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910-Anderson-Dr-San-Rafael-CA
AcquisitionsCaliforniaRestaurantRetailWestern

JLL Capital Markets Negotiates $3.3M Sale of El Pollo Loco-Occupied Restaurant Property in San Rafael, California

by Amy Works

SAN RAFAEL, CALIF. — JLL Capital Markets has brokered the $3.3 million sale of a single-tenant retail building located at 910 Anderson Drive in the Bay Area city of San Rafael. El Pollo Loco, a fast-casual restaurant chain, occupies the 2,626-square-foot building on a triple-net lease that is corporate guaranteed and has 13 years remaining on its term with options for extension. Eric Kathrein and Warren McClean of JLL Retail Capital Markets handled the transaction. The names of the seller and buyer were not released.

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PSRS-Allied-Way-El-Segundo-CA
CaliforniaIndustrialLoansWestern

PSRS Arranges $11.7M Refinancing for Industrial Property in El Segundo, California

by Amy Works

EL SEGUNDO, CALIF. — PSRS has arranged $11.7 million in refinancing for an industrial building on Allied Way in the Los Angeles suburb of El Segundo. The freestanding, single-tenant building features 35,890 square feet of industrial space on 1.7 acres of land. The property includes 11,000 square feet of office space on the first and second floors, equating to one third of the overall net rentable area. Michael Thorp and Ari Zeen of PSRS secured the loan, which features a 10-year term and 25-year amortization with a “significant amount” of cash-out proceeds for the undisclosed borrower. A life insurance company provided the financing.

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StorQuest-Aurora-CO.jpg
AcquisitionsColoradoIndustrialSelf-StorageWestern

Marcus & Millichap Brokers Sale of 79,605 SF Self-Storage Facility in Aurora, Colorado

by Amy Works

AURORA, COLO. — Marcus & Millichap has arranged the sale of a StorQuest-managed self-storage facility situated on the southeast side of the E-470 loop in Aurora. A local private equity group sold the asset to an out-of-state firm for an undisclosed price. The 79,605-square-foot asset features a multi-story, climate-controlled building and 11 single-story buildings offering a total of 261 climate-controlled units and 353 non-climate-controlled units. The facility offers 24-hour video surveillance, interior and exterior lighting, secure digital keypad ingress/egress, a leasing office with conference room, prominent storage and wide drive aisles. Adam Schlosser and Charles LeClaire of Marcus & Millichap’s Denver office represented the seller and procured the buyer in the deal.

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Jeff Salladin Loan Workout quote
Content PartnerFeaturesLoansMidwestMultifamilyNortheastSoutheastTexasWestern

It’s Not Déjà Vu: Loan Workouts Return

by Sarah Daniels

Following the financial markets crash 15 years ago, banks and other lenders began working with commercial real estate (CRE) borrowers who had run into trouble. Solutions included loan extensions, loan sales, recapitalizations and foreclosures. Today lenders are pulling out the playbook again. “We have seen a huge number of loan workout deals come across our desk,” says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. “Any lender that holds loans on their books is seeing the same thing.” Back in 2008, dodgy and highly leveraged residential and CRE loans — along with the emergence of exceedingly risky debt derivatives created by Wall Street — eventually crashed, causing the credit market to collapse. Today credit is still available, but the cost of it has spiked over the last 18 months. Consequently, many commercial properties owners have seen values plummet, making it difficult to find refinancing. The Federal Deposit Insurance Corp.’s (FDIC) imminent auction of Signature Bank’s $33 billion in commercial property loans and other assets is expected to attract bids as much as 40 percent below face value, according to The Wall Street Journal. That’s just the latest gloomy bellwether regarding CRE values and underscores the predicament …

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1840-Market-St-Denver-CO.jpg
ColoradoLoansMultifamilyWestern

JLL Arranges $99M Refinancing for The Fitzgerald Apartment Community in Denver

by Amy Works

DENVER — JLL Capital Markets has arranged a $99 million refinancing for The Fitzgerald, an 11-story multifamily property in Denver’s LoDo neighborhood. Charles Halladay, Jordan Angel, Andy Scott, Rob Bova and Ethan Habecker of JLL Capital Markets Debt Advisory secured the floating-rate, three-year loan through Otera Capital for the borrower, Greystar. Built in 2022, The Fitzgerald features 282 studio, one- and two-bedroom units with stainless steel appliances, quartz countertops, wood-style furniture and an average size of 963 square feet. Community amenities include an indoor/outdoor fitness and wellness studio; onsite retail collection; coworking spaces; private meeting rooms; and a pool deck, spa and a social lounge with barbecues, fire pits and TVs. The Fitzgerald is located at 1840 Market St.

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Chapter-Apts-Eugene-OR
DevelopmentMultifamilyOregonStudent HousingWestern

CRG, Kenter Capital Break Ground on 302-Bed Chapter at Eugene Student Housing Development Near University of Oregon

by Amy Works

EUGENE, ORE. — A joint venture between CRG and Kenter Capital has broken ground on Chapter at Eugene, a 302-bed development located near the University of Oregon campus in Eugene. The project is scheduled for completion in September 2024. Upon completion, the community will offer 119 units in a mix of studio, two-, three-, four- and five-bedroom configurations. Units will feature bed-to-bath parity, contemporary furniture and smart televisions. Shared amenities are set to include a 5,000-square-foot rooftop deck with a dog run; dining areas and fire pits; a 12th-floor lounge with a demonstration kitchen and study rooms; state-of-the-art fitness center and yoga room; resident storage; and a coffee lounge. The community will also offer 50 parking spaces and bicycle storage. The development team for the project includes Jackson Main Architecture and John Hyland Construction Inc. Pre-leasing for the property is currently underway.

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Dart-SLC-UT.jpg
AcquisitionsDevelopmentMultifamilyUtahWestern

Dart Interest Buys High-Rise Apartment Development Site in Downtown Salt Lake City for $19.7M

by Amy Works

SALT LAKE CITY — Dart Interest LLC has purchased a 2.32-acre development site in downtown Salt Lake City from an undisclosed seller for $19.7 million. Comprising two parcels, the site includes a vacant, 305,000-square-foot data center and a one-acre parking lot. Kip Paul, Michael King and JT Redd of Cushman & Wakefield represented the seller in the deal. The buyer plans to develop two high-rise apartment projects on the site, which will undergo environmental remediation and demolition of the current data center. The site’s D1 zoning allows for buildings no less than 100 feet in height and no more than 375 feet in height.

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320-W-Bell-Rd-Phoenix-AZ
AcquisitionsArizonaNet LeaseRetailWestern

Marcus & Millichap Brokers Sale of 7,700 SF Retail Property in Phoenix

by Amy Works

PHOENIX — Marcus & Millichap has arranged the sale of a retail property located at 320 W. Bell Road in Phoenix. A limited liability company sold the asset to another limited liability company and private investor for $3.6 million. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Matthew Jarecki, Mark Ruble and Chris Lind of Marcus & Millichap represented the buyer in the transaction. At the time of sale, the 7,700-square-foot property was fully occupied by Tropical Smoothie Café, Athletico Physical Therapy and The Buffalo Spot, which are all operating under triple-net leases. The leases have terms ranging from five to eight years, featuring annual rental increases and multiple renewal options for all tenants.

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3455-S-Logan-St-Englewood-CO
AcquisitionsColoradoMultifamilyWestern

Pinnacle Real Estate Negotiates $3M Acquisition of Apartment Building in Englewood, Colorado

by Amy Works

ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has brokered the purchase of a multifamily property located at 3455 S. Logan St. in the Denver suburb of Englewood. The asset traded for $3 million, which equates to $157,895 per unit or $257.20 per square foot. The apartment building features 19 for-rent residences. Josh Newell and Connor Knutson of Pinnacle Real Estate Advisors represented the buyer in the transaction.

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700-Milan-Dr-Reno-NV
AcquisitionsIndustrialNevadaWestern

Westcore Acquires 632,130 SF Distribution Facility in Tahoe-Reno Industrial Center for $82.5M

by Amy Works

RENO, NEV. — Westcore has purchased a distribution facility within the Tahoe-Reno Industrial Center in Reno from an undisclosed seller for $82.5 million. Situated on 34 acres at 700 Milan Drive, the cross-loaded property features 632,130 square feet of distribution space, more than 200 trailer stalls, LEED Gold certification, ESFR sprinklers, energy-efficient lighting and recycled steel. At the time of sale, the facility was fully leased. The property offers one-day truck service to seven states and proximity to Reno Tahoe International Airport and Union Pacific Intermodal Hub. The asset is adjacent to Gigafactory Nevada, Tesla’s $6.2 billion electric vehicle plant in the area.

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