CENTENNIAL, COLO. — Central Development has broken ground for Encompass 171, the fourth building at its Encompass Business Park in Centennial. Established in 2017, the 62-acre infill industrial park offers last-mile warehousing, industrial and technology uses for tenants. Encompass 171 will feature 171,600 square feet of warehouse space, 28-foot clear heights, a speed bay and a 190-foot-deep truck court. Alcorn Construction is serving as general contractor for the building. Current tenants at Encompass Business Park include Amazon, Room & Board, Brakes Plus, Mygrant Glass, Winn-Marion Cos., Rincon Research and Evoqua Water Technologies.
Western
MorningStar Senior Living, Edgemark Plan 160-Unit Seniors Housing Community Near Denver
by Amy Works
CENTENNIAL, COLO. — MorningStar Senior Living and Edgemark Development LLC have unveiled plans for MorningStar Senior Living at Holly Park in the Denver suburb of Centennial. Groundbreaking is scheduled for fourth-quarter 2021 for planned completion in 2023. The four-story project will be located on three acres and offer 160 units of independent living, assisted living and memory care. This will be MorningStar’s second location in Centennial and 13th in Colorado. MorningStar and Edgemark will co-develop and own the community.
Cushman & Wakefield Brokers $17.4M Sale of Chauncey Lane Marketplace Office/Retail Property in Scottsdale
by Amy Works
SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged the sale of Chauncey Lane Marketplace, a mixed-use development in north Scottsdale. Los Angeles-based Ronal LLC acquired the asset from Chauncey Retail Partners for $17.4 million. Located at 17757 and 17767 N. Scottsdale Road, the property features 34,963 square feet of office and retail space. Current tenants include a breakfast diner, cocktail lounge, salon/spa, financial advisory offices, a law firm, residential development firm and a dental practice. The asset was developed in 2019. Eric Wichterman and Mike Coover of Cushman & Wakefield handled the transaction.
Progressive Real Estate Negotiates $6M Sale of Rancho Car Wash Property in Temecula, California
by Amy Works
TEMECULA, CALIF. — Progressive Real Estate Partners has arranged the sale of a Rancho Car Wash-occupied retail asset located at 27378 Jefferson Ave. in Temecula. The property traded hands for $6 million. Victor Buendia of Progressive Real Estate Partners represented the buyer and seller, both of which are Los Angeles County-based private investors, in the transaction. Established in 1988, Rancho Car Wash offers full-service hand car washes, auto detailing services and an oil and lube center. The transaction included both the business and real estate and the buyer plans to remodel and upgrade the operation.
Nuveen Real Estate Sells 1,184-Unit Palomino Park Apartments in Southeast Denver for $435M
by Amy Works
DENVER — Nuveen Real Estate has completed the sale of Palomino Park Apartments, located at 6700 Palomino Parkway in the Highlands Ranch submarket of southeast Denver. An undisclosed buyer acquired the asset for $435 million. Totaling 1,184 units, Palomino Park consists of three villages: Blue Ridge, Green River and Red Canyon, each offering its own identity and 4,000-square-foot clubhouse. The acquisition also includes access to the Colorado Club, a 26,000-square-foot recreation center situated on a 30-acre central park within the master-planned community. The park serves as an amenity for the three apartment villages, as well as the two for-sale, owner-occupied villages within the 106-acre master-planned development. Matthew Lawton, Jordan Robbins and Pamela Koster of JLL Capital Markets represented the seller in the transaction. Andy Scott, Whitaker Johnson and Robert Bova of JLL arranged $282.7 million in acquisition financing for the buyer.
Ziegler Arranges $297M Financing for Ensō Village Seniors Housing Development in Sonoma County
by Amy Works
HEALDSBURG, CALIF. — Ziegler has arranged $297 million in bond financing for the development of Ensō Village, a continuing care retirement community in the Sonoma County city of Healdsburg. The borrower is Kendal Corp., which is developing the property. The California Public Finance Authority issued the tax-exempt bonds. Ensō Village is located on approximately 16 acres and will feature 221 independent living apartments, 30 assisted living apartments and 24 memory support apartments. Of the 221 independent living apartments, 20 are low-income rental apartments for retired Buddhist teachers, and 10 are moderate-income apartments. “Clearly the groundbreaking concept of a Zen-inspired retirement community embodying Zen and Quaker values, with a net zero energy footprint that shows care for the planet and for residents, has resonated with depositors,” says Mary Muñoz, senior managing director, Ziegler Senior Living Finance. “The community achieved 95 percent presales in record time, and bond investor appetite for the transaction exceeded all expectations.”
Bridge Partners Buys Harvest at Fiddyment Ranch Apartments in Roseville, California for $111M
by Amy Works
ROSEVILLE, CALIF. — Bridge Partners has purchased Harvest at Fiddyment Ranch, a multifamily community located in Roseville, from Roseville-based USA Properties Fund for $111 million. Located at 1900 Blue Oaks Blvd. within the Fiddyment Ranch master-planned community, the 300-unit property was 97 percent leased at the time of sale. The community offers a mix of one-, two- and three-bedroom apartments, ranging from 771 square feet to 1,258 square feet. Community amenities include a clubhouse and game room, fitness center, heated pool and spa, dog park and playground. Marc Ross of CBRE represented the seller in the transaction. Andrew Behrens of CBRE’s San Francisco office organized an acquisition loan on behalf of the buyer.
Capstone Negotiates $17.5M Acquisition of Gardens at Hidden Creek Multifamily Property in Colorado Springs
by Amy Works
COLORADO SPRINGS, COLO. — Capstone has brokered the purchase of The Gardens at Hidden Creek, an apartment community located in Colorado Springs. The property traded for $17.5 million. The names of the seller and buyer were not released. Located at 1111-1123 Verde Drive, The Gardens at Hidden Valley feature 125 units in a mix of 19 studios, 82 one-bedroom/one-bath, 23 two-bedroom/two-bath and one three-bedroom/one-bath layouts. On-site amenities include a pool, cybercafé, picnic area, fitness center, barbecue area and clubhouse. Adam Riddle and Patrick Knowlton of Capstone represented the buyer in the deal.
BILLINGS, MONT. — Wood Investments Cos. has purchased a vacant retail building situated on 5.19 acres at 2618 King Ave. West in Billings. Billings-based Wilson-Taylor Partnership sold the asset for $4.6 million. Formerly occupied by Big Bear Sports Center, the building features 67,000 square feet of retail space. By the close of escrow, Wood Investments had secured leases with HomeGoods, Sierra Trading Post and Petco to occupy the multi-tenant building. Wood Investments will redevelop the building to comply with tenant specifications, as well as implement capital improvements and upgrades to the overall asset. HomeGoods and Sierra Trading Post will occupy a total of 42,000 square feet and Petco will occupy 15,000 square feet. All three tenants are slated to open in 2022. Additionally, approximately 10,000 square feet of space is still available. Chad Moore of Mountain West Commercial Brokerage in Salt Lake City represented the buyer, while Richard Martin of Mountain West Commercial Brokerage in Billings represented the seller in the transaction.
PHOENIX — San Diego-based MG Properties Group has purchased Centra, a multifamily property located in midtown Phoenix, from FORE Property for $74.5 million. Built in 2020, the five-story, podium-style property features 223 units and underwent a swift lease up. Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller. Brooks Benjamin of KeyBank arranged $43.1 million in acquisition financing for the buyer.