Western

IPA Negotiates $25.3M Sale of Long-Term Ground Lease for Nohl Plaza in Orange, California

by Amy Works October 19, 2023

ORANGE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $25.3 million sale of the leasehold interest in a long-term ground lease at Nohl Plaza in Orange. Tom Lagos, Patrick Toomey and Jose Carrazana of IPA, along with Joe Linkogle of Marcus & Millichap, represented the seller, Nohl Plaza LLC, and procured the undisclosed buyer in the deal. Built between 1966 and 1979 on more than 10 acres, Nohl Plaza features 103,639 square feet of retail space. Current tenants include Vons, Starbucks Coffee, Del Taco, Bank of America, the Tartan Room restaurant and Union 76 gas station.

October 19, 2023

Acquisitions Affordable Housing Multifamily Utah Western

CPP Acquires 112-Unit Skyline View Apartments in Layton, Utah

by Amy Works October 19, 2023

LAYTON, UTAH — Community Preservation Partners (CPP) has acquired Skyline View Apartments in Layton. CPP partnered with The Hampstead Cos., as co-owner and co-developer, for the community. CPP’s total development investment is approximately $39.5 million, which includes the $22 million purchase price and an estimated $70,000-per-unit renovation. CPP’s renovation and investment will renew the property’s affordability status for additional 20 years and preserve affordability for residents earning up to 50 percent of area median income. Comprised of eight two-story, garden-style buildings at 443, 448 and 430 N. Fairfield Road, Skyline View Apartments features 112 two-bedroom units, ranging in size from 720 square feet to 768 square feet. The asset was built between 1973 and 1978 and the buildings have not had significant renovations. Extensive renovations to interiors and exteriors will begin immediately with construction slated for completion in August 2024. Major enhancements will include installation of new windows, replacement of outdoor siding, and the addition of packaged terminal air conditioner units. Common amenity upgrades will include new paths of travel for improved accessibility, new tot lots, on-site parking for 123 vehicles, access to storage areas, a community laundry room and basketball court. Apartment upgrades will include new flooring, cabinets, countertops, lighting, …

October 19, 2023

750-W-Garden-of-the-Gods-Rd-Colorado-Springs-CO

Acquisitions Colorado Retail Western

Blue West Capital Brokers $5.1M Sale of Multi-Tenant Retail/Flex Building in Colorado Springs

by Amy Works October 19, 2023

COLORADO SPRINGS, COLO. — Blue West Capital has brokered the sale of a multi-tenant retail/flex property located at 750 W. Garden of the Gods Road in Colorado Springs. A local 1031 exchange buyer acquired the asset for $5.1 million. The name of the seller was not released. Bryce McNeely of Blue West Capital represented the buyer and seller in the off-market transaction. The 33,892-square-foot property was 100 percent occupied by a mixture of local tenants at the time of sale.

October 19, 2023

California Features Property Type Retail

The Unstoppable Rise Of The Outlet Mall

by Hayden Spiess October 19, 2023

For decades, outlet malls have been a popular destination for shoppers of all ages. From the first multi-store outlet center that Vanity Fair opened in 1974, in Reading, Pennsylvania, and throughout the 1980s and 1990s, outlet malls grew rapidly. Outlet malls offer a wide variety of name-brand merchandise at discounted prices, and as a result, they are a great way to save money on popular brands of clothes, shoes, and accessories. Although outlet malls have been around for decades, the pandemic was a major hit to the retail landscape. Prior to 2020, outlet malls were seeing a surge in popularity, as consumers became more price-conscious and savvy on how to save money on their favorite brands. In June 2022, visits to outlet malls in the U.S. were down 6.7 percent from 2021 and down 14.3 percent from 2019, according to Placer.ai. This had outlet mall developers scrambling for a strategy and a path forward. Growth in California One of the most thriving outlet malls in the country is the Outlets at Tejon in Tejon Ranch, California, strategically located on Interstate 5 between Los Angeles and Bakersfield, just south of the Highway 99 interchange. This mall is home to over 50 …

October 19, 2023

Arizona Development Industrial Top Stories Western

Lincoln Property Co. Breaks Ground on $515M Luke Field Industrial Park in Glendale, Arizona

by John Nelson October 19, 2023

GLENDALE, ARIZ. — LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Co., has broken ground on Luke Field, a $515 million industrial park in the Phoenix suburb of Glendale. The 140-acre property is bordered by namesake Luke Air Force Base, Litchfield Road, Northern Avenue and the newly built Northern Parkway. The 2.4 million-square-foot development will comprise Building A (695,750 square feet), Building B (454,761 square feet) and Building C (nearly 1.3 million square feet). The facilities will feature 40-foot clear heights, 25-foot glass entryways, automated dock doors, trailer and automobile parking and 5- by 10-foot windows on all levels. Outdoor amenities at Luke Field will include barbecue stations, shaded outdoor eating areas and employee collaboration stations. Additionally, the industrial facilities will be equipped with touchless technology throughout. Lincoln Property Co. serves as the leasing agent for Luke Field. The design-build team includes general contractor Layton Construction and architect Butler Design Group. LPC Desert West acquired the site in mid-2022 for $53 million. The developer expects to complete the project in a single phase by fourth-quarter 2024. Luke Field is near Loop 303 and I-10. Corporate neighbors include Walmart, Boeing, Microsoft, White Claw, XPO Logistics, UPS, REI, SubZero, Daimler-Benz, …

October 19, 2023

Arizona Loans Multifamily Student Housing Western

Coastal Ridge Receives $130M Recapitalization for Nine20 Student Housing Community Near Arizona State

by Amy Works October 18, 2023

TEMPE, ARIZ. — Coastal Ridge has received a $130 million recapitalization for Nine20, a 775-bed student housing community located near the Arizona State University campus in Tempe. Through the transaction, Coastal Ridge will remain as owner of the property alongside Virtus Real Estate Capital. Constructed in 2018, the community offers a mix of studio through five-bedroom units. Shared amenities include a resort-style swimming pool, two-story fitness center, poolside cabanas with hammocks, a grilling area, “muscle beach,” outdoor green space and a private parking garage. TSB Capital Advisors acted as the exclusive financial advisor to Coastal Ridge on the transaction.

October 18, 2023

Scottsdale-McCormick-Ranch-Resort-Scottsdale-AZ

Arizona Hospitality Loans Western

Driftwood Capital Secures $115M Refinancing for Scottsdale McCormick Ranch Resort in Scottsdale, Arizona

by Amy Works October 18, 2023

SCOTTSDALE, ARIZ. — Driftwood Capital has obtained $115 million in refinancing for Scottsdale McCormick Ranch, a conference center resort in Scottsdale. MetLife Investment Management, the institutional asset management business of MetLife, provided the loan. Driftwood’s $40 million renovation of Scottsdale McCormick Ranch Resort includes a complete redesign of all guest rooms, expanded food and beverage offerings, and the addition of 12 five-bedroom villas and a full-service luxury spa. Upon completion, the resort will be part of the Curio brand within the Hilton Worldwide portfolio. Built in 1976 and claiming to be “the country’s first true conference center resort,” the property is adjacent to two 18-hole golf courses. The resort features 90,000 square feet of indoor-outdoor meeting and event space, two outdoor swimming pools, a spa and fitness center, several food and beverage outlets, a speakeasy, and interactive venue space with a golf simulator and pool table. The property is located within the planned community of McCormick Ranch. Driftwood Hospitality Management, an affiliate of Driftwood Capital, will assume management responsibilities.

October 18, 2023

Affordable Housing Colorado Development Loans Multifamily Western

KeyBank Provides $36.3M in Financing for Elevate at Aurora Affordable Multifamily Project in Colorado

by Amy Works October 18, 2023

AURORA, COLO. — KeyBank has provided a total of $36.3 million in financing for the construction of Elevate at Aurora, an affordable apartment community in Aurora. Columbia Ventures is the sponsor, with the Housing Authority of the City of Aurora serving as special limited partner. KeyBank Community Development Lending and Investment (CDLI) provided $30 million in Low Income Housing Tax Credit (LIHTC) equity, including $5.5 million of Colorado State tax credit equity and $292,744 of solar tax credit equity. KeyBank CDLI also provided a $6.3 million equity bridge loan. KeyBank Commercial Mortgage Group placed $31.2 million in private activity bonds through one of its capital markets investors, structured as a construction-to-permanent, tax-exempt loan. Elevate at Aurora will feature 137 apartments in a mix of one-, two- and three-bedroom units for households earning between 30 percent and 70 percent of area median income. The project will also include construction of a new community service facility that will primarily serve as the Aurora location for CrossPurpose, a nonprofit provider of workforce development services, and Living Hope Community Church, a bilingual church that provides before- and after-school programming. Kortney Brown and Sara Geis of KeyBank CDLI structured the balance sheet financing. Hector Zuniga of …

October 18, 2023

Colorado Development Multifamily Western

Crescent Communities Opens 202-Unit NOVEL White Fence Farm Apartment Community in Denver

by Amy Works October 18, 2023

DENVER — Crescent Communities has opened NOVEL White Fence Farm, a multifamily property located at 6273 W. Jewell Ave. in Denver’s Lakewood neighborhood. Situated on the site of the former White Fence Farm restaurant, the community features 202 apartments in a mix of studio, one- and two-bedroom layouts spread across three- and four-story elevator-served buildings. Community amenities include a restored barn clubhouse; fitness studio with an Echelon Reflect Mirror and Echelon Smart Bike; and a resort-style, four-season pool with adjacent open-air outdoor kitchen and prep area that includes grills, a pizza oven and smoker. The property also offers secure private garages, conditioned residential and bike storage, flexible work-from-home spaces, pet spa, dog park and a hospitality bar featuring Land of a Thousand Hills coffee. The project team includes KTGY, CID Design Group, LandDesign, Kimley-Horn and CSI Construction.

October 18, 2023

Affordable Housing California Development Multifamily Seniors Housing Western

Milestone Completes Siesta Senior Apartments in Sonoma, California

by Amy Works October 18, 2023

SONOMA, CALIF. — Milestone Housing Group will host a grand opening this week for Siesta Senior Apartments, an affordable housing community for seniors in Sonoma. Located on a 2.3-acre site, the three-story community offers 92 one-bedroom units. Housing Trust Silicon Valley, a nonprofit community loan fund, provided financing for the project.

October 18, 2023

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