Western

IPA Brokers Sale of Sprouts Farmers Market-Occupied Retail Property in Denver

by Amy Works February 10, 2022

DENVER — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a newly constructed retail building located in Denver. Colorado-based Rustic Partners acquired the property from Evergreen DevCo for an undisclosed price. Evergreen developed the 23,300-square-foot asset as a build-to-suit for Sprouts Farmers Market. The grocery store anchors the new shopping center at the northeast corner of 56th Avenue and Tower Road. Ryan Bowlby and Drew Issac of IPA, along with James Rassenfoss of Marcus & Millichap, represented the seller and procured the buyer in the deal.

February 10, 2022

Acquisitions California Industrial Western

DAUM Negotiates Acquisition of Two Industrial Buildings Totaling 208,180 SF in Fremont, California

by Amy Works February 10, 2022

FREMONT, CALIF. — DAUM Commercial Real Estate Services has arranged the purchase of two fully leased industrial properties in Fremont. CenterPoint Properties acquired the assets from an undisclosed seller for $86 million. Jordan Lara of DAUM represented the buyer in the deal. Situated on 13.7 acres at 41099 Boyce Road, the properties offer a total of 208,180 square feet of industrial space with 28-foot clear heights and a fully secured site.

February 10, 2022

Acquisitions Arizona Loans Office Western

Gantry Arranges $15.5M Acquisition Financing for Office Building in Chandler, Arizona

by Amy Works February 10, 2022

CHANDLER, ARIZ. — Gantry has secured $15.5 million in financing for the acquisition of a three-story office building located at 3377 S. Price Road in Chandler. Workpliciti, a Chandler-based co-working space provider, anchors the 83,000-square-foot property. Craig Hoebing, Chad Metzger and Kevin Valenzuela of Gantry arranged the loan for the borrower, a private investor. Avana Cos. provided the five-year loan, which features a fixed rate and 25-year amortization schedule with no pre-payment penalties.

February 10, 2022

Acquisitions California Loans Multifamily Western

Ready Capital Closes $17.3M Loan for Multifamily Property in Los Angeles

by Amy Works February 10, 2022

LOS ANGELES — Ready Capital has closed $17.3 million in financing for the acquisition, renovation and stabilization of a 94-unit apartment community in Los Angeles’ Norwalk submarket. Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan including taking care of deferred maintenance projects while renovating unit interiors, building exteriors and common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

February 10, 2022

Hilary Provinse Multifamily Financing quote

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Multifamily Financing Outlook Positive Despite Volatility, Interest Rates

by Sarah Daniels February 10, 2022

2021 was an exciting year in the multifamily financing market, and for Berkadia mortgage banking — we originated over $40 billion in volume for our clients across our various lender programs, an increase of 50 percent over our 2020 volumes. Every lender in the market demonstrated a strong appetite for originating loans and increased their holdings of mortgages, which was crucial given that the Federal Housing Finance Agency (FHFA) lowered the caps for Fannie Mae and Freddie Mac to $70 billion each. While the final numbers haven’t been released yet, the Mortgage Bankers Association (MBA) projected the market would originate $578 billion of loans backed by commercial real estate in 2021, a 31 percent increase from 2020 ($442 billion) and just below 2019’s record volume of $601 billion. The fundamentals of the multifamily sector drove unbelievable rent growth, which in turn drove increased investor interest. In 2021, we advised on 762 investment sales transactions, totaling close to $27 billion in volume, a truly record-breaking year for us! This tremendous investor appetite brought about an enhanced need for financing, and often more creative financing. With the government-sponsored enterprises (GSEs) more limited, life companies and commercial banks answered the call, but the …

February 10, 2022

Arizona Development Industrial Western

CapRock Breaks Ground on 3.4 MSF Spec Industrial Complex in Central Phoenix

by Amy Works February 9, 2022

PHOENIX — CapRock Partners has broken ground on CapRock West 202 Logistics, a 3.4 million-square-foot speculative infill industrial property in central Phoenix. Grading has commenced for the first phase of the 183-acre development. The first phase will include the development of approximately 140 acres, delivering 2.5 million square feet of modern industrial warehouse space across five Class A buildings with clear heights ranging from 36 feet to 40 feet. Completion of the first phase is slated for first-quarter 2023. Phase II will include an additional three buildings totaling 827,330 square feet on 43 acres. Timing of the second phase’s start will be announced at a later date. Willmeng Construction is serving as general contractor, Carlile Coatsworth Architects as architect and Kimley Horn as engineer.

February 9, 2022

Loans Multifamily Nevada Student Housing Western

Ready Capital Closes $29.6M Financing for Student Housing Property in Las Vegas

by Amy Works February 9, 2022

LAS VEGAS — Ready Capital National Bridge team has closed the financing for the acquisition, conversion, renovation and stabilization of a 156-unit student housing property in the University District submarket of Las Vegas. Upon acquisition, the undisclosed sponsor plans to reposition the asset from student housing to traditional multifamily through a rebranding and renovation program. Ready Capital closed the $29.6 million non-recourse, interest-only, floating-rate loan, which features a 36-month term and two extension options. Additionally, the loan includes a facility to provide future funding for capital expenditures.

February 9, 2022

Acquisitions Net Lease Nevada Retail Washington Western

Faris Lee Arranges Sales of Two Grocery Stores in Nevada, Washington for $22.4M

by Amy Works February 9, 2022

HENDERSON, NEV., AND MILLWOOD, WASH. — Faris Lee Investments has brokered the sales of two single-tenant grocery stores, totaling 106,254 square feet in Henderson and Millwood. The properties sold for a combined consideration of $22.4 million. Jeff Conover and Scott DeYoung of Faris Lee Investments represented the undisclosed buyers and seller, a Southern California-based family private office, in the deal. Located in Henderson, the 58,254-square-foot property is an absolute triple-net lease to Albertsons with 14 years remaining on its lease. The second property, located in Millwood, is a 48,000-square-foot, freestanding Safeway, with 18 years remaining on its lease.

February 9, 2022

Development Multifamily Washington Western

Shea Properties Opens 203-Unit EdgePoint Apartments in North Seattle

by Amy Works February 9, 2022

SEATTLE — Shea Properties has opened EdgePoint Apartments, a multifamily community located at 320 N. 85th St. in Seattle’s Greenwood neighborhood. The six-story, 203-unit property features a mix of open one-, one- and two-bedroom units ranging in size from 561 square feet to 990 square feet. Units offer quartz countertops, wood-style flooring, stainless steel appliances and high-end finishes throughout. Additionally, the property features a sky deck, lounge, fitness center, pet spa and 4,500 square feet of onsite retail space. Rush served as general contractor and Runberg Architecture Group served as architect for the project.

February 9, 2022

Acquisitions California Retail Western

Calbay Development Buys 26,000 SF Retail Property in Alhambra, California

by Amy Works February 9, 2022

ALHAMBRA, CALIF. — Manhattan Beach-based Calbay Development has purchased the fee interest in a freestanding retail building along Valley Boulevard in Alhambra. Terms of the transaction were not released. Situated on 1.5 acres, Office Depot formerly occupied the 26,000-square-foot asset. The property also offers 98 parking stalls and prominent visibility and signage on Valley Boulevard. Calbay acquired the property as a value-add opportunity and is in late-stage negotiations with a national retailer to lease the entire space. Bill Asher and Jeff Lefko of Hanley Investment Group brokered the transaction.

February 9, 2022

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