Western

Truist Securities Buys Office Building in Federal Way, Washington for $93.5M

by Amy Works June 9, 2022

FEDERAL WAY, WA. — An entity of Atlanta-based Truist Securities has purchased an office building located at 3201 S. 323rd St. in Federal Way. DaVita Inc. sold the asset for $93.5 million in a sale-leaseback transaction. At the time of sale, the seller signed a long-term lease for the entire facility. Constructed in 2021 on 11.2 acres, the 160,493-square-foot property serves as DaVita’s primary revenue operations office, staffing roughly 800 employees. The mission-critical facility is located approximately 20 minutes south of Seattle-Tacoma International Airport. The property served to consolidate operations from around the region under one roof and was designed to be expanded by 40,000 square feet at the option of the occupant in the future. Scott Briggs of Stan Johnson Co. represented the seller in the deal.

June 9, 2022

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $40M in Financing for MorningStar of Kirkland Seniors Housing Community in Washington

by Amy Works June 9, 2022

KIRKLAND, WASH. — CBRE has arranged $40 million in financing for MorningStar of Kirkland, a 152-unit independent living community in Kirkland, a suburb of Seattle. The community, located on 3.6 acres, opened in February half a mile from the Evergreen Health Medical Center Kirkland, a 318-bed general hospital that provides residents with convenient access to healthcare. Also nearby is Totem Lake East, a regional shopping center that includes a Whole Foods, Trader Joe’s, movie theater and a variety of restaurants and retail outlets. The community is the first new, high-quality independent living asset built in the last 13 years in the high-barrier, affluent Kirkland submarket, according to CBRE. The borrower is a joint venture between Artemis Real Estate Partners, MorningStar Senior Living and American Capital Group. The use of the funds was not disclosed. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the financing. The nonrecourse, floating-rate loan features full-term interest-only payments. A national bank provided the funds.

June 9, 2022

Arizona Industrial Loans Self-Storage Western

Thorofare Capital Closes $20M Loan for 944-Unit Self-Storage Facility in Scottsdale

by Amy Works June 9, 2022

SCOTTSDALE, ARIZ. — Thorofare Capital has closed a $20 million loan for Raintree & Pima Self Storage Partners, an affiliate of Phoenix-based 1784 Capital Holdings. The funds will be used to complete construction of a Raintree Life Storage location in Scottsdale. The $20 million floating-rate financing carries an initial term of 1.5 years and includes two six-month extension options. Additionally, the loan features interest-only payments for its entire duration and is nonrecourse, subject to customary completion and carry guarantees. Situated on a 2.2-acre site facing Loop 101, the 81,435-square-foot facility features 944 climate-controlled self-storage units. Life Storage will handle the property operations upon the project’s delivery, which is slated for September 2022. Life Storage currently operates 5,887 self-storage units, totaling 618,881 square feet, within a 7.5-mile radius of the Raintree Life Storage. TLW Construction is serving as general contractor on the project, which is approximately 65 percent complete at the time of financing. RKAA Architects is serving as project architect.

June 9, 2022

Acquisitions Healthcare Net Lease Nevada Office Western

Avison Young Brokers $8.4M Sale-Leaseback of Two Medical Office Buildings in Las Vegas

by Amy Works June 9, 2022

LAS VEGAS — Avison Young has arranged the sale-leaseback of two adjoining medical office buildings located at 7189 and 7195 Advanced Way in Las Vegas. Nashville, Tenn.-based Montecito Cos. acquired the assets from a group of six physician owners for $8.4 million, or $400 per square foot. Advanced Orthopedics and Sports Medicine fully occupy the two 21,000-square-foot properties. The seller signed a 15-year lease for the space. Built in 2009 and renovated in 2019 and 2020, the Class A properties feature orthopedic examination rooms, radiology and physical therapy spaces. The buildings are part of a three-building campus that includes an ambulatory surgery center building. Barton Hyde of Avison Young represented the seller in the deal.

June 9, 2022

Acquisitions Colorado Industrial Western

Tri-County Real Estate Acquisitions Sells 22-Acre Industrial Portfolio in Brighton, Colorado for $9.2M

by Amy Works June 9, 2022

BRIGHTON, COLO. — Tri-County Real Estate Acquisitions has completed the disposition of an industrial portfolio on three lots totaling 22 acres at 12628, 12706 and 12750 WCR 4 in Brighton. 12628 Brighton Partners LLC purchased the property for $9.2 million. Totaling 30,525 square feet, the portfolio was 100 percent leased to two tenants at the time of sale. Travis Ackerman of Cushman & Wakefield’s Fort Collins, Colo., office represented the seller in the deal.

June 9, 2022

Jeff Erxleben interest rates built to rent quote

Build-to-Rent Content Partner Features Leasing Activity Midwest Multifamily Northeast Northmarq Single-Family Rental Southeast Texas Western

Build-to-Rent (BTR) Property Type Offers Positive Demand Outlook

by Sarah Daniels June 9, 2022

By Jeff Erxleben, president, debt & equity at Northmarq Liquidity and an incredibly positive outlook for single-family build-to-rent (BTR) properties is helping to offset some of the turbulence developers are experiencing from rising interest rates. Developers have been ramping up the pace of single-family BTR construction over the past five years with forecasts that call for a record high 60,000 new units to be completed in 2022. That volume shows a steady increase over the 53,000 units completed in 2021 and 49,000 in 2020, according to Northmarq’s recently released Single-Family Build-to-Rent Properties Special Report. Although financing across all property types has been impacted by upward movement in both short- and long-term borrowing rates, the BTR sector is in a good position to shake off those challenges and maintain its growth momentum. Higher construction and financing costs are being offset by rising rents with year-over-year rent increases, that in many areas of the country, are quite substantial. Developers also are finding good access to both debt and equity. The number of lenders that are active in the space is expanding as developers move into new markets and continue to prove out business models and performance with successful lease-up and dispositions. For …

June 9, 2022

Acquisitions Arizona Multifamily Western

SB Real Estate Partners Buys Azura Apartments in North Phoenix for $91M

by Amy Works June 8, 2022

PHOENIX — SB Real Estate Partners has purchased Azura Apartments, a multifamily property located at 2700 W. Sahuaro Drive in Phoenix, for $91 million. The buyer will rebrand the community as Portola North Phoenix. Built in 1980, Azura Apartments features 387 units in a mix of one- and two-bedroom floor plans ranging from 474 square feet to 924 square feet. Community amenities include a recently modernized clubhouse, three swimming pools, three laundry facilities, secured-access gating, barbecue areas and playground areas. Cliff David and Steven Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer in the deal.

June 8, 2022

Acquisitions California Retail Western

Colliers Brokers $21M Sale of Moreno Beach Plaza II Shopping Center in Moreno Valley, California

by Amy Works June 8, 2022

MORENO VALLEY, CALIF. — Colliers has arranged the sale of Moreno Beach Plaza II, a shopping center located at 27610 Eucalyptus Ave. in Moreno Valley. A West Coast-based investment firm sold the asset to an undisclosed buyer for $21 million. LA Fitness, AutoZone, Carl’s Jr. and Panda Express are tenants at the 82,340-square-foot retail center. At the time of sale, the property was 96 percent occupied. The retail center consists of three single-tenant parcels, a multi-tenant pad building and a two-tenant anchor building situated on 9.1 acres. El Warner, Charley Simpson, Caitlin Zirpolo and Jordan Gomez of Colliers represented the seller in the deal.

June 8, 2022

Colorado Development Industrial Western

Starpoint Properties Plans 155,000 SF Point Central Business Park in Denver

by Amy Works June 8, 2022

DENVER — Starpoint Properties is developing Point Central Business Park, a two-building, 155,000-square-foot industrial complex in central Denver. Situated on 9.6 acres at 1051 E. 73rd Ave., the property will feature 155,000 square feet of Class A, LEED-certified industrial and warehouse space. Groundbreaking for the property is slated for July, with completion scheduled for summer 2023. Drew McManus, Ryan Searle and Bryan Fry of Cushman & Wakefield are handling leasing for the project. Point Central Business Park will offer two buildings: an 81,800-square-foot asset and a 73,500-square-foot building. The buildings will offer office space to suit, clerestory windows, high parking ratio, monument and building signage, a combined 25 dock doors, four drive-in doors and other modern design and functionality elements.

June 8, 2022

Acquisitions Arizona Multifamily Western

Greenlight Communities Divests of 244-Unit Cabana Power Multifamily Property in Mesa, Arizona

by Amy Works June 8, 2022

MESA, ARIZ. — Greenlight Communities has completed the sale of Cabana Power, an apartment property in Mesa. An undisclosed buyer acquired the asset for $84 million, or $344,262 per unit. Completed in 2022, Cabana Power features 244 apartments with nine-foot ceilings, eight-foot entry doors with keyless entry, smart thermostats and heat-reflecting windows. Select floor plans offer built-in workstation desks and full-size, front-loading washers and dryers. The community features a leasing office and clubhouse, coworking space, two laundry rooms, a resort-style swimming pool, Zen gardens, a multipurpose event lawn and outdoor fitness circuits. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

June 8, 2022

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