Western

Panattoni Plans 195,000 SF Industrial Facility at Spanish Springs Business Center Near Reno, Nevada

by Amy Works November 9, 2022

SPANISH SPRINGS, NEV. — Panattoni Development has released plans for 420 Ingenuity Ave., a Class A industrial building at the 594-acre, master-planned Spanish Springs Business Center in Spanish Springs, a suburb north of Reno. The 195,000-square-foot facility will offer a combination of light industrial flex space with smaller units divisible to 9,000 square feet, and larger mid-bulk industrial space with unit sizes ranging from 31,500 square feet to 141,000 square feet. Each suite will include a build-to-suit office showroom, dock-high and grade-level door access, 30-foot clear heights, 50-foot by 50-foot column spacing with 60-foot speed bays, skylights and motion sensor LED lighting. Alston Construction will serve as general contractor on the project, which is slated for delivery in fourth-quarter 2023. Groundbreaking is scheduled for this fall.

November 9, 2022

Acquisitions Arizona Multifamily Western

Newmark Arranges Sale of 200-Unit Cobblestone Apartments in Phoenix

by Amy Works November 9, 2022

PHOENIX — Newmark has brokered the sale of Cobblestone Apartments, a multifamily community located at 15449 N. 25th Ave. in Phoenix. Terms of the transaction were not released. Chris Canter, Brett Polachek and Brad Goff of Newmark represented the seller, Sharo Khastoo, in the deal. Built in 1980, the two-story property features 200 units in a mix of four floor plans ranging from 615-squrare-foot one-bedroom/one-bath to 967-square-foot two-bedroom/two-bath units. Community amenities include on-site maintenance and management, a fitness center, dog park, clubhouse equipped with a kitchen for private functions, pool area with grills and a spa.

November 9, 2022

Acquisitions California Multifamily Top Stories Western

Northland Acquires THEA at Metropolis Luxury Apartment Tower in Los Angeles for $504M

by Kristin Harlow November 9, 2022

LOS ANGELES — Northland has entered the California market with the acquisition of THEA at Metropolis, a 59-story luxury apartment tower in downtown Los Angeles. The U.S. subsidiary of China’s Greenland Holding Group sold the asset for $504 million, according to The Wall Street Journal. Northland says the purchase price represents a 40 to 45 percent discount to today’s replacement costs. The newspaper reports that the original asking price 18 months ago was $695 million, which was still less than the original development costs. High interest rates and falling rents have affected the apartment market nationally. Additionally, The Wall Street Journal cites California rent regulations and the ability of renters to move away from downtown Los Angeles due to remote work for contributing to suppressed property values. THEA was designed and built as for-sale condominiums before being converted into apartment units after construction. Completed in 2020, the 685-unit property is currently 91 percent occupied. THEA is part of a master-planned community named Metropolis. Residents are situated two blocks away from L.A. LIVE, a 5.6 million-square-foot sports and entertainment complex that encompasses numerous restaurants and bars, the 7,100-seat Microsoft Theater and Crypto.com Arena, home of the NBA’s Los Angeles Lakers and Los …

November 9, 2022

7000-Shoreline-Ct-South-San-Francisco-CA

California Life Sciences Loans Western

JLL Arranges $213.4M in Financing for Life Sciences Portfolio in Northern California

by Amy Works November 8, 2022

SOUTH SAN FRANCISCO AND SAN CARLOS, CALIF. — JLL Capital Markets has arranged $213.4 million in financing for a five-building life sciences portfolio in South San Francisco and San Carlos. The borrower is an affiliate of GI Partners. Kevin MacKenzie, Brian Torp, Alex Witt and Samuel Godfrey of the JLL Capital Markets Debt Advisory team secured the seven-year, fixed-rate loan through a life insurance company. Loan proceeds were used to finance the assets acquired via a recent Sale, which JLL also arranged. Totaling 325,977 square feet, the buildings are located at 7000 Shoreline Court and 341-343 Oyster Point Boulevard in South San Francisco and 75 and 125 Shoreway Road in San Carlos.

November 8, 2022

Development Loans Multifamily Nevada Western

Growth Holdings Receives $85M Construction Loan for Otonomus Las Vegas Apartments

by Amy Works November 8, 2022

LAS VEGAS — Las Vegas-based Growth Holdings has received a $85 million first lien construction loan for the development of Otonomus Las Vegas, a residential and short-term rental property. Slated to open in fourth-quarter 2024, the 303-unit community will feature fully furnished apartments with stainless steel appliances, granite and quartz countertops, tile backsplashes and LED lighting. The four- and five-story complex will offer open floor plans, 10-foot ceilings, walk-in closets and private balconies. Community amenities will include a fitness center, clubhouse, meeting space, lounge areas, three courtyards with picnic and barbecue areas, and two resort-style pools with cabanas. Additionally, the property will feature 38,000 square feet of retail offerings. Brad Ferguson of Dallas-based HALL Structured Finance (HSF) originated the loan. Las Vegas-based CORE Advisory Partners sourced the financing for the project.

November 8, 2022

Development Healthcare Leasing Activity Mixed-Use Montana Retail Western

Corning Cos. Begins $50M Redevelopment of Gallatin Valley Mall in Bozeman, Montana to Include State’s First Whole Foods

by Amy Works November 8, 2022

BOZEMAN, MONT. — Corning Cos. is currently underway on a $50 million, multi-phase redevelopment of Gallatin Valley Mall, a retail center located in Bozeman. To be known as Gallatin Crossing, the mixed-use property will feature retail, entertainment and medical space, including a 45,000-square-foot medical pavilion that will bring together Intermountain Healthcare and Ortho Montana PSC. Whole Foods Market will also join the property with a location that marks its first in the state. The first phase of development for the project, which began in September 2022, is scheduled for completion later this year. A second phase — which will include façade upgrades, updated parking and refreshed landscaping, signage and lighting — is scheduled to begin in spring 2023. Grossman Development Group, Boston Realty Advisors and Situs Realty Group are working with owner Corning Cos. on the project.

November 8, 2022

Colorado Loans Multifamily Western

Capital One Provides $33.8M Freddie Mac Refinancing for Heights on Huron Apartments in Northglenn, Colorado

by Amy Works November 8, 2022

NORTHGLENN, COLO. — Capital One has provided a $33.8 million Freddie Mac floating-rate loan to refinance Heights on Huron, an apartment property in Northglenn. The borrower, FCP, will continue to partner with Avanti Residential following the financing. Jonathan Pratt, Rossana Bouchaya and Patrick Greenwood facilitated the 10-year loan, which includes five years of interest-only payments. Located 11 miles north of downtown Denver, Heights on Huron features 252 apartments in a mix of one- and two-bedroom layouts. Community amenities include a dog park, swimming pool, picnic area, playground and 24-hour emergency maintenance services.

November 8, 2022

Development Industrial Nevada Western

Westport Properties Plans 84,511 SF Industrial Facility in Henderson, Nevada

by Amy Works November 8, 2022

HENDERSON, NEV. — Westport Properties has released plans to develop an industrial property on a recently acquired land site in Henderson. Construction of the single-tenant, 81,511-square-foot facility is slated to begin in first-quarter 2023. Located at the corner of Bruner Avenue and Amigo Street, the building will feature 32-foot clear heights, a secured truck court, ESFR sprinklers, 11 dock doors and 5,000 square feet of office space. Completion is scheduled for fourth-quarter 2023. Amy Ogden of Logic Commercial Real Estate will oversee leasing.

November 8, 2022

Market Reports Retail Washington Western Western Market Reports

Seattle’s Retail Sector Proves Resilient

by Jeff Shaw November 8, 2022

By Dino A. Christophilis, Senior Vice President, CBRE; Daniel Tibeau, Associate, CBRE; and Parker Ksidakis, Associate, CBRE Few sectors were as disrupted by the pandemic as retail. While 2020 proved to be a tumultuous year, the last year and a half have demonstrated the resiliency of retail — both in Seattle and nationally. The Seattle economy is performing well for a recovering retail sector, with continued employment growth and increasing retail spending. The Puget Sound is notorious for its lack of new retail development, and the recent years have been no exception. The environment of increasing demand with a flat level of supply results in positive conditions for existing retail space. Like much of the nation, concerns persist in Seattle around inflation, increasing debt costs and a potential slowing in the global economy. However, the situation in Seattle is more positive and nuanced. Growing Investment Activity Year to date, Seattle is poised to outperform the prior year in terms of total investment dollars. The second quarter of 2022 experienced 65 percent greater investment volume relative to the same quarter in 2021. This figure is particularly notable as 2021 was an exceptional year. Investors deployed pent-up capital that was held during the height of the pandemic. Total retail …

November 8, 2022

Colorado Development Industrial Western

Prologis Buys 55-Acre Land Parcel to Develop 1 MSF Logistics Park Expansion Near Denver

by Amy Works November 7, 2022

AURORA, COLO. — Prologis has acquired a 55-acre land parcel in Aurora to expand Prologis Park 70, a 5.7-million-square-foot, fully leased industrial park. US Foods sold the site for an undisclosed price. Prologis plans to develop nearly 1 million square feet at the site, with groundbreaking scheduled for second-quarter 2023. The initial plans offer two design options: one with four buildings, two 325,000 square feet and two 150,000 square feet, and the second design includes one 700,000-square-foot building and two 150,000-square-foot buildings. The developer had not decided which it will build yet. The new buildings will have either a front park/rear loan or cross-dock design with dock-high and drive-in loading, trailer parking, ESFR sprinklers and 36-foot minimum clear heights. Prologis will begin development speculatively with build-to-suit options available. The first buildings are slated for completion in early 2023. Jim Bolt and Mike Camp of CBRE are representing Prologis and marketing the new space for lease, sale or build-to-suit development.

November 7, 2022

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