Western

TSB Realty Arranges Sale of 804-Bed Student Housing Community Near Northern Arizona University in Flagstaff

by Amy Works December 14, 2023

FLAGSTAFF, ARIZ. — TSB Realty has arranged the sale of Elara at The Sawmill, an 804-bed student housing community located near the Northern Arizona University campus in Flagstaff. TSB represented the seller, a partnership between McGrath Real Estate Partners and Kayne Anderson Real Estate, in the disposition of the property to an undisclosed buyer. TSB Capital Advisors consulted on the buyer’s joint venture partnership and secured acquisition financing for the transaction. Built in 2022, the community offers studio through four-bedroom units. Shared amenities include a resort-style swimming pool, jumbotron, grilling pavilion, fitness center, private and group study lounges, a pet wash station and an outdoor bouldering rock. “We’re proud to get this deal over the finish line before the end of the year, especially in the current market environment,” says Timothy Bradley, a principal with TSB Realty and founder of TSB Capital Advisors. “As the newest purpose-built property in a very high-barrier-to-entry market, with a top-of-the-line amenities package, 99 percent occupancy and impressive rent growth, Elara is an excellent addition to the buyer’s portfolio.”

December 14, 2023

Acquisitions California Retail Western

Tabani Group Buys 107,687 SF Bristol Marketplace in Santa Ana, California

by Amy Works December 14, 2023

SANTA ANA, CALIF. — Tabani Group has acquired Bristol Marketplace, a retail property located at 1351 W. 17th St. in the Orange County city of Santa Ana. An undisclosed seller sold the asset for $16.7 million. The 107,687-square-foot plaza comprises a two-story, 99,751-square-foot former Kohl’s and adjacent shop space. The buyer plans to reposition the vacant box space. Gleb Lvovich, Daniel Tyner, Geoff Tranchina and Conor Quinn of JLL Capital Markets Investment Sales Advisory represented the seller in the deal.

December 14, 2023

Acquisitions Multifamily Washington Western

VILA Acquires Bellefield Manor Apartment Community in Downtown Bellevue for $16.1M

by Amy Works December 14, 2023

BELLEVUE, WASH. — Veritas Investments Los Angeles (VILA) has purchased Bellefield Major, a multifamily property located in downtown Bellevue, for $16.1 million. VILA plans to make cosmetic upgrades to the value-add property, which has already undergone extensive interior and exterior renovations over the past decade. Dan Chhan, Tim McKay, San Wayne and Matt Kemper of Cushman & Wakefield represented the seller, a local family investor, in the transaction. Located at 1830 108th Ave. SE, Bellefield Manor features 44 apartments and is situated within a half-mile of the new Sound Transit South Bellevue light rail station, which is slated to open in spring 2025.

December 14, 2023

Acquisitions Industrial Oregon Western

BKM Capital Partners Purchases 451,062 SF Industrial Park in Beaverton, Oregon

by Amy Works December 14, 2023

BEAVERTON, ORE. — BKM Capital Partners has acquired 217 Distribution Center, a five-building industrial park in Beaverton, from an institutional investor for an undisclosed price. The 1970s-era property is located at 10950-11065 SW 11th St. Totaling 451,062 square feet, the asset features 13 units ranging in size from 9,945 square feet to 67,459 square feet. The park offers 68 dual dock-high and 12 grade-level loading capabilities, up to 24-foot clear heights and access to 14 railway dock doors. Less than 9 percent of the asset’s total footprint consists of office space. BKM plans to invest $4 million in capital improvements, including upgrading to roofs, parking lots, landscaping, HVAC systems and interiors, as well as updates to the signage and paint scheme. Additionally, improvement plans call for increasing the number of units from 13 to 15 and decreasing the average unit size from 34,697 square feet to 29,975 square feet.

December 14, 2023

Acquisitions Arizona Industrial Office Western

Cushman & Wakefield Brokers Sale of 61,997 SF Industrial/Flex Office Building in Tempe, Arizona

by Amy Works December 14, 2023

TEMPE, ARIZ. — Cushman & Wakefield has arranged the sale of a freestanding flex office building in Tempe. Enzed LLC, a private individual investor, acquired the asset from a global investment advisor for an undisclosed price. Located at 8140 S. Hardy, the 61,997-square-foot building is fully leased to a single tenant. The property features a 11.2/1,000-square-foot parking ratio, 10-foot clear heights and large floor plans. The current tenant’s lease is set to expire in spring 2024. Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield’s capital markets and private capital markets teams in Phoenix represented the seller, while Marcus Muirhead of Lee & Associates represented the buyer. Jerry Roberts and Pat Boyle of Cushman & Wakefield provided leasing advisory for the transaction.

December 14, 2023

Affordable Housing California Development Multifamily Top Stories Western

Thrive Living to Transform Industrial Site in Los Angeles into 376-Unit Mixed-Income Apartment Community

by Jeff Shaw December 14, 2023

LOS ANGELES — Thrive Living, with the financial support of JPMorgan Chase, has announced plans to redevelop a former industrial storage facility into an affordable and workforce housing community at 1457 N. Main St. north of downtown Los Angeles. Completion is slated for December 2024. The six-story multifamily complex will feature 376 apartments for low- and moderate-income residents earning up to 80 percent of the area median income and individuals utilizing the Housing Choice Voucher program. On-site community amenities will include a landscaped roof deck, barbecue and dining area with seating, a gym, recreation room, package delivery room and business center. The property is located near public transportation and will offer parking below the building with electric vehicle charging stations. JPMorgan Chase, through its Workforce Housing Solutions group (formerly Capital Solutions), is providing a $68.5 million construction loan to Thrive Living for the project. This is JPMorgan Chase’s first construction loan to a 100 percent rent- and income-restricted multifamily community. Thrive already secured entitlements for the site. The project aligns with Thrive’s mission to acquire and redevelop strategically located sites in urban markets that are experiencing significant housing affordability gaps. Like other Thrive communities, the project is privately financed without the …

December 14, 2023

Rafi Golberstein PACE Loan Group CPACE quote

Content Partner Development Features Hospitality Loans Midwest Northeast Southeast Texas Western

Capital Markets Warm to C-PACE Financing Amid Growing Stress

by Sarah Daniels December 14, 2023

The spike in interest rates and the consequent disruption throughout real estate capital markets over the last 18 months is generating newfound interest in commercial property assessed clean energy (C-PACE) financing. The program, which emerged more than a decade ago, pays for building upgrades to improve energy and water efficiency as well as seismic resilience in new construction and rehabs. In cases where cost overruns, stabilization delays and declining values threaten the ability to refinance construction loans, developers are tapping C-PACE retroactively for a much-needed slug of so-called “rescue capital,” says Rafi Golberstein, CEO of the PACE Loan Group, a direct lender of C-PACE based in Minneapolis, Minn. Typically, developers are using the proceeds to pay down debt and fund reserves to secure loan extensions or modifications. “We are seeing a ton of opportunities right now in deals that were built over the past three years, and C-PACE can provide a liquidity infusion to get many folks through a maturity logjam,” he declares. “When confronted with other options, they’re going to prefer C-PACE all day long.” Cost-Effective Debt Indeed, the cost of those other options, such as mezzanine financing or preferred equity, can be upwards of 500 basis points higher …

December 14, 2023

California Development Hospitality Mixed-Use Multifamily Retail Western

Caribou Industries to Develop Mixed-Use Property in Downtown Santa Ana, California

by Amy Works December 13, 2023

SANTA ANA, CALIF. — Caribou Industries has pulled $5.6 million in building permits and executed a disposition and development agreement with the City of Santa Ana to begin construction on 3rd & Broadway Promenade, a mixed-use project in downtown Santa Ana. Located in the southeastern suburbs of Los Angeles, 3rd & Broadway Promenade will feature a 16-story multifamily building, a 10-story hotel and an event center. The residential component will offer studio, one- and two-bedroom floorplans and 198 secured homeowner garages. The three-star hotel will feature 75 guest rooms, a rooftop conference facility, restaurant, bar and more than 13,500 square feet of retail and residential space. Additionally, 3rd & Broadway Promenade will feature a 204-space parking structure for the public. Construction is slated to begin in second-quarter 2024. Gensler is serving as architect for the project.

December 13, 2023

Acquisitions Build-to-Rent California Development Single-Family Rental Western

Kidder Mathews Brokers Sale of 188-Unit Aviatrix Build-to-Rent Development Site in Fairfield, California

by Amy Works December 13, 2023

FAIRFIELD, CALIF. — Kidder Mathews has arranged the sale of The Aviatrix, an 18.9-acre build-to-rent development site in the Bay Area city of Fairfield. Republic Urban Properties acquired the asset for an undisclosed price. Located at 5005 Peabody Road, The Aviatrix will offer 188 build-to-rent townhomes, a clubhouse, pool, spa, multi-use sport court and trail system. Matthew Clark of Kidder Mathews represented the buyer and undisclosed seller in the deal.

December 13, 2023

Acquisitions California Office Western

County of Ventura Buys Vacant 98,841 SF Office Building in Thousand Oaks, California

by Amy Works December 13, 2023

THOUSAND OAKS, CALIF. — The County of Ventura has acquired a vacant office building located at 2400 Conejo Spectrum in Thousand Oaks for $14.9 million. The county plans to utilize the 98,841-square-foot building for its fire department administrative headquarters. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Moll of Newmark represented the undisclosed the transaction. Built in 2001, the building features 16-foot ceiling heights, a 100-pound live load capacity on the second story and a 4:1,000-square-foot parking ratio with easy truck ingress/egress. The building was originally developed as a two-building office campus with 2380 Conejo Spectrum, which the seller plans to retain.

December 13, 2023

Newer Posts

Older Posts