Western

Portland Office Market Looks to Reclaim its Vibrancy

by Jeff Shaw August 18, 2023

— By Samuel Hatcher, Field Research Manager, CBRE — Portland’s historically vibrant office market finds itself at a crossroads, striving to regain its footing in the wake of economic headwinds. The city’s unique blend of natural beauty, progressive culture and thriving tech scene has been a magnet for young professionals seeking an exceptional quality of life. However, recent shifting market dynamics have cast a shadow of uncertainty, compelling stakeholders to navigate a path to recovery with adaptability and resilience. Portland’s overall office market vacancy is currently 22 percent across the metro area. Downtown vacancy — which includes the Central Eastside, Northwest Close-in and Lloyd District — is at about 28 percent. Of that vacant space, 3.3 million square feet is Class A. Moreover, sublease availability across the overall office market is up 67 percent year over year and investment remains paused. Capital is waiting on the sidelines due to elevated interest rates and generally tighter financial conditions. Despite these stats, the market is showing some bright spots. The rate at which newly available sublease space is being put on the market has slowed compared to when this narrative was dominating headlines. There’s even a chance of a slight quarter-over-quarter decrease …

August 18, 2023

California Loans Office Western

GreenRock Provides $172M in C-PACE Financing for Office Tower in Oakland

by Amy Works August 17, 2023

OAKLAND, CALIF. — GreenRock Capital, in conjunction with KeyBanc Capital Markets, has provided $172 million in Commercial Property Assessed Clean Energy (C-PACE) financing for San Francisco-based TMG Partners. The company will use the loan proceeds to make energy efficiency and seismic upgrades at 300 Lakeside Drive, a 29-story office building in Oakland. The financing covers a range of improvements to the 910,000-square-foot building, which was constructed in 1961. The upgrades include a full HVAC system overhaul, envelope sealing to enhance energy efficiency, water conservation measures to reduce water consumption and a complete seismic retrofit. According to GreenRock, the transaction represents the largest C-PACE loan to date on an office property in the United States and the second largest C-PACE loan on a single property of any type in the United States.

August 17, 2023

Acquisitions Affordable Housing California Multifamily Western

CPP Acquires Sunnyview Villa Affordable Housing Property in Palm Springs, California

by Amy Works August 17, 2023

PALM SPRINGS, CALIF. — Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, has purchased Sunnyview Villa, a multifamily property in Palm Springs. Located at 2950 N. Indian Canyon Road, the community features one- and two-story buildings offering a total of 44 residential units reserved for residents earning between 30 percent and 60 percent area median income. CPP plans to implement an extensive renovation program at the property. The company’s total development investment is approximately $20.7 million, including the purchase price of $11.2 million and an expected renovation investment of $89,000 per unit. Renovations are slated for completion by December. CPP’s renovation and investment will renew the property’s affordability status for an additional 55 years. Renovations will include the installation of new kitchen cabinets and countertops, vinyl flooring, Energy Star appliances and energy-efficient lighting. Exterior renovations will include new roofing, energy efficient lighting in common areas and painting of all structures. Additionally, CPP will upgrade the ADA path of travel to be compliant. Common-area upgrades will include the addition of a computer room, security video surveillance, in-unit wireless internet, a social coordinator and transportation options. CPP is partnering with LIfeSTEPS to create a program for residents’ health and wellness. Development …

August 17, 2023

Idaho Loans Retail Western

Wood Investments Cos. Receives $39.1M Refinancing for Two Shopping Centers in Meridian, Idaho

by Amy Works August 17, 2023

MERIDIAN, IDAHO — Wood Investments Cos. has secured refinancing totaling $39.1 million for two shopping centers located in Meridian, roughly 11 miles outside Boise. The first shopping center, Gateway Marketplace, is leased to tenants including a 42,212-square-foot PGA Tour Superstore, Trader Joe’s, Mecca Gym, Land Ocean, Chili’s, Le Peep, Mathnasium and Orange Theory Fitness. Wood acquired the property in 2021. Tim Winton of Keystone Mortgage Corp. arranged a $16.5 million permanent loan through Voya Investment Management for the 135,732-square-foot property. The second shopping center, CentrePoint Marketplace, totals 197,288 square feet and is located across from Gateway Marketplace. Tenants at the property include Kohl’s, Hobby Lobby, Dick’s Sporting Goods, Walgreens, Qdoba Mexican Eats, Panera Bread and Wingers Restaurant & Alehouse. Greg Richardson of Walker & Dunlop arranged the $22.6 million refinancing through RGA ReCap LLC.

August 17, 2023

Acquisitions California Net Lease Restaurant Retail Western

Hanley Brokers $5M Sale of Chipotle-Occupied Property in Sacramento

by Amy Works August 17, 2023

SACRAMENTO — Hanley Investment Group has brokered the $5 million sale of a single-tenant retail property located in Sacramento. Chipotle Mexican Grill occupies the 2,347-square-foot building within The Quad District, a new mixed-use development, on a triple-net lease. Bill Asher and Jeff Lefko represented the developer and seller, Chase Partners LTD. KDC constructed the property, which Vermeltfoort Architects designed. A California-based buyer purchased the property.

August 17, 2023

Acquisitions Arizona NAI Retail Western

NAI Horizon Negotiates $1.8M Sale of Retail Building in Phoenix

by Amy Works August 17, 2023

PHOENIX — NAI Horizon has negotiated the sale of a retail property located at 4314 W. McDowell Road in Phoenix. SEPMAR LLC sold the asset to MMGR Properties for $1.8 million The property features 3,000 square feet of retail space. Jeff Adams of NAI Horizon represented the seller, while Carlos Arellano and Jorge Arellano of Real Estate XG represented the buyer in the deal.

August 17, 2023

Alabama California Development Hospitality Southeast Top Stories Western

Hyatt Announces First Two Locations for Upper-Midscale Extended-Stay Brand

by Katie Sloan August 17, 2023

TILLMAN’S CORNER, ALA. AND MARYSVILLE, CALIF. — Hyatt Hotels Corp. (NYSE: H) has announced the first two locations for its upper-midscale extended-stay banner, Hyatt Studios. The company has letters of interest for over 100 Hyatt Studios developments across the U.S. Each Hyatt Studios location will be sized to fit approximately 122 rooms, and will offer grab-and-go breakfast and a 24-hour market with snacks and ready-made meals that can be prepared in each guest room’s kitchen. The Chicago-based company has entered into a franchise agreement with 3H Group Inc. to develop the first Hyatt Studios hotel in Tillman’s Corner, roughly 10 miles southeast of Mobile. The property is set to open in late 2024. Presidio Hotel Development has entered into a franchise agreement with Hyatt for the second location, a 113-room hotel in downtown Marysville, approximately 45 miles north of Sacramento. The property is expected to open in 2025 and will feature dedicated meeting spaces. Extended-stay hotels have grown in demand over the past several years, in part due to the asset’s popularity during the COVID-19 pandemic. Bask Development recently announced plans to develop eight Extended Stay America-branded hotels in Florida, and the development of 15 new hotels under the same …

August 17, 2023

Bohler Content Partner Features Industrial Midwest Mixed-Use Multifamily Northeast Retail Southeast Texas Western

Improved Land Surveys, Due Diligence Can Ensure Development Project Success

by Sarah Daniels August 17, 2023

Due diligence — particularly land surveying — can be a slow, cumbersome process if a project lacks strong guidelines based on the owner or developer’s particular needs. It can be easy to overprepare for the wrong site or underprepare for the succession of steps needed for the right site. REBusiness spoke to two land surveying experts, Billy Logsdon, divisional director of surveying, and Tom Teabo, associate and regional survey manager. Both work for Bohler, a land development consulting and site design firm, and both have strong insights on how to incorporate each step in the due diligence process elegantly within a well-planned approach. Due diligence such as American Land Title Association (ALTA) surveys and gathering topographic information can be time-consuming and expensive steps — making it beneficial to fit their timing into the larger project in a way that reflects the client’s needs — from the purchase of land to development completion. Logsdon and Teabo highlight the importance of streamlining the survey process and getting owners and developers better results based on their desired outcomes, often starting with the information already available about the site early in the process. REBusiness: What is slowing down survey due diligence, in your experience, and do …

August 17, 2023

Acquisitions Arizona Florida Retail Western

SRS Real Estate Negotiates $94M Sale of Seven EoS Fitness-Occupied Properties in Arizona, Florida

by Amy Works August 16, 2023

ARIZONA AND FLORIDA — SRS Real Estate Partners has arranged the sale of seven single-tenant EoS Fitness properties in Arizona and Florida for a combined purchase price of $94 million. Barclay Group sold the properties to a publicly traded REIT. Patrick Nutt and William Wamble of SRS Capital Markets represented the seller. Tyler McRae of SRS, along with Echelon Realty Advisors, were responsible for leasing the assets on behalf of EoS Fitness. The portfolio comprises three new-construction gyms that opened in 2023, as well as four formerly vacant grocery stores that are currently undergoing redevelopment. All of the properties have 15-year, corporate-guaranteed, triple-net leases in place with scheduled rental increases. The properties include:

August 16, 2023

Arizona Industrial Loans Western

Baker Development Receives $39M Refinancing for Yuma143 Industrial Property in Goodyear, Arizona

by Amy Works August 16, 2023

GOODYEAR, ARIZ. — Phoenix-based Baker Development Corp., along with joint venture partner GTIS Partners, has secured a $39 million loan to refinance Yuma|143, a Class A industrial project in Goodyear. Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Tim Polglase of Newmark Debt and Structured Finance arranged the financing, which Arizona Bank and Trust provided. Located at 14160 and 14170 W. Yuma Road, the 490,278-square-foot property features a 300,100-square-foot building, fully leased by HelloFresh subsidiary Factor 75, and a 190,178-square-foot facility occupied by Apex Tool Group and Romac Industries. Yuma|143 features up to 40-foot clear heights, insulated dock-high and grade-level doors, full concrete truck courts, clerestory windows and generous parking. The project’s development team included Butler Design Group as architect and Hunter Engineering as engineer. Anthony Lydon, Marc Hertzberg, Riley Gilbert and John Lydon of JLL are the project’s leasing brokers.

August 16, 2023

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