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The-Boulders-Apts-Walnut-Creek-CA
AcquisitionsCaliforniaMultifamilyWestern

Granite Capital Acquires The Boulders Apartments in Walnut Creek, California for $58M

by Amy Works

WALNUT CREEK, CALIF. — Granite Capital Group (GCG) has purchased The Boulders Apartments in the Bay Area city of Walnut Creek from an undisclosed seller for $58 million. The company used proceeds from the sale of its Enclave Belle Creek apartments in Denver to fund the acquisition using a 1031 tax-deferred exchange. Built in 1972, The Boulders features 164 renovated studio, one- and two-bedroom units with in-unit washers/dryers, vinyl plank floors and kitchens with new cabinets, granite countertops and stainless steel appliances. GCG assumed a $41.2 million Fannie Mae loan fixed at 4.42 percent with all interest-only payments to acquire the asset. An additional $2.3 million in partnership interest is being offered to accredited investors with the funds used to further upgrade the property and for operating reserves. The Northern California team of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.

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222-Fifth-Seattle-WA
DevelopmentLife SciencesWashingtonWestern

LPC, Intercontinental Top Out 10-Story Life Sciences Project in Seattle’s South Lake Union

by Amy Works

SEATTLE — Lincoln Property Co. (LPC) and Intercontinental Real Estate Corp., along with MEP as general contractor, have topped out 222 Fifth, a 10-story life sciences building under construction in Seattle’s South Lake Union neighborhood. The Class A property is on scheduled for completion in August 2024. Situated adjacent to the Seattle Space Needle, the 197,919-square-foot building will have three floors of move-in-ready Class A laboratory suites ranging in size from 11,222 square feet to 26,696 square feet. The suites can be combined for a total of 73,663 square feet of contiguous built-out lab space. Each lab suite will feature lab benches, shelving, built-in case work and a BSC and fume hood to allow immediate occupancy for tenants, as well as directly adjacent office workspace. 222 Fifth will feature robust lab amenities, including a common glass wash and autoclave/air and vacuum system/fume exhaust system/emergency power, lab-specialized loading dock with dockmaster for lab deliveries, freight elevator to all floors and lab storage. Additionally, the building will offer a 9,000-square-foot rooftop deck with views of Lake Union, Elliott Bay and the Olympic Mountains for group meetings, lunches or events. Other amenities will include a conference room, on-site retail space, on-site bike parking …

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Park-Algodon-Phoenix-AZ
ArizonaDevelopmentIndustrialWestern

Cushman & Wakefield Arranges JV Equity for 1.3 MSF Spec Industrial Development in Phoenix

by Amy Works

PHOENIX — Cushman & Wakefield has arranged a joint venture equity partnership between Phoenix-based Creation and Clarion Partners for the development of Park Algodon, a proposed $250 million speculative industrial project that was previously announced. The partnership plans to construct a two-phase industrial park totaling approximately 1.3 million square feet at the northwest corner of Loop 101 and Indian School Road in Phoenix’s West Valley. Phase I will consists of four buildings totaling 670,000 square feet, with groundbreaking expected by the end of the year. Phase II will feature a 556,000-square-foot warehouse, which is slated to for completion in late 2025. LGE Design Build will lead construction for the project. Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the venture in the negotiations.

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AcquisitionsCaliforniaMultifamilyWestern

Marcus & Millichap Brokers $2.6M Sale of Apartment Building in Los Angeles’ Pico Union Submarket

by Amy Works

LOS ANGELES — Marcus & Millichap has arranged the sale of an apartment building located at 1807 S. New Hampshire Ave. in the Pico Union submarket of Los Angeles. The asset traded for $2.6 million, or $647,500 per unit. Jason Tuvia of Marcus & Millichap represented the undisclosed seller in the deal. The name of the buyer was not released. Built in 2021, the property features four four-bedroom/four-bath apartments that are not subject to Los Angeles’ rent control laws.

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Strawflower-Village-Half-Moon-Bay-CA
AcquisitionsCaliforniaRetailWestern

Matthews Negotiates $34M Sale of Strawflower Village Shopping Center in Half Moon Bay, California

by Amy Works

HALF MOON BAY, CALIF. — Matthews Real Estate Investment Services has arranged the sale of Strawflower Village Shopping Center, located at 50 Cabrillo Highway N. in Half Moon Bay, approximately 30 miles south of San Francisco. SJ Amoroso Properties Co. acquired the asset from HMB Musich LLC for $34 million. Marko Buljan of Matthews represented the seller, while Tim Gilmartin of The Gilmartin Group represented the buyer in the transaction. At the time of sale, Strawflower Village was 96 percent leased and anchored by a 33,000-square-foot Safeway. Situated on a 7.2-acre lot, the property features 78,940 gross leasable area and 29 total tenants, including T-Mobile, Chase Bank and US Bank.

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18755-Business-Park-Ct-Lathrop-CA
CaliforniaIndustrialLoansWestern

PCCP Provides $42M Refinancing for 610,025 SF Industrial Building in Lathrop, California

by Amy Works

LATHROP, CALIF. — PCCP has provided a $42 million senior loan to a joint venture between Phelan Development and LaSalle Investment Management. The transaction will refinance debt on an industrial building in the San Joaquin Valley city of Lathrop. Situated on 26.3 acres at 18755 Business Park Court, the 610,025-square-foot, cross-dock distribution building was built in December 2021. The facility features 36-foot clear height, excess trailer parking (130 stalls), truck court depths of 175 feet to 180 feet and finished office space. The property is currently 50 percent leased to a third-party logistics company. The asset is part of Lathrop Gateway, a 10-building, 175-acre site that the borrower is building across three phases, with the first two phases already complete.  

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160-N-Stephanie-St-Henderson-NV
AcquisitionsNevadaOfficeWestern

Green Valley Grocery Divests of Nevada Headquarters in $13.1M Sale-Leaseback

by Amy Works

HENDERSON, NEV. — SRS Real Estate Partners has arranged the sale-leaseback of a single-tenant office building at 160 N. Stephanie St. in Henderson. A California-based private investor acquired the asset from Green Valley Grocery for $13.1 million. Chuck Klein of SRS Capital Markets represented the seller, while Brian Riffel of Colliers represented the buyer in the deal. Built in 2001, the 33,764-square-foot property is undergoing renovation for Green Valley Grocery’s corporate headquarters. The first Green Valley Grocery opened in 1978 and the company has grown to 80 locations to date, with projected growth to 100 locations by 2025.

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1801-1809-E-Wilshire-Ave-Fullerton-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Brokers Sale of Two Multifamily Properties in Northern Orange County for $7.6M

by Amy Works

FULLERTON AND BUENA PARK, CALIF. — CBRE has arranged the sales of two multifamily communities in northern Orange County to two separate buyers. Dan Blackwell and Amanda Fielder of CBRE represented the buyers in both transactions. In the first deal, an undisclosed Los Angeles-based buyer acquired a 16-unit multifamily property, located at 1801 and 1809 E. Wilshire Ave. in Fullerton. The $4.2 million price equates to $262,500 per unit. The Orange County-based seller was exchanging into a Delaware Statutory Trust in the off-market transaction. Constructed in 1958, the 10,032-square-foot community features two two-story buildings, garage parking, a pool and laundry facility. Recent improvements include renovations to certain units, as well as new exterior paint and landscaping. In the second transaction, an Orange County-based exchange buyer purchased an eight-unit multifamily property at 7012 and 7024 El Dorado Drive in Buena Park. An Orange County-based private investor sold the asset for $3.4 million, or $426,719 per unit. Built in 1960, the property features two fourplexes encompassing 6,874 square feet and features a mix of two-bedroom/one-bath and two-bedroom/two-bath units.

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Hard-Rock-Hotel-Long-Beach-CA
CaliforniaDevelopmentHospitalityLoansWestern

Gantry Arranges $8.5M Loan for Hard Rock Hotel Development in Long Beach, California

by Amy Works

LONG BEACH, CALIF. — Gantry has arranged $8.7 million of early-phase financing covering the land acquisition for a Hard Rock Hotel development at 100 E. Ocean Blvd. in Long Beach. Project details were announced last week. The planned hotel will feature 427 rooms and suites, a rooftop bar, speakeasy theater and other Hard Rock-brand amenities. Construction is scheduled to commence in summer 2024 for an opening in spring 2027. Andy Bratt, Amit Tyagi, Stefan Malmlund and Sean Kuang of Gantry’s Irvine production office secured the funding on behalf of Steinhauer Properties, the sponsor-developer of the planned hotel. One of Gantry’s affiliated debt fund lenders provided the loan, which offers interest-only terms at a fixed rate with extension options.

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Garfield-II-Phoenix-AZ
Affordable HousingArizonaDevelopmentMultifamilySeniors HousingWestern

Pennrose Breaks Ground on $28M Affordable Seniors Housing Project in Phoenix

by Amy Works

PHOENIX — Pennrose, Butler Housing Co., CBC Financing Corp., the City of Phoenix, the Arizona Department of Housing and additional project partners have broken ground on Garfield Housing Phase II, an affordable housing community for low-income seniors in Phoenix’s Garfield neighborhood. The project is located at 1510 E. Portland St. Located adjacent to the Garfield Commons affordable housing community, the second phase will deliver 60 affordable apartments with community amenities and on-site supportive services for seniors age 55 or older. Completion is slated for winter 2024. The four-story, 58,000-square-foot community will include a mix of studio and one-bedroom apartments available to residents earning between 20 percent and 60 percent of the area median income. Additionally, the energy-efficient project will meet National Green Building Standards and offer a variety of amenities, including a fitness room, management suite, multi-purpose room, outdoor recreation area with seating, and parking. Bank of America (LIHTC equity and construction loan), Cedar Rapids Bank and Trust (permanent loan) and the City of Phoenix (HOME loan) provided financing for the $28 million project. U.S. Rep. Ruben Gallego’s office also arranged $500,000 in Congressional Program Funds for the development.

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