Western

Faris Lee Investments Negotiates $37.4M Sale of Turlock Town Center in California

by Amy Works March 24, 2022

TURLOCK, CALIF. — Faris Lee Investments has brokered the sale of Turlock Town Center, a community retail center located at 503-795 N. Golden State Blvd. in Turlock. A California-based developer sold the asset to an undisclosed buyer in a 1031 exchange for $37.4 million. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Situated on 8.4 acres, Turlock Town Center features 144,364 square feet of retail space. At the time of sale, the property was fully leased to 29 in-line tenants and five retail pad tenants. Current tenants include Smart & Final, with a new 15-year lease, Rite Aid, dd’s discount, Big 5 Sporting Goods and Goodwill.

March 24, 2022

Acquisitions California Industrial Western

Rexford Industrial Buys 53,651 SF Portfolio in Los Angeles for $28M

by Amy Works March 24, 2022

LOS ANGELES — Rexford Industrial has acquired two Class A industrial buildings in central Los Angeles for a total consideration of $28 million. Located at 1501-1545 Rio Vista, the buildings feature a total of 53,651 square feet. At the time of sale, both buildings were 100 percent leased to stable credit tenants. Jerry Sackler of DAUM Commercial represented the seller, a private family real estate investment trust, and procured the buyer in the deal.

March 24, 2022

Acquisitions Colorado Multifamily Western

Marcus & Millichap Brokers $27.6M Sale of Fairview Apartments in Aurora, Colorado

by Amy Works March 24, 2022

AURORA, COLO. — Marcus & Millichap has arranged the sale of Fairview Apartments, a multifamily property in Aurora. The asset traded for $27.6 million, or $276,000 per unit. Constructed in 1974 and renovated in 2018, Fairview Apartments features 30 three- and four-bedroom townhome units and 70 one- and two-bedroom flats. Within the last two years, all but 15 of the units have been upgraded. Situated on eight acres, the community also offers picnic and barbecue areas, playgrounds, a dog park, community garden and laundry facilities. Jason Hornik and Greg Price of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the transaction.

March 24, 2022

Acquisitions California Retail Western

Private Investor Buys The Grove Retail Center in Redlands, California for $8M

by Amy Works March 24, 2022

REDLANDS, CALIF. — Progressive Real Estate Partners has arranged the sale of The Grove, a neighborhood retail center located at 1542-1598 Orange St. in the Inland Empire city of Redlands. A Los Angeles County-based seller sold the property to a Riverside County-based private investor group for $8 million. Built in two phases in 1987 and 1990, The Grove features 39,339 square feet of retail space. Circle K anchors the property, which was 80 percent occupied at the time of sale. Greg Bedell of Progressive Real Estate Partners represented the seller, while Melody Waltz of Realty Executives Riverside represented the buyer in the deal.

March 24, 2022

Acquisitions Hospitality Western Wyoming

Hodges Ward Elliott Arranges Sale of Amangani Resort in Jackson, Wyoming

by Amy Works March 24, 2022

JACKSON, WYO. — Hodges Ward Elliott (HWE) has brokered the sale of Amangani, an ultra-luxury resort located at 1535 NE Butte Road in Jackson. Terms of the transaction were not released. Situated at the foothills of the Grand Tetons, Amangani features 40 suites with either an outdoor terrace or balcony with mountain views, an award-winning restaurant, spa and fitness center, plus a wide variety of excursions and adventures, including heli-skiing, dog sledding, whitewater rafting, fly fishing, photography tours and wildlife tours. Daniel Peek, Cyrus Vazifdar, Carolina Bernal and Alex Yiankes of HWE advised the undisclosed seller in the deal. HWE’s Debt Capital Markets team, led by Lawrence Britvan and Michael Straw, arranged acquisition financing for the undisclosed buyer.

March 24, 2022

Mark Fletcher Bohler Development Teaming

Bohler Content Partner Development Features Midwest Northeast Southeast Texas Western

Four Factors to Build Successful Teams in a Development Project

by Sarah Daniels March 24, 2022

When it comes to commercial real estate development, thoughtfully curated teams are critical to success. “It’s important that the extended team works well with each other, so they can deliver results for clients,” explains Mark Fletcher, director of Strategic Partnering at Bohler, a land development design and consulting firm. Developers don’t want to work with a variety of disjointed processes and personalities. They want to work with one team, a multi-discipline team that effectively manages time and resources, focusing on streamlined processes and speed to market. This sort of team unity promotes both cohesiveness and consistency in outcomes. Building a great design and consulting team means having the property developer’s end goals in mind from the very start of the process: dependability, speed to market and turnkey solutions. The importance of fostering cohesion extends to finding an architect to optimize the building and a contractor to strategize materials and phasing. It may be necessary to engage an attorney who can work well with the team to address land use and zoning. Finally, the right site design and consulting firm can streamline communications, maintain timelines and entitlements and keep the project moving forward. Here’s how Bohler’s approach to assembling a team …

March 24, 2022

California Development Loans Multifamily Western

Newmark Secures $284M Construction Financing for The Maxwell Apartments in San Jose

by Amy Works March 23, 2022

SAN JOSE, CALIF. — Newmark, on behalf of Bay West Development and Forum Real Estate Group, has arranged $284 million in construction financing for the development of The Maxwell, an apartment community situated on 4.5 acres in San Jose. Construction is slated to commence before the end of March and the first phase is scheduled for delivery by third-quarter 2024. Located within the South Bascom Urban Village Plan and approved under the City of San Jose’s Signature Project process, The Maxwell will feature 590 apartments and best-in-class amenities and unit interiors, as well as direct access to the VTA Light Rail Bascom Station.

March 23, 2022

Acquisitions Arizona Multifamily Western

AndMark Management Co. Sells Paseo Del Sol Multifamily Community in Tucson for $33.6M

by Amy Works March 23, 2022

TUCSON, ARIZ. — Los Angeles-based AndMark Management Co. has completed the disposition of Paseo Del Sol, a 152-unit multifamily property located at 6280 S. Campbell Ave. in Tucson. Los Angeles-based Element Property Co. acquired the asset for $33.6 million, or $221,382 per unit. Built in 1994, Paseo Del Sol features 38 two-story buildings offering 76 three-bedroom/two-bath and 76 four-bedroom/two-bath units that range in size from 1,050 square feet to 1,150 square feet. Onsite amenities include a pool, clubhouse and covered parking. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team represented the seller in the deal. Northmarq Phoenix’s Debt & Equity team of Griffin Martin, Brandon Harrington, Bryan Mummaq and Tyler Woodard arranged a $27.2 million bridge loan for the acquisition.

March 23, 2022

Development Industrial Washington Western

Duke Realty Plans 261,362 SF Spec Industrial Project in Kent, Washington

by Amy Works March 23, 2022

KENT, WASH. — The Seattle office of Duke Realty has started the development of a speculative industrial property at 7409 S. 202nd St. in Kent. Duke Realty purchased the 12.2-acre site in February 2021. The 261,362-square-foot property will feature 40-foot clear heights, 26 dock doors, 34 trailer stalls and parking for more than 260 cars. The facility will have access to Highway 167, as well as interstates 405 and 5. Completion is slated for early 2023. Matt Wood of KBC Advisors and Jim Kidder and Nick Ramirez of Kidder Mathews will be listing agents for the development.

March 23, 2022

Hospitality Loans Nevada Western

CommCap Advisors Arranges $10.2M Loan for Hampton Inn & Suites in Carson City, Nevada

by Amy Works March 23, 2022

CARSON CITY, NEV. — CommCap Advisors has arranged a $10.2 million loan for Hampton Inn & Suites, located at 10 Hospitality Way in Carson City. The borrower is Gemini Hotel Group. Situated on two acres, the hotel features 49,821 square feet of rentable space. Andy Crawford of CommCap Advisors facilitated the 10-year loan, which features a 25-year amortization schedule, for the borrower. The use of the funds was not disclosed.

March 23, 2022

Newer Posts

Older Posts