Western

Prologis Buys California’s Great America Amusement Park Site in Silicon Valley from Cedar Fair for $310M

by John Nelson June 28, 2022

SANTA CLARA, CALIF. — Cedar Fair LP (NYSE: FUN), an amusement and water parks owner and operator based in Sandusky, Ohio, has sold the land at California’s Great America amusement park in the Silicon Valley town of Santa Clara. Prologis (NYSE: PLD), an industrial REIT based in San Francisco, purchased the 112 acres for $310 million and executed a lease with Cedar Fair to continue operating the park. Cedar Fair plans to eventually close Great America, which was built in 1976 by Marriott International Inc. (NASDAQ: MAR). The park features more than 60 rides and rollercoasters, as well as the Planet Snoopy children’s park and South Bay Shores waterpark, according to the property website. Cedar Fair will continue to operate the park for a period of up to 11 years and then will close existing park operations at the end of the lease term. After 40 years of leasing Great America, Cedar Fair purchased the land from the City of Santa Clara in 2019 per an order from the State of California. The city purchased the park from Marriott in 1985. Following company-wide park closures from the COVID-19 pandemic, Cedar Fair explored options to raise revenue within its existing portfolio. …

June 28, 2022

Acquisitions California Industrial Western

Kidder Mathews Negotiates Sale of 126,500 SF Glendale Financial Square in California

by Amy Works June 27, 2022

GLENDALE, CALIF. — Kidder Mathews has arranged the sale of Glendale Financial Square, an office building located at 225 W. Broadway in Glendale. Two Southern California real estate investment firms taking ownership as Hacienda Associates LP acquired the asset from a partnership between three local investors (Hyun 1996-2 Family LP, Royalblue LLC and Broadway JSY LLC) for $27.5 million. Glendale Financial Square features 126,500 square feet of office space and a stable tenant base. The buyer plans to invest in upgrading the buliding’s common areas and main entry plaza. Bill Boyd, Linda Lee and Scott Unger of Kidder Mathews represented two-thirds of the seller partnership in the deal.

June 27, 2022

California Development Loans Multifamily Seniors Housing Western

CFG Provides $32.9M Construction Financing for Assisted Living, Memory Care Facility in Temecula, California

by Amy Works June 27, 2022

TEMECULA, CALIF. — Capital Funding Group (CFG) has provided a $32.9 million construction loan for the ground-up development of Varenita of Temecula. The 108-bed assisted living and memory care facility is located in Temecula, within Riverside County between Los Angeles and San Diego. The borrower and developer is Griffin Living. Brightwater Senior Living will operate the facility upon completion. The financing features a Commercial Property-Assessed Clean Energy (CPACE) structure, which allows building owners to borrow money for energy efficiency, renewable energy or other projects and make repayments via an assessment on the property tax bill. The financing arrangement then remains with the property even if it is sold, facilitating long-term investments in building performance.

June 27, 2022

Acquisitions Colorado Industrial Self-Storage Western

Armstrong Capital Development Sells 80,400 SF Self-Storage Facility in Denver

by Amy Works June 27, 2022

DENVER — Armstrong Capital Development has completed the disposition of a self-storage facility in Denver. An institutional buyer acquired the asset for an undisclosed price. Located at 7200 E. 36th Ave., the 80,400-square-foot facility consists of a three-story, climate-controlled building with 569 units ranging in size from 5-foot by 5-foot to 10-foot by 30-foot. Onsite amenities include 24-hour video surveillance, prominent visibility and convenient access to more than 68,900 vehicles per day. Built in 2019, the property was 96 percent occupied at the time of sale.

June 27, 2022

Development Multifamily Seniors Housing Washington Western

Aegis Living Opens 96-Unit Seniors Housing Community in Seattle

by Amy Works June 27, 2022

SEATTLE — Aegis Living has opened its 35th community, Aegis Living Greenwood, in the Greenwood neighborhood of Northwest Seattle. The 89,000-square-foot property features 96 units. The five-story building is inspired by the neighborhood and built with Tudor Revival architecture, a classic style most popular in the United States in the 1920s and ‘30s. Ankrom Moisan was the architecture firm and Venture was the general contractor. Aegis has several additional communities in development, including a property in the Eastlake neighborhood of Seattle opening next month.

June 27, 2022

Acquisitions Industrial Nevada Western

RealComm Brokers $3.8M Sale of Industrial Building in Las Vegas

by Amy Works June 27, 2022

LAS VEGAS — RealComm has arranged the sale of an industrial facility in Las Vegas. JPFS LLC sold the asset to 3934 Silvestri Lane LLC for $3.8 million. Located at 3924 Silvestri Lane, the property features 16,888 square feet of industrial space. Jennifer Levine and Elizabeth Moore of RealComm Advisors represented the seller in the deal.

June 27, 2022

Arizona Development Industrial Western

Lincoln Property Co. Plans 1 MSF Industrial Campus in Tucson, Arizona

by Amy Works June 24, 2022

TUCSON, ARIZ. — Lincoln Property Co. (LPC) has released plans to develop I-10 International, a more than 1 million-square-foot, Class A industrial property in Tucson. LPC purchased the land site from Tucson-based Diamond Ventures for an undisclosed price. Keri Lazarus Silyvn served as entitlement counsel for LPC. Situated on 77 acres, the four-building warehouse/distribution campus will feature a 476,000-square-foot facility, a 214,882-square-foot property, a 188,327-square-foot asset and a 158,908-square-foot building. All buildings will be state-of-the-art cold storage capable, 32-foot to 36-foot clear heights, 14-foot glass entrances, full concrete truck courts and R-83-insulated roof deck systems. Construction is slated to begin in second-quarter 2022, with completion scheduled for second-quarter 2023. The project will be built in two phases, with Phase I including the three smaller buildings and Phase II including the large cross-dock facility. Butler Design Group and Ware Malcomb are the project’s architects, while Rick Engineering is the project’s civil engineer. A general contractor has not been selected.

June 24, 2022

Acquisitions Colorado Industrial Western

NAI Highland Brokers $28.1M Sale of Airport Business Center in Colorado Springs

by Amy Works June 24, 2022

COLORADO SPRINGS, COLO. — NAI Highland has arranged the sale of Airport Business Center, a four-building industrial park in Colorado Springs. An undisclosed buyer acquired the asset for $28.1 million. Situated on 12.7 acres, the park totals 213,240 square feet of fully leased industrial space. Additionally, the asset features 6.1 acres of surplus land for future development. The business park is located at 2510, 2520 and 2590 Aviation Way and 2504, 2506 and 2510 Zeppelin Road. Randy Dowis and Paul Engel of NAI Highland represented the undisclosed seller in the deal. Dowis and Engel are also working with the buyer on plans to develop the surplus land.

June 24, 2022

Acquisitions California Industrial Western

Fortress Investment Group Buys Warehouse in Fremont, California for $29M

by Amy Works June 24, 2022

FREMONT, CALIF. — Fortress Investment Group has acquired a warehouse facility in Fremont from Weiglein Properties, Sveiks Holdings and Glade Barne Holdings for $29 million. Situated on 6.3 acres at 42744 Boscell Road, the 93,385-square-foot warehouse features 6,886 square feet of office space, 26-foot clear heights, eight loading docks, 11 grade-level doors, 29 skylights with smoke vents and shades, dock-high and drive-in loading access, heavy power, 200 parking stalls and a 17,000-square-foot fenced-in, secured yard. The asset also offers 1.7 acres of unimproved surplus land. Balch Construction built the property, which Ross Reese designed, in 2000. At the time of sale, two tenants fully leased the property. Rick Keely and Greig Lagomarsino of Colliers represented seller, while Lagomarsino represented the buyer in the deal.

June 24, 2022

Acquisitions Multifamily New Mexico Seniors Housing Western

Blueprint Arranges Sale of 85-Bed Skilled Nursing Facility in New Mexico

by Amy Works June 24, 2022

NEW MEXICO — Blueprint Healthcare Real Estate Advisors has brokered the sale of an 85-bed skilled nursing facility in New Mexico. The property is one of New Mexico’s premier short-term rehab facilities, serving as the market-leading referral destination for the local market’s largest hospitals, according to Blueprint. It also features a 4-Star CMS-rated quality of care. The facility was experiencing census growth following an operator transition in 2019 as well as upward trending operating performance with total revenues exceeding $8.5 million. A regional owner-operator acquired the property. The seller and price were not disclosed.

June 24, 2022

Newer Posts

Older Posts