 4.75 to 5 percent. Elevated borrowing costs have stifled commercial real estate transaction volumes the past couple years as buyers and sellers found that values were a moving target. Now with a reduction in interest rates, many real estate professionals expect transaction volume to rebound at least moderately. “In 2025, we expect lower interest rates will reduce borrowing costs, aid in price discovery and ultimately encourage an uptick in [commercial real estate] transactions,” said Angela Cain, global CEO of the Urban Land Institute (ULI). Cain’s comments came in a prepared statement to summarize the findings of Emerging Trends in Real Estate 2025, an annual report jointly produced by PwC US and ULI. The report was published in conjunction with ULI’s Fall Meeting, which is taking place this week at Resort World Las Vegas. Cain said that the real estate professionals surveyed for the report relayed that sentiment is improving, though many remain cautious. …

October 29, 2024

California Development Multifamily Seniors Housing Western

DHI Hellenic Apartments Completes Rehabilitation of Affordable Housing Community for Seniors in Sacramento

by Amy Works October 28, 2024

SACRAMENTO, CALIF. — A California-based entity doing business as DHI Hellenic Apartments LP has completed the renovation and rehabilitation of Hellenic Senior Apartments, an affordable seniors housing property in the Pocket-Greenhaven area of Sacramento. Renovations included replacing roofs and siding, new energy-efficient systems and updates to common areas such as the clubhouse, leasing office and laundry facilities. All 70 units received new windows, sliding glass doors, energy-efficient appliances, dishwashers, modern kitchen cabinets and countertops. Fourteen units were upgraded to be fully ADA-compliant, and several units received additional modifications to accommodate residents with mobility, hearing or visual impairments. Hellenic Senior Apartments offers units designated for tenants earning various income levels: 30 percent of the area median income (AMI), 40 percent AMI, 50 percent AMI and 60 percent AMI. DHI Hellenic Apartments secured financing for the project through a combination of 9 percent tax credit equity provided by R4 Capital LLC with CVS Health | Aetna as the investor limited partner, a construction loan and permanent loan proceeds from East West Bank.

October 28, 2024

Arizona Development Retail Western

Thompson Thrift to Develop 27,119 SF Retail Center in Tempe, Arizona

by Amy Works October 28, 2024

TEMPE, ARIZ. — Thompson Thrift has announced plans to develop South Tempe Square, a 27,119-square-foot retail center, roughly 10 miles outside Phoenix in Tempe. The developer purchased a 3.7-acre site for the project and is scheduled to break ground in the first quarter of 2025. Upon completion, which is scheduled for early 2026, the center will feature four buildings ranging in size from 4,500 to 9,753 square feet.

October 28, 2024

Arizona Build-to-Rent Loans Single-Family Rental Western

Greystone Secures $14M in Refinancing for New Build-to-Rent Community in Tucson

by Amy Works October 28, 2024

TUCSON, ARIZ. — Greystone has arranged a $14 million debt placement for the refinancing of Linda Vista Luxury Rentals, a build-to-rent residential community in Tucson. Completed in 2024, Linda Vista features 64 residences, a pool and spa/hot tub. Shana Daby and Rebecca Reich of Greystone sourced the transaction, while Thomas Wayda and Dante DiStefano of Greystone handled the debt placement. The financing, which includes a 36-month term, was provided by an undisclosed lender.

October 28, 2024

Acquisitions Colorado Retail Western

SRS Real Estate Brokers $8.3M Sale of New 7-Eleven-Occupied Retail Property in Thornton, Colorado

by Amy Works October 28, 2024

THORNTON, COLO. — SRS Real Estate Partners has negotiated the sale of a retail property located at 52 W. 84th Ave. in Thornton, roughly 10 miles north of Denver. A California-based private investor acquired the asset from a Colorado-based developer for $8.3 million. 7-Eleven occupies the 4,050-square-foot property, which was built in 2023. The tenant has 14 years remaining on its corporate-guaranteed lease. Ryan Tomkins of SRS Capital Markets represented the seller in the deal.

October 28, 2024

California Loans Retail Western

PSRS Arranges $4M in Refinancing for Tractor Supply-Occupied Retail Property in Ceres, California

by Amy Works October 28, 2024

CERES, CALIF. — PSRS has secured $4 million in refinancing for a retail property within Ceres Gateway Center in Ceres. Tractor Supply Co. occupies the 21,702-square-foot property, which was built-to-suit in 2023. The property includes Tractor Supply’s new Fusion Garden Center and a large fenced outdoor sales area. Kostas Kavayiotidis and Matthew Farzinpour of PSRS arranged the non-recourse loan with a five-year term on behalf of the undisclosed borrower. A correspondent life insurance company provided the loan.

October 28, 2024

Industrial Market Reports Washington Western Western Market Reports

Dynamics Shift in Seattle’s Industrial Real Estate Market

by John Nelson October 28, 2024

— By R.J. Vara, first vice president of investments, Marcus & Millichap’s The Vara Group — The Seattle industrial market is undergoing a transitional phase marked by rising vacancies, fluctuating demand and evolving investment dynamics. There was a robust surge from 2020 to 2022, which saw nearly 19 million square feet of industrial space absorbed and more than $8.4 billion in transaction volume. However, the market experienced a reversal in 2023, with roughly 2 million square feet of previously absorbed space becoming available. This shift, driven by decreased container traffic at local ports, rising interest rates and elevated inflation, has continued into 2024, with speculative construction projects contributing to elevated vacancy rates. As of mid-year, Seattle’s industrial vacancy rate has increased by about 2 percent year over year, reaching 7.7 percent. This has surpassed the national average of 6.6 percent. The rise in vacancies is primarily attributed to the completion of new distribution facilities, with spaces of more than 100,000 square feet now available in double digits. Delivery numbers are expected to fall to their lowest level since 2017, but investors are beginning to explore opportunities in the southern regions. Regarding investment activity, Seattle’s industrial sales volume has notably increased …

October 28, 2024

Colorado Development Multifamily Western

High Street Residential, PGIM Complete 301-Unit Elevon Apartments in Denver

by Amy Works October 25, 2024

DENVER — High Street Residential, the residential subsidiary of Trammell Crow Co., and its joint venture partner PGIM Real Estate have completed Elevon, a multifamily property in Denver’s Central Park master-planned community. Located at 3650 Uinta St., Elevon offers 301 studio, one- and two-bedroom apartments with 10-foot ceilings, private balconies, smart unit technology, wood-plank style flooring, stainless steel Energy Star appliances and quartz countertops. Bathrooms include tile flooring, tile shower surrounds and quartz vanities. Community amenities include two courtyards, one of which features a pool, deck, hot tub, cabanas, loungers, an outdoor bar and grilling area. The second courtyard features green space and contemplative zones. Other amenities include reserved garage parking, a fitness center, onsite coworking space, pet spa, bike storage, outdoor paseo, dog park, storage lockers, leasing lobby, ride-share lounge, clubroom and a business center. KTGY Architects designed the property, while Martines Palmieri Construction served as general contractor. Greystar is overseeing leasing and property management for the community. Monthly rental rates at Elevon range from $1,760 to $3,710, according to Apartments.com.

October 25, 2024

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