Western

Colliers Brokers $55M Sale of Single-Tenant Industrial Facility in Burlingame, California

by Amy Works July 19, 2021

BURLINGAME, CALIF. — Colliers International has arranged the sale of a single-tenant industrial property located in the Burlingame submarket of the San Francisco Peninsula. The asset traded hands for $55 million. The names of the seller and buyer were not released. Located at 1649 Adrian Road, the single-story facility features 129,759 square feet of industrial space on 6.6 acres. At the time of sale, the building was 100 percent leased to Lahlouh Inc., an end-to-end communications management services company that has been a tenant since 1996. The building was built in 1957. Tim Maas, Mike Davis, Tony Crossley and Darren Kuiper of Colliers represented the seller in the deal.

July 19, 2021

Acquisitions Colorado Multifamily Western

RW Flats, Urban Villages Sell Vita Flats Multifamily Property in Denver to Cohen Rojas for $19.2M

by Amy Works July 19, 2021

DENVER — RW Flats and Urban Villages, which also serves as property manager, have completed the disposition of Vita Flats, a Class B apartment property located at 101 N. Grant St. in Denver. Cohen Rojas acquired the community for $19.2 million. Built in 1961 and renovated in 2009, Vita Flats features 18 studio units, 47 one-bedroom units and nine two-bedroom units. The 11-story, 50,905-square-foot building features an Amazon package hub and a commercial-grade kitchen for resident use on the ground-floor. The new owner plans to renovate the units, as well as potentially add new units to the ground floor of the property. Patrick Henry, Boston Weir, Foster Gillis and Tommy Vento of Henry Group acted as transaction brokers in the sale.

July 19, 2021

Arizona Loans Multifamily Western

Tower Capital Arranges $59M in Refinancing for Apartment Asset in Goodyear, Arizona

by Amy Works July 19, 2021

GOODYEAR, ARIZ. — Tower Capital has secured $59 million in refinancing for a Class A multifamily community located in Goodyear. The name of the borrower was not released. Provided by a debt fund/life company, the loan features a 70 percent loan-to-value ratio and a 10-year fixed term with five years of interest-only payments followed by a 30-year amortization schedule. At the time of financing, the property was more than 96 percent occupied.

July 19, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $36.7M Loan for Multifamily Community in Phoenix’s Deer Valley

by Amy Works July 19, 2021

PHOENIX — Ready Capital has closed $36.7 million in financing for the acquisition, renovation and stabilization of a 240-unit apartment property located in Phoenix’s Deer Valley submarket. Upon purchase, the undisclosed borrower plans to fully renovate the remaining legacy units of the property and upgrade exteriors and common areas to help drive the property to stabilization. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

July 19, 2021

Development Multifamily Nevada Student Housing Top Stories Western

Joint Venture Breaks Ground on 755-Bed High-Rise Student Housing Community in Reno, Nevada

by Katie Sloan July 16, 2021

RENO, NEV. — A joint venture between Canyon Partners Real Estate, GMH Communities and CRG has broken ground on Academy at Reno, a 755-bed student housing development located within a Qualified Opportunity Zone near the University of Nevada, Reno campus. The property will be the first high-rise student housing development in the Reno area, according to the joint venture. The partnership has secured a $75.2 million senior construction loan from Citizens and Nevada State Bank, and Canyon plans to contribute $36.2 million in equity for the development. The community will be located at the intersection of North Virginia Street and 15th Street, directly across from the university’s main entrance, and will offer one- to five-bedroom units. The project’s design-build team includes Humphreys & Partners Architects and general contractor Clayco. The 12-story development is targeting LEED Silver certification and is set for delivery prior to the start of the 2023-2024 academic year. The community will offer expansive views of campus, downtown Reno, the Truckee Meadows valley and nearby mountain ranges. Founded in 1991, Canyon Partners Real Estate is an investment arm of Canyon Partners, a global alternative asset manager with over $27 billion in assets under management. Academy at Reno …

July 16, 2021

Arizona Development Multifamily Western

High Street Residential Breaks Ground on 310-Unit Smith & Rio Multifamily Community in Tempe

by Amy Works July 16, 2021

TEMPE, ARIZ. — High Street Residential has broken ground on Smith & Rio, an apartment property located at 1979 E. Rio Salado Parkway in Tempe. Situated on 3.4 acres, the five-story development will feature 310 apartments in a mix of studio, one- and two-bedroom floor plans, including a selection of one-bedroom options with additional den/home office space. Residents will have access to amenities including a fifth-floor sky lounge; two outdoor courtyards; a dog park and pet lounge; a large work-from-home area with individual workspaces; pool; spa; fitness center; and water features throughout the outdoor spaces. Construction is slated for completion in 2023.

July 16, 2021

California Development Loans Retail Western

JLL Arranges $23M Loan for Crossroads Plaza Shopping Center Redevelopment in Pico Rivera, California

by Amy Works July 16, 2021

PICO RIVERA, CALIF. — JLL has secured a $23 million construction loan for Crossroads Plaza Shopping Center, a 140,198-square-foot retail center in Pico Rivera. Located at 9050-9200 Whittier Blvd., the center sits on a 10.4-acre site that is positioned 13 miles southeast of downtown Los Angeles. John Marshall of JLL worked on behalf of the borrower, an entity doing business as Crossroads Plaza LP, and its developer, TRF Pacific LLC, to secure the loan through a regional bank. Loan proceeds will be used to redevelop and renovate portions of the center and develop an additional 12,000 square feet of proposed shop space. Originally built in 1988, Crossroads Shopping Center is undergoing redevelopment to replace a 100,000-square-foot Home Depot that terminated its lease in 2019 after 30 years. The building has been leased to three unnamed national soft goods retailers. The center is shadow anchored by Superior Grocery, an independent grocery store chain based in Southern California.

July 16, 2021

Acquisitions California Multifamily Western

MWest Holdings Sells Hollywood Tower Apartments in Los Angeles for $20.1M

by Amy Works July 16, 2021

LOS ANGELES — MWest Holdings has completed the sale of Hollywood Tower, a landmark multifamily asset located in Los Angeles’ Hollywood neighborhood. A family partnership acquired the property for $20.1 million, or $386,538 per unit. Built in 1929 and extensively renovated in 2010, the eight-story Hollywood Tower features 51 apartment units in a mix of studio, one- and two-bedroom layouts with vintage French Norman architectural details and modern fixtures and finishes. Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

July 16, 2021

Acquisitions Net Lease Oregon Retail Western

Faris Lee Brokers $7.3 Million Sale of Single-Tenant Grocery Property in Baker City, Oregon

by Amy Works July 16, 2021

BAKER CITY, ORE. — Faris Lee Investments has arranged the $7.3 million sale of a single-tenant, 48,239-square-foot retail property in Baker City. Albertsons, the tenant, has approximately 15 years remaining on its absolute triple-net lease. Chris DePierro, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the Orange County-based seller in the transaction. The buyer was not disclosed. The Albertsons grocery store is located adjacent to Interstate 84. Other national tenants in this area include McDonald’s, Safeway, Rite Aid, Bi-Mart, Shell and Subway.

July 16, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $9.8M Loan for Multifamily Property Acquisition in Phoenix

by Amy Works July 16, 2021

PHOENIX — Ready Capital has closed $9.8 million in financing for the acquisition, renovation and stabilization of an 84-unit, Class B apartment community located in the Central Mesa submarket of Phoenix. Upon purchase, the undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors and upgrade the property exteriors and amenities to help drive the property to stabilization. Ready Capital closed the non-recourse, interest-only, floating-rate loan with a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

July 16, 2021

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