COLORADO SPRINGS, COLO. — Tepuy Properties has purchased a three-story office building located at 5825 Delmonico Drive in Colorado Springs. DCP Delmonico LLC sold the asset for $7.9 million. Built in 1985, the 38,638-square-foot property was 90 percent occupied at the time of sale by eight tenants, including USA Triathlon. Eric Rutherford of WK Estate represented Tepuy Properties, while Matt Call of NavPoint Real Estate Group represented the undisclosed seller in the transaction.
NORTH LAS VEGAS, NEV. — CapRock Partners has completed the disposition of CapRock Tropical Logistics Phase I, a recently completed core industrial logistics facility in North Las Vegas. Terms of the sale were not released. Phase I consists of two Class A warehouse buildings totaling 1.1 million square feet on an 83-acre site. Developed by CapRock, the two buildings are 100 percent leased to three investment-grade credit tenants, including a Fortune 100 ecommerce company. The single-tenant building at 5802 E. Tropical Parkway features 857,000 square feet, 40-foot clear heights, 171 dock-high doors, 8,000 amps of power, 300 trailer stalls and 679 auto parking stalls. Located at 5902 E. Tropical Parkway, the second building features 271,000 square feet, 32-foot clear heights, 54 dock-high doors, 3,000 amps of power, 159 trailer stalls and 162 auto park stalls. Cushman & Wakefield’s Jeff Chiate, Jeff Cole, Mike Adey, Ed Hernandez and Brad Brandenburg, along with JLL’s Rob Lujan, Xavier Wasiak and Jason Simon, arranged the sale. Additionally, CapRock has broken ground on Phase II of the development, located at 6185, 6215 and 6325 N. Beesley Drive. The expansion will include Building 1 with 249,000 square feet, 28 dock-high loading doors, two drive-in doors, a …
LOS ANGELES — JLL Capital Markets has secured $52 million in acquisition financing for Van Nuys Industrial Park, a value-add business park situated on 11.7 acres in the Van Nuys submarket of Los Angeles. The borrower is Boston-based Longpoint Realty Partners. The seller was not disclosed. Totaling 84,346 square feet, Van Nuys Industrial Park features four light industrial buildings constructed between 1963 and 1974, plus two land parcels totaling 3.8 acres used as outdoor storage lots for automobile and truck trailers. At the time of sale, the property was fully leased to six tenants. The buildings are located at 16300-16210, 16251, 16201, 16141, 16161 Raymer St. and 8085 Woodley Ave. Greg Brown and Peter Thompson of JLL Capital Markets placed the three-year, floating-rate, nonrecourse acquisition loan with Prime Finance.
CLOVIS, N.M. — Carson City, Nev.-based Mission Senior Living has acquired Wheatfields Estates Senior Living and Memory Care at 4701 N. Prince St. in Clovis, located in the eastern portion of the state near the Texas border. Wheatfields Estates offers independent living cottages, assisted living, memory care and respite care for seniors. Terms of the transaction were not released. The acquisition brings Mission Senior Living’s portfolio to seven properties in three states, including Three Rivers Estates Senior Living and Memory Care property, currently under construction in Farmington.
TUCSON, ARIZ. — CBRE has arranged a $30 million loan for the dual-branded Hampton Inn/Home2 Suites hotel in Tucson. Located at 141 S. Stone Ave., the 199-key property opened in late summer 2021. Adrienne Andrews and Will Denton of CBRE facilitated the refinancing for the owner, Fayth Hospitality. A national bank lender provided the seven-year, fixed-rate loan, which pays off the construction loan and provides a future funding upside.
MOUNTAIN VIEW, CALIF. — JLL Capital Markets has arranged an undisclosed amount of construction financing for the redevelopment of Italian restaurant Frankie, Johnnie & Luigi Too! into Mountain View Memory Care, a Class A, 54-unit, 60-bed, private-pay memory care community in the Bay Area city of Mountain View. JLL worked on behalf of the borrower, the D’Ambrosio Family, and its operating partner, Calson Management, to secure the construction financing through a local bank. The community will also continue be home to the D’Ambrosio Family’s restaurant, Frankie, Johnnie & Luigi Too! once completed. The community is positioned on 0.85 acres in an affluent residential neighborhood in Silicon Valley. The site is near highways 85, 237 and 101 and will have two accessible bus stops on either end of the community, providing future residents with transportation to nearby retail, dining and entertainment amenities. Bercut Smith, Lillian Roos and Chad Morgan led the JLL Capital Markets debt advisory team representing the borrower.
By Omar Eltorai, Arbor Realty Trust To understand the affordable housing market in spring 2022, one needs to first assess how this sector weathered the pandemic and then assess the current state of housing affordability across the country. In-depth findings on these trends are included in the Arbor Realty Trust-Chandan Economics Affordable Housing Trends Report, from which this article is excerpted. Weathering the Pandemic When it comes to the pandemic response, federal policymakers proved effective at defusing a large-scale increase in homelessness from financially insecure households. The Center for Disease Control and Prevention’s (CDC) eviction moratorium, while unpopular among industry advocates, prevented an estimated 1.6 million evictions, according to an analysis by Eviction Lab. After the Supreme Court struck down the federal moratorium in August 2021[1], the wave of evictions that many were forecasting did not immediately materialize. Nationally, tracked eviction filings ticked up but remained well below their pre-pandemic averages, according to Eviction Lab. A key reason why many at-risk renters have remained in their homes is the deployment of funds allocated in the Emergency Rental Assistance Program (ERA) — a funding pool designed to assist households that are unable to pay rent or utilities. The ERA Program was …
BROOMFIELD, COLO. — Lincoln Property Co. (LPC) and FCP, both privately held real estate investment companies, have unveiled plans for the Colorado Research Exchange (CoRE), a 450,000-square-foot life sciences campus in Broomfield. Construction is scheduled to begin this fall for completion in early 2024. Located approximately midway between Denver and Boulder, CoRE will comprise four buildings, three of which will be four- to five-story tenant buildings ranging from approximately 110,000 to nearly 200,000 square feet. The fourth property, a shared amenity center for all tenants, will total 15,960 square feet and feature a fitness center, locker rooms, bike storage, tenant lounge with fireplace, outdoor terrace, conference/training facility and a food market. Each tenant building boasts views of the Front Range section of the Rocky Mountains, while green space connects each of the properties. Development cost estimates were not disclosed. The developers selected Broomfield due to its highly educated workforce and close proximity to two major metro areas. Current demand for life sciences space in this area has reached over 1.4 million square feet and continues to grow as companies focus on the market for its access to talent, capital and business-friendly environment, according to the developers. The partnership expects CoRE …
LAS VEGAS; SCOTTSDALE, ARIZ.; AND ALBUQUERQUE, N.M. — Kennedy Wilson has acquired three multifamily communities totaling 1,110 units in three separate off-market transactions for $418 million, excluding closing costs. The properties are Palms at Peccole Ranch in Las Vegas, La Privada in Scottsdale and San Miguel del Bosque in Albuquerque. The company invested $255 million of total equity in the three communities, which are expected to generate approximately $15 million of initial annual net operating income to Kennedy Wilson. Beginning immediately, Kennedy Wilson will implement a $19 million value-add asset management plan, including renovating more than 65 percent of existing units, refreshing common areas and enhancing amenities to further grow net operating income.
SAN DIEGO — Majestic Realty Co. and Sunroad Enterprises have started construction on the second half of their four-building Landmark at Otay development, located at the intersection of state routes 905 and 125 in San Diego. Construction is underway on 50 acres of the 67-acre master-planned development, including a 240,975-square-foot building at 1610 Landmark Road and a 235,085-square-foot building at 1910 Landmark Road. Both buildings will feature 36-foot ceiling clearance and 185-foot secure truck courtyards with individual trailer storage. Additionally, the buildings will offer ESFR fire systems, 51 trailer parking stalls, 40 dock-high doors and two ground-level doors with ramps, as well as Superflat warehouse floors and building-wide clerestory windows. Mark Lewkowitz, Chris Holder and Will Holder of Colliers San Diego are marketing and leasing Phase II of the project. Completion is slated for February 2023. The development team plans to break ground on Phase III, a two-building component including 150,000-square-foot and 115,000-square-foot buildings, this summer.
