Western

Koll Co. Buys Industrial Portfolio in Phoenix for $13.7M in Sale-Leaseback Deal

by Amy Works July 14, 2022

PHOENIX — The Koll Co. has purchased a two-building industrial portfolio, totaling 65,594 square feet in southwest Phoenix. JFN Mechanical sold the properties for $13.7 in an off-market transaction. The portfolio consists of a 32,608-square-foot building, delivered first-quarter 2022, at 4587 W. McDowell Road that is fully leased to Phoenix WinSupply, and a 32,986-square-foot facility at 5127 W. Roosevelt St. that JFN will continue to occupy through the sale-leaseback agreement. JFN Mechanical is a plumbing contractor that works exclusively on student housing, multifamily, seniors housing and hospitality construction projects. The property at 4587 W. McDowell Road features 24-foor clear heights, 1,200 square feet of office space, dock and grade doors, evaporative cooling systems, LED lighting, ESFR sprinklers and a fully secured truck court. The facility at 5127 Roosevelt St. features 24-foot clear heights, 3,000 square feet of office space, dock and grade doors, evaporative cooling systems, LED lighting, ESFR sprinklers and a fully secure truck court. Phil Haenel and Will Strong of Cushman & Wakefield represented both parties in the portfolio sale and leaseback.

July 14, 2022

Acquisitions Arizona California Hospitality Western

NewcrestImage to Acquire Four La Quinta Hotels in California, Texas, Arizona

by Amy Works July 14, 2022

DALLAS — Dallas-based NewcrestImage has agreed to purchase four La Quinta by Wyndham-branded hotels, totaling 696 rooms. A joint venture between Highgate and Cerberus sold the properties for an undisclosed price. The hotels include La Quinta Inn & Suites by Wyndham LAX in Los Angeles; La Quinta Inn & Suites by Wyndham Anaheim in Anaheim, Calif.; La Quinta Inn by Wyndham Phoenix North in Phoenix; and La Quinta Inn & Suites DFW Airport South/Irving in Irving, Texas. The acquisition of the LAX property marks NewcrestImage’s first gateway location in California.

July 14, 2022

Acquisitions Arizona Office Western

Colliers Arranges Sale of 31,962 SF Office Building in Tempe, Arizona

by Amy Works July 14, 2022

TEMPE, ARIZ. — Colliers has brokered the sale of Kyrene Corporate Center, an office property located at 9280 S. Kyrene Road in Tempe. Handwrytten Software Co. acquired the asset for an undisclosed price. The company, which provides software and hardware to mimic human handwriting for use in marketing materials, will use the 31,962-square-foot property as its headquarters. Situated on 2.6 acres, the asset was built in 1998. Michael Marsh of Colliers Arizona represented the buyer, while Michael Milic of Colliers Arizona represented the undisclosed seller in the deal.

July 14, 2022

Arizona Development Loans Mixed-Use Multifamily Office Retail Student Housing Western

CIM Group Provides $204M Construction Loan for 1.1 MSF Central Station Mixed-Use Development in Phoenix

by Amy Works July 13, 2022

PHOENIX — A CIM Group-managed fund has closed a $204 million construction loan to Medistar Corp., GMH Communities and a fund sponsored by CBRE Investment Management to finance the development of Central Station, a mixed-use transportation hub in downtown Phoenix. Located at 300 N. Central Ave. at Van Buren Street, Central Station will consist of 362 apartments, 435 student housing units with 655 beds, more than 100,000 square feet of office and retail space, and 427 subterranean parking spaces across two 22- and 23-story towers and a podium. The development is adjacent to an existing bus and light-rail transit center and is a public-private partnership with the City of Phoenix and the federal Transit Authority. The development team broke ground on the project in April.

July 13, 2022

Acquisitions Colorado Multifamily Western

Seagate Sells Links at Legacy Ridge Apartments in Westminster, Colorado for $94M

by Amy Works July 13, 2022

WESTMINSTER, COLO. — Seagate Legacy Associates has completed the disposition of Links at Legacy Ridge Apartments, a multifamily property located at 2710 Bruchez Parkway in Westminster. MIG Real Estate acquired the asset for $94 million. Completed in 1999, Links at Legacy Ridge features 232 apartments in a mix of studio, one-, two- and three-bedroom floor plans with nine-foot ceilings, walk-in closets, patios/balconies and full-size washers/dryers. Community amenities include a resort-style pool, clubhouse and fitness center. Dave Martin and Brian Mooney of Northmarq’s Denver Investment Sales team represented the seller in the deal.

July 13, 2022

Development Multifamily Student Housing Washington Western

Champion Real Estate Plans 516-Bed Student Housing Development Near University of Washington

by Amy Works July 13, 2022

SEATTLE — Champion Real Estate Co. has acquired 0.33 acres of land at 700 NE 45th St. near the University of Washington campus in Seattle for the development of a 516-bed student housing community. Named Victory at the U, the community will offer fully furnished units alongside shared amenities including study and fitness centers, recreation space and a rooftop deck offering views of Lake Union. Dylan Simon of Kidder Matthews represented Champion and the undisclosed seller of the development site, which Champion acquired for $7.3 million.

July 13, 2022

Arizona Build-to-Rent Development Loans Single-Family Rental Western

Northmarq Arranges $49.5M Construction Loan for Honeycutt Run Build-to-Rent Community in Maricopa, Arizona

by Amy Works July 13, 2022

MARICOPA, ARIZ. — Northmarq’s Debt & Equity has arranged a $49.5 million construction loan for the development of Honeycutt Run, a build-to-rent residential property in Maricopa. Mesa-based Bela Flor Communities is developing the community. Situated on 19.2 acres at 36351 W. Honeycutt Run Road, Honeycutt Run will feature 209 single-story homes. The site plan is approved for one-, two- and three-bedroom single-family casita-style homes with private, fenced-in backyards. Community amenities will include a swimming pool, clubhouse, fitness center and barbecue areas with fire pits. Brandon Harrington, Bryan Mummaw, Tyler Woodard, Chris McCook and Bryan Liu of Northmarq secured the loan, which was structured at an 80 percent loan-to-cost ratio. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team brokered the sale of the fully zoned and entitled land on behalf of the seller, Phoenix-based Suncrest Real Estate & Land.

July 13, 2022

Acquisitions Colorado Industrial Western

Marcus & Millichap Negotiates Sale of 80,640 SF Priority Plastics Manufacturing Facility in Arvada, Colorado

by Amy Works July 13, 2022

ARVADA, COLO. — Marcus & Millichap has arranged the sale of a single-tenant industrial facility at 5861 Tennyson St. in Arvada. The property traded for an undisclosed price. Priority Plastics occupies the 80,640-square-foot industrial manufacturing facility, which was built in 2000 on 5.3 acres. Alyssa Tomback of Marcus & Millichap’s Denver office represented the private investor seller in the deal. The name of the buyer was not released.

July 13, 2022

Instil-Bio-Life-Sciences-Campus-Tarzana-CA

California Development Life Sciences Loans Western

Instil Bio Receives $85M Construction Loan for Life Sciences Campus Near Los Angeles

by Amy Works July 12, 2022

TARZANA, CALIF. — Instil Bio Inc. has received an $85 million construction loan for the development of Instil Bio Life Sciences Campus in Tarzana. Greg Grant of CBRE arranged the five-year, floating-rate, interest-only, non-recourse loan for the borrower. CBRE’s Andrew Riley and Jeff Pion facilitated Instil Bio’s original acquisition of the site in October 2020. Located at 18404-18412 Oxnard St., the campus will feature 102,000 square feet of lab, office and good manufacturing practice space. Instil Bio is a clinical-stage biopharmaceutical company focused on developing innovative cell therapies in the fight against cancer.

July 12, 2022

Acquisitions Loans Multifamily Utah Western

New York Life Provides $55M Acquisition Loan for The Ridge Apartments Near Salt Lake City

by Amy Works July 12, 2022

MIDVALE, UTAH — New York Life Investors has provided a $55 million loan to MAXX Properties for the purchase of The Ridge, a Class A multifamily property in Midvale. The fixed-rate loan features 10 years of interest-only payments. Built in 2017, The Ridge features 261 apartments. The property is located at 7611 S. Union Park Ave. Robert Prouty, Jordi DeHoyos and Katie Thompson of Colliers Mortgage advised the buyer on the financing. Rawley Nielsen, Darren Nielsen and Mark Jensen of Colliers International Salt Lake City brokered the transaction. MAXX Properties is a privately held, 86-year-old real estate firm consisting of multifamily, commercial and cooperatives. The firm’s portfolio includes 39 communities, consisting of 9,351 owned multifamily units in six states.

July 12, 2022

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