Western

JLL Secures $12.5M in Construction Financing for Boyd Lake Commerce Center in Loveland, Colorado

by Amy Works October 4, 2022

LOVELAND, COLO. — JLL Capital Markets has arranged $12.5 million in construction financing for the development of Boyd Lake Commerce Center Phase I, a Class A outdoor storage project situated on 95 acres in Loveland. The borrower is BLCC One, an affiliate of co-developers Saunders Commercial Development Co. and Winslow Investments. Leon McBroom led the JLL Capital Markets team in arranging the three-year, non-recourse, floating-rate loan through a regional bank. Once completed, the 100,000-square-foot building will offer 28-foot clear heights, 28 loading docks, 188 parking spaces, ESFR sprinkler systems, glass storefront and LED lighting. Additionally, the property will include four acres of outdoor yard space. Boyd Lake Commerce Center is a master-planned development that is expected to include five additional industrial buildings, one office building and one flex project with numerous build-to-unit opportunities throughout.

October 4, 2022

Acquisitions Arizona Multifamily South Carolina Southeast Student Housing Texas Top Stories Western

Global Student Accommodation Completes Acquisition of 1,600-Bed Student Housing Portfolio

by Jeff Shaw October 4, 2022

AUSTIN, TEXAS; FLAGSTAFF, ARIZ.; AND CHARLESTON, S.C. — Global Student Accommodation (GSA) has completed the acquisition of a five-property student housing portfolio totaling over 1,600 beds. The seller was Harrison Street, an investment management firm headquartered in Chicago. The portfolio includes three assets in Austin, one in Flagstaff and one in Charleston. The price and names of the specific properties were not disclosed. Student housing provider Yugo will take on the management of all five assets immediately, with the aim of enhancing students’ overall experience throughout and beyond university and college life. The transaction gives GSA access to the new market of Charleston, which is rapidly becoming a tech hub and has seen its labor pool grow three times faster than the U.S. average since 2010. This growth is also reflected in student applications to the College of Charleston, which have increased 29.1 percent over that same time period. “These latest additions to our portfolio build on the momentum that we have had since entering the U.S. market at the start of 2021, where demand for student housing remains robust,” says Robin Moorcroft, transaction director of GSA. — Kari Lloyd

October 4, 2022

Affordable Housing California Development Multifamily Seniors Housing Western

Standard Communities Plans $55M Affordable Seniors Housing Development in San Ramon, California

by Amy Works October 3, 2022

SAN RAMON, CALIF. — Standard Communities has released plans to lead a public-private partnership in the ground-up development of Aspen Wood, a $55 million affordable seniors housing community in San Ramon, approximately 20 miles east of San Francisco Bay. Aspen Wood will provide 123 units of affordable housing for seniors with incomes between 30 and 60 percent of the area median income. Aspen Wood will be built on a currently vacant site of 1.4 acres. Amenities at the 130,000-square-foot community will include a community room, recreation deck/courtyard, fitness center, business center and pet spa. “This is the first affordable development in San Ramon in more than 20 years. The site was originally intended for a luxury development, but we worked closely with the city to turn the site into affordable housing for seniors,” says Sean Carpenter, director of development at Standard Communities. “With the cost of living rising across the region and nation, adding more affordable housing in Contra Costa County and the city of San Ramon — one of the wealthiest communities in the Bay Area — is more important than ever.” Black Mountain Development sold the land parcel. The general contractor is Deacon and LCA Architects leads the …

October 3, 2022

Acquisitions Multifamily Washington Western

Intercontinental Real Estate Divests of Two Multifamily Communities in Seattle’s Ballard Neighborhood for $41.5M

by Amy Works October 3, 2022

SEATTLE — Intercontinental Real Estate has completed the disposition of two apartment properties totaling 155 units in the Ballard neighborhood of Seattle. An undisclosed buyer acquired the assets for $41.5 million. Located at 6559 15th Ave. NW, Belay features 104 studio, one- and two-bedroom units with an average size of 521 square feet. Noba, located at 8022 15th Ave. NW, offers 51 one-bedroom apartments with an average unit size of 557 square feet. Noba was built in 2012 and Belay was constructed in 2013. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest multifamily team represented the seller in the transaction.

October 3, 2022

Acquisitions Arizona Loans Multifamily Western

Tauro Capital Advisors Arranges $15M Acquisition Loan for Summit on Thomas Apartments in Phoenix

by Amy Works October 3, 2022

PHOENIX — Tauro Capital Advisors has secured a $15 million acquisition loan for a value-add multifamily community in Phoenix. Patrick O’Donnell of Tauro Capital’s Scottsdale office negotiated the financing . Karl Abert and Bret Zinn of Kidder Mathews represented the buyer, Summit on Thomas, while Bill Hahn of Northmarq represented the seller, Rise Thomas LLC (Rise48 Equity), in the acquisition. The two-story apartment complex is located at 2735 E . Thomas Road. Formerly Rise on Thomas, the community has been rebranded to Summit on Thomas. The purchase price was $21 million. Built in 1967, 44 of 100 units were renovated at time of sale. The property features two pool areas with built-in barbecues, two workout rooms and communal patio space. Future plans include renovating the remaining 56 units and continuing improvements across the common areas. All units will have in-unit washers/dryers once renovations are complete.

October 3, 2022

Acquisitions California Industrial Western

DAUM Brokers Acquisition of 38,233 SF Industrial Building in Long Beach, California

by Amy Works October 3, 2022

LONG BEACH, CALIF. — DAUM Commercial Real Estate Services has arranged the sale of an industrial distribution property located at 3221 E. 59th St. in Long Beach. Metra Electronics sold the asset to a high-net-worth private investor for more than $11 million. Michael Collins and Dustin Hullinger of DAUM’s Capital Markets Group represented the buyer, while Brian Held and Rob Flores of CBRE represented the seller in the deal. Constructed in 1970 on nearly two acres, the 38,233-square-foot building features 22-foot warehouse ceiling heights, three dock-high truck positions and grade-level loading. Additionally, the property is fully fenced and secure and provides ample truck parking and storage area.

October 3, 2022

Acquisitions Colorado Net Lease Retail Western

Blue West Capital Negotiates $4.4M Sale of Firestone-Occupied Property in Colorado Springs

by Amy Works October 3, 2022

COLORADO SPRINGS, COLO. — Blue West Capital has brokered the sale of a single-tenant, net-leased retail building located at 1358 Republic Drive in Colorado Springs. A private REIT sold the asset to a Florida-based investor for $4.4 million. Firestone Complete Auto Care occupies the 6,116-square-foot building, which was constructed in 2021, on a long-term, absolute triple-net lease that includes rental increases every five years. Brandon Gayeski and Zach Wright of Blue West Capital represented the seller in the transaction.

October 3, 2022

California Development Retail Top Stories Western

BARDAS, Bain Capital Plan $600M Redevelopment of Hollywood TV Studio

by Taylor Williams October 3, 2022

LOS ANGELES — A joint venture between two developers, locally based firm BARDAS Investment Group and Boston-based Bain Capital Real Estate, has unveiled plans for the $600 million redevelopment of a former TV studio at 6311 Romaine St. in the Hollywood neighborhood of Los Angeles. The facility, which currently spans 6.4 acres and two full city blocks, was originally constructed in phases between 1930 and 1966. Over the years, the site, which currently features 183,000 square feet of creative office and studio space, has housed the headquarters operations of Technicolor and Metro Pictures Corp. The redevelopment would convert the facility into an urban studio campus totaling 620,000 square feet. As part of the redevelopment, the joint venture plans to preserve several of the facility’s buildings that were originally constructed at the height of Technicolor’s success. New production facilities will be meshed with reimagined office space, and the facility will be rebranded as Echelon Television Center. More specifically, the original art deco facade on the northern block will enclose a studio lot. This space will be bookended by a new mid-rise creative office building with private outdoor terraces framing views of the Hollywood Hills. The new construction will also replace a …

October 3, 2022

Development Multifamily Nevada Seniors Housing Western

MorningStar, Confluent Break Ground on 168-Unit Seniors Housing Development in Las Vegas

by Amy Works September 30, 2022

LAS VEGAS — MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar Senior Living at The Canyons, the joint venture’s first development in Nevada. Located in Las Vegas, the four-story, 196,000-square-foot community will feature 95 independent living, 49 assisted living and 24 memory care units. Common areas will include indoor and outdoor dining venues, a pool and spa, fitness center and clubroom terrace with views of the Vegas Strip and mountains to the west. Additionally, the community will feature wellness programs that will meet residents’ social, intellectual, physical and spiritual needs. Completion is slated for summer 2024. Confluent Senior Living, a subsidiary of Denver-based Confluent Development, serves as project owner, and MorningStar Senior Living as operator. MorningStar at The Canyons is the 14th development for the co-developers and project partners.

September 30, 2022

Grocery-Outlet-French-Valley-Marketplace-French-Valley-CA

Acquisitions California Restaurant Retail Western

SRS Brokers $17.3M Sale of Three Retail Outparcels at French Valley Marketplace in California

by Amy Works September 30, 2022

FRENCH VALLEY, CALIF. — SRS Real Estate Partners has arranged the portfolio sale of three retail properties that are outparcels to French Valley Marketplace, located at 35958 Winchester Road in French Valley, located in the Inland Empire. A Southern California-based private developer sold the assets to a Southern California-based private investor for $17.3 million in an all-cash transaction. The three properties are: A 16,000-square-foot Grocery Outlet-occupied property that opened in late 2021. An 11,115-square-foot new construction property, which Rite Aid will occupy in late 2022. A 5,559-square-foot building currently under construction that Chipotle and Quick Quack Car Wash will occupy in spring 2023. Matthew Mousavi, Patrick Luther and Jack Cornell of SRS Real Estate Partners’ National Net Lease Group represented the seller and sourced the buyer in the deal.

September 30, 2022

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