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Western

North-Las-Vegas-Fulfillment-Center-North-Las-Vegas-NV
DevelopmentIndustrialNevadaWestern

Tapestry Breaks Ground on 788,000 SF North Las Vegas Fulfillment Center in Nevada

by Amy Works

NORTH LAS VEGAS, NEV. — New York-based Tapestry Inc. has broken ground on North Las Vegas Fulfillment Center, an industrial property in North Las Vegas. Slated for completion in 2022, North Las Vegas Fulfillment Center will feature 788,000 square feet of distribution space. Serving retailers Coach and Kate Spade, the facility is designed to distribute an annual 22.2 million units and hold 4 million units in inventory for both retail and e-commerce. The project team includes Clarion Partners, Seefried Industrial Properties and JLL’s Kris Smith, Rob Lujan and Louis Tomaselli. Tapestry is a New York-based house of modern luxury accessories and lifestyle brands including Coach, Kate Spade New York and Stuart Weitzman.

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Glenbrook-Apts-Boise-ID
AcquisitionsIdahoMultifamilyWestern

RanchHarbor Acquires 112-Unit Glenbrook Apartments in Boise, Idaho

by Amy Works

BOISE, IDAHO — Newport Beach, Calif.-based RanchHarbor has purchased Glenbrook Apartments, a multifamily community at 563 S. Curtis Road in Boise. A private seller sold the asset for an undisclosed price in an off-market transaction. Built in 1973 and lightly renovated in 2017, Glenbrook features 112 apartments in a mix of one- and two-bedroom units. At the time of sale, the property was 92 percent occupied. RanchHarbor plans to perform deferred maintenance and an extensive exterior renovation program on the property. The renovation plan includes paint, new laundry rooms, installation of a dog park and wash station, package locker system, bike racks, barbecue areas and a new playground, as well as updating the pool area and clubhouse. The company also plans to replace windows in all units, add carports and update the unit interiors. Jake Miles of Marcus & Millichap represented the buyer and seller in the deal.

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Ready-Capital-100-Apt-Portfolio-Seattle-WA
LoansMultifamilyWashingtonWestern

Ready Capital Closes $14.9M Acquisition Loan for Two-Property Multifamily Portfolio in Seattle

by Amy Works

SEATTLE — Ready Capital has closed $14.9 million in acquisition, renovation and lease-up financing for a two-property, 100-unit multifamily portfolio in Seattle. Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors, cure deferred maintenance and upgrade 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.

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CaliforniaCompany NewsNet LeaseOfficeWestern

Realty Income Completes Spin-Off of Orion Office REIT

by Amy Works

SAN DIEGO AND BALTIMORE — Realty Income Corp. (NYSE: O) has completed the spin-off of substantially all of its office assets into Orion Office REIT Inc. (NYSE: ONL), a new, independent, publicly traded REIT. Orion Office REIT specializes in the ownership, acquisition and management of a diversified portfolio of mission-critical and corporate headquarters office buildings in high-quality suburban markets across the United States. The portfolio is leased primarily on a single-tenant, net-lease basis to creditworthy tenants. Under the terms of the spin-off, Realty Income stockholders received one share of Orion common stock for every 10 shares of Realty Income common stock held as of the record date of Nov. 2, 2021. Wells Fargo Securities served as lead financial advisor, Moelis & Co. served as financial advisor and Latham & Watkins LLP acted as legal advisor to Realty Income in connection with the spin-off. Realty Income is based in San Diego, while the spin-off, according to SEC filings, is based in Baltimore.

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Claro-High-Point-Aurora-CO
ColoradoDevelopmentLoansMultifamilyWestern

Prime West Receives $90.4M in Financing for Claro at High Point Multifamily Development in Aurora, Colorado

by Amy Works

AURORA, COLO. — Prime West has received $90.4 million in combined joint venture equity and construction financing for Claro at High Point, an apartment community located within an Opportunity Zone in Aurora. JLL Capital Markets worked on behalf of the developer and borrower to arrange Opportunity Zone joint venture equity through Bridge Investment Group Holdings, along with securing construction financing from a national bank. Leon McBroom, Mark Erland and Will Haass of JLL Capital Markets Debt Advisory team represented the developer in the financing and equity transaction. Situated within the High Point master-planned community, Claro at High Point will feature 365 apartments in a mix of one-, two- and three-bedroom floor plans with balconies or patios, central air conditioning, full-sized washers/dryers, kitchen islands and dishwashers. On-site amenities include a pool and spa with cabanas, co-working area, clubhouse, controlled entry, fitness center, off-leash dog park, dog wash and a bike repair and ski tune shop. RATIO Architects is serving as project architect and Catamount Constructors is serving as general contractor for the project. Completion is slated for summer 2023.

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Theo-Pasadena-CA
AcquisitionsCaliforniaMultifamilyWestern

SummerHill Apartment Communities Sells Theo Pasadena in California for $67M

by Amy Works

PASADENA, CALIF. — SummerHill Apartment Communities has completed the disposition of Theo Pasadena, a multifamily property in Pasadena. Waterford Property Co. acquired the asset for $67 million, or $638,095 per unit. Built in 2020, Theo Pasadena features 105 apartments, a central courtyard with a swimming pool, fitness center, cyber lounge, co-working space, and a rooftop dog park. Apartments offer oversized, dual-pane windows, UBS charging outlets and private balconies or patios. Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

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Monarch-Cottages-La-Jolla-CA
CaliforniaLoansMultifamilySeniors HousingWestern

JLL Capital Markets Arranges $15M Refinancing for Monarch Cottages Memory Care in La Jolla, California

by Amy Works

LA JOLLA, CALIF. — JLL Capital Markets has arranged a $15 million refinancing for Monarch Cottages, a 26-unit, 52-bed, two-story, Class A memory care community in the San Diego suburb of La Jolla. JLL represented the borrower, Monarch Senior Living, in arranging the loan. Remodeled in 2016, Monarch Cottages comprises five companion studio and 21 private studio units averaging 370 square feet. Within a three-mile radius, the 75-plus population is over 6,500 and is expected to grow by 13.5 percent over the next five years. Additionally, the property’s surrounding area is extremely affluent, with a median housing value within a one-mile radius of $1.9 million and a median household income of $200,001. Alanna Ellis and Bercut Smith led the JLL Capital Markets debt team that represented the borrower.

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Ready-Capital-62-Units-LA-CA
CaliforniaLoansMultifamilyRetailWestern

Ready Capital Closes $11.8M Loan for Multifamily, Retail Property Acquisition in Los Angeles

by Amy Works

LOS ANGELES — Ready Capital has closed $11.8 million in financing for the acquisition, renovation and stabilization of a 62-unit multifamily and retail asset in the East Hollywood submarket of Los Angeles. Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors and building exteriors, as well as common area upgrades. The non-recourse, interest-only, floating-rate loan features a 24-month term, three extension options and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.

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The-Ridge-Fairfield-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

Sundt Completes 70-Unit Seniors Housing Community in Fairfield, California

by Amy Works

FAIRFIELD, CALIF. — Sundt Construction Inc. has completed construction of The Ridge at Paradise Valley Estates, an eight-acre life plan community in the Bay Area city of Fairfield. The Ridge features a mix of 70 cottages and villas. The private cottages have two bedrooms and attached garages, and the villas feature either one bedroom or two bedrooms with under-building parking. In addition to the amenities of the larger Paradise Valley Estates 76-acre community, residents can access The Ridge’s dining facility and outdoor amenities such as a learning center and outdoor café.

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AcquisitionsColoradoCompany NewsData CentersMassachusettsNortheastTexasTop StoriesWestern

Data Center REITs CyrusOne, CoreSite to Sell for Combined $25B in Two Separate Mega Deals

by John Nelson

DALLAS AND DENVER — In two separate transactions exceeding $25 billion in value, data center REITs CyrusOne Inc. (NASDAQ: CONE) and CoreSite Realty Corp. (NYSE: COR) have agreed to be acquired. KKR and Global Infrastructure Partners (GIP) are teaming up to acquire all outstanding shares of common stock for CyrusOne at $90.50 per share for a deal value of approximately $15 billion, including the assumption of debt. In the other mega transaction, telecommunications firm American Tower Corp. (NYSE: AMT) has agreed to acquire Denver-based CoreSite for $170 per share in cash. The total consideration for the transaction is approximately $10.1 billion, including the assumption and/or repayment of CoreSite’s existing debt at closing. The purchase price for CyrusOne, a Dallas-based company that owns and operates 50 data centers worldwide, reflects an approximately 25 percent premium over CyrusOne’s stock price on Sept. 27, which was the last day of trading before market speculation of a potential sale was published. KKR and GIP plan to grow CyrusOne’s global footprint of data centers following the closing of the acquisition. The company’s provides IT infrastructure for more than 1,000 clients, including 200 Fortune 1000 companies, according to CyrusOne. The transaction, which CyrusOne’s board of directors …

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