Western

Norris & Stevens Brokers $4.5M Sale of Industrial Warehouse in Troutman, Oregon

by Amy Works May 25, 2022

TROUTMAN, ORE. — Portland-based Norris & Stevens has brokered the sale of an industrial warehouse facility located at 1871-1891 NW Commerce Court in Troutman. An entity doing business as PDX Trans LLC acquired the property from an undisclosed seller for $4.5 million. Situated on 1.6 acres, the 23,896-square-foot warehouse features 4,168 square feet of office space and 5,000 square feet of fenced yard space. The single-story warehouse has 20-foot clear heights, two dock-high loading doors and three grade-level doors. Additionally, the site offers abundant parking and easy access to Marine Drive and Interstate 84. Tim Budelman of Norris & Stevens represented the buyer in the transaction, while Mike Hale and Brody Cohen of Capacity Commercial represented the seller.

May 25, 2022

Loans Office Washington Western

CBRE Places $32.5M in Financing for Seattle South Lake Union Office Building

by Amy Works May 24, 2022

SEATTLE — CBRE, on behalf of Swift Real Estate Partners, has placed $32.5 million in financing for 425 Pontius, an office building located in Seattle’s South Lake Union neighborhood. The borrower acquired the property in March 2022. Swift Real Estate Partners will use the financing for the acquisition and renovation of the four-story, 75,000-square-foot office building. The property features four stories of office space, surface parking and two levels of underground parking. The building was originally constructed in 1982 and underwent a lobby renovation in 2018. Swift plans to reposition the asset into creative office space and renovate the exterior and make cosmetic upgrades to the lobby, elevators and common areas. Mike Walker and Brad Zampa of CBRE’s San Francisco office, alongside Jeff Henderson in the Seattle office, arranged the four-year, floating-rate loan through an undisclosed West Coast-based bank. Tom Pehl and Charles Safley of CBRE’s Pacific Northwest-based capital markets team advised the seller, a local private partnership, in the sale of the property in March.

May 24, 2022

California Loans Retail Western

Gantry Arranges $24M Loan for Refinancing of Southern California Retail Center

by Amy Works May 24, 2022

MOORPARK, CALIF. — San Francisco-based mortgage banking firm Gantry has arranged a $24 million bridge loan for the refinancing of Village at Moorpark, a retail center located at 706-790 Los Angeles Ave. in Moorpark. Amazon Fresh, Dover Saddlery and other local, regional and national tenants occupy the 129,000-square-foot property. Mark Ritchie and Austin Ridge of Gantry’s Los Angeles office arranged the financing on behalf of the borrower, a private real estate investor. An investment management platform firm provided the loan, which features earn-out provisions with holdbacks tied to future performance milestones and extensions.

May 24, 2022

Acquisitions Arizona Industrial Western

Sealy & Co. Acquires 85,259 SF Sky Harbor Center Industrial Property in Phoenix

by Amy Works May 24, 2022

PHOENIX — Sealy & Co. has purchased Sky Harbor Center, a Class A industrial building located at 801 S. 16th St. in Phoenix. An affiliate of Cohen Asset Management sold the asset for an undisclosed price. The 85,259-square-foot property is situated on 7.5 acres within the Sky Harbor Airport submarket and was fully leased to two tenants at the time of sale. Will Strong, Greer Oliver, Kirk Kuller and Connor Nebeker-Hay of Cushman & Wakefield represented the seller in the transaction. Cooper Fratt, John Werstler and Tanner Ferrandi of Cushman & Wakefield provide leasing advisory services for the property.

May 24, 2022

Acquisitions Idaho Industrial Western

Cushman & Wakefield Brokers $17.7M Sale of Industrial Facility in Boise

by Amy Works May 24, 2022

BOISE, IDAHO — Cushman & Wakefield has arranged the sale of a newly renovated industrial facility situated on more than 3 acres in Boise. An undisclosed buyer acquired the asset from an entity doing business as Emerald Town LLC for $17.7 million. Located at 11193 Emerald St., the 77,962-square-foot property was fully leased to four tenants at the time of sale. The property features five roll doors, an insulated roof, upgraded office and restroom space, upgraded freezer/cooler space, resurfaced and restriped parking lot and revamped dock door systems. Jennifer McEntee, Bree Wells and D.J. Thompson of Cushman & Wakefield represented the seller in the deal.

May 24, 2022

Acquisitions Multifamily Washington Western

MJW Investments Buys 56-Unit Apartment Building in Vancouver, Washington

by Amy Works May 24, 2022

VANCOUVER, WASH. — Los Angeles-based MJW Investments has acquired Avenue 66, a multifamily community in Vancouver, in an off-market transaction. The seller and sales price were not released. Built in 2016, the garden-style property features 56 apartments in a mix of one- and two-bedroom floor plans. The average unit size is 840 square feet. MJW Investments plans to make light improvements to unit interiors, clubhouse and other common areas. Affinity Property Management will oversee operations and the renovation of the property. Banc of California provided acquisition financing.

May 24, 2022

Aaron Porter, NAI Global, Interest Rate Capital Markets group quote

Content Partner Features Healthcare Industrial Loans Midwest Multifamily NAI Northeast Office Southeast Texas Western

Rising Interest Rates and Inflation to Fuel Change in Property Markets

by Sarah Daniels May 24, 2022

Beginning in the fourth quarter of 2020, commercial real estate buyers and sellers moved off the sidelines and began fueling an impressive investment sales rebound as many pandemic-related lockdowns and restrictions eased or ended. The rush to purchase hard assets hit its apex a year later when commercial property sales surged to a record $362 billion in the fourth quarter of 2021 alone, according to Real Capital Analytics, a part of MSCI Real Assets that tracks property transactions of $2.5 million or more. The strong market is continuing this year: Deals of $170.8 billion closed in the first quarter, a year-over-year increase of 56 percent, Real Capital reports. Buyers in the first quarter also pushed up prices 17.4 percent over the prior year, according to Real Capital’s Commercial Property Price Indices (CPPI). But given rising interest rates and other recent headwinds, will investors continue to drive robust investment activity and bid up prices? The 10-Year Treasury yield has spiked some 150 basis points to around 3 percent since the beginning of 2022, and fixed 10-year mortgage rates of between 3 percent and 4 percent are up about 100 basis points. For short-term variable loans, the benchmark secured overnight financing rate …

May 24, 2022

Acquisitions Arizona Multifamily Western

KB Investments Acquires 280-Unit Multifamily Community in Central Phoenix

by Amy Works May 23, 2022

PHOENIX — KB Investments has acquired Green Leaf Arts District, an apartment complex in Central Phoenix, for an undisclosed price. Located at 222 E. McDowell Road, the property features 280 units with nine-foot ceilings, gourmet kitchens, granite countertops, stainless steel appliances and modern cabinetry. Common area amenities include a two-story clubhouse with an upscale chef’s kitchen, a swim deck with a pool, spa and covered fireplace, a two-story fitness facility and outdoor yoga lawn and a gaming area with barbecue grills and fire pits. The community was built in 2017. Asher Gunter, Matt Pesch, Sean Cunningham, Austin Groen and Tyler Anderson of CBRE represented the seller, Green Leaf Capital Partners, in the transaction.

May 23, 2022

California Development Multifamily Western

Cityview Breaks Ground on South Bay X Multifamily Development in Gardena, California

by Amy Works May 23, 2022

GARDENA, CALIF. — Cityview has broken ground on South Bay X, a multifamily project in Gardena that will feature 265 workforce housing units. Residences will be available in a mix of studio, one- and two-bedroom floor plans ranging in size from 510 to 1,197 square feet. Located at 12850 Crenshaw Blvd., the transit-oriented property offers access to Interstate 105, the LA Metro Green Line and Los Angeles International Airport. South Bay X is slated for completion in early 2025. The project is expected to create upwards of 1,000 jobs during its development.

May 23, 2022

Colorado Industrial Loans Office Western

Good Investment Partners Receives $27M Acquisition Loan for Boulder Industrial, Office Portfolio

by Amy Works May 23, 2022

BOULDER, COLO. — Good Investment Partners (GIP) has received a $27 million loan for the acquisition of a light industrial and office portfolio comprising six properties in Boulder. The single- and multi-tenant buildings are located at 6797, 6837 and 6899 Winchester Circle and 4695, 4697 and 4699 Nautilus Court. Completed between 1982 and 2001, the portfolio was 87.8-percent leased to 23 tenants at the time of the loan closing. The buildings offer clear heights ranging from 13.6 to 20.5 feet, high office finishes, 21 grade-level doors, 19 dock-high doors and ample parking. GIP plans to enhance the properties, which total 184,462 square feet, serve small- to mid-sized companies in the market. Jason Carlos and William Haass of JLL Capital Markets arranged the floating-rate loan through Argentic Investment Management.

May 23, 2022

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