Western

CBRE Brokers Office Leases at Ygnacio Center in Walnut Creek, California

by Jeff Shaw June 20, 2023

WALNUT CREEK, CALIF. — CBRE has brokered new office leases at Ygnacio Center in Walnut Creek. The leases, totaling 13,916 square feet, were secured for accounting firm BDO USA and law firm Pennington LLP. Ygnacio Center is a Class A office complex spanning 536,000 square feet and three buildings. The recently enhanced amenities include a state-of-the-art conference center, as well as bike parking and showers for tenants. Phil Damaschino, Jeff Birnbaum and Andy Schmitt from CBRE represented the landlord, Hines. Gabe Chao from Transwestern represented BDO and Mindy Bacharach from Commercial East Bay represented Pennington LLP.

June 20, 2023

Development Hospitality Mixed-Use Office Oregon Restaurant Retail Top Stories Western

BPM to Open $600M Ritz Carlton Mixed-Use Tower in Downtown Portland in August

by John Nelson June 20, 2023

PORTLAND, ORE. — BPM Real Estate Group, a locally based and privately owned development and investment company, plans to open the Block 216 mixed-use tower in downtown Portland in August. Located at 900 SW Washington St., the tower will house The Ritz-Carlton, Portland hotel, the brand’s first in the Pacific Northwest. In addition to the 251-room hotel, the high-rise will include The Ritz-Carlton Residences (132 condos and penthouses across 15 floors), shops and 134,000 square feet of office space, as well as a food hall on the ground level known as FLOCK. Development costs for Block 216 are reportedly $600 million. “As one of the tallest towers in Portland, this development is a monumental signifier of the renewal and transformation in store for this city,” says Walter Bowen, founder and CEO of BPM. “We are pleased to contribute to Portland’s continued recovery and resurgence as one of the country’s leading business centers and gateway to the Pacific Northwest travel destination locations.” The Ritz-Carlton hotel’s amenities will include a spa, signature restaurant on the 20th floor, infinity-edge pool and a 4,000-square-foot fitness center, according to the hotel website. FLOCK, which will house nine BIPOC-owned (black, indigenous and people of color) vendors, is …

June 20, 2023

California Industrial Market Reports Retail Western Western Market Reports

The Future of Downtown LA’s Food-and-Beverage Industry

by Jeff Shaw June 20, 2023

— By Evan Jurgensen, Senior Vice President, Lee & Associates Los Angeles – Downtown — As the pandemic recedes, the hospitality and food and beverage industries in downtown Los Angeles are rebounding, driven in part by the return of venue entertainment and conferences. The number of visitors to the area has climbed back to within 10 percent of pre-pandemic levels and now sits at 10 million people per month. Consequently, there has been an influx of new restaurants, venues and breweries in the region. However, as overall occupancy levels in the market remain in flux, businesses are becoming mindful of how they utilize their spaces to achieve a triple bottom line impact that benefits not only the asset owner, but also the consumer and community at large for the long run. Increased Investment in Outdoor Space Outdoor dining saved many restaurants during the pandemic and continues to have great appeal in the present day. In addition to being a healthier option for diners, outdoor seating allows restaurants to handle more customers at once and increase profitability. Los Angeles city officials created a streamlined process known as the L.A. Al Fresco program in May 2020, which allowed more than 2,500 restaurants and …

June 20, 2023

Jeff Salladin Nervous Financing Market quote

Acquisitions Content Partner Features Loans Midwest Multifamily Northeast Southeast Texas Western

Borrowers Looking to Debt Funds in a Nervous Financing Market

by Sarah Daniels June 20, 2023

For real estate investors who have an acquisition teed up or who need to refinance, the prospects of finding debt today are arguably the bleakest they have been since the financial crisis 15 years ago. Higher interest rates and concerns over growing distress convinced banks and other lenders to move to the sidelines several months ago, thwarting commercial real estate investment sales. In turn, that is fueling broad uncertainty over what properties are really worth, which only begets more unease among banks. But private debt funds, which typically provide short-term rate bridge loans, are more likely to make deals when banks will not, says Jeff Salladin, a managing director with Dallas-based debt fund Revere Capital. That’s because debt funds like Revere raise capital from sophisticated investors to fund their loans, he says, while banks rely on deposits. That subjects banks to stringent regulatory oversight, which is especially intense in today’s debt climate. “All investors dislike uncertainty, and banks are investors by another definition,” states Salladin, who oversees real estate lending for Revere. “As a result, we could be in the first inning of a golden era for debt funds like ourselves, because we’re more flexible in way banks can’t be.” …

June 20, 2023

California Loans Multifamily Seniors Housing Western

Ziegler Arranges $61.3M in Bond Financing for Aldersly Seniors Housing Community in San Rafael, California

by Jeff Shaw June 19, 2023

SAN RAFAEL, CALIF. — Ziegler has arranged $61.3 million in bond financing for Aldersly Garden Retirement Community, a continuing care retirement community in San Rafael, a northern suburb of San Francisco. The community was originally founded and incorporated in 1921 by Danish organizations as a retirement home serving the Danish-American communities in California and Nevada. The property is situated on an approximately 3.5-acre campus. Life Care Services LLC has provided management and marketing services since 2004. The borrower will use the proceeds of the bonds, together with an equity contribution, to fund the construction of a 35-unit residential care facility consisting of larger, more marketable apartments, additional common areas and more parking. The bonds were issued through the California Municipal Finance Authority and amortize over a 30-year period.

June 19, 2023

Colorado Development Office Western

Mortenson Breaks Ground on 65,000 SF Denver Headquarters

by Jeff Shaw June 19, 2023

DENVER — Mortenson has broken ground on its four-story, 65,000-square-foot headquarters in Denver’s River North Art District. The new space will be located at 3083 Walnut St. The builder, developer and engineering services provider will be actively involved in the building’s development, design, fabrication and construction. The company will own and occupy the headquarters, with about 37,000 square feet dedicated to its own operations on the second and third floors. The ground and top levels will be available for leasing as retail and office spaces, respectively.

June 19, 2023

Colorado Leasing Activity Life Sciences Western

CBRE Negotiates Full-Building Lease for Life Sciences Company in Boulder, Colorado

by Jeff Shaw June 19, 2023

BOULDER, COLO. — CordenPharma has secured a lease for a recently renovated life sciences property in Boulder. The property is located at 2300 55th St. Acquired by TriTower Financial Group in 2021, the building has undergone extensive renovations to cater to the advanced technology needs of life sciences companies. The pharmaceutical contract development and manufacturing organization will occupy 61,117 square feet across both floors of the facility. The company plans to utilize the space for client meetings, engineering, and research and development operations, further expanding its operations in the area. CordenPharma has existing nearby facilities on 55th Street and Sterling Drive. Blake Harris with CBRE represented TriTower in the lease transaction.

June 19, 2023

Development Retail Washington Western

T&T Supermarkets to Open 76,000 SF Store in Bellevue, Washington

by Jeff Shaw June 19, 2023

BELLEVUE, WASH. — T&T Supermarkets has announced plans to open a 76,000-square-foot store in Bellevue, roughly 10 miles east of Seattle. Scheduled to open next summer at Marketplace at Factoria, the store will mark the first U.S. location for the brand. John Booth of Kidder Mathews represented T&T in the leasing negotiations.

June 19, 2023

Colorado Industrial Leasing Activity Western

Tepuy Lands Tenant for Renovated Industrial Building in Broomfield, Colorado

by Jeff Shaw June 19, 2023

BROOMFIELD, COLO. — Atomos Nuclear and Space Corp. has become the first tenant in Tepuy Properties’ 63,412-square-foot warehouse in Broomfield. The recently renovated building is located at 2360 Industrial Lane. Atomos specializes in space logistics with its development and operation of orbital transfer vehicles (OTVs) for missions in outer space. Its first mission is scheduled for launch in January 2024. The building underwent a $5 million renovation that divided it into six separate suites with common amenities. Atomos Space has leased two of the four storefronts, occupying 19,288 square feet, or about 30 percent of the building. The renovation included improvements to the roof, HVAC and electrical systems, loading dock, restrooms and overall aesthetics of the building’s exterior. Tepuy Properties plans to expand the Broomfield property by constructing a second building on the additional 2.5 acres of land. Once fully developed, the property is expected to offer about 100,000 square feet of rental space, making it the largest property in Tepuy’s portfolio.

June 19, 2023

California Development Industrial Loans Western

JLL Arranges $49.2M in Construction Financing for Birtcher Logistics Center in Fontana, California

by Jeff Shaw June 16, 2023

FONTANA, CALIF. — JLL Capital Markets has arranged $49.2 million in construction financing for Birtcher Logistics Center Fontana, a Class A industrial distribution facility currently being built in Fontana. The 330,048-square-foot project is set for completion in the first quarter of 2024. Situated on more than 13 acres, the facility will feature 36-foot clear heights, 51 dock-high doors, 85 trailer parking stalls and a 185-foot truck court. The borrower, Birtcher Development LLC, secured the three-year loan with two one-year extensions from a life insurance company. JLL Capital Markets’ debt advisory team, led by Greg Brown, Peter Thompson and Spencer Seibring, arranged the financing.

June 16, 2023

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