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

California Loans Office 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

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