Western

Inland Private Capital Divests of Conifer Creek Apartments in Aurora, Colorado for $127M

by Amy Works November 4, 2021

AURORA, COLO. — Inland Private Capital Corp. has completed the disposition of Conifer Creek Apartments, a multifamily community in Aurora. Grand Peaks, which previously owned the property from 2011 to 2013, repurchased the asset for $127 million. Located at 2205 S. Racine Way, Conifer Creek Apartments features 480 apartments in a mix of townhomes and condominium-style units spread across 53 residential buildings with tuck-under garages in every building. The property’s floor plans range from 668 square feet to 1,192 square feet and offer full-size washers/dryers, walk-in closets, individual hot water heaters, fireplaces, and expansive balconies and patios with outside storage. The community was built in 1986. Dave Martin and Brian Mooney of Northmarq’s Denver office represented the seller in the transaction.

November 4, 2021

Tapo-Canyon-Commerce-Center-Simi-Valley-CA

California Development Industrial Western

Stream Realty, QuadReal Break Ground on Tapo Canyon Commerce Center in Simi Valley, California

by Amy Works November 4, 2021

SIMI VALLEY, CALIF. — Stream Realty Partners and QuadReal Property Group, in a joint venture, have broken ground on Tapo Canyon Commerce Center, a five-building industrial complex in Simi Valley. Located at 1800 Tapo Canyon Drive, the property will feature 344,056 square feet of Class A industrial space. Tapo Canyon Commerce Center will offer buildings ranging from 25,786 square feet to 135,579 square feet with leasing options from 19,239 square feet to the entire 344,056-square-foot campus. The buildings will feature 28-foot to 36-foot clear heights, window-lined office space, above-regional-standard dock-high loading, five different access points and immediate 118 freeway access. The project team includes HPA Architects, Kimley-Horn and KRPS as general contractor. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark are handling leasing for the property.

November 4, 2021

Campus-at-South-County-Foothill-Ranch-CA

Acquisitions California Office Western

Newmark Arranges $50M Sale of Two-Building Office Campus in Foothill Ranch, California

by Amy Works November 4, 2021

FOOTHILL RANCH, CALIF. — Newmark has arranged the sale of The Campus at South County, a two-building office complex in Foothill Ranch. The asset traded for $50 million, or $238 per square foot, in an off-market transaction. Paul Jones, Brunson Howard, Ken White, Kevin Shannon and Brandon White of Newmark represented the seller, a private commercial real estate investment firm, in the deal. The buyer was an undisclosed high-net-worth individual. Located at 27051 and 27121 Towne Centre Drive, The Campus at South County features 210,083 square feet of office space. The property offers an outdoor courtyard, tenant lounge and conference center. Current tenants include Cox Communications, Ossur and Fujitsu.

November 4, 2021

Acquisitions California Net Lease Restaurant Retail Western

SRS Real Estate Partners Negotiates $8.2M Sale of Raising Cane’s-Occupied Property in San Bernardino

by Amy Works November 4, 2021

SAN BERNARDINO, CALIF. — SRS Real Estate Partners has arranged the sale of a restaurant building located at 1857 S. Tippecanoe Ave. in San Bernardino. An affiliate of Red Mountain Group sold the property to a San Diego-based high-net-worth investor for $8.2 million. Raising Cane’s Chicken Fingers occupies the 4,086-square-foot property, which was built in 2017 on 1.2 acres and has more than 11 years remaining on its absolute triple-net lease. Matthew Mousavi and Patrick Luther of SRS’s National Net Lease Group represented the seller, while Jim Casale of Lee & Associates represented the buyer in the deal. According to SRS Real Estate, the transaction is the highest price point for a Raising Cane’s property sold to date on a national basis.

November 4, 2021

1600-Desert-Surf-Circle-NE-Albuquerque-NM

Acquisitions Net Lease New Mexico Retail Western

Marcus & Millichap Brokers Sale of TopGolf-Leased Property in Albuquerque

by Amy Works November 4, 2021

ALBUQUERQUE, N.M. — Marcus & Millichap has arranged the sale of a retail building located at 1600 Desert Surf Circle NE in Albuquerque. A limited liability company acquired the asset for an undisclosed price. The name of the seller was not released. TopGolf occupies the 25,525-square-foot property, which was built in 2021, on a net-lease basis. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office, along with Matthew Reeves of the firm’s New Mexico office, handled the transaction.

November 4, 2021

Build-to-Rent Content Partner Development Features Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Demographic, Economic Trends Likely to Sustain Build-For-Rent Sector’s Growth

by Sarah Daniels November 4, 2021

Institutional investors have been increasingly interested in the build-for-rent (BFR) space over the last five years. But the pandemic poured gasoline on an asset class that offers tenants space, privacy and the flexibility of renting. Now that COVID appears to be receding in some areas, can the BFR sector maintain its growth? Paul Garner, director at Walker & Dunlop, believes that demographic and economic trends will maintain the demand for BFR, especially in the Sun Belt states, for the near future. Opportunities for Growth and a Focus on the Sun Belt Garner sees the most potential for BFR growth in suburban areas — particularly those located 15 to 20 minutes outside of a metropolitan statistical area. The economic growth and increasing populations of nearby cities determine whether suburban BFR setups will attract tenants. According to Garner, the dedicated BFR/single-family rental (SFR) team at Walker & Dunlop has started to see a lot of action similar to what they saw on the West Coast (especially in Arizona) four or five years ago. He notes, “BFR properties are becoming increasingly popular all throughout the Sun Belt states, especially Florida and the Carolinas. There’s a potential in this area to get land very, …

November 4, 2021

California Civic Development Office Western

LA Chargers Unveil Plans for New Team Headquarters, Training Facility in El Segundo

by Jeff Shaw November 3, 2021

EL SEGUNDO, CALIF. — The Los Angeles Chargers have reached an agreement with Continental Development Corp. and Mar Ventures Inc. to build its new corporate headquarters and training facility on a 14-acre site in El Segundo, about 20 miles southwest of Los Angeles. Designed by Gensler Sports, the project will be situated less than three miles from the Los Angeles International Airport and seven miles from SoFi Stadium, where the football team plays. The Chargers had been searching for a location for more than four years, according to Dean Spanos, owner and chairman of the board. Special features within the headquarters will include a rooftop hospitality club, full e-sports gaming and content studios and a 3,100-square-foot media center. The main building will span nearly 145,000 square feet. There will also be three natural grass fields with an artificial turf perimeter that can be taken in from 7,600 square feet of elevated outdoor terrace space. Outdoor amenities will include an additional 3,400-square-foot elevated turf area and a two-lane lap pool for player rehabilitation. The field area is designed to accommodate bleacher seating for more than 5,000 people. With 348 onsite parking spaces and accommodations available for offsite parking, the Chargers will …

November 3, 2021

Acquisitions Arizona Multifamily Western

ABI Multifamily Negotiates $41.6M Sale of Westover Parc Apartments in Phoenix

by Amy Works November 3, 2021

PHOENIX — ABI Multifamily has arranged the sale of Westover Parc Apartments, a multifamily property located at 6515 W. McDowell Road in Phoenix. The asset traded for $41.6 million, or $260,156 per unit. The names of the buyer and seller were not released. Built in 2002 on 16.1 acres, Westover Parc Apartments features 160 units in a mix of one-bedroom/one-bath, two-bedroom/two-bath and three-bedroom/two-bath floor plans. Apartments feature patios/balconies, ceiling fans, walk-in closets and full-size washers/dryers. Community amenities include a leasing office, swimming pool, fitness center, barbecue grills, picnic areas, a dog park, two gazebo areas, gated/controlled access, open/covered parking and garages. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the Massachusetts-based buyer and the California-based seller in the deal.

November 3, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

R.D. Olson Breaks Ground on Two Affordable Housing Communities in Los Angeles County

by Amy Works November 3, 2021

LONG BEACH AND WEST CARSON, CALIF. — R.D. Olson Construction has broken ground on two affordable housing communities in Los Angeles County: Anaheim and Walnut in Long Beach and West Carson Villas in West Carson. The projects are slated for completion by summer 2023. Developed by Bridge Housing in partnership with the City of Long Beach and the Long Beach Housing Authority, Anaheim and Walnut will feature 207,000 square feet of mixed-use space at 1500 E. Anaheim St. in Long Beach. The $44 million project will offer 88 housing units in a mix of one-, two- and three-bedroom layouts for formerly homeless seniors (age 55 or older) and low-income families that earn between 30 percent and 60 percent of area median income (AMI). The property will include four levels of residential space over the ground-floor commercial space and a three-story parking structure. The fourth-floor terrace of the parking structure features amenities including a tot lot, exercise equipment, barbecues, seating areas, trellises, community planters and rubber surface flooring. SVA Architects is serving as architect for the project. PATH Ventures, in partnership with the Los Angeles County Development Authority, is developing West Carson Villas at 22801-22905 S. Vermont Ave. in West Carson. …

November 3, 2021

Acquisitions Colorado Healthcare Office Western

CBRE Arranges Sale of 57,250 SF Dry Creek Medical Office Building in Englewood, Colorado

by Amy Works November 3, 2021

ENGLEWOOD, COLO. — CBRE has brokered the sale of Dry Creek Medical Office Building, located at 125 Inverness Drive East in Englewood. Terms of the transaction were not released. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE Healthcare and Life Sciences Capital Markets partnered with Dann Burke, Stephani Gaskins and Anna Heiserman of CBRE’s Denver office to represent the undisclosed seller in the deal. Built in 2000, Dry Creek Medical Office Building features 57,250 square feet of space. At the time of sale, the property was 87 percent leased to a variety of tenants, including two surgery centers, imaging, OB/GYN, dentistry, ophthalmology, neurology, pain management and plastic surgery specialists.

November 3, 2021

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