Western

Stockton-Supply-Chain-Center-II-Stockton-CA

Dalfen Industrial Acquires Two Properties in Northern California Totaling 157,100 SF

by Amy Works August 31, 2021

LIVERMORE AND STOCKTON, CALIF. — Dalfen Industrial has purchased Las Positas Logistics Center in Livermore and Stockton Supply Chain Center II in Stockton. Terms of the transactions were not released. Las Positas Logistics Center is a 106,700-square-foot, front-load distribution building with close proximity to interstates 580, 80, 680 and 880. Stockton Supply Chain Center II features 50,400 square feet and close proximity to Interstate 5 and Highway 99, which provides same-day access to nearly 45 million people in San Francisco, Sacramento, Los Angeles, San Diego, Portland and Seattle. With these acquisitions, Dalfen Industrial has added three Northern California buildings to its portfolio in the last two months.

August 31, 2021

Acquisitions California Multifamily Western

Oakmont Properties Sells Autumn Ridge Apartments in Citrus Heights, California to Kennedy Wilson for $120M

by Amy Works August 31, 2021

CITRUS HEIGHTS, CALIF. — Oakmont Properties has completed the disposition of Autumn Ridge, an apartment property located at 6011 Shadow Lane in Citrus Heights. Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson, acquired the asset for $120 million. Marc Ross of CBRE represented the seller in the deal. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office organized acquisition financing for the buyer. Originally built in 1986, Autumn Ridge features 410 apartments in a mix of one- and two-bedroom layouts. Community amenities include three swimming pools and spas, a clubhouse, fitness center, fireplace lounge, racquet ball court, tennis court and business center. At the time of sale, the property was 96 percent leased.

August 31, 2021

California Development Industrial Western

Bridge Industrial Transforms Former Asphalt Factory into 415,320 SF Industrial Facility in Long Beach, California

by Amy Works August 31, 2021

LONG BEACH, CALIF. — Bridge Industrial has completed its intensive environmental remediation of 2400 E. Artesia Boulevard and construction of Bridge Point Long Beach, a 415,320-square-foot Class A industrial facility in Long Beach. Bridge acquired the property, the former home of an asphalt refinery, in 2019. Following the purchase, the company replaced the outdated facility with a sustainable, 416,000-square-foot warehouse complex with 21,000 square feet of dedicated office space. The property also features 453 parking stalls, including 104 outfitted with electric vehicle chargers; 61 trailer parking stalls; 36-foot clear ceiling heights; extensive landscaping; a solar-ready roof; and ESFR sprinkler systems. The building was pre-leased prior to its completion in August to a leading transportation and logistics provider of choice for the U.S. Postal Service for its warehousing and distribution operations. The company will begin its occupancy in September. The redeveloped site is part of the continued renewal of the Artesia Boulevard corridor and the project included substantial environmental remediation with oversight by the Southern California Regional Water Quality Control Board and South Coast Air Quality Management District.

August 31, 2021

Acquisitions Colorado Multifamily Northmarq Western

NorthMarq Brokers $88.7M Sale of Park 17 Multifamily Community in Denver

by Amy Works August 31, 2021

DENVER — NorthMarq has arranged the sale of Park 17, an apartment property located at 1210 E. 17th Ave. in Denver. Kairoi Residential sold the asset to an undisclosed buyer for $88.7 million. Completed in July 2020, Park 17 features 190 apartments in 34 floor plans ranging from 504 square feet to 1,663 square feet with nine- to 12-foot ceilings, modern technology packages, Moen plumbing fixtures, glass and custom porcelain backsplashes, Nest thermostats, keyless entries, stall showers and side-by-side refrigerators. On-site amenities include a fourth-floor infinity pool overlooking the Denver skyline. Dave Martin and Brian Mooney of NorthMarq’s Denver office represented the seller in the deal. David Link and Jeff DeHarty of NorthMarq’s Denver debt/equity team arranged $45 million in acquisition financing for the borrower through its relationship with a life insurance company. The transaction was structured with a 10 years of interest-only payments.

August 31, 2021

Acquisitions Arizona Loans Multifamily Western

CBRE Arranges $29.4M Acquisition Loan for 208-Unit Apartment Property in Glendale, Arizona

by Amy Works August 31, 2021

GLENDALE, ARIZ. — CBRE has secured a $29.4 million loan for InTrust Property Group to acquire Sunflower and Veranda Apartments in Glendale. Terms of the acquisition were not released. Located at 6015 and 5959 W. Olive Ave., the gated multifamily properties offer a total of 208 units ranging from 450 square feet to 1,150 square feet. Community amenities include three swimming pools, grill and picnic areas and on-site property management. The Newport Beach, Calif.-based buyer plans to upgrade all units to include stainless steel appliances, new cabinetry and quartz countertops. The loan, which was structured with a three-year term and two one-year extensions, will provide funding for the future capital improvements and renovation of the asset. Shaun Moothart, Bob Ybarra, Bruce Francis and Doug Birrell of CBRE arranged the loan for the borrower.

August 31, 2021

Arizona Development Multifamily Western

Nirvana at Zanjero Buys Medical Office Condo Project for Multifamily Conversion in Glendale, Arizona

by Amy Works August 31, 2021

GLENDALE, ARIZ. — Nirvana at Zanjero LLC has acquired Zanjero Falls, a three-story, grey-shell building at 7410 N. Zanjero Blvd. in Glendale, for $10 million. Situated on 7.5 acres, the 231,272-square-foot asset features three buildings with an underground parking facility, as well as healing gardens, water features and a large pond with bridge to the main entrance. The property was originally built in 2008 as medial and office condominiums. However, due to the Great Recession of 2008, the property’s interior was never built out and it sat idle for more than 10 years through a series of owners. The buyer is developing design, architectural plans and city approvals to build an approximately 300-unit multifamily property, offering one-, two- and three-bedroom units, on the site. The first phase of construction, which is to build out the existing shell building, is slated for completion in the fourth quarter of 2022, and the second phase that includes building new detached buildings is scheduled for completion by spring/summer 2022. Sharat (Shaun) Kanaka of Paradise Valley, Ariz., represented the buyer, while Tim Dulany and Alexandra Loye of Colliers in Arizona represented the seller, SZ Real Co LCC, an Arizona limited liability company headed by a …

August 31, 2021

Market Reports Retail Washington Western Western Market Reports

Outlying Seattle Submarkets Positioned for Retail Expansion

by Jeff Shaw August 31, 2021

By Hank Wolfer, First Vice President of Investments, and Derek Peterson, Associate, Marcus & Millichap National retail chains favor Seattle’s surrounding neighborhoods. Prior to the pandemic, retailers were taking notice of strong demographic trends in the submarkets surrounding Seattle. Between 2009 and 2019, the number of households across the metropolitan area grew by 13 percent, nearly double the national rate. High homeownership costs directed many of those new households to the suburbs where living expenses are lower. Following rooftops, multiple developers have pursued expansion opportunities in these areas, with recently opened projects in locations like Renton, Frederickson and Shelton. These new floor plans are drawing prominent retailers, including 7-Eleven and medical provider DaVita Dialysis, as well as fast food operators like Popeyes. Although initially challenged by lockdowns, these facilities are poised to benefit from the ongoing economic recovery. Suburban properties are outperforming urban counterparts. While no tenant was free of pandemic-induced challenges, operations outside the urban core proved more resistant on average. Vacancy in downtown Seattle rose 80 basis points over the 12-month period that ended in March. This is compared with a 60 basis point climb in Tacoma and a 20 basis point increase in the Southend. Moving through the rest of 2021, metro-wide vacancy is …

August 31, 2021

Acquisitions Affordable Housing California Company News Maryland Multifamily Southeast Top Stories Walker & Dunlop Western

Walker & Dunlop Bolsters Affordable Housing Business with $696M Acquisition of Alliant Capital, Affiliates

by John Nelson August 31, 2021

BETHESDA, MD. AND WOODLAND HILLS, CALIF. — Walker & Dunlop (NYSE: WD) has entered into a definitive agreement to acquire Alliant Capital Ltd., a privately held affordable housing asset management firm based in Woodland Hills. Under the terms of the purchase agreement, Walker & Dunlop will acquire Alliant and its affiliates, Alliant Strategic Investments and ADC Communities, at a total value of $696 million. Alliant is the sixth-largest syndicator of low-income housing tax credits (LIHTC) in the United States and has participated in the development of over 100,000 affordable units serving over 400,000 families. ADC Communities is the affordable housing development arm of Alliant, which has financed 29 developments and over 5,400 units in eight states since 2014. Alliant Strategic Investments focuses on non-LIHTC affordable housing preservation, workforce housing and opportunity zone investments. The acquisition will bring Walker & Dunlop’s total affordable housing assets under management to $16 billion, with $14 billion of those assets under management belonging to Alliant. The move is expected to be accretive to Walker & Dunlop’s existing $112 billion servicing portfolio. “Alliant is one of the largest and most respected tax credit syndicators and affordable housing developers in the country. The addition of their people, …

August 31, 2021

Acquisitions California Office Western

Shorenstein Properties Buys 427,600 SF Phase I of America Center in North San Jose

by Amy Works August 30, 2021

SAN JOSE, CALIF. — Shorenstein Properties has purchased Phase I of America Center in North San Jose for an undisclosed price. The name of the seller was not released. The asset consists of two six-story, Class A office buildings, totaling 427,600 square feet, and a development parcel at 6001 and 6201 America Center Drive. The development site is entitled for a six-story, 200,000-square-foot office building. At the time of sale, the property was 98 percent leased with a weighted average remaining lease term of 2.9 years. The LEED Gold-certified property features on-site amenities, including exercise options, full-service cafeterias, outdoor trails, a sports park and expansive indoor and outdoor gathering space. The property is situated within the five-building America Center complex.

August 30, 2021

Affordable Housing Development Multifamily Nevada Seniors Housing Western

Volunteers of America Breaks Ground on Desert Oasis Affordable Seniors Housing Expansion In Las Vegas

by Amy Works August 30, 2021

LAS VEGAS — Volunteers of America National Services (VOANS) has broken ground on Phase II of Desert Oasis, an affordable seniors housing property in Las Vegas. Phase II will add 43 new units to the existing 75 units in the Desert Oasis community. The building will include a recreational clubhouse facility with a computer room, exercise room, laundry facilities and a community garden. Desert Oasis will be built with energy-efficient systems using green building techniques and including solar panels and photovoltaics. The entire development will be Energy Star rated. Funding partners include Nevada Housing Division’s Low Income Tax Credit program, City of Las Vegas- and Clark County-provided HOME funds and United Health Care. The building is scheduled for completion in fall 2022. VOANS is the wholly controlled nonprofit subsidiary of Volunteers of America created as the sponsor and parent entity for new Volunteers of America housing development projects.

August 30, 2021

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