Western

Laguna Point Properties Buys Topaz, Viridian Apartment Communities in Las Vegas for $129.7M

by Amy Works May 5, 2022

LAS VEGAS — Laguna Point Properties has acquired two multifamily properties in Las Vegas from an overseas investor for $129.7 million in an off-market transaction. Totaling 708 units, Topaz and Viridian are part of a 1,945-unit, $566 million portfolio acquisition by Laguna Point Properties. Other recently closed acquisitions include five properties in Los Angeles and one in Jacksonville, Fla. Built in 1985 and 1981, respectively, Topaz and Viridian are located adjacent to one another on West Viking Road. The 252-unit Topaz offers one- and two-bedroom floorplans, and Viridian features 456 studio, one-, two- and three-bedroom units. Laguna Point Properties has engaged Cushman & Wakefield to manage the two properties in Las Vegas, while Greystar will manage the properties in Los Angeles and ZRS Management will manage the Jacksonville property. Pat Sauter and Art Carll-Tangora of Avison Young’s Las Vegas office represented Laguna Point Properties in the transaction. Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly of CBRE Capital Markets secured debt financing for the buyer.

May 5, 2022

Acquisitions Net Lease Office Washington Western

Newmark Negotiates Sale of 153,708 SF Meta-Occupied Office Building in Seattle

by Amy Works May 5, 2022

SEATTLE — Newmark has arranged the sale of 1101 Westlake, an office building located in downtown Seattle’s South Lake Union submarket. BioMed Realty acquired the property from Invesco Real Estate for an undisclosed price. Built in 2015, 1101 Westlake is a six-story, 153,708-square-foot creative office building featuring LEED Silver certification and views of Lake Union. The property is 100 percent net-leased to Meta Platforms. Kevin Shannon, Nick Kucha, Michael Moll, Ken White, Rachel Jones, Jeff Hodson, Jesse Ottele and Alex Foshay of Newmark represented the seller in the transaction.

May 5, 2022

California Loans Retail Western

MetroGroup Secures $18.5M Financing for 56,173 SF Retail Center in San Diego

by Amy Works May 5, 2022

SAN DIEGO — MetroGroup Realty Finance has secured $18.5 million in financing for a 56,173-square-foot retail center in San Diego. The undisclosed borrower developed the property in two phases in 2002 and 2013. The financing features a maximum loan-to-value ratio of 60 percent for 10 years with a 30-year amortization schedule. Tenants at the property at the time of financing included Subway, several service and fitness tenants, and a service station and car wash. The use of the funds was not disclosed.

May 5, 2022

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Brokers $5.6M Sale of Multifamily Complex in Mesa, Arizona

by Amy Works May 5, 2022

MESA, ARIZ. — Taylor Street Advisors has arranged the sale of The Horne Portfolio, an apartment complex in Mesa. A local private capital owner sold the asset to a local syndicator and professional investor for $5.6 million, or $200,000 per unit. Located at 111-113 N. Horne St., the portfolio features 28 two-bedroom/one-bathroom apartments, individually metered for electric with individual HVAC units., in single-story, garden-style buildings. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the seller in the deal.

May 5, 2022

Acquisitions Colorado Retail Western

Blue West Capital Arranges $3.4M Sale of Park Hill Shops in Denver

by Amy Works May 5, 2022

DENVER — Blue West Capital has brokered the sale of Park Hill Shops, a three-tenant retail property located in Denver. A Colorado-based real estate investment company sold the asset to a local 1031 exchange investor for $3.4 million. Robert Edwards and Tom Ethington of Blue West Capital represented the seller in the deal. Located at 2245 Kearney St., the 9,160-square-foot building was originally built in the 1950s as a movie theater.

May 5, 2022

California Features Student Housing Western Western Feature Archive

Yardi: Student Housing Shows Healthy Rent Growth, Preleasing Levels for Fall 2022

by John Nelson May 5, 2022

SANTA BARBARA, CALIF. — The student housing industry continued to show strong fundamentals in the first quarter of this year, with preleasing levels off to a robust start and annual rent growth exceeding pre-pandemic levels, according to the latest installment of Yardi’s National Student Housing Report. As of March, preleasing for fall 2022 was reported at 63.8 percent — a number that is 13.5 percent higher than the same time last year and 9.9 percent higher than March 2019 — and the average rent per-bedroom for fall 2022 is $777. These figures are based on the company’s “Yardi 200” markets, which include the top 200 investment-grade universities across all major collegiate conferences, including the Power 5 conferences and Carnegie R1 and R2 universities (research universities in the Carnegie Classification of Institutions of Higher Education). A handful of university markets were almost fully preleased as of March, with Purdue University (99.9 percent preleased), the University of Pittsburgh (99.8 percent preleased) and the University of Wisconsin-Madison (98.3 percent preleased) topping the list. Few universities are struggling with fall 2022 preleasing so far, but those that are tend to have higher acceptance rates, according to the report. The University of Houston had the …

May 5, 2022

Acquisitions Arizona Development Industrial Western

LPC Desert West Buys 140-Acre Site for Luke Field Industrial Development in Glendale, Arizona

by Amy Works May 4, 2022

GLENDALE, ARIZ. — LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Co., has purchased a 140-acre development site in Glendale for $53 million. The company plans to develop Luke Field, a $515 million industrial project, on the site. The property’s borders are Litchfield Road, Northern Avenue, Northern Parkway and Luke Air Force Base. Upon completion, the 2.3 million-square-foot Luke Field will include three buildings totaling 1.26 million square feet, 604,000 square feet and 416,000 square feet. All buildings will feature 40-foot clear heights, touchless technology, 25-foot glass entries, 3,000 amps of power, automated dock doors, steel moment frame shear bracing and five-foot by 10-foot clerestory windows on all elevations. Additionally, the project will offer barbecue stations, a shaded outdoor eating area and employee collaboration spaces, as well as extensive car and secure trailer parking. Construction is slated to begin fourth-quarter 2022, with completion slated for first-quarter 2024. All three buildings will be constructed in a single phase. Butler Design Group is serving as architect. A general contractor has not yet been selected.

May 4, 2022

California Development Loans Office Western

BWE Arranges $77M Construction Loan for Office Campus in Los Angeles

by Amy Works May 4, 2022

LOS ANGELES — Bellwether Enterprise Real Estate Capital (BWE) has closed a $77 million nonrecourse construction loan for a flex office campus in northern Los Angeles. The borrower plans to develop a 204,600-square-foot building with 35-foot clear heights, specialized office build-out and onsite trailer storage space. Additionally, a new parking structure will be constructed on the site. Tom Kenny, Josh Boehling and Alex Gregoire of BWE’s Irvine, Calif., office originated the financing on behalf of the borrower. The financing was arranged with a bank lender for an initial three-year term, with an optional extension.

May 4, 2022

Acquisitions California Multifamily Western

Colliers Brokers $25M Acquisition of City Plaza Multifamily Property in Escondido, California

by Amy Works May 4, 2022

ESCONDIDO, CALIF. — Colliers has arranged the purchase of City Plaza, an apartment building located at 300-330 S. Escondido Blvd. in Escondido, a northern suburb of San Diego. Providence City Plaza Apartments II LLC acquired the asset from Escondido Apartments Investment LLC for $25 million. Built in 2018, the 63,729-square-foot property features 56 units in a mix of one- and two-bedroom layouts. Additionally, the property offers ground-floor retail space and 126 subterranean parking spaces. Peter Scepanovic and Corey McHenry of Colliers represented the buyer in the deal.

May 4, 2022

Acquisitions Multifamily Seniors Housing Washington Western

Cushman & Wakefield Negotiates Sale of 703-Unit Seniors Housing Portfolio in Vancouver, Washington

by Amy Works May 4, 2022

VANCOUVER, WASH. — Cushman & Wakefield has arranged the sale of three Class A seniors housing communities in the Portland, Oregon suburb of Vancouver. The 703-unit portfolio spans the care continuum with offerings of active adult apartments, independent living, assisted living and memory care services. The seller, Rood Investments, developed all three communities between 2001 and 2017 in well-amenitized urban areas. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Jack Griffin represented the seller in the transaction. The buyer and price were not disclosed.

May 4, 2022

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