BROOMFIELD, COLO. — St. John Properties has started construction of Simms Technology Park, an 81-acre mixed-use business community in Broomfield. Upon completion, the project will feature nearly 600,000 square feet of single-story and multi-story office and flex/research-and-development (R&D) space, as well as complementary retail amenities. The first phase of the park includes a single-story 41,000-square-foot office building and two flex/R&D buildings offering a total of nearly 70,000 square feet of space. Totaling just over 110,000 square feet, the three buildings are designed to achieve LEED certification. Completion of the three buildings is slated for summer 2024. In summer 2022, Broomfield City Council granted approval for St. John Properties to begin development activities on Simms Technology Park, a $125 million project at the intersection of North Simms Street and West 112th Avenue in Broomfield County, approximately 20 miles northwest of Denver. The Baltimore-based developer acquired the development site from Brocade Communications Systems LLC in 2020. In addition to the initial three buildings, St. John Properties is currently marketing the sale or ground lease of four pad sites, ranging from 1.5 acres to two acres, that can support various uses, including restaurants, convenient stores/gas stations and fast food. The final development is expected …
BELLINGHAM, WASH. — 11 Capital has completed the sale of WWU – Living Portfolio and The U, two student housing communities near Western Washington University (WVU) in Bellingham. PTLA Corp. acquired the assets for a total of $35.4 million. Kevin Larimer and Brandon Buell of Berkadia Student Housing, along with Steven Chattin, Mitchell Belcher, Jay Timpani, Chad Blenz and Brandon Lawler of Berkadia’s Seattle office, represented the seller in both transactions. The WWU – Living Portfolio sold for $29.2 million and consists of 145 units spread across three student housing properties that were 87 percent occupied at the time of sale: — University Heights, a 78-unit/114-bed community at 2110 Bill McDonald Parkway — Taylor Heights, a 16-unit/64-bed property at 2115 Taylor Ave. — Viking Gardens Apartments, a 33-unit/132-bed community at 2300 Bill McDonald Parkway The U, which sold for $6.2 million, features 18 units/61 beds. The property was 97 percent occupied at the time of sale.
FULLERTON, CALIF. — Irvine, Calif.-based Shopoff Realty Investment has completed the disposition of the hard corner of the current Sunrise Village Shopping Center in Fullerton. Dream ERE: Real Estate, a local Orange County, Calif.-based investor, acquired the asset for an undisclosed price. The sold property includes the Del Taco drive-thru ground lease and a 6,355-square-foot, three-tenant pad that is currently occupied by Papa John’s Pizza, Sunrise Optometry and Coffee Code. In January 2023, Shopoff received unanimous approval for the mixed-use redevelopment of Sunrise Village. Dubbed The Pines at Fullerton, the project will include 49 small-lot detached homes, 64 townhouses and 23,000 square feet of neighborhood retail uses. With the sale of the corner retail, 2.7 acres of retail pads remain for sale.
LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the purchase of an eight-unit apartment building located at 8447-8449 W. Dakota Ave. in Lakewood. An undisclosed buyer acquired the asset for $2.1 million, or $262,000 per unit, in an all-cash transaction. The name of the seller was also not released. Josh Newell, Connor Knutson and Jake Waxter of Pinnacle Real Estate Advisors represented the buyer in the deal.
— By Nellie Day — Boise was a hotspot of activity as the pandemic hit in 2020, with many people desiring more space, more access to the outdoors and, in some cases, a cheaper cost of living. Mike Erkmann, principal at NAI Select, fills WREB in on what the city and its commercial real estate landscape has been like since 2020. What are the notable trends occurring in Boise? The most notable trend occurring in Boise continues to be the expansive population growth. Boise was the fifth fastest-growing city in the U.S. in 2022 and 2023. We are expected to see 37 percent population growth between 2022 and 2050, with a predicted total MSA population of 1.1 million people. On average, we are adding about 15,000 people annually, which will continue to rank Boise at the top for fastest-growing cities in the U.S. What challenges is this market facing? Aside from the obvious challenges we are facing in the market, including higher interest rates and tougher lending requirements, we here in Idaho are facing a shortage of labor with the dramatic increases in the cost of living. Median sales prices in Boise have increased 78 percent over the past five years …
PHOENIX — Greenlight Communities has completed the disposition of Cabana Happy Valley, a multifamily community in Phoenix, to Ideal Capital Group for $79.2 million, or $271,404 per unit. Built in 2023 on nine acres, Cabana Happy Valley features 292 apartments with eight-foot keyless entry doors, European wood-style cabinetry, smart thermostats and full-size washers/dryers. Community amenities include a two-story leasing office and clubhouse, fitness center, lounge, coworking space, swimming pool, car charging stations, bike storage, mail room and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
GREENFIELD, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBanc Capital Markets have provided a $71.8 million financing package for the construction of Greenfield Commons Phase I in the Salinas Valley city of Greenfield. EAH Housing Inc. is developing the community, which will feature 99 affordable family units and one manager unit. Twenty-seven units with project-based vouchers will be set aside for families and farmworkers. Nashua, an off-site modular manufacturer in Boise, Idaho, is building the residential units, and Swinerton is serving as general contractor. KeyBank CDLI provided a $15.9 million taxable construction loan to collateralize a Fannie Mae forward MBS Tax-Exempt Bond (MTEB) public bond offering and $55.4 million tax-exempt direct purchase loan to bridge California Accelerator program funds. KeyBanc Capital Markets purchased $55.4 million of 501(c)(3) bonds and provided a floating-to-fix interest rate swap derivative on both loans. EAH also received $51.3 million in California HCD Accelerator funds with an additional $4.6 million in California Accelerator Supplement funds. The California Accelerator funds are from federal COVID relief money in lieu of tax credits. Tax credits and bond allocations were insufficient to fulfill California’s affordable housing development demand, and these funds are California’s solution for priority projects. Other …
FEDERAL WAY, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale Trellis, a multifamily property in Federal Way, just north of Tacoma. An investment fund sponsored by Prime Residential acquired the asset from CEP Multifamily for $32.4 million, or $291,892 per unit. Built in 1985 on 8.6 acres, Trellis features 33 one- and two-story duplexes and fourplexes. The community offers 111 two- and three-bedroom apartments with large windows, wood-burning fireplaces, washers/dryers and private decks or patios. Ryan Harmon, Giovanni Napoli, Philip Assouad and Nicholas Ruggiero of IPA represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged $21.1 million of interest-only acquisition financing for the buyer.
GILBERT, ARIZ. — DAUM Commercial Real Estate Services has brokered the sale of an industrial building located at 1416 W. San Pedro St. in Gilbert. Sunstone Rover LLC sold the asset to a family-owned corporation for $5.5 million. With the sale, the building will become the headquarters of Swain Electric, a Gilbert-based electrical contractor. Dan Casey of the DAUM Commercial Phoenix represented the seller, while Blake Hardison of Ike Commercial Real Estate represented the buyer in the deal.
BUCKEYE, ARIZ. — Willmeng Construction and the City of Buckeye have completed Phase II of Sundance Park, located at 22865 Lower Buckeye Road in Buckeye. Sundance Park now encompasses 68 areas in total with the additional of the 38 acres of Phase II and features the city’s first public fishing lake. Willmeng served as general contractor on the project, which was designed by Phoenix-based J2 Engineering and Environment Design. The 38-acre expansion of Sundance Park includes a three-acre fishing lake, which will be stocked with catfish, bluegill, bass and rainbow trout. Other features include a grand pavilion, splash pad, lighted basketball courts, four multi-use sports fields, playgrounds, ramadas, restrooms and ample parking.