Western

Gantry Secures $8.2M Refinancing for Office Building in San Francisco

by Jeff Shaw June 16, 2023

SAN FRANCISCO — Gantry has secured $8.2 million in permanent financing for an office building at 499 Jackson St. in San Francisco’s Jackson Square Historic District. The five-story, 18,000-square-foot building boasts a rooftop deck and street-level retail that’s currently occupied by Postscript. Artis Ventures, a venture capital firm based in San Francisco, anchors the office space. Gantry’s Tom Dao, Erinn Cooke and Nan Carlevarini represented the borrower, a private investor. The financing, provided by one of Gantry’s correspondent life company lenders, is a 30-year amortizing, fixed-rate loan with potential for future additional funding.

June 16, 2023

Acquisitions Colorado Hospitality Western

CoralTree Hospitality to Manage 21-Room Hotel Columbia in Telluride, Colorado

by Jeff Shaw June 16, 2023

TELLURIDE, COLO. — CoralTree Hospitality has taken over operations at Hotel Columbia. Situated in downtown Telluride, Hotel Columbia offers 21 rooms. The hotel has two hot tubs and provides on-site ski storage with boot dryers. CoralTree currently oversees three hotels in Colorado: Magnolia Hotel Denver, the Eddy Taproom & Hotel in Golden and the Hotel at the United States Air Force Academy in Colorado Springs, which is set to open in 2024.

June 16, 2023

Acquisitions Industrial Oregon Western

Norris & Stevens Brokers $2.6M Sale of Industrial Buildings in Portland, Oregon

by Jeff Shaw June 16, 2023

PORTLAND, ORE. — Bronko LLC has acquired three industrial buildings and a parking lot located at 615-633 SE Clay St. and 1521 SE 7th Ave. in Portland. Norris & Stevens arranged the investment sale, valued at $2.6 million. Constructed between 1924 and 1925, the property consists of three commercial buildings, each spanning about 5,000 square feet. It also includes a parking lot measuring 10,000 square feet across the street from the buildings. The previous tenants included an auto transmission service, printing services and an upholstery supplier. Greg Nesting and Gabe Schnitzer of Norris & Stevens represented both the buyer and the seller, Robert R. Dickey et al., in this transaction.

June 16, 2023

California Leasing Activity Office Western

Office Building in Century City, California Achieves Full Occupancy

by Jeff Shaw June 16, 2023

CENTURY CITY, CALIF. — An office property in Century City, 2000 Avenue of the Stars, has reached full occupancy with the addition of new leases. A multi-national law firm will relocate from downtown Los Angeles and occupy 57,887 square feet, while CBRE secured 21,000 square feet. The 865,000-square-foot property is also home to Creative Artists Agency, Ares Management and UBS. The property forms part of the Century Park campus, which also includes Century Plaza Towers. CBRE’s Pat McRoskey, Patti Gilbert and Amanda Calof comprise the leasing team responsible for the Century Park area.

June 16, 2023

Market Reports Nevada Office Western Western Market Reports

Las Vegas Office Market Dynamics are Driven by Convenience, Quality

by Jeff Shaw June 16, 2023

— By Dan Palmeri, Senior Vice President, CBRE — As Las Vegas reinvents itself as the sports and entertainment capital of the world — while still maintaining the fun factor it has always been known for — the corporate world continues to look at Southern Nevada as a legitimate place to do business. The city saw a record number of Class A deliveries in 2022 and has shown no signs of slowing down through 2023. This is a reflection of the demand for new, functional and relevant office space. Like most markets, location and quality of buildings are the main drivers for employers as they focus on employee happiness and retention. As Las Vegas has grown from a small desert town in the ‘70s and ‘80s with 505,000 residents in 1983, to a market of more than 2.3 million residents today, the natural geographical growth outward has hit a point where the city has reached the Valley’s boundaries in all directions. What was once a five- to 10-minute commute to the center of town has now become a 20- to 30-minute commute for the mass of suburban dwellers. This has organically led to a focus on a 25-mile stretch from …

June 16, 2023

California Development Industrial Western

Sudberry Starts Construction of Phase II of Otay River Business Park in Chula Vista, California

by Jeff Shaw June 15, 2023

CHULA VISTA, CALIF. — Sudberry has started construction on the second phase of Otay River Business Park in Chula Vista. Phase II will include two manufacturing and warehouse buildings that will total 205,335 square feet. A 97,230-square-foot building and 108,205-square-foot building will be located at 2995 and 2855 Faivre Street, respectively. Pre-leasing is underway with sizes ranging from 25,000 to 108,000 square feet. Sudberry’s development team includes TFW Construction, SCA Architecture, Lightfoot Planning Group, Ridge Landscape Architects (RLA) and Southland Paving. Michael Mossmer of Voit Real Estate Services is providing brokerage services.

June 15, 2023

Development Multifamily Nevada Seniors Housing Western

JV Breaks Ground on Valage Carson Valley Seniors Housing Community in Minden, Nevada

by Jeff Shaw June 15, 2023

MINDEN, NEV. — A joint venture between Greystone Housing Impact Investors LP (NYSE: GHI) and ISL Ventures has broken ground on Valage Carson Valley, a seniors housing community in Minden, a small municipality of approximately 3,000 people just east of Lake Tahoe. The property will feature 56 assisted living units and 46 memory care units. The project is scheduled for completion in fall 2024. PI Architects designed the community, which Metcalf Builders is constructing, managed by Leading Light Development and Construction Consulting. Integral Senior Living will be the operator upon completion. Centrally located in the heart of the Carson Valley, the site is within walking distance of medical services including Carson Tahoe Health.

June 15, 2023

Acquisitions California Retail Western

Hanley Brokers $4.9M Sale of Retail Building in Riverside, California

by Jeff Shaw June 15, 2023

RIVERSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $4.9 million sale of a four-tenant retail property located in the Inland Empire city of Riverside. Built In 2020 and situated within Veteran’s Plaza, net-lease tenants at the 6,963-square-foot building include Starbucks Coffee, Express Gadget Repair, Desperate Measures and Jersey Mike’s Subs. Eric Wohl and CJ Kiehler of Hanley represented the seller, a California-based developer. Shirley Kim of Max Mega Group Realty represented the buyer, an international private investor.

June 15, 2023

Acquisitions California Retail Western

SRS Negotiates $5.1M Sale of Starbucks-Occupied Property in Inglewood, California

by Jeff Shaw June 15, 2023

INGLEWOOD, CALIF. — SRS Real Estate Partners has arranged the $5.1 million sale of a single-tenant retail property located in Inglewood, roughly 12 miles southwest of Los Angeles. Starbucks Coffee occupies the 1,008-square-foot building, which was built in 2021 on 0.4 acres, on a net-lease basis. Brian Wolfman and Zach Leffers of SRS represented the seller, a Los Angeles-based private investor. David Oberg and Zach Ordin of DLO Realty Group represented the buyer, a Los Angeles-based family office.

June 15, 2023

Acquisitions California Industrial Loans Western

Marcus & Millichap Arranges $6.5M in Acquisition Financing for Industrial Property in Santa Ana, California

by Jeff Shaw June 15, 2023

SANTA ANA, CALIF. — Marcus & Millichap has arranged an acquisition loan of $6.4 million for an industrial property in Santa Ana. The 19,152-square-foot asset is located at 1820 S. Santa Fe St. Richard Knorr of Marcus & Millichap Capital Corp. secured the financing with a national bank. The loan features a 6.14 percent interest rate with a 25-year self-liquidating term. Drew Wetherholt and Colin Wu of Marcus & Millichap arranged the sale. The buyer and seller were not disclosed.

June 15, 2023

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