Western

Newmark Negotiates $103.5M Sale of 14-Building Industrial Portfolio in Fremont, California

by Amy Works September 1, 2023

FREMONT, CALIF. — Newmark has arranged the sale of Bayside Industrial Portfolio, a 14-property industrial portfolio in Fremont. CIP Real Estate acquired the asset from an undisclosed seller for $103.5 million. At the time of sale, the 352,280-square-foot portfolio was 91 percent occupied by 80 tenants. The properties feature flexible industrial spaces ranging from 2,500 square feet to 25,000 square feet, 16-foot clear heights, ample power distribution throughout the campus, truck courts with depths up to 140 feet and a mix of at-grade and dock-high doors. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark represented the seller in the deal. Ramsey Daya and Chris Moritz of Newmark’s Debt and Structured Finance group arranged $63 million in acquisition financing, in the form of debt, for the buyer.

September 1, 2023

Development Hospitality Loans Washington Western

Developer Receives $52M Construction Loan for The Somm Hotel and Spa in Woodinville, Washington

by Amy Works September 1, 2023

WOODINVILLE, WASH. — Developer Woodinville Hotel Partners has received a $52 million loan for the construction of The Somm Hotel and Spa, Autograph Collection in Woodinville, approximately 20 miles northeast of Seattle. The 164-room resort will feature a 5,661-square-foot spa; full-service restaurant with a private dining room; 3,000-square-foot rooftop bar with view of Mount Rainier; meeting space; and 9,000 square feet of retail space. The hotel will be the centerpiece of Harvest Wine Village, a 20-acre, master-planned development with nearly 100,000 square feet of retail space and a variety of residential spaces. Dallas-based HALL Structured Finance originated the loan for the borrowers. Brian Holstein of US Hotel Advisors brokered the financing.

September 1, 2023

Acquisitions California Multifamily Western

Berkadia Arranges Sale of 348-Unit Broadstone Cavora Apartment Community in Laguna Niguel, California

by Amy Works September 1, 2023

LAGUNA NIGUEL, CALIF. — Berkadia Institutional Solutions has brokered the sale of Broadstone Cavora, a multifamily property in Laguna Niguel. A California-based investor acquired the property for an undisclosed price. Located at 26033 Cape Drive, Broadstone Cavora features 348 apartments averaging 890 square feet with walk-in closets, private patios and in-unit washers/dryers. Community amenities include a resident clubhouse, resort-style pool, multi-level fitness center, rooftop sun terrace, game room and leisure lawn. Derrek Ostrzyzek, Rachel Parsons and Tom Moran of Berkadia Irvine, Calif., represented the undisclosed seller in the deal.

September 1, 2023

Acquisitions Arizona Retail Western

Jewell Capital Sells SanTan Gateway North Shopping Center in Chandler, Arizona for $26.6M

by Amy Works September 1, 2023

CHANDLER, ARIZ. — Jewell Capital has completed the disposition of SanTan Gateway North, a multi-tenant retail center in Chandler. Coast Meridian Properties acquired the asset for $26.6 million, $215 per square foot. Situated on 17.1 acres at 1005-1205 S. Arizona Ave., SanTan Gateway North features 123,558 square feet of retail space. Current tenants include Walmart Supercenter, O’Reilly Auto Parts, Dollar Tree, Sky Zone and Shane Co. Additionally, Wendy’s, Del Taco and JPM Chase occupy the three outparcels. Darren Tappen, Nathan Thinnes and Peter Beauchamp of Kidder Mathews represented the seller in the transaction.

September 1, 2023

Acquisitions Colorado Multifamily Western

Newmark Brokers $1.4M Sale of Residential Development Site in Castle Rock, Colorado

by Amy Works September 1, 2023

CASTLE ROCK, COLO. — Newmark has arranged the land sale of The Meadows at Castle Rock in Castle Rock. Limelight Mob II LCC acquired the residential land asset from Castle Rock Development Co. for $1.4 million. The investment sale includes 98,881 square feet of land. Kittie Hook and Cathy Mcdermott of Newmark represented the seller, while Connolly Capital represented the buyer in the deal.

September 1, 2023

Idaho Market Reports Multifamily Western Western Market Reports

The Flourishing Idaho Multifamily Market Touts Growth, Shifting Dynamics, Resilience

by Jeff Shaw September 1, 2023

— By Colton Yasinski, Investment Sales Advsor, Capstone Cos. — The multifamily market in Idaho and, specifically, Boise, has experienced an impressive surge over the past five years. This has largely been fueled by the impact of COVID and the attractiveness of Idaho living. The result has been an unprecedented demand for multifamily housing, triggering a development boom that has reshaped the market landscape. In the past year alone, Boise has seen the delivery of 4,000 multifamily units with numerous ongoing construction projects. The city’s rapid population growth and robust housing demand has attracted institutional capital, leading to tighter cap rates similar to larger metropolitan areas. Pioneering developers have recognized the potential in Idaho’s market and entered the scene alongside local development groups. Among them are prominent names like Lincoln Property Company, Alliance Residential Company, Woodside Homes, Morgan Stonehill, American Homes 4 Rent and others shaping the multifamily landscape. However, amidst this growth, market dynamics have started to shift. Over the past year, multifamily sales in Boise have declined by more than 70 percent, accompanied by rising cap rates due to fluctuations in the capital markets. The surge in new units has transitioned the market from favoring landlords to becoming …

September 1, 2023

Loans Multifamily Oregon Western

Dwight Mortgage Trust Provides $44M Bridge Loan for Timberview Apartments in Oregon City

by Amy Works August 31, 2023

OREGON CITY, ORE. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has funded a $44 million bridge loan for Timberview Apartments & Townhomes in Oregon City. Situated on 9.6 acres, the newly constructed community features 180 apartments spread across 11 residential buildings. Additionally, the property features a clubhouse with a lounge and fireplace, a fitness center, bike lounge, dog wash and pool with a sundeck. Proceeds from the bridge loan will be used to retire the existing construction debt. McBride Capital brokered the transaction for the borrower, Pahlisch Commercial.

August 31, 2023

Acquisitions California Industrial Western

GI Partners Sells 75,350 SF R&D Facility in Silicon Valley to BGO

by Amy Works August 31, 2023

SUNNYVALE, CALIF. — GI Partners has completed the sale of a mission-critical R&D facility at 825 Stewart Drive in Sunnyvale. BGO acquired the asset for an undisclosed price. Most recently renovated in 2015, the two-story building features 75,350 square feet of R&D space and 242 surface parking spaces. An American multinational technology company, which has invested significant capital into the facility, fully occupies the building. Will Connors, Daniel Renz, Michael Manas, Cheri Pierce, Kendall Willet and Aisling Duffy of JLL Capital Markets represented the seller in the deal.

August 31, 2023

Acquisitions California Restaurant Retail Western

Hanley Brokers $3.2M Sale of Starbucks-Occupied Retail Property in Fresno, California

by Amy Works August 31, 2023

FRESNO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $3.2 million sale of a single-tenant property located in Fresno. Starbucks Coffee occupies the newly constructed, 2,250-square-foot building. Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Laguna Canyon Group, in the transaction. Patrick Conway of CBRE represented the buyer, a locally based private investor.

August 31, 2023

5010-El-Camino-Drive-Colorado-Springs-CO

Acquisitions Colorado Office Western

Marcus & Millichap Arranges Sale of 9,000 SF Office Building in Colorado Springs

by Amy Works August 31, 2023

COLORADO SPRINGS, COLO. — Marcus & Millichap has brokered the sale of an office building located 5010 El Camino Drive in Colorado Springs. A private investor sold the asset to an undisclosed buyer for $1.4 million. The two-story property features 9,000 square feet of multi-tenant office space. Erik Enstad, Brandon Kramer and Chadd Nelson of Marcus & Millichap represented the seller in the transaction.

August 31, 2023

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