COLORADO SPRINGS, COLO. — Matthews Southwest Hospitality (MSWH) has unveiled plans for a United States Air Force Academy Hotel in Colorado Springs. The development site is located at the U.S. Air Force Academy (USAFA) campus beneath Pikes Peak and the Rocky Mountains. The 317,000-square-foot resort-style hotel will feature 375 guest rooms with 19 suites; 26,000 square feet of meeting space and flexible banquet space with exterior terraces; a 12,000-square-foot grand ballroom and 6,000-square-foot junior ballroom; a signature rooftop bar and restaurant; six food and beverage outlets; fitness and spa facilities; an elevated pool; event lawn; and numerous outdoor spaces. The hotel will be part of TrueNorth Commons, a mixed-use development at the North Entrance of the U.S. Air Force Academy, which will include a USAFA visitor campus and commercial retail and office space. MSWH is developing the property with owner Provident Group – Falcon Properties. Atlanta-based BLUR Workshop is serving as architect and interior designer and GE Johnson will serve as general contractor. CoralTree Hospitality will manage the hotel. Construction is slated to begin this spring, with completion scheduled for 2024.
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Cottonwood Group Arranges $104M Loan for Acquisition, Renovation of Scottsdale Resort at McCormick Ranch in Arizona
by Amy Works
SCOTTSDALE, ARIZ. — Cottonwood Group has closed a $104 million acquisition and renovation loan for The Scottsdale Resort at McCormick Ranch, a destination hotel located at 7700 E. McCormick Parkway in Scottsdale. Florida-based Driftwood Capital acquired the asset. The Scottsdale Resort at McCormick Ranch features 278 guest rooms, six meeting rooms and a total of 23,245 square feet of meeting space.
Consolidated Contracting Completes 122-Unit WellQuest Seniors Housing Project in Menifee, California
by Amy Works
MENIFEE, CALIF. — Consolidated Contracting has completed construction of WellQuest of Menifee Lakes, senior living community in Menifee, located between Los Angeles and San Diego. The 134,641-square-foot, three-story property features 92 independent living and assisted living units ranging from 470 to 1,017 square feet, as well as 30 memory care units ranging from 386 to 578 square feet. Jonetta Eads, executive director of the facility, predicts the community will be fully occupied by mid-summer. Project consultants included Greg Irwin of Irwin Partners Architects as the architect; Conley360, space planner; Nelson Structural Engineers, structural engineer; Bam Consulting Engineers, civil engineer; United Brothers Concrete, sitework contractor; A Good Plumbing, plumbing; Edge Mechanical, mechanical engineer; Cattrac, grading; Hondo Framing, framing; AME Design Group, mechanical engineer; and Wilson Associates Landscape Architecture, landscape architect. FJ Management was the developer.
JLL Negotiates $23.5M Sale of Goldenwest & Bolsa Shopping Center in Huntington Beach, California
by Amy Works
HUNTINGTON BEACH, CALIF. — JLL Capital Markets has arranged the sale of Goldenwest & Bolsa, a retail center located at 15031 Goldenwest St. in Huntington Beach. A private equity fund sold the property to a local private investor for $23.5 million. Constructed in 1974 on six acres, Goldenwest & Bolsa features 63,269 square feet of retail space. At the time of sale, the property was 95.4 percent leased to a mix of daily needs and internet-resistant tenants. Gleb Lvovich, Geoff Tranchina and Daniel Tyner of JLL Retail Capital Markets represented the seller in the transaction.
Matthews Real Estate Brokers $8.2M Sale of DaVita-Occupied Healthcare Property in Lacey, Washington
by Amy Works
LACEY, WASH. — Matthews Real Estate Investment Services has arranged the sale of a healthcare building located at 5180 Yelm Highway in Lacey. An undisclosed seller sold the property to an undisclosed buyer for $8.2 million. DaVita occupies the property. Melanie Selleck and Devon Dykstra of Matthews Real Estate Investment Services represented the seller, while Lee & Associates represented the buyer in the deal.
SAN DIEGO, CALIF. — Oxford Properties Group has acquired a nine-property, 13-building life sciences portfolio in San Diego. Oxford acquired the portfolio for $464 million. The seller was San Diego-based BioMed Realty, according to The San Diego Union-Tribune. The portfolio includes 650,000 square feet of space, with 12 of the 13 buildings centrally located within San Diego’s Sorrento Valley and Sorrento Mesa submarkets. The properties are 98 percent leased. The portfolio features mainly one- to two-story buildings and a 60/40 life sciences-to-office ratio. The buildings’ features include modern mechanical, electrical and plumbing (MEP) systems and ample tenant parking. According to Oxford Properties, Sorrento Valley and Sorrento Mesa have emerged as epicenters of life sciences growth within San Diego. The firm reports that San Diego recorded over 4 million square feet of leasing volume in 2021, which is an all-time high and 80 percent higher than in 2020. Because of record high demand and limited vacancy, asking rents in San Diego’s life sciences market have increased by 34 percent. The life sciences market in the area is anchored by research institutions and non-profits including San Diego State University, UC San Diego, Scripps Research and the Sanford Burnham Prebys Medical Discovery Institute. …
By Pat Harlan, Managing Director, JLL Labor, geography, population growth and a steady stream of cost-effective, “speed to market” solutions make Phoenix one of the most dynamic industrial markets in the country. Based on existing fundamentals, 2022 is on track to be another record year. As of third-quarter 2021, Phoenix had landed just under 16 million square feet of net leasing year-to-date. Absorption had improved by more than 28.5 percent in the same 12-month period, to total 8.5 million square feet. Nearly 94 percent of that activity was generated from ecommerce and food and beverage users. Vacancy had also dipped to pre-pandemic levels, falling by 100 basis points year-over-year to just 6.8 percent as of the end of the third quarter of 2021. Construction continues to ramp up, trying to meet a seemingly unending stream of demand. As of the end of the third quarter, there was 16.6 million square feet of metro Phoenix industrial space under development. The West Valley accounts for about 11.3 million square feet of this activity. The Southeast Valley represents an additional 3.4 million square feet. Two of the largest buildings underway in the market right now are the Cubes Glendale, totaling 1.2 million square feet, and Building …
Martens Development, Dune Real Estate Sell Seven-Building Industrial Portfolio in Mesa for $130M
by Amy Works
MESA, ARIZ. — A joint venture between Scottsdale-based Martens Development and New York City-based Dune Real Estate Partners have completed the disposition of Landing 3, a newly completed Class A industrial development in Mesa. An affiliate of Cohen Asset Management and ASB Real Estate Investments acquired the asset for $130 million. Located at 7827-8009 E. Ray Road, Landing Phase III was built in 2021 and features 525,342 square feet of industrial space spread across seven buildings. Landing 3 is part of the multi-phase, master-planned industrial project known as The Landing, which totals 858,901 square feet. Landing 3 consists of seven freestanding light industrial buildings and a cross-dock facility, all with 36-foot clear heights, 100 percent concrete throughout, loading and heavy parking, ESFR sprinklers and fenced yards. At the time of sale, Landing 3 was 100 percent leased to a diversified tenant mix. Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West, as well as Adam Spies and Marcella Fasulo of Cushman & Wakefield’s New York Capital Markets team, represented the seller in the deal. Rob Rubano and Brian Share of Cushman & Wakefield’s Equity, Debt & Structured Finance team arranged financing …
CBRE Arranges Sale of Two-Property Student Housing Portfolio Near the University of Colorado, Boulder
by Amy Works
BOULDER, COLO. — CBRE has arranged the sale of a two-property student housing portfolio located near the University of Colorado, Boulder. Greystar acquired the communities — The Hive 9Seventy and The Hive Baseline — for an undisclosed price. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE represented the undisclosed seller in the transaction. The Hive 9Seventy is located at 970 28th St. and The Hive Baseline is located at 2726 Moorhead Ave. Both properties are located within walking distance of the university. “Our team is thrilled to represent this significant transaction in the high-barriers-to-entry Boulder market,” says Fitts. “The portfolio received amazing interest from investors and offered average monthly per-bed rents of $1,532, with the ability to drive revenue through furnishing the properties and unit renovations at The Hive Baseline.”
Holland Partners Buys Congressional Place Office Building in Long Beach, Plans Multifamily Conversion
by Amy Works
LONG BEACH, CALIF. — Holland Partners has purchased Congressional Place, a two-story office building in Long Beach. ValueRock Partners sold the asset for $41 million. Situated on 2.5 acres at 6700 E. Pacific Coast Highway, the 73,769-square-foot will be redeveloped into a multifamily property. Chris Benton, Anthony Muhlstein, Kevin Shannon, Bill Bauman, Ken White and Seal Fulp of Newmark represented the seller in the deal.