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Tapo-Canyon-Commerce-Center-Simi-Valley-CA

Stream Realty to Develop Five-Building Tapo Canyon Commerce Center in Simi Valley, California

by Amy Works May 25, 2021

SIMI VALLEY, CALIF. — Stream Realty, in a joint venture with QuadReal Property Group, is developing Tapo Canyon Commerce Center, a five-building industrial complex located at 1800 Tapo Canyon Drive in Simi Valley. Slated for delivery in fall 2022, Tapo Canyon Commerce Center will offer buildings ranging from 25,786 square feet to 135,759 square feet and leasing options from 19,239 square feet to the entire 344,056-square-foot campus. Situated on 18 acres, the buildings will feature 28- to 36-foot clear heights; high-image, window-lined office space; above-regional-standard dock-high loading; five different access points to the complex; and immediate access to Freeway 118. Patrick DuRoss, John DeGrinis and Jeff Abraham of Newmark are handling leasing for the property.

May 25, 2021

Acquisitions California Restaurant Retail Western

Wood Investments Buys Kings Canyon Pavilion Shopping Center in Fresno, California for $11.8M

by Amy Works May 25, 2021

FRESNO, CALIF. — Wood Investments Cos. has purchased Kings Canyon Pavilion, a 152,354-square-foot shopping center at 4965 E. Kings Canyon Road in Fresno. Los Angeles-based Decrom Properties sold the asset for $11.8 million. 99 Cents Only anchors the retail center, which was 91 percent occupied at the time of sale. Other tenants at the property include O’Reilly Auto Parts, Cricket Wireless Authorized Retailer, Corina’s Taqueria, an indoor family entertainment complex, No Surrender Unlimited and Fallas Paredes. By the close of escrow, Wood Investments has secured signed leases with Raising Cane’s Chicken Fingers and Dutch Bros. Coffee to occupy two single-tenant pad buildings. The new tenants are expected to open in mid-2022. Nick Frechou of Retail California represented the buyer in the transaction.

May 25, 2021

Acquisitions Multifamily Nevada Western

Camino Verde Group Acquires Sherwood Palms Apartment Property in Las Vegas

by Amy Works May 25, 2021

LAS VEGAS — Camino Verde Group has purchased Sherwood Palms, a multifamily property located at 2635-2655 Sherwood St. within the Convention Center District of Las Vegas. Built in 1963, the 24-unit property features two levels of two- and three-bedroom floor plans. The community offers an enclosed outdoor courtyard, community laundry facility and updated apartment spaces with high-speed internet access. Camino Verde Group plans to renovate the units with new appliances, countertops and floor coverings along with other fixtures and finishings.

May 25, 2021

California Content Partner Development Features Idaho Lee & Associates Western

California’s Population Exodus Arrives in Idaho

by Sarah Daniels May 25, 2021

There has been much anecdotal discussion lately of Californians fleeing high-cost, high-density, high-traffic living for greener pastures, especially as COVID-19 made working from home a possibility for California’s high-tech workforce. This trend is not just a rumor for the residents of Idaho. Idaho is the second-fastest growing state in the nation[1], and Californians make up nearly 46 percent[2] of a new population influx that the state has experienced over the past five years. What is driving so many people from the Golden State to the Gem State, and what does this mean for commercial real estate prospects in Idaho? REBusiness sat down with Matt Mahoney, managing principal, Lee & Associates Idaho, to answer those questions. Remote Work and Booming Growth COVID-19-related remote work is driving people to areas where there is a high quality of life, natural beauty and an abundance of outdoor activities. Matt Mahoney notes that because Idaho’s population is lower to start with, the state can easily find itself at the top of lists of fast-growing states. Still, there is real growth in Idaho’s population (increasing 17.4 percent since the 2010 census[3]). However, Mahoney believes there is a lag between the exploding population and the commercial real estate …

May 25, 2021

Acquisitions Company News Western

Ares Management to Acquire Black Creek Group, Creating Company with $29B in Assets Under Management

by Amy Works May 24, 2021

LOS ANGELES AND DENVER — A subsidiary of Los Angeles-based Ares Management has agreed to acquire 100 percent of Denver-based Black Creek Group’s U.S. real estate investment advisory and distribution business. Black Creek Group had approximately $11.6 billion assets under management as of March 31 in core/core-plus real estate strategies across two non-traded REITs and various institutional fund vehicles and spanning industrial, multifamily, office and retail property types. Additionally, the firm’s senior management team has an average of 25 years of experience in sourcing, acquiring, operating and developing properties in the United States. The transaction is expected to expand the Ares Real Estate Capital’s existing capabilities and product offerings. The buyers says the deal will also broaden its real estate platform with vehicles that complement the firm’s existing real estate debt and U.S. and European value-add and opportunistic funds. The combined real estate group will have approximately $29 billion assets under management and the transaction will boost Ares’ non-traded REIT capital by $5.1 billion. Upon closing, key members of the Black Creek leadership team will remain in place and become part of the Ares Real Estate Group, which Bill Benjamin leads. “[This transaction] further scales our real estate business, expands …

May 24, 2021

Acquisitions Colorado Multifamily Western

CBRE Global Purchases 320-Unit Fletcher Southlands Apartment Community in Aurora, Colorado

by Amy Works May 24, 2021

AURORA, COLO. — CBRE Global Investors, on behalf of a separate account client, has acquired Fletcher Southlands, a garden-style multifamily property in Aurora. Terms of the transaction were not released. Fletcher Southlands features 320 units in a mix of one-, two-, three- and four-bedroom layouts with nine-foot ceiling heights, stainless steel appliances, private outdoor patios, in-unit washers/dryers, walk-in closets and fireplaces in select units. Community amenities include a heated outdoor pool, lounge area, dog park, dog wash, sun deck, picnic areas, renovated fitness center, basketball court, outdoor grills, fire pit, playground, indoor game room and package lockers. With this investment, CBRE Global Investors has a portfolio of nearly 900 multifamily units representing more than $260 million assets under management in the Denver metro area.

May 24, 2021

Acquisitions Arizona Build-to-Rent Loans Multifamily Walker & Dunlop Western

Walker & Dunlop Arranges $37.6M Financing for Build-to-Rent Acquisition in Flagstaff

by Amy Works May 24, 2021

FLAGSTAFF, ARIZ. — Walker & Dunlop has arranged debt and equity financing for the purchase of The Bungalows on Pine Cliff, a build-for-rent housing developing in Flagstaff. The structured transaction includes $37.6 million in bridge financing as part of a joint venture partnership. St. Clair Holdings is the borrower. Heather McClure of Walker & Dunlop’s Build-for-Rent (BFR) team advised the borrower and identified New York City-based Dome Equities as a capital partner for the project. Dave Hendrickson and Pat Modig of Walker & Dunlop’s Capital Markets group identified the opportunity and collaborated with the firm’s BFR and structured finance teams to provide the full capital solution. Developed in 2020, Bungalows on Pine Cliff features detached one-, two- and three-bedroom rental homes averaging 1,097 square feet. Community amenities include a leasing center, clubhouse, modern kitchen, fitness center, dog washing station, gas fire pits with seating areas, bocce ball court, dog park, barbecues and two electric car charging stations.

May 24, 2021

Acquisitions Colorado Multifamily Western

Capstone Brokers $17.5M Acquisition of The Arboretum Multifamily Property in Denver

by Amy Works May 24, 2021

DENVER — Capstone has arranged the purchase of The Arboretum, a newly built apartment community located at 2049 S. Columbine St. in Denver’s University Park neighborhood. An undisclosed buyer acquired the property from Denver-based Red T for $17.5 million. The 58,2138-square-foot community features 45 apartments in a mix of 12 one-bedroom/one-bath and 33 two-bedroom/two-bath units. Residences offer Nest thermostats and ceiling fans. Community amenities include a dry-cleaning closet, Amazon parcel lockers, security cameras, video access control of entry door from within each unit, digital keypads for unit access, gas grills, firepit and dog run. Adam Riddle and Jason Koch of Capstone represented the buyer in the deal.

May 24, 2021

Loans Multifamily Oregon Seniors Housing Western

Berkadia Secures $50.2M HUD Refinancing for Seniors Housing Community in Portland, Oregon

by Amy Works May 24, 2021

PORTLAND, ORE. — Berkadia Seniors Housing & Healthcare has arranged a $50.2 million HUD 232/223(a)(7) refinancing for a 253-unit independent living, assisted living and memory care community in Portland. “Historically, the property has maintained an occupancy percentage in the low 90s and ended 2020 with an occupancy of 88 percent, showing impressive resilience throughout the pandemic,” says Ed Williams of Berkadia, who led the refinancing. “The HUD refinance will allow the borrower to save on debt service and MIP payments through the combination of a lower rate and an extension of the loan term to 40 years, which was the term of the original loan.” The name of the community and borrower were not disclosed.

May 24, 2021

Market Reports Retail Washington Western Western Market Reports

Seattle Companies Are Watching Three Top Retail Trends

by Jeff Shaw May 24, 2021

By Tory Glossip, Managing Director, Colliers Puget Sound has 553,566 square feet of retail under construction, comprising 0.4 percent of existing inventory. The market dynamic will keep retail property values in the Pacific Northwest higher than most U.S. markets that are overbuilt. Puget Sound’s retail market posts rents 30 percent above the national average at $20.71 per square foot. Pricing is traditionally a function of supply and demand. In the retail world, that demand relies partially on income. The most expensive markets to lease retail space also happen to have the highest incomes…by far. Despite ideas in some circles that retail is dead, physical footprints will continue to be an important part of the retail landscape, although less so in downtown areas until workers return to the office. Most consumers have retreated to submarkets, leaving retailers to explore alternative options to use their property more effectively. Brands are expanding their reach with small-format stores and cross-promoting their products and services in showrooms. Many are leveraging smaller footprints into touch-and-feel locations that seamlessly blend online browsing and in-store purchasing. The shopping mall as we know it will have a different look and feel post-COVID. With big box retail reallocating existing space into localized …

May 24, 2021

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