WESTMINSTER, COLO. — Kenai Capital Advisors has partnered with CWCapital Investment Management to purchase a portfolio of properties — three office/flex buildings and one development parcel on Church Ranch Boulevard in Westminster. Etkin Johnson sold the assets for an undisclosed price in an off-market transaction. Totaling 151,746 square feet, the portfolio includes 7237, 7401 and 7403 Church Ranch Blvd. and an adjacent, 6.19-acre, vacant development site, which has received preliminary approval for an 80,000-square-foot flex industrial building. The existing flex buildings are situated on a 12.6-acre campus and are currently 82 percent leased to eight tenants, with 27,96 square feet of space available for lease. Tenants include Motorola, Cummins, Concentra Health Services and UCHealth. Built in 2000, the buildings feature 16- to 18-foot clear heights, 4.24:1,000 parking ratio, individual suite entrances, roll-up doors, 800-amp power, LED lighting, expansive window lines, manicured landscaping with multiple fountains and mountain views.
DENVER — Evergreen Devco has completed the disposition of a multi-tenant retail building located at the northeast corner of 56th Avenue and Central Park Boulevard in northeast Denver. 5565 N Beeler LLC acquired the building, which is located within The Shops at Beeler Park. The acquisition price was not released. Situated on 33,371 square feet, the 8,500-square-foot building is fully leased to five tenants: Epic Cycles, Aspen Lane, Paws’n’Play, Box State Barbers and Northfield Pediatric Dentistry. Dorit Fischer and Hayden Hirschfield of Shames-Makovsky Realty Co. represented the buyer in the deal.
PORTLAND, ORE. — Alliant Credit Union has provided a $13 million permanent loan with $9.5 million in initial funding to refinance debt on a mixed-use building in Portland. The name of the borrower was not released. The financing included a cash-out of equity and an earn-out provision structured as a reimbursement based on the borrower’s capital improvement budget. Additionally, the loan structure ensures the loan-to-value ratio for the property will remain below 65 percent. Built in the late 1990s, the five-story, 129,398-square-foot building features 85 apartments and 26,402-square-foot of fully leased, ground-floor retail space, which H-Mart Asian Grocery occupies. The Class B property also features on-site parking. Peter Margolin of Alliant originated the loan, while Casey Davidson of JLL Capital Markets referred the transaction to Alliant.
FONTANA, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant retail building located at Highland Village Shopping Center in Fontana. Adler Realty Investments sold the asset to an Inland Empire-based 1031 exchange investor for $3.2 million. Sit ‘n Sleep occupies the 8,400-square-foot property on a triple-net-lease basis. Built in 2019, the building is located at 16948 S. Highland Ave. The seller developed the Highland Village Shopping Center, which is anchored by a 30,000-square-foot Sprouts Farmers Market, in 2018 and 2019. Other tenants at the shopping center include Jack in the Box, Raising Cane’s Chicken Fingers, Jersey Mike’s Subs, Café Rio, Oggi’s Restaurant, Pacific Dental, Quick Quack Car Wash and Mountain View Tire & Auto Service. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller in the transaction.
MERIDIAN AND BOISE, IDAHO — Kennedy Wilson Holdings Inc. (NYSE: KW) has purchased three apartment communities totaling 640 units and a multifamily development site that is fully entitled for 240 units in the Boise metro area for $143 million. The three multifamily communities include The Lofts at Ten Mile, Jasper Apartments and Towne Square. The new owner plans to implement value-add programs at the existing communities and to complete construction at the Dovetail development site, which is located in an Opportunity Zone, by 2023. Construction costs for that project are estimated at about $60 million. The Lofts at Ten Mile, located west of downtown Boise in Meridian, features one- and two-bedroom units and amenities such as a pool, fitness center, business center, media lounge and outdoor grilling stations. Jasper Apartments, also in Meridian, offers one-, two- and three-bedroom apartments and amenities such as a resident lounge, pool, fitness center and private study rooms. Towne Square, located in Boise, includes one-, two- and three-bedroom floor plans and a similar suite of amenities. Kennedy Wilson has an average ownership stake of 95 percent in these four properties, which were acquired in off-market trades, and has invested $68 million of equity into them. …
BIG SUR, CALIF. — Geolo Capital and its joint venture partner Wanxiang America Real Estate have sold Ventana Big Sur Resort, an Alila Resort in Big Sur. The buyer, an affiliate of the Hyatt Hotels Corp., bought the 160-acre property for $148 million. Geolo, which is the private equity investment arm of the John Pritzker family office, claims the $2.5 million-per-room price is a record for a North American resort. Built in 1975, Ventana Big Sur Resort is a 59-room property. Geolo Capital acquired Ventana in 2015 and then renovated and reopened the property in 2017. San Francisco-based interior design firm BraytonHughes Design Studio and Carmel, Calif.-based architectural firm Ray Parks & Associates led the renovation project. The renovations included a new Glass House Gallery, which showcases artwork, jewelry, pottery and photography from California-based artists, as well as upgrades to all the guestrooms, suites and villas. Additionally, outdoor fireside seating was added, and a new 7,000-square-foot Ocean Meadow Lawn was added for events and weddings with space for up to 200 guests. Ventana Big Sur has a total of 12,000 square feet of events and meeting space. A new restaurant, the Sur House restaurant, was also built during renovations, as …
LOS ANGELES — Eastern Real Estate and Atlas Capital Group have purchased Eagle Rock Plaza, a regional shopping center at the intersection of Glendale and Ventura freeways in Los Angeles’ Eagle Rock neighborhood. Situated on 22 acres, the property features 466,000 square feet of retail space. Current anchor tenants include Target, Macy’s, Seafood City and Fitness 19. Bill Bauman and Kyle Miller of Newmark Capital Markets represented the undisclosed seller in the deal. The acquisition price was not released.
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.
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.
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.