Western

BJ’s Restaurants Plans 7,600 SF Location in Goodyear, Arizona

by Amy Works March 8, 2022

GOODYEAR, ARIZ. — BJ’s Restaurants Inc. has purchased land to develop a BJ’s Restaurant & Brewhouse near Civic Square at GSQ, a new city hall, library and community gathering spot in Goodyear. Located on a three-acre site at the northeast corner of North 150th Drive and West McDowell Road, the family-friendly restaurant is slated to open in late 2022. Totaling more than 7,600 square feet, the new BJ’s interior will seat approximately 250 guests, with more seating at the patio and round bar. The restaurant plans to hire approximately 160 team members. BJ’s operates seven breweries in five states and offers 11 beers and ciders on tap.

March 8, 2022

Development Multifamily Nevada Seniors Housing Western

SR Construction Completes Silverado Red Rock Memory Care Community in Las Vegas

by Amy Works March 7, 2022

LAS VEGAS — SR Construction has completed work on Silverado Red Rock, a memory care community in Las Vegas. This single-story, 36,381-square-foot property features 60 resident rooms and 72 resident beds. The community will welcome its first residents on March 14. This is the second community that SR has built for Silverado.

March 7, 2022

California Industrial Loans Northmarq Western

Northmarq Negotiates $35M Refinancing for Seven-Building Industrial Campus in San Jose

by Amy Works March 7, 2022

SAN JOSE, CALIF. — Northmarq has arranged $35 million in refinancing for a seven-building industrial asset located at 1100-1070 Commercial St. in San Jose. Built in 1995 on 18.6 acres, the property features 337,585 square feet of industrial space with one-third warehouse space, one-third light industrial and one-third incubator space. John Kerslake and Briana Harney of Northmarq’s San Francisco debt/equity office secured the 10-year, interest-only loan for the borrower through the firm’s correspondent relationship with a life insurance company.

March 7, 2022

Acquisitions Loans Retail Washington Western

IPA Arranges $23.4M Acquisition Loan for Park Place Retail Property in Tukwila, Washington

by Amy Works March 7, 2022

TUKWILA, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $23.4 million acquisition loan for Park Place, a regional strip mall located at 17501 Southcenter Parkway in Tukwila. Ray Allen of IPA’s Seattle office secured the 10-year financing, which features a loan-to-value ratio of 65 percent and a 3.5 percent interest rate, for the undisclosed tenant. Built in 1996, the property features 153,454 square feet of retail space. Current tenants include JoAnn Fabrics, K&G, HomeGoods, Ashley Homestore and PetSmart. The buyer and seller were not disclosed.

March 7, 2022

Acquisitions California Retail Western

Faris Lee Investments Brokers $14.1M Sale of La Paz Shopping Center in Laguna Niguel, California

by Amy Works March 7, 2022

LAGUNA NIGUEL, CALIF. — Faris Lee Investments has negotiated the sale of La Paz Shopping Center in the Orange County city of Laguna Niguel. Carson Cos. sold the asset to an Orange County-based private investor for $14.1 million. Scott DeYoung, Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller and the buyer in the deal. Located at 460 S. Lake Ave., the property features 35,302 square feet of retail space. Current tenants include Walgreens and Wild Fork Foods, a meat and seafood market. The multi-tenant asset also had vacant suites at the time of sale.

March 7, 2022

Acquisitions Leasing Activity Net Lease Retail Washington Western

Marcus & Millichap Negotiates Sale-Leaseback of 46,000 SF Great Floors-Occupied Property in Spokane Valley, Washington

by Amy Works March 7, 2022

SPOKANE VALLEY, WASH. — Marcus & Millichap has arranged the sale-leaseback of a retail property located at 13708 E. Indiana Ave. in Spokane Valley. A limited liability company sold the asset to a California-based 1031 exchange buyer for $8 million. Great Floors occupies the 46,000-square-foot property on a net-leased basis. This is the fourth Great Floors property to close in a series of five sale-leaseback transactions in Washington and Idaho. Clayton Brown, Christopher Edwards and Ruthanne Romero of Brown Retail Group in Marcus & Millichap’s Seattle office represented the seller in the deal.

March 7, 2022

Acquisitions California Development Michigan Multifamily Ohio Seniors Housing Tennessee Top Stories

Welltower Acquires 33-Property Seniors Housing Portfolio for $548M, Plans Two Developments in Silicon Valley

by Jeff Shaw March 7, 2022

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL), a Toledo-based healthcare REIT, has agreed to acquire 33 seniors housing communities totaling 2,787 units in Michigan, Ohio and Tennessee. The purchase price is $548 million. The communities will be acquired as three separate portfolios from undisclosed sellers. The communities were available for purchase because the lease-up process was heavily damaged by the onset of the COVID-19 pandemic. With occupancy at only 63 percent, Welltower expects the communities will greatly improve their performance in 2023 and beyond. Welltower will install Michigan-based senior living operator StoryPoint to manage the communities under a RIDEA agreement. The acquisition is expected to be funded through the issuance of partnership units, assumed debt and cash on-hand. Simultaneously with the acquisition announcement, Welltower unveiled a development partnership with a joint venture between Related Cos. and Atria Senior Living to develop two seniors housing communities in Silicon Valley. One will be located in Santa Clara and the other in Cupertino. Welltower suggests these developments are just the first projects of many for the partnership. The Santa Clara development will consist of 191 units next to a fully entitled, 9.2 million-square-foot urban development that Related began building in 2015. The larger project, …

March 7, 2022

Arizona Market Reports Retail Western Western Market Reports

Job Gains, Visitors Returning Jolt Retail Consumption in Phoenix, While Growth Projections Buoy Investor Sentiment

by Jeff Shaw March 7, 2022

By Ryan Sarbinoff, First Vice President, Regional Manager, Marcus & Millichap Retail metrics in the Valley have soundly improved after enduring some turbulence during the health crisis. Through the first nine months of 2021, net absorption totaled roughly 1.6 million square feet, putting the market on a trajectory to record its highest annual count since 2017. More than half of that absorption was logged between July and September, indicating that momentum is building. Phoenix retail market is in a much stronger position heading into 2022 Several factors are driving the uptick in retail space demand. Metro employment surpassed the pre- pandemic peak by August 2021, spearheading consumers’ ability to spend. At the same time, more seasonal residents are returning to the Valley after many chose not to travel in 2020, while tourism is also progressing. According to the City of Phoenix Aviation Department, passenger counts at local airports increased by 67 percent year-to-date through September relative to the same period last year. All these underlying forces benefit retail spending, and ultimately fuel tenant demand. Longer-term outlook is robust, piloted by growth trends Phoenix is expanding at a swift pace, with the metro’s favorable climate, quality of life and job availability attracting new residents. From the beginning of …

March 7, 2022

Acquisitions Affordable Housing Arizona Multifamily Western

ABI Multifamily Brokers $37.5M Sale of Vicinity Apartments in North Central Phoenix

by Amy Works March 4, 2022

PHOENIX — ABI Multifamily has negotiated the sale of The Vicinity Apartments, a multifamily community located at 6131 N. 16th St. in Phoenix. The property traded for $37.5 million, or $300,000 per unit. The undisclosed buyer and seller are both based in Arizona. Built in 1975 on 4.3 acres, The Vicinity Apartments features 125 units in 10 two- and three-story buildings. The community features a mix of 49 one-bedroom units, 26 two-bedroom townhome-style units and 50 two-bedroom/two-bath units. Units feature air conditioning/heating, hardwood-style flooring, walk-in closets, a patio or balcony, extra storage and a fully equipped kitchen with oven/range, refrigerator, garbage disposal, microwave and pantry. Community amenities include a swimming pool and spa, fitness center, business center, laundry facility, clubhouse, open courtyard, barbecue grills, picnic area, mature landscaping, controlled access and onsite covered and open parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group handled the transaction.

March 4, 2022

Development Multifamily Washington Western

TWG Plans $50M Grata at Totem Lake Multifamily Community in Kirkland, Washington

by Amy Works March 4, 2022

KIRKLAND, WASH. — TWG has acquired a parcel at 12410 NE Totem Lake Way for the development of Grata at Totem Lake, an apartment property in Kirkland. Groundbreaking and construction are slated to start in the coming months, with completion scheduled for early 2024. The $50 million, seven-story project will feature 125 units ranging from studios to four-bedroom apartments. The development will reserve 88 apartments for residents earning up to 50 percent of the county’s area median income (AMI) and 37 apartments for those earning up to 60 percent AMI. The pet-friendly community will feature maximized ventilation systems, onsite parking, bicycle facilities and shared laundry facilities. Additionally, the property is within close proximity to a playground and a shopping center with a movie theater, Whole Foods Market, Trader Joe’s, eateries, a gym and high-capacity transit. The development will also be energy efficient with solar arrays on the building’s roofs, electric vehicle battery charging stations, specialized envelope systems to preserve energy use and green-rated appliances in units. The development is supported by the Evergreen Impact Housing Fund – housed at Seattle Foundation – which received a $50 million investment from Microsoft last year.

March 4, 2022

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