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LoansMultifamilyNew MexicoWestern

Gantry Arranges $45.5M Financing for Union 505 Apartments in Albuquerque

by Jeff Shaw

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.

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AcquisitionsMultifamilySeniors HousingWashingtonWestern

SLIB Brokers Sale of 52-Unit Maple Glen in Shelton

by Jeff Shaw

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.

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AcquisitionsColoradoIndustrialSelf-StorageWestern

Pinnacle Negotiates $2M Sale of Self-Storage Facility in Aurora, Colorado

by Jeff Shaw

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.

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HealthcareLeasing ActivityOfficeUtahWestern

PhyNet Dermatology Leases Space at 650 Main in Salt Lake City

by Jeff Shaw

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. 

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CaliforniaCompany NewsRetailWestern

Nordstrom to Close Two Stores in San Francisco

by Jeff Shaw

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.

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ArizonaDevelopmentMultifamilyWestern

Related Group Nears Completion of Town Deer Valley Apartments in Phoenix

by John Nelson

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.

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AcquisitionsArizonaMultifamilyWestern

Rise48 Equity Acquires Spring Apartments in Phoenix for $42M

by John Nelson

PHOENIX — Rise48 Equity has acquired Spring, a 186-unit multifamily community in Phoenix. Living Well Homes sold the garden-style property for $42 million. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged an undisclosed amount of acquisition financing.  Built in 1984, Spring comprises 18 two-story buildings across nine acres. Community amenities include a pool, courtyard and a fitness center. Individual apartments feature washers and dryers, dishwashers, walk-in closets and patios or balconies. The average unit size is 830 square feet.

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CaliforniaDevelopmentLeasing ActivityRetailWestern

Nordstrom Rack to Open Five New Stores in California

by John Nelson

SEATTLE — Nordstrom Inc. has announced plans to open five new Nordstrom Rack stores in California. Scheduled to open in 2024 and 2025, the stores will be located in Davis, Elk Grove, Gilroy, Oceanside and San Mateo. Both the Davis and Gilroy stores will comprise 25,000 square feet, with the Oceanside and San Mateo stores totaling 31,000 and 36,000 square feet, respectively. Each of the stores will be situated within shopping centers, with the new locations bringing the total count of Nordstrom Rack stores to 68.

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CaliforniaDevelopmentSeniors HousingWestern

Clearwater Living to Open 101-Unit Seniors Housing Community in Newport Beach, California

by John Nelson

NEWPORT BEACH, CALIF. — Clearwater Living has opened an information center at Clearwater Newport Beach, a 101-unit luxury assisted living and memory care community underway in Newport Beach, a coastal city south of Los Angeles. Clearwater expects to welcome new residents in early 2024. Clearwater Newport Beach will offer 70 assisted living and 31 memory care apartments in a variety of finishes and floor plans, including studio, one- and two-bedroom options. Clearwater Newport Beach will be the company’s 11th community in California, Nevada and Arizona, with additional developments in the pipeline.

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AcquisitionsCaliforniaIndustrialWestern

Partners Capital Purchases Five-Building Industrial Portfolio in Carson, California

by John Nelson

CARSON, CALIF. — Partners Capital has purchased a five-building industrial portfolio in Carson, a city 17 miles south of Los Angeles. The portfolio contains five buildings for a total of 38,152 square feet. Known as Carson Business Park, the asset is located on a two-acre site at 401 to 409 Gardena Blvd. The park was fully leased at the time of sale to 16 unique tenants with a weighted average lease term of about 0.8 years. In-place rents are about 61 percent below market rates. Scott Schumacher, Aaron Banks, Kevin Shannon, Andrew Briner and Anthony Muhlstein of Newmark represented the seller, an entity doing business as Carson Five LLC, in the transaction. The seller and sales price were not disclosed.

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