Western

Sandstone Properties Receives $28M Loan for Multifamily/Hotel Project in Woodland Hills, California

by Amy Works October 5, 2022

WOODLAND HILLS, CALIF. — Los Angeles-based Sandstone Properties has received a $28 million loan to refinance an existing loan and to fund the pre-development of a 35-story multifamily property and four-story hotel conversion at 6400 Canoga Ave. in downtown Woodland Hills. Parkview Financial provided the loan. The 4.7-acre redevelopment site currently consists of a three-story, 128,586-square-foot, Class B, multi-tenant office building and 457 surface and structured parking spaces. Sandstone acquired the site in February 2018 and has since obtained entitlements to develop a 35-story, 650-unit apartment building on the location of the existing parking structure. Additionally, the entitlements allow for the 10,000-square-foot expansion of the existing office building and its conversion to a four-story, 240-key luxury hotel. The project team includes WATG as architect and EDG Design as interior designer. A general contractor has not yet been named.

October 5, 2022

Development Office Utah Western

St. John Properties Breaks Ground on 140,768 SF Office Building in Pleasant Grove, Utah

by Amy Works October 5, 2022

PLEASANT GROVE, UTAH — St. John Properties has broken ground for Valley Grove III, a five-story Class A office building in Pleasant Grove. Once complete, the facility will bring the company’s commercial real estate portfolio in Utah to more than 1 million square feet. The 140,768-square-foot property will be the 22nd building at St. John Properties’ Valley Grove, which includes office, flex/R&D, restaurant and retail space. St. John Properties first started development at Valley Grove in 2017.

October 5, 2022

Acquisitions Multifamily Oregon Western

Trion Properties Sells Hallwood Apartments in Beaverton, Oregon for $21.5M

by Amy Works October 5, 2022

BEAVERTON, ORE. — Trion Properties has completed the disposition of The Hallwood Apartments, an apartment property in Beaverton, to a private buyer for $21.5 million. Liz Tilbury of Tilbury Ferguson Investment Real Estate represented Trion and the buyer in the deal. Located at 7535 SW Hall Blvd., The Hallwood Apartments features 76 units in a mix of one- and two-bedroom layouts. The property offers washers, dryers, a swimming pool, ample covered parking and an on-site leasing office. Trion implemented a series of property-wide renovations to the asset, which was constructed in 1986.

October 5, 2022

Acquisitions Affordable Housing Multifamily Seniors Housing Washington Western

PEF Advisors Acquires 75-Unit Rainier Vista Affordable Seniors Housing Property in Pacific, Washington

by Amy Works October 5, 2022

PACIFIC, WASH. — Preservation Equity Fund Advisors (PEF Advisors) has purchased Rainier Vista, an affordable seniors housing property in Pacific. Terms of the transaction were not released. Originally developed in 2003 with low-income housing tax credits, Rainier Vista offers one three-story building with 75 one- and two-bedroom units for affordable housing for seniors age 55 and older. Units offer refrigerators, self-cleaning ovens, microwaves, dishwashers, garbage disposals and storage lockers. The community includes 20 units designated for residents earning 30 percent of area median income (AMI), 25 units for residents at 50 percent AMI and five units for residents at 60 percent AMI. The remaining 25 units are market rate. At the time of sale, the property was 96 percent occupied. Community amenities include a leasing office, clubhouse, library, fitness center, salon, elevator service, three on-site laundry facilities, a knitting room, courtyard community garden and barbecue area.

October 5, 2022

Acquisitions Industrial Oregon Western

Norris & Stevens Brokers $5.5M Sale of Industrial Building in Clackamas, Oregon

by Amy Works October 5, 2022

CLACKAMAS, ORE. — Norris & Stevens has arranged the sale of the 98th & Lawnfield building, an industrial/flex property located at 14200 SE 98th Court in Clackamas. An undisclosed buyer acquired the asset from 14200 SE 98th LLC and BF Lawnfield for $5.5 million. Constructed in 1998, the five-tenant 26,219-square-foot flex facility features abundant parking, five drive-in doors and a 17-foot clear height. Additionally, the building has easy access to Interstate 205, Highway 224 and Highway 212. Greg Nesting and Gabe Schnitzer of Portland-based Norris & Stevens represented the buyer and seller in the deal.

October 5, 2022

California Development Industrial Western

USAA, McDonald Property Group Break Ground on 1.8 MSF Distribution Facility in Beaumont, California

by Amy Works October 4, 2022

BEAUMONT, CALIF. — USAA Real Estate and McDonald Property Group has broken ground on a 1.8 million-square-foot distribution center in Beaumont for United Legwear & Apparel Co. (ULAC). Located at Phase II of the Crossroads Logistics Center, the building will be used to accommodate ULAC’s global design/manufacturing, marketing, sales and distribution. The facility will contain assembly, racking and material handling conveyor automation systems, as well as 30,000 square feet of office space. The development team includes HPA Architecture and Fullmer Construction Co. Luke McDaniel, Cameron Driscoll, Jeff Bellitti and Mac Hewett of JLL represented ULAC. David Consani, Jim Koenig, Darla Longo and Barbara Emmons of CBRE, along with Rick John of Daum, represented McDonald Property Group and USAA in the lease transaction, which was signed in July 2022.

October 4, 2022

Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $74.6M Financing for Heron’s Key Seniors Housing Community in Gig Harbor, Washington

by Amy Works October 4, 2022

GIG HARBOR, WASH. — Ziegler has arranged $74.6 million in financing for Heron’s Key, a continuing care retirement community located just across Puget Sound from Tacoma in Gig Harbor. Currently, the community consists of 194 independent living units, 30 skilled nursing beds and 51 assisted living units. Heron’s Key is a subsidiary of Emerald Communities, which is based in Redmond. Emerald Communities will use proceeds of the Cinderella bank placement will be used with other available funds to advance refinance its 2015 bonds, which financed the original construction of the community. The loan was placed directly with Truist Bank with a 10-year bank commitment. “This average annual debt service savings of $1.1 million will benefit Heron’s Key and aid in building cash that will result in developing a Phase II sooner than later,” says Lisa Hardy, CEO of Emerald Communities.

October 4, 2022

Acquisitions California Development Mixed-Use Multifamily Restaurant Retail Western

Liberty National Buys Development Site in Downtown San Diego for SkyLine West Mixed-Use Tower

by Amy Works October 4, 2022

SAN DIEGO — Liberty National Corp. has acquired a 15,000-square-foot site at the corner of Fourth Avenue and Ash Street in downtown San Diego from Nellis Corp. for an undisclosed price. Liberty plans to develop SkyLine West, a mixed-use tower with residential, retail and restaurant space, on the site. The 37-story tower will offer more than 250 apartments in one-, two- and three-bedroom designs, ranging from 550 square feet to 1,600 square feet. Residences will feature energy-efficient appliances, private balconies and high-end finishes. On-site amenities will include a fitness center, swimming pool, spa, lounge, conference rooms, business center, library, pet grooming room and billiards. Additionally, the development will feature sustainable components and be built using LEED standards. The company plans to submit development plans to the City of San Diego by summer 2023, with construction commencement scheduled for summer 2024.

October 4, 2022

California Loans Multifamily Seniors Housing Western

CBRE Provides $16.2M Refinancing for 97-Unit Seniors Housing Property in Nipomo, California

by Amy Works October 4, 2022

NIPOMO, CALIF. — CBRE National Senior Housing has provided a $16.2 million refinancing for The Oaks at Nipomo, located approximately midway between Los Angeles and San Francisco. The borrower is Westmont Living, along with a group of individual investors. The Oaks at Nipomo sits on a 4.2-acre parcel and features 97 units of independent living, assisted living and memory care. Westmont opened the community in 2017, and it was over 95 percent occupied at the time of the refinancing. Aron Will, Adam Mincberg, Andrew Behrens and Jesse Weber of CBRE arranged the 10-year, fixed-rate loan with five years of interest-only payments through the company’s Freddie Mac Optigo lending platform. California-based Westmont currently owns and operates 19 seniors housing communities throughout California and Oregon with two more communities under construction.

October 4, 2022

Colorado Development Industrial Loans Western

JLL Secures $12.5M in Construction Financing for Boyd Lake Commerce Center in Loveland, Colorado

by Amy Works October 4, 2022

LOVELAND, COLO. — JLL Capital Markets has arranged $12.5 million in construction financing for the development of Boyd Lake Commerce Center Phase I, a Class A outdoor storage project situated on 95 acres in Loveland. The borrower is BLCC One, an affiliate of co-developers Saunders Commercial Development Co. and Winslow Investments. Leon McBroom led the JLL Capital Markets team in arranging the three-year, non-recourse, floating-rate loan through a regional bank. Once completed, the 100,000-square-foot building will offer 28-foot clear heights, 28 loading docks, 188 parking spaces, ESFR sprinkler systems, glass storefront and LED lighting. Additionally, the property will include four acres of outdoor yard space. Boyd Lake Commerce Center is a master-planned development that is expected to include five additional industrial buildings, one office building and one flex project with numerous build-to-unit opportunities throughout.

October 4, 2022

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