Western

Dunleer Buys 11-Property Industrial Portfolio Totaling 43,414 SF in Upland, California

by Amy Works November 10, 2022

UPLAND, CALIF. — Los Angeles-based Dunleer has acquired 11 industrial buildings on three separate parcels spanning 3.1 acres at 928, 1004 and 1024 9th St. in Upland. An undisclosed seller sold the assets for $8 million. Totaling 43,414 square feet, the buildings offer 12 units and are less than a quarter mile from Interstate 10, providing direct access to Los Angeles and the greater Southern California region. Joe Harmon and Charles Johnson of DAUM represented the buyer and seller in the transaction.

November 10, 2022

California Development Industrial Western

Trammell Crow, CBRE Break Ground on 500,000 SF Cochrane Technology Center in Morgan Hill, California

by Amy Works November 9, 2022

MORGAN HILL, CALIF. — Trammell Crow Co., along with joint venture partner CBRE Investment Management, has broken ground on Cochrane Technology Center, a Class A industrial park in Morgan Hill. Situated on 30 acres, the speculative development will feature five buildings offering a total of 500,000 square feet. The single-phase Cochrane Technology Center will offer buildings ranging from 73,000 square feet to 138,000 square feet. The property is slated for completion in early 2024. The project team includes HPA as architect of record, Kier and Wright as civil engineer and Mille & Severson as general contractor. Rob Shannon, Chip Sutherland and Brian Matteoni of CBRE will handle marketing and leasing of the property.

November 9, 2022

Acquisitions California Multifamily Western

Waterton Acquires 406-Unit Veranda La Mesa Multifamily Community in Metro San Diego

by Amy Works November 9, 2022

LA MESA, CALIF. — Waterton has purchased Veranda La Mesa, an apartment property located at 5353 Baltimore Drive in La Mesa, for an undisclosed price. The transaction marks Waterton’s first acquisition in the San Diego metro area. The name of the seller was not released. Situated on 18 acres, Veranda La Mesa features 406 apartments in a mix of studio, one- and two-bedroom layouts. Onsite amenities include multiple clubhouses, four swimming pools, six spas, a fitness center, game room, co-working lounge, dog washroom, tennis court, six laundry facilities and two dog parks. Waterton plans to implement a light value-add strategy across the common spaces while modernizing the remaining residences with new countertops, appliances, lighting, plumbing fixtures and flooring. The seller recently renovated the common areas and more than one-third of the residences.

November 9, 2022

Acquisitions Colorado Multifamily Western

CBRE Negotiates $31M Sale of Corsican Apartments in Denver

by Amy Works November 9, 2022

DENVER — CBRE has arranged the $31 million sale of Corsican Apartments, a multifamily community located in Denver’s Cheesman Park neighborhood. Justin Hunt, Andy Hellman, Erik Toll, Chris Hart and Jessica Graham of CBRE represented the seller, the property’s long-term ownership group, in the deal. The name of the buyer was not released. Built in 1968, Corsican features 82 apartments in a mix of one- and two-bedroom floor plans, with an average unit size of 820 square feet. The 11-story building offers underground parking, an indoor heated pool, steam room, dry sauna, fitness center, yoga studio and resident lounge/game room. The asset is located at 1330 Gaylord St.

November 9, 2022

Development Industrial Nevada Western

Panattoni Plans 195,000 SF Industrial Facility at Spanish Springs Business Center Near Reno, Nevada

by Amy Works November 9, 2022

SPANISH SPRINGS, NEV. — Panattoni Development has released plans for 420 Ingenuity Ave., a Class A industrial building at the 594-acre, master-planned Spanish Springs Business Center in Spanish Springs, a suburb north of Reno. The 195,000-square-foot facility will offer a combination of light industrial flex space with smaller units divisible to 9,000 square feet, and larger mid-bulk industrial space with unit sizes ranging from 31,500 square feet to 141,000 square feet. Each suite will include a build-to-suit office showroom, dock-high and grade-level door access, 30-foot clear heights, 50-foot by 50-foot column spacing with 60-foot speed bays, skylights and motion sensor LED lighting. Alston Construction will serve as general contractor on the project, which is slated for delivery in fourth-quarter 2023. Groundbreaking is scheduled for this fall.

November 9, 2022

Acquisitions Arizona Multifamily Western

Newmark Arranges Sale of 200-Unit Cobblestone Apartments in Phoenix

by Amy Works November 9, 2022

PHOENIX — Newmark has brokered the sale of Cobblestone Apartments, a multifamily community located at 15449 N. 25th Ave. in Phoenix. Terms of the transaction were not released. Chris Canter, Brett Polachek and Brad Goff of Newmark represented the seller, Sharo Khastoo, in the deal. Built in 1980, the two-story property features 200 units in a mix of four floor plans ranging from 615-squrare-foot one-bedroom/one-bath to 967-square-foot two-bedroom/two-bath units. Community amenities include on-site maintenance and management, a fitness center, dog park, clubhouse equipped with a kitchen for private functions, pool area with grills and a spa.

November 9, 2022

Acquisitions California Multifamily Top Stories Western

Northland Acquires THEA at Metropolis Luxury Apartment Tower in Los Angeles for $504M

by Kristin Harlow November 9, 2022

LOS ANGELES — Northland has entered the California market with the acquisition of THEA at Metropolis, a 59-story luxury apartment tower in downtown Los Angeles. The U.S. subsidiary of China’s Greenland Holding Group sold the asset for $504 million, according to The Wall Street Journal. Northland says the purchase price represents a 40 to 45 percent discount to today’s replacement costs. The newspaper reports that the original asking price 18 months ago was $695 million, which was still less than the original development costs. High interest rates and falling rents have affected the apartment market nationally. Additionally, The Wall Street Journal cites California rent regulations and the ability of renters to move away from downtown Los Angeles due to remote work for contributing to suppressed property values. THEA was designed and built as for-sale condominiums before being converted into apartment units after construction. Completed in 2020, the 685-unit property is currently 91 percent occupied. THEA is part of a master-planned community named Metropolis. Residents are situated two blocks away from L.A. LIVE, a 5.6 million-square-foot sports and entertainment complex that encompasses numerous restaurants and bars, the 7,100-seat Microsoft Theater and Crypto.com Arena, home of the NBA’s Los Angeles Lakers and Los …

November 9, 2022

7000-Shoreline-Ct-South-San-Francisco-CA

California Life Sciences Loans Western

JLL Arranges $213.4M in Financing for Life Sciences Portfolio in Northern California

by Amy Works November 8, 2022

SOUTH SAN FRANCISCO AND SAN CARLOS, CALIF. — JLL Capital Markets has arranged $213.4 million in financing for a five-building life sciences portfolio in South San Francisco and San Carlos. The borrower is an affiliate of GI Partners. Kevin MacKenzie, Brian Torp, Alex Witt and Samuel Godfrey of the JLL Capital Markets Debt Advisory team secured the seven-year, fixed-rate loan through a life insurance company. Loan proceeds were used to finance the assets acquired via a recent Sale, which JLL also arranged. Totaling 325,977 square feet, the buildings are located at 7000 Shoreline Court and 341-343 Oyster Point Boulevard in South San Francisco and 75 and 125 Shoreway Road in San Carlos.

November 8, 2022

Development Loans Multifamily Nevada Western

Growth Holdings Receives $85M Construction Loan for Otonomus Las Vegas Apartments

by Amy Works November 8, 2022

LAS VEGAS — Las Vegas-based Growth Holdings has received a $85 million first lien construction loan for the development of Otonomus Las Vegas, a residential and short-term rental property. Slated to open in fourth-quarter 2024, the 303-unit community will feature fully furnished apartments with stainless steel appliances, granite and quartz countertops, tile backsplashes and LED lighting. The four- and five-story complex will offer open floor plans, 10-foot ceilings, walk-in closets and private balconies. Community amenities will include a fitness center, clubhouse, meeting space, lounge areas, three courtyards with picnic and barbecue areas, and two resort-style pools with cabanas. Additionally, the property will feature 38,000 square feet of retail offerings. Brad Ferguson of Dallas-based HALL Structured Finance (HSF) originated the loan. Las Vegas-based CORE Advisory Partners sourced the financing for the project.

November 8, 2022

Development Healthcare Leasing Activity Mixed-Use Montana Retail Western

Corning Cos. Begins $50M Redevelopment of Gallatin Valley Mall in Bozeman, Montana to Include State’s First Whole Foods

by Amy Works November 8, 2022

BOZEMAN, MONT. — Corning Cos. is currently underway on a $50 million, multi-phase redevelopment of Gallatin Valley Mall, a retail center located in Bozeman. To be known as Gallatin Crossing, the mixed-use property will feature retail, entertainment and medical space, including a 45,000-square-foot medical pavilion that will bring together Intermountain Healthcare and Ortho Montana PSC. Whole Foods Market will also join the property with a location that marks its first in the state. The first phase of development for the project, which began in September 2022, is scheduled for completion later this year. A second phase — which will include façade upgrades, updated parking and refreshed landscaping, signage and lighting — is scheduled to begin in spring 2023. Grossman Development Group, Boston Realty Advisors and Situs Realty Group are working with owner Corning Cos. on the project.

November 8, 2022

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