Western

KeyBank Arranges $191M Refinancing for Five-Property Wasatch Group Multifamily Portfolio

by Amy Works March 9, 2022

LOGAN, UTAH — KeyBank Real Estate Capital has arranged $191 million in life company loans for the Wasatch Group, a fully integrated real estate development, construction, property management and guaranty capital company based in Logan. The loans will refinance debt on five apartment communities across the Rocky Mountains and Western United States. The portfolio comprises 1,398 units in Arizona, California, Colorado and Utah. Brian Caudel, Mike Keach, Greg Halvorson and Jack Tidrick of KeyBank structured the financing, which includes loans with seven-year, full-term interest-only structures and a 2.62 percent interest rate.

March 9, 2022

Colorado Development Industrial Western

Ware Malcomb Completes Construction of 197,000 SF Basalite Plant in Fort Lupton, Colorado

by Amy Works March 9, 2022

FORT LUPTON, COLO. — Ware Malcomb and Murray and Stafford, as general contractors, have completed the development of Basalite Plant, a manufacturing facility located at 1801 S. Rolle Ave. in Fort Lupton. Built to manufacture concrete masonry units and pavers, the 197,000-square-foot facility features 60-foot ceilings in certain areas to house equipment up to 50 feet tall. The project contains approximately 9,000 square feet of office space, including a lobby, conference rooms, breakrooms and an IT room. Related site works include a waste area, a crush storage area and outdoor product storage. Ware Malcomb’s Denver and Pleasanton, Calif., offices provided the civil engineering, architecture and interior design services for the project.

March 9, 2022

Acquisitions Retail Washington Western

Marcus & Millichap Brokers $1.9M Sale of Nix 99 Retail Property in Lynnwood, Washington

by Amy Works March 9, 2022

LYNNWOOD, WASH. — Marcus & Millichap has brokered the sale of The Nix 99 Building at Mukilteo Gateway, a retail property in Lynnwood. A private investor sold the asset to Lighthouse Diving for $1.9 million. Located at 13718 31st Ave. W, The Nix 99 Building at Mukilteo Gateway features 5,200 square feet of retail space. At the time of sale, the property was vacant. The new owner plans to open a diving gear superstore at the site. Christopher Secreto and Stren Lea of Marcus & Millichap’s Seattle office represented the seller, while Art Thimpson of NAI-PSP represented the buyer in the deal.

March 9, 2022

Development Life Sciences Office Top Stories Washington Western

RMR Group Begins 300,000 SF Office, Life Sciences Redevelopment Project in Seattle

by Kristin Harlow March 9, 2022

SEATTLE — The RMR Group Inc. (NASDAQ: RMR) has begun the redevelopment of 351, 401 and 501 Elliott Avenue West in Seattle into a project dubbed Unison Elliott Bay. The existing three office buildings will be transformed into Class A office and life sciences space totaling more than 300,000 square feet. Amenities will include an outdoor lounge, conference and training rooms, fitness facility, new lab mechanical infrastructure and two backup generators for labs. Tenants will also have access to covered and surface parking, bike storage and electric vehicle charging stations. Customizable floor plates will range from 21,000 to 27,500 square feet. The buildings are located near the new Climate Pledge Arena, home of the Seattle Kraken National Hockey League team, as well as 15 acres of trails, beaches and open space. Tenants will also have access to onsite food options in addition to the dining and retail amenities of Seattle’s Lower Queen Anne neighborhood. “Unison’s customizable floor plates, distinctive spaces and common areas that prioritize wellness, with views of the natural beauty of the Puget Sound and Olympic Mountains, will be in demand from an array of tenants,” says Chris Bilotto, senior vice president of RMR. “We anticipate delivery in …

March 9, 2022

Development Industrial Nevada Western

Beedie to Develop 261,751 SF Pioneer Business Center Industrial Project in Las Vegas

by Amy Works March 8, 2022

LAS VEGAS — Beedie has released its plans to develop Pioneer Business Center, a two-building industrial condominium development in Las Vegas. Located at 6370 and 6340 S. Pioneer Way, Pioneer Business Center will feature two concrete tilt-up structures offering a total of 261,751 square feet of industrial space. Building 1 will offer units ranging from 7,791 square feet to 13,060 square feet, 28-foot clear heights and a pre-built structural steel mezzanine for additional office space or warehouse storage in select units. Building 2 will offer 13,186-square-foot to 20,571-square-foot units and 32-foot clear heights. Both buildings will feature best-in-class specifications, including dock and grade loading, LED warehouse lighting, three-phase power and ESFR sprinkler systems. Additionally, the development will provide users with room for ample truck maneuvering and designated onsite parking. The company has selected Kevin Higgins, Garrett Toft, Sean Zaher, Jake Higgins and Kelsey Higgins of CBRE to market and sell the development.

March 8, 2022

Acquisitions California Retail Western

Marcus & Millichap Brokers $44.7M Sale of Washington Plaza Shopping Center in Downtown Los Angeles

by Amy Works March 8, 2022

LOS ANGELES — Marcus & Millichap (NYSE: MMI) has arranged the sale of Washington Plaza, a grocery-anchored retail property located in downtown Los Angeles. Southern California-based Eagles Nest Property LLC sold the asset to Reliable Properties for $44.7 million. The 136,908-square-foot asset was fully occupied at the time of sale. Long-term tenants include 99 Cents Only and Rite Aid. Additional tenants include DaVita Dialysis, Ace Cash Express, Dunkin’, Baskin Robbins, WaBa Grill, El Pollo Loco, T-Mobile, Panda Express and Boost Mobile. Orbell Ovaness and Ara Rostamian of the Ovaness-Rostamian Group of Marcus & Millichap represented the seller and procured the buyer in the transaction.

March 8, 2022

Loans Multifamily Oregon Seniors Housing Western

Ziegler Arranges $58.4M Financing for Capital Manor Seniors Housing Community in Salem, Oregon

by Amy Works March 8, 2022

SALEM, ORE. — Ziegler has arranged $58.4 million in bond financing for Capital Manor, a continuing care retirement community (CCRC) in Salem. Capital Manor features 302 independent living units and 83 residential care beds with an additional 34 memory care beds. Life Care Services has operated the community since 2010. The financing will refund bonds from 2012 while funding a renovation project that will include a new façade and refreshed common areas. “It has been exciting to see Capital Manor, under Life Care Services’ leadership, execute a major operations turnaround, expand its living options, add memory care services, and beautify and expand its activity and hospitality areas,” says Mary Muñoz, senior managing director at Ziegler.

March 8, 2022

Acquisitions California Industrial Western

Barings, Ocean West Capital Partners Buy 136,610 SF Smoky Hollow Industrial Campus in El Segundo, California

by Amy Works March 8, 2022

EL SEGUNDO, CALIF. — Barings has partnered with Ocean West Capital Partners to acquire Smoky Hollow Flex Industrial Campus in El Segundo’s Smoky Hollow submarket. Terms of the off-market transaction were not released. Situated on 5.1 acres, the three-property campus offers 136,610 square feet of flex industrial space. The owners intend to implement a repositioning, including the construction of a new flex industrial building and 266-stall parking structure. Renovations to the three existing buildings will include upgrades to the exterior and building systems while constructing outdoor recreation spaces.

March 8, 2022

Acquisitions Arizona Development Restaurant Retail Western

BJ’s Restaurants Plans 7,600 SF Location in Goodyear, Arizona

by Amy Works March 8, 2022

GOODYEAR, ARIZ. — BJ’s Restaurants Inc. has purchased land to develop a BJ’s Restaurant & Brewhouse near Civic Square at GSQ, a new city hall, library and community gathering spot in Goodyear. Located on a three-acre site at the northeast corner of North 150th Drive and West McDowell Road, the family-friendly restaurant is slated to open in late 2022. Totaling more than 7,600 square feet, the new BJ’s interior will seat approximately 250 guests, with more seating at the patio and round bar. The restaurant plans to hire approximately 160 team members. BJ’s operates seven breweries in five states and offers 11 beers and ciders on tap.

March 8, 2022

Development Multifamily Nevada Seniors Housing Western

SR Construction Completes Silverado Red Rock Memory Care Community in Las Vegas

by Amy Works March 7, 2022

LAS VEGAS — SR Construction has completed work on Silverado Red Rock, a memory care community in Las Vegas. This single-story, 36,381-square-foot property features 60 resident rooms and 72 resident beds. The community will welcome its first residents on March 14. This is the second community that SR has built for Silverado.

March 7, 2022

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