Western

StoragePRO Management Opens 131,000 SF Self-Storage Facility in Fairfield, California

by Amy Works March 11, 2022

FAIRFIELD, CALIF. — StoragePRO Management has opened a new multi-level self-storage facility situated on five acres at 475 Lopes Road in Fairfield. The 131,000-square-foot facility offers 930 indoor storage units and a two-story RV, boat and vehicle storage on the ground floor with secure, drive-up access. The property also features a property-wide 24-hour surveillance video system, electronic smart locks on each unit, entry and exit property access keypads, fenced and gated property perimeters, motion-censored interior and exterior LED lighting, fire sprinklers and onsite managers, as well as a leasing office and no-contact online rentals and bill pay. Elk Grove-based GC Construction and Development served as the project’s general contractor.

March 11, 2022

California Loans Missouri Restaurant Retail Western

BridgeCore Funds $3.6M Loan for 7-Eleven Location in California, Taco Bell in Missouri

by Amy Works March 11, 2022

SANTA ANA, CALIF., AND WARSAW, MO. — BridgeCore has funded a $3.6 million bridge loan to finance the purchase of a to-be-built retail building that 7-Eleven will occupy in Santa Ana. The loan was cross-collateralized with a Taco Bell-occupied asset in Warsaw. The name of the borrower was not released. The loan features a 12-month term with six months of yield maintenance, which will allow the seller of the 7-Eleven property to complete its construction of the build-to-suit on behalf of the borrower and meet its delivery obligations to 7-Eleven.

March 11, 2022

Alaska Development Multifamily Top Stories Western

The X Co. Completes 20-Story Multifamily High-Rise in Downtown Phoenix

by Taylor Williams March 11, 2022

PHOENIX — Chicago-based developer The X Co. has completed X Phoenix, a 20-story multifamily high-rise project located at 200 W. Monroe St. in the state capital’s downtown area. The 731,321-square-foot building houses 330 residential units and represents Phase I of a larger development. Phase II of X Phoenix will feature a 26-story multifamily tower that will be developed on an adjacent parcel. Construction of Phase II is scheduled to begin this spring. Phase I of X Phoenix included a parking garage with 612 stalls, plus an indoor mezzanine storage space with 159 bike parking spots and a wash station. The eighth floor of the building houses two pools with a poolside bar and restaurant that is scheduled to open in April. In addition, the ninth floor of the building features a 9,000-square-foot fitness center with locker rooms and a yoga studio. Lastly, the building contains 50,000 square feet of commercial space that will be built out to support restaurant and coworking uses. Chicago-based Fitzgerald & Associates designed X Phoenix, with Workshop/APD handling interior design. Clayco, a design-build firm with five offices across the county, provided construction management services. Kimley-Horn and Peterson Associates provided engineering services. The X Co. has built …

March 11, 2022

Acquisitions Multifamily Nevada Western

Griffin Capital Sells South Beach Apartments in Las Vegas for $97.5M

by Amy Works March 10, 2022

LAS VEGAS — Griffin Capital has completed the disposition of South Beach Apartments, a 220-unit multifamily community in the Las Vegas submarket of Summerlin/Spring Valley. Logan Capital Advisors acquired the asset for $97.5 million, or $443,180 per unit. Taylor Sims, Carl Sims and Brady Cleary of Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller in the deal. Located at 8920 W. Russel Road, South Beach Apartments features a mix of one- and two-bedroom floor plans, with loft and den options, ranging from 680 square feet to 1,380 square feet. Onsite amenities include saltwater pools, a beach volleyball court, soccer field, half basketball court, yoga studio, Pilates studio, indoor and outdoor fitness centers, a dog wash and a 16-foot TV by the pool. The community was built in 2017.

March 10, 2022

Acquisitions Arizona Multifamily Western

SB Real Estate Purchases Cantamar Apartments in Glendale for $58.1M

by Amy Works March 10, 2022

GLENDALE, ARIZ. — SB Real Estate Partners has purchased Cantamar Apartments, a garden-style multifamily community located at 16630 N. 43rd Ave. Glendale, for $58.1 million. The buyer will rebrand the 180-unit asset as Portola On Bell. Built in 1988, the community offers one-, two- and three-bedroom floor plans averaging 1,086 square feet, with washers/dryers, nine-foot ceilings and balconies. Community amenities include a swimming pool, fitness center and resident clubhouse with a business center. SB Real Estate is planning a $4 million capital improvement program to enhance the property’s curb appeal, common area amenities and unit interiors.

March 10, 2022

Acquisitions Arizona Hospitality Western

Avison Young Negotiates $54.5M Sale of Hyatt Place/Hyatt House Hotel in North Scottsdale

by Amy Works March 10, 2022

SCOTTSDALE, ARIZ. — Avison Young has brokered the sale of Hyatt Place/Hyatt House, a dual-flagged select-service and extended-stay hotel in Scottsdale. A joint venture between Gardner Batt and private investors sold the asset to a joint venture between KKR and Riller Capital for $54.5 million. Located at 18513 N. Scottsdale Road, the property features 229 guest rooms, an onsite restaurant, bar area, breakfast area, business center, meeting space, fitness center, heated outdoor pool and hotel-wide Wi-Fi. The nine-story property opened in March 2021. Jay Maddox, Keith Thompson, Andrew Broad and David Genovese of Avison Young represented the seller in the transaction.

March 10, 2022

California Loans Multifamily Seniors Housing Western

Ziegler Arranges $23.6M Bond Financing for Seniors Housing Asset in Mill Valley, California

by Amy Works March 10, 2022

MILL VALLEY, CALIF. — Ziegler has arranged $23.6 million in bond financing for The Redwoods, a nonprofit continuing care retirement community in Mill Valley, a suburb of San Francisco. The Redwoods features 148 independent living units, 130 assisted living units and a 58-bed skilled nursing facility. The Redwoods will use the proceeds of the bonds, together with an equity contribution of $5 million, to refinance its outstanding 2013 bonds, fund a bond reserve account, pay an insurance premium to the Cal-Mortgage Loan Insurance Program and pay costs of issuance. While federally taxable, the bonds were issued through the California Municipal Finance Authority to allow for exemption from State of California income tax. The bonds amortize over a 15-year period, which is eight years shorter than the maturity on the existing 2013 bonds, and carry a bond yield of 2.9 percent. The bonds were issued with a 10-year par call.

March 10, 2022

Acquisitions Arizona Industrial Western

Stos Partners Acquires 28,520 SF Industrial Building in Phoenix for $4.4M

by Amy Works March 10, 2022

PHOENIX — Stos Partners, in partnership with a high-net-worthy family office, has purchased an industrial property located at 2757 E. Chambers St. in Phoenix for $4.4 million in an off-market transaction. At the time of acquisition, the 28,520-square-foot building had a short-term tenant in place. David Wilson and Carter Wilson of DAUM Commercial Real Estate Services represented the buyer in the deal.

March 10, 2022

Arizona Development Industrial Western

Lincoln Property Breaks Ground on 2.5 MSF Park303 Phase II Industrial Project in Glendale, Arizona

by Amy Works March 9, 2022

GLENDALE, ARIZ. — LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Co., has broken ground on Phase II of Park303 in Glendale. Totaling nearly 2.5 million square feet, the second phase will feature three industrial buildings fronting Loop 303. Park303 Phase II includes Building A, totaling 629,835 square feet on 38 acres; Building B, totaling 483,300 square feet on 30 acres; and Building C, totaling 1.2 million square feet on 72 acres. Similar to Park303 Phase I, Buildings A and B are designed to quickly convert from two stand-alone buildings into one 1.2 million-square-foot facility, with 104,052 square feet of infill space, to meet the needs of a major single user. Phase II buildings will feature 40-foot clear heights, touchless technology throughout, 25-foot glass entries, 3,000 amps of power and seven-foot slabs over four inches of crushed rock a steel. Additionally, a shear bracing will allow for highly modern, automated racking and picking equipment. The buildings will include five-foot by 10-foot clerestory windows on all elevations. The second phase will also feature 430 dock doors, 778 trailer stalls and more than 1,556 parking stalls, as well as a basketball/pickleball court, barbecue station, shaded outdoor eating area and employee …

March 9, 2022

Acquisitions Montana Multifamily Oregon Seniors Housing Western

Harrison Street Sells Five Seniors Housing Properties in Oregon, Montana to Springs Living for $193.5M

by Amy Works March 9, 2022

MEDFORD AND EUGENE, ORE., AND BUTTE AND BILLINGS, MONT. — Harrison Street has completed the disposition of five senior housing properties valued at $193.5 million to The Springs Living. The properties were held across several of Harrison Street’s U.S Opportunity Funds and related co-investment vehicles. The portfolio consists of 622 independent living, assisted living and memory care units in Medford, Eugene, Butte and Billings. As of December 2021, the properties had an average occupancy of 93 percent. Further details on the properties were not disclosed.

March 9, 2022

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