Western

Anthology, Formation Plan 206-Unit Seniors Housing Community in Beaverton, Oregon

by Amy Works July 25, 2022

BEAVERTON, ORE. — Anthology Senior Living, the dedicated seniors housing platform of CA Ventures, has entered a joint venture partnership with Formation Development Group to build Anthology of Beaverton, a 207,169-square-foot senior living community in Beaverton. Situated on a 5.5-acre parcel outside of Portland, Anthology of Beaverton will feature 206 luxury independent living, assisted living and memory care units. The community is located near the Tanasbourne shopping district, which includes a Whole Foods, Starbucks and Macy’s, in addition to other shopping and dining locations. Major employers within close proximity include Nike World Headquarters and Intel. While development costs were not disclosed, CBRE arranged a $49.7 million construction loan for the project. Aron Will, Austin Sacco and Matthew Kuronen of CBRE National Senior Housing led the team on the floating-rate financing, which features partial interest-only payments through a national bank. The transaction marks the beginning of Anthology’s strategic alliance with Formation as a general partner investor. Anthology and Formation plan to further bolster their partnership through the co-sponsorship and development of future projects together. In addition to serving as development partner, Anthology will manage the property, expanding its owned/operated portfolio to 39 senior living communities across the U.S. Anthology expects to …

July 25, 2022

California Development Mixed-Use Top Stories Western

Lendlease Breaks Ground on $1.1B Mixed-Use Tower in San Francisco

by Taylor Williams July 25, 2022

SAN FRANCISCO — Lendlease, a global investment firm headquartered in Australia, has broken ground on 30 Van Ness, a $1.1 billion mixed-use tower that will be located in between San Francisco’s Hayes Valley and Mid-Market districts. The price tag represents Lendlease’s largest investment to date in the Americas. Completion is slated for 2025. Designed by SCB Architects, the 540-foot-tall building will consist of 333 residential condominiums and 290,000 square feet of office and retail space. The property’s 38 stories of residential space will be constructed atop the nine-story podium that will house the office and retail components. Residences will come in studio, one-, two- and three-bedroom floor plans and have an average size in excess of 1,000 square feet. About 25 percent of the units will be reserved as affordable housing, specific income requirements for which were not disclosed. The 10th floor of the building will house residential amenities. Each level of office space will offer outdoor terraces and dynamic glass that lowers energy usage throughout the building. In addition, the site’s event and retail space will open into a public plaza at the northeast corner of Market and Van Ness streets. This space will be used to host both …

July 25, 2022

Acquisitions Company News Healthcare Western

Amazon Agrees to Acquire Primary Care Chain One Medical for $3.9B

by Jeff Shaw July 22, 2022

SEATTLE AND SAN FRANCISCO — Seattle-based tech giant Amazon (NASDAQ: AMZN) has agreed to acquire San Francisco-based primary medical care chain One Medical (NASDAQ: ONEM) for $3.9 billion. One Medical operates over 180 doctor’s offices throughout major metro areas in the United States. Approximately 767,000 people have memberships to One Medical, paying a $200 annual subscription fee for the service. The company also mixes in-person, digital and virtual care services, with the intent of being convenient to where people already work, shop and live. Amazon has been pushing its way into healthcare in recent years, and the One Medical acquisition represents its biggest push into the sector to date, particularly regarding the physical real estate. “We think healthcare is high on the list of experiences that need reinvention,” says Neil Lindsay, senior vice president of Amazon Health Services. “Booking an appointment, waiting weeks or even months to be seen, taking time off work, driving to a clinic, finding a parking spot, waiting in the waiting room then the exam room for what is too often a rushed few minutes with a doctor, then making another trip to a pharmacy — we see lots of opportunity to both improve the quality …

July 22, 2022

Acquisitions Colorado Development Industrial Western

Opus Group Buys Development Site Near Denver International Airport for 3.9 MSF Sun Empire Industrial Park

by Amy Works July 22, 2022

AURORA, COLO. — The Opus Group has purchased 316 acres of undeveloped land between Interstate 70 and Denver International Airport in Aurora for $49.7 million. Opus, in partnership with Principal Real Estate Investors, plan to develop Sun Empire, a 3.9 million-square-foot industrial park, on the site. Todd Witty and Daniel Close of CBRE represented Opus in the acquisition and will market the project for lease, sale and built-to-suit development. Tyler Carner, Jeremy Ballenger and Jessica Osstermick of CBRE advised on the capital raise, helping to source Principal Real Estate Investors as the joint-venture partner. Construction of the first phase of Sun Empire is scheduled to begin in third-quarter 2022. The first phase will include two Class A buildings sized 624,094 square feet and 204,859 square feet. The later phases of construction will be influenced by tenant requirements. The park can accommodate building sizes ranging from 200,000 square feet to 1 million square feet. Each building is slated to include substantial trailer parking, as well as dock and drive-in loading. The site is located at East 56th Avenue and Harvest Road, a five-minute drive to Denver International Airport and approximately 25 minutes from downtown Denver.

July 22, 2022

Acquisitions Industrial Utah Western

Gardner Batt Divests of 200,000 SF Logistics Building Near Salt Lake City for $103.8M

by Amy Works July 22, 2022

WEST JORDAN, UTAH — Gardner Batt has completed the $103.8 million disposition of an industrial logistics property located at 7001 New Bingham Highway in West Jordan. A joint venture between Greenlaw Partners and Mirae Asset Global Investments acquired the asset, along with two other buildings in the three-building portfolio, for a combined total of $291.5 million. Built in 2022 on 76 acres, the building totals 200,000 square feet. The other two buildings in the portfolio included a 201,096-square-foot asset at 989 W. Center St. in Salt Lake City and a 146,194-square-foot building at 398 E. 1100 South St. in American Fork, Utah. The facilities feature up-to-date clear heights, lighting, vehicle and trailer parking, and fire suppression. Jeff Chiate, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group, together with Tom Freeman and Travis Healey of Cushman & Wakefield’s Salt Lake City office, represented the seller in the transaction.

July 22, 2022

California Development Loans Multifamily Western

Gemdale USA Receives $94.3M Construction Financing for Multifamily Development in Pleasant Hill, California

by Amy Works July 22, 2022

PLEASANT HILL, CALIF. — Gemdale USA has received $94.3 million in construction financing for an apartment community located in the Bay Area city of Pleasant Hill. Located at 85 Cleaveland Road, the four-story property will feature 189 apartments, a fitness center, communal lounges, clubroom, outdoor courtyard with lounge seating, amenitized rooftop and pool deck, co-working lounge, outdoor meeting rooms and fireplaces. Additionally, the property will be adjacent to 350,000 square feet of retail stores, restaurants and a movie theater. Brandon Roth, Nicco Lupo, Jordan Angel and Tatiana Hodapp of JLL Capital Markets’ Debt and Equity Advisory team arranged the senior financing through Bank OZK and the mezzanine financing through AvalonBay Communities for the borrower.

July 22, 2022

Industrial Loans Washington Western

Gantry Arranges $15M Loan for Four-Building Industrial Portfolio in Western Washington

by Amy Works July 22, 2022

KENT, SUMNER, AUBURN AND MARYSVILLE, WASH. — Gantry has secured $15 million in permanent financing for a four-building industrial portfolio in Western Washington. Totaling 148,000 square feet, the properties are in Kent, Sumner, Auburn and Marysville. At the time of financing, the buildings were fully leased in a multi-tenant format to a range of logistics-intensive businesses. Mike Wood and Alex Saunders of Gantry represented the borrower, a local private real estate investor. A life insurance company provided the 10-year, full-term interest-only, fixed-rate loan.

July 22, 2022

California Hospitality Market Reports Western Western Market Reports

Should Hoteliers Stay in San Diego?

by Jeff Shaw July 22, 2022

Western Real Estate Business sat down with two hotel experts to discuss what the future holds for tourism-heavy markets like San Diego. They include Robert A. Rauch, managing partner of the locally based Hilton Campus Del Mar and Fairfield Inn & Suites San Marcos and a faculty associate at Arizona State University, as well as Gary H. London, senior principal of Carlsbad, Calif.-based London Moeder Advisors, which prepares commercial market and financial feasibility studies and analyzes real estate investments for prospective investors. WREB: How is San Diego’s hospitality and tourism industries stacking up to other markets that are similar in either size or tourist popularity? London: Because of an ongoing slowdown in international travel, many American travelers divert to San Diego as a favored domestic destination. San Diego’s tourism sector has been very strong since the perceived end of the pandemic-induced recession almost a year ago. Rauch: Over the nine months spanning from July 2021 to March 2022, San Diego has been in the top five of the 25 largest U.S. markets in all three categories of occupancy, average rate and RevPAR. Hotel occupancy comes in at 67.6 percent, average rate per night is $179.85 and RevPAR (revenue per available room) stands at …

July 22, 2022

Acquisitions California Retail Western

Faris Lee Negotiates $27.1M Sale of Santee Town Center Retail Property in California

by Amy Works July 21, 2022

SANTEE, CALIF. — Faris Lee Investments has arranged the $27.1 million sale of Santee Town Center, a shopping center in Santee. Brixton Capital acquired the asset from a Los Angeles-based private family office. Sean Cox and Alex Moore, Don MacLellan and Gene Ventura of Faris Lee represented the buyer and seller in the deal. At the time of sale, the 106,903-square-foot retail center was fully leased. Current tenants include Ross Dress for Less, Dollar Tree and Michaels.

July 21, 2022

Acquisitions Multifamily Washington Western

RISE Properties, Tokyu Land US Acquire 252-Unit Park South Apartments in Seattle

by Amy Works July 21, 2022

SEATTLE — RISE Properties Trust and Tokyu Land US Corp. have purchased Park South Apartments, a multifamily community in Seattle’s South Park neighborhood, from Jackson Square Properties for an undisclosed price. Located at 10102 8th Ave. S., the property features 252 units with in-unit washers/dryers, newly renovated interiors, wood-burning fireplaces and modern appliances. Community amenities include a pool, fitness center, business center, clubhouse, games and an outdoor entertainment area. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s multifamily team in Seattle represented the seller in the transaction.

July 21, 2022

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