Western

OpenAI, Partners Announce Five New Data Centers as Part of $500B Stargate Project

by Hayden Spiess September 25, 2025

SAN FRANCISCO — OpenAI, along with Oracle Corp. (NYSE: ORCL) and SoftBank, has announced plans for the development of five new data centers in the United States. The new projects are part of the $500 billion Stargate initiative to expand American data center infrastructure, which was announced in January at the White House. Together with the flagship site in Abilene, Texas, the new data centers will bring Stargate to more than $400 billion in investment and almost 7 gigawatts (GW) of planned capacity over the next three years. OpenAI and Oracle will partner on three of the facilities — located in Shackelford County, Texas; Doña Ana County, New Mexico; and an additional site at an undisclosed location in the Midwest — which represent a $300 billion agreement between the companies. According to OpenAI, these projects are expected to create more than 25,000 onsite jobs and thousands of additional jobs throughout the country. Together, the facilities will offer up to 4.5 GW of capacity. A partnership between SoftBank and OpenAI will develop the other two data centers, which will have the capacity to scale to 1.5 GW over the next 18 months. One of the sites is located in Lordstown, Ohio, with …

September 25, 2025

California Loans Multifamily Western

Northmarq Provides $53.7M Refinancing for Multifamily Community in Folsom, California

by Amy Works September 24, 2025

FOLSOM, CALIF. — Northmarq has provided a $53.7 million Fannie Mae loan for the refinancing of Fairmont at Willow Creek, a garden-style apartment community in Folsom. Joe Giordani, Alex Kane, Brendan Golding and Alvin Cao of Northmarq originated the financing for the borrower, CWS Capital Partners. The transaction was structured with a five-year term and full-term interest-only payments. The loan features a 70 percent loan-to-value ratio and a 35-year amortization for sizing purposes. Located at 200 S. Lexington Drive, Fairmont at Willow Creek features 260 one- and two-bedroom apartments with custom kitchens, in-unit washers/dryers and private patios or balconies. Community amenities include a clubhouse, swimming pool, spa, fitness center and dog park.

September 24, 2025

Acquisitions Colorado Industrial Utah Western

Westcore Sells Two Industrial Facilities in Colorado, Utah

by Amy Works September 24, 2025

WEST VALLEY CITY, UTAH AND ENGLEWOOD, COLO. — Westcore has completed the disposition of The Raceway Commerce Center in West Valley City and Potomac Park I & II in Englewood to a partnership between Hyde Development and Mortenson Properties for an undisclosed price. Jeff Chiate, Will Strong, Michael Matchett, Phillip Eilers and John Schreck of Cushman & Wakefield, along with Joe Cesta, Tyler Carner and Jeremy Ballenger of CBRE, represented the seller and procured the buyer in the transaction. The properties are part of the National Core Industrial Portfolio, a multi-state portfolio totaling 2.4 million square feet across eight assets in six states. Located at 6057 W. SR-201 Frontage Road and 2234 S. 5900 West in West Valley City, The Raceway Commerce Center offers 397,894 square feet of industrial space with a clear height of 32 feet, expansive truck courts and LED lighting. Located at 7955 and 7901 S. Potomac St. in Englewood, Potomac Park I & II offer 28-foot to 30-foot clear heights, dock-high and drive-in loading and ESFR fire sprinklers.

September 24, 2025

Affordable Housing California Development Multifamily Seniors Housing Western

Partnership Opens 50-Unit Affordable Seniors Housing Development in Los Angeles

by Amy Works September 24, 2025

LOS ANGELES — A partnership between John Stanley Inc. and Concerned Citizens Community Involvement known as Southside LA Housing Partners has opened a new affordable seniors housing development in South Los Angeles. John Stanley Inc. and Concerned Citizens Community Involvement co-developed the community, Serenity Apartments, which totals 50 units reserved for residents age 62 and older with incomes at or below 30 to 60 percent of the area median income. Nine units are reserved for individuals who require mobility accommodations, with five designed for residents with hearing and vision disabilities and 36 reserved for previously homeless seniors. One unit is reserved for an onsite manager. The property, formerly known as Southside Seniors, is situated on land provided by Southside Church through a land lease. Trillium will manage Serenity Apartments. Amenities at the community include a lounge, courtyard with a barbecue area, kitchen, computer lab, gym and laundry facilities. The development also features 1,600 square feet of ground-floor commercial space and a 100-car garage. In partnership with R4 Capital Funding, Western Alliance Bank invested $22.2 million in tax-exempt and taxable construction-to-permanent multifamily housing revenue bonds to finance the project.

September 24, 2025

Loans Nevada Retail Western

RA Centers Arranges $20M in Financing for Cheyenne Point Plaza Shopping Center in Las Vegas

by Amy Works September 24, 2025

LAS VEGAS — RA Centers has arranged $20 million in financing for Cheyenne Point Plaza, a 111,809-square-foot neighborhood center located in Las Vegas. Mariana’s Supermarkets anchors the center, which is fully leased. Other tenants include Dollar General, Intermountain Healthcare, Taco Bell, Panda Express and Subway. Raymond Arjmand and Nader Arjmand of RA secured the financing through JP Morgan.

September 24, 2025

California Development Retail Western

LRE & Co. Receives County Approval for 12,000 SF Retail Project in Crescent City, California

by Amy Works September 24, 2025

CRESCENT CITY, CALIF. — LRE & Co. has obtained approval from the Del Norte County Planning Department for a retail development at 915 Washington Blvd. in Crescent City. Situated on an 87,120-square-foot site, the project will feature 12,000 square feet of retail space, including a quick-service restaurant building, two retail shop pads with drive-thru capabilities, multiple inline tenant spaces and two additional drive-thru pads. Construction is slated to start in early 2026.

September 24, 2025

Market Reports Office Washington Western Western Market Reports

Growing Pains, Opportunities Ahead for Seattle’s Office Market

by John Nelson September 24, 2025

— By Dan Dahl of Kidder Matthews — Seattle’s office market has proven more resilient than other cities in past downturns, with smaller declines and quicker recoveries. This cycle is different. Seattle has been hit harder and is recovering more slowly than the rest of the country. San Francisco often signals what’s to come, with the Emerald City trailing by about 12 months. AI-driven leasing activity in San Francisco is gaining momentum — signaling growth for Seattle — but the local market still faces headwinds. Demand Softens as Tenants Downsize Demand for office space in Seattle remains weak. Most tenants with upcoming lease expirations are downsizing. Tech companies have historically driven office demand here, but now they are shedding space, laying off employees and working from home. Tenants have the leverage. Concessions like free rent, reduced rates and built-out spaces are abundant, providing the opportunity for tenants to pursue a flight to quality and upgrade to higher-end space. Investment Market Under Pressure The investment side is equally challenged. Owners with near-term loan expirations are often in a pinch. Their loan balances exceed current building values due to high vacancies, lower rental rates, elevated cap rates and higher interest rates. As a …

September 24, 2025

California Industrial Loans Western

JLL Arranges $130M Refinancing for 1.1 MSF Industrial Portfolio in Southern California

by Amy Works September 23, 2025

ORANGE COUNTY, CALIF. — JLL Capital Markets has arranged $130 million in first-lien financing for a 21-property industrial portfolio in Southern California. Greg Brown, Allie Black and Nick Englhard of JLL Capital Markets secured the five-year, fixed-rate loan through an insurance company on behalf of the borrower, Sukut Real Properties. Totaling 1.1 million square feet, the portfolio includes 17 industrial buildings, a self-storage facility, an industrial outdoor storage property, a medical property and a flex office/industrial building. Built from 1968 to 2016, the properties span San Diego County, Orange County, Los Angeles County and the Inland Empire.

September 23, 2025

Development Industrial Oregon Western

TCC, Affinius Capital Break Ground on 778,720 SF Sequoia Logistics Center in Canby, Oregon

by Amy Works September 23, 2025

CANBY, ORE. — Trammell Crow Co. (TCC) and Affinius Capital have broken ground on Sequoia Logistics Center, a Class A speculative logistics facility in Canby, approximately 20 miles south of Portland. Slated for completion by January 2027, the 778,720-square-foot Sequoia Logistics Center will feature 4,000 amps of power capacity, 143 loading docks, 224 trailer spaces and 798 auto parking spaces. Project partners include Mackenzie as architect and Perlo Construction as general contractor. Teams from KBC Advisors in Seattle and Kidder Mathews in Portland, Ore., are marketing the project for lease.

September 23, 2025

California Company News Retail Western

Vestar to Manage 160,000 SF Shopping Center in Los Angeles

by Amy Works September 23, 2025

LOS ANGELES — Vestar has been selected to provide management services for Warner Marketplace, a 160,000-square-foot shopping center located in the Canoga Park neighborhood of Los Angeles. Warner Marketplace is fully leased to a mix of tenants including Ashley Furniture, BevMo!, Ulta Beauty, DSW, PetSmart and Carter’s. With the addition of Warner Marketplace, Vestar now manages over 12.5 million square feet in California and the western United States.

September 23, 2025

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