HILLSBORO, ORE. — Evergreen Hospitality Development and Fine Hotel Group have received $11.5 million in construction financing for the 115-key Cambria Hotel Hillsboro. The hotel will be located at 5523 NE Huffman Street in Hillsboro. The fixed-rate loan carries a term of 24 months. The 22,000-square-foot upscale hotel will be constructed on land that is owned by Majestic Realty Co. A joint venture between Palladius Capital Management and Marquee Funding Group originated the loan.
SAN DIEGO – Cyrus and Emilia Investments has acquired the Lincoln Hotel in downtown San Diego for $2.5 million. The hotel is located at 534-536 5th Ave. in the Gaslamp Quarter. The four-story building totals 14,503 square feet. El Cabron Restaurant occupies the ground floor, and 41 affordable housing units comprise the upper floors. Lincoln Hotel Partnership sold the property with representation by Bill Shrader of UPG. The buyer plans to renovate the affordable housing component of the property.
LAS VEGAS — Deloitte has leased a 14,000-square-foot office space in Phase II of UnCommons in Las Vegas. The firm’s space will be on the third floor of the development’s fourth office building, which will be completed this summer. Deloitte will take occupancy in late 2023. Matter Real Estate Group owns the building.
— By Wick Udy, Senior Managing Director, JLL — Salt Lake City’s industrial market continued its exceptional performance in 2022. Last year was the third consecutive year of above-average leasing and the second-highest volume of annual absorption on record. The largest volume of completions was recorded in 2022 with 13 million square feet delivered. However, leasing and absorption volumes were both below 2021 levels, which is something industry leaders are watching in 2023. Developers were forced to push pause on new building projects toward the end of 2022 due to rising interest rates and tighter capital markets. Because of this, JLL predicts 2023 could be the year of the sublease. What was a landlord-favorable market for many years is slowly leaning toward a tenant-favorable market. Based on current activity within the marketplace, absorption should be positive in first-quarter 2023. Companies are signing leases on existing buildings instead of waiting for new builds, which will keep vacancy low for the foreseeable future. The market has remained as robust as it has because companies from California are relocating to Salt Lake City. They want to take advantage of its affordable real estate, quality of the workforce and the market’s proximity to large …
ALBUQUERQUE, N.M. — Gantry has arranged $45.5 million in financing for the 572-unit Union 505 Apartments in Albuquerque. The community is located at 801 Locust Place NE. It offers studio, loft, and one- and two-bedroom renovated units in a garden-style format. The complex also features a newly remodeled clubhouse with free Wi-Fi, a fitness facility, outdoor sport court, open space and resort-style pool area. Gantry’s Adam Parker and Chad Metzger secured the loan on behalf of the repeat Gantry borrower. The seven-year, fixed-rate loan was placed with Freddie Mac. It features full-term, interest-only payments. Fannie Mae agreed to underwrite the debt-service-coverage ratio using a 35-year amortization instead of the normal 30-year amortization. The borrower wanted to maximize loan proceeds as they were using the cash to purchase another asset.
SHELTON, WASH. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Maple Glen, a 54-unit assisted living community in Shelton, approximately 55 miles southwest of Seattle. The facility was built in 2000. The property totals 50,555 square feet and is situated on approximately 3.7 acres of land. The buyer is a Pacific Northwest owner-operator and plans to spend money on capital improvements and increase the number of licensed beds. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of Senior Living Investment Brokerage handled the transaction. The seller and price were not disclosed.
AURORA, COLO. — A 1031 exchange buyer has acquired a self-storage facility in Aurora for $2 million. The facility is located at 1521 Oswego St. It features 180 storage units, plus a management office and apartment. The lot is two blocks away from the Anshutz Medical Campus. The buyer was able to sell multiple apartment buildings to exchange into this new venture. Quentin Shore, Chris Knowlton and Jim Knowlton of the Knowlton Lawson Team at Pinnacle Real Estate Advisors arranged the transaction.
SALT LAKE CITY — PhyNet Dermatology has leased 14,556 square feet of office space at 650 Main in Salt Lake City. The space is located on the corner of Main Street and 600 South in downtown. The 10-story, Class A office building consists of 335,000 square feet that includes retail space. Jordan Wade and Allie McCracken of Transwestern represented the dermatology practice management company. CBRE has the leasing assignment for the building, which Patrinely owns.
SAN FRANCISCO — Nordstrom Inc. will close two stores located near San Francisco’s downtown, reports the Washington Street Journal. Located on Market Street, the first store will close Jul. 1, with the Westfield San Francisco Centre mall location scheduled to close at the end of August. “We can better serve our customers there by focusing on our 16 nearby Nordstrom and Nordstrom Rack locations, as well as online,” says a representative for the company.
PHOENIX — Related Group is developing Town Deer Valley, a 388-unit apartment community in Phoenix. The complex has been developed in five phases on a 20-acre site. A completion date has not been disclosed, but the project’s general contractor, locally based construction management firm GCON Inc., estimates that it is currently 80 percent complete with the overall development. Town Deer Valley will total 442,000 square feet across 19 buildings upon completion. Designed by Todd & Associates Architects, the property’s community amenities will include two pools with cabanas, a golf putting green, pet spa, children’s playground and a clubhouse with coworking space, a fitness center and an arts and crafts room.