Western

Talonvest Negotiates $16M Loan for Two Self-Storage Facilities in Oregon, Washington

by Amy Works July 8, 2021

PORTLAND, ORE., AND VANCOUVER, WASH. — Talonvest Capital has arranged a $16 million loan for Get Space. The life insurance company-backed, 10-year loan is secured by two self-storage facilities in Portland and Vancouver. The loan provided the borrower permanent financing prior to economic stabilization at the properties. The properties offer a total of 122,000 rentable square feet and 1,257 storage units in a mix of climate-controlled and non-climate-controlled units. The Vancouver property was built in 2018, while the Portland location was expanded and renovated in 2018. Erich Pryor, David DiRienzo, Jim Davies and Tom Sherlock of Talonvest Capital handled the financing.

July 8, 2021

Acquisitions Content Partner Data Centers Development Features Industrial Midwest NAI Northeast Southeast Texas Western

From Hype to Hyperscalers: NAI Global Discusses Trends for Data Centers

by Sarah Daniels July 8, 2021

Data centers have exploded in importance over the last year and a half. Kevin Goeller, principal, NAI KLNB, has over 21 years of experience in the field of data center development, sales and leasing, but says that, lately, exponential change is driving demand in this asset class. He spoke to REBusinessOnline about the booming need and limiting factors for data centers. REBusiness: Tell us about the sudden, increased demand for data centers. What amount of this demand is due to the pandemic driving people to work from home? What amount of the demand is here to stay? Goeller: Prior to the pandemic, we were already in an upward curve because of the added disciplines of 5G and edge data centers contributing to the already competitive growth of the hyperscalers and multitenant data centers. Data center development didn’t have the interest from institutional investors that it does today; these assets were just starting to get these institutions to chase them as a real estate discipline. Fast forward to the pandemic, which added Zoom, Microsoft Teams and other video conferencing and work-from-home needs. These put additional pressure on an already pressurized discipline, an asset class already trying to adapt and grow. REBusiness: …

July 8, 2021

Acquisitions California Data Centers Industrial Western

CBRE Global Investors Acquires 395,673 SF Logistics Property in Irvine, California

by Amy Works July 7, 2021

IRVINE, CALIF. — A fund sponsored by CBRE Global Investors has purchased Irvine Crossing, a mixed-use logistics property in Irvine. Terms of the transaction were not released. The 395,673-square-foot property features a 193,173-square-foot data center with 10 megawatts of critical power located at 17836 Gillette Ave. and a 202,500-square-foot logistics warehouse located at 17871 Von Karman Ave. One of the largest data center operators in the world occupies the data center, while a large e-commerce company occupies the logistics warehouse.

July 7, 2021

Acquisitions Multifamily Washington Western

Trion Properties Buys The Russell Apartments in Portland for $19.7M

by Amy Works July 7, 2021

PORTLAND, ORE. — Trion Properties has acquired The Russell Apartments, a multifamily property located at 2621 NE Seventh Ave. in Portland. An undisclosed seller sold the asset for $19.7 million. The six-story property features 68 apartments in 25 different floorplans with patio decks, modern finishes and full-size in-unit washers/dryers. Community amenities include a roof terrace with barbecues and a fire pit, fitness center, club lounge, pet washroom and secured bike storage. Rob Marton and Tyler Johnson of HFO Real represented Trion in the transaction. Continental Partners arranged the financing through Andrew Kwok of Capital One.

July 7, 2021

Acquisitions Arizona Multifamily Western

Marcus & Millichap Arranges $13.5M Sale of Golden Key Apartment Building in Phoenix

by Amy Works July 7, 2021

PHOENIX — Marcus & Millichap has brokered the sale of Golden Key, a multifamily property located in Phoenix. A private investor sold the asset to a fund manager for $13.5 million. Located at 3675 W. Osborn Road, Golden Key features 91 apartments. The community spaces and three of the units at the 62,323-square-foot property have been renovated. Paul Bay and Darrell Moffitt of Marcus & Millichap represented the seller and procured the buyer in the deal.

July 7, 2021

Development Multifamily New Mexico Western

Titan Completes 92-Unit Highlands North Multifamily Property in Albuquerque

by Amy Works July 7, 2021

ALBUQUERQUE, N.M. — Titan Development has completed the construction of Highlands North, an apartment community located at 200 Mulberry St. NE in downtown Albuquerque. Lease-up is underway at the 92-unit property, which was built in partnership with Alliance Residential. Greystar will serve as property manager for the community. Situated on 2.4 acres, the development includes a four-story building and four surrounding carriage buildings, a clubhouse, fitness center and resort-style pool. The apartment complex is the latest development in Titan’s 12-acre, mixed-use, master-planned The Highlands project. The company is working with Maestas Development Group to redevelop the five-block region in downtown Albuquerque. The project was funded by the Titan Development Real Estate Fund I, a $115 million private equity real estate fund established in 2017 to raise and invest equity in approximately $300 million of Titan Development’s investment opportunities, focused heavily on multifamily.

July 7, 2021

Acquisitions California Restaurant Retail Western

Progressive Real Estate Partners Brokers $4.6M Sale of Starbucks-Anchored Retail Building in Southern California

by Amy Works July 7, 2021

SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the sale of a retail property located at 2067 E. Highland Ave. in San Bernardino. Sage Invesco and Pacific Riviera Properties sold the asset to a San Bernardino County-based private investor for $4.6 million, or $919 per square foot. Greg Bedell of Progressive Real Estate Partners represented the seller, while Choong “Bruce” Lee of NewStar Realty and Hope Kim, an independent broker, represented the buyer in the deal. Built in 2020, the three-tenant building features 5,058 square feet of retail space. Starbucks Coffee, Lefty’s Cheesesteak and Cricket Wireless occupy the property.

July 7, 2021

Acquisitions Multifamily Nevada Western

Bascom Group Acquires 390-Unit Multifamily Portfolio in Las Vegas

by Amy Works July 6, 2021

LAS VEGAS — The Bascom Group has purchased a three-property apartment portfolio located in Las Vegas for $72 million, or $184,806 per unit. Totaling 390 units, the portfolio includes Spectra at 4000, Spectra East and Spectrum at Katie. Bridge Investment Group provided debt financing, which Charles Halladay, Jamie Kline and Annie Rice of JLL Capital Markets arranged. Bascom selected Cushman & Wakefield for property management services and Renu Multifamily Services for construction management. Spectra at 4000 and Spectra East are located in eastern Las Vegas Valley, and Spectrum at Katie is located near University of Nevada – Las Vegas and the Las Vegas Strip. The name of the seller was not released.

July 6, 2021

Acquisitions Colorado Loans Multifamily Western

Berkadia Arranges $39M Apartment Mid-Rise Sale in Denver

by Amy Works July 6, 2021

DENVER — Berkadia has brokered the sale of 16 Penn, a mid-rise apartment community located in Denver. Denver-based The Burgwyn Co. sold the asset to an undisclosed entity for $39 million. Located at 1615 Pennsylvania St., 16 Penn features 99 apartments in a mix of one- and two-bedroom floor plans with in-unit washers/dryers and private balconies. Community amenities include a fitness studio, media room, community kitchen, courtyard with a fireplace and grills, and a library. Nick Steele, John Laratta, Tyler King and Nate Moyer of Berkadia Denver represented the seller in the transaction. Matt Schildwatcher of Berkadia Denver secured a $32 million, four-year, interest-only bridge loan for the buyer.

July 6, 2021

Development Loans Multifamily Seniors Housing Washington Western

BMO Harris Funds $19.4M Loan for Seniors Housing Renovation Project in Redmond, Washington

by Amy Works July 6, 2021

REDMOND, WASH. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $19.4 million construction loan for the renovation of a Sunrise Senior Living assisted living and memory care community in Redmond. Originally built in 1999, the asset features 110 units. Further details on the project were not disclosed.

July 6, 2021

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