Western

Institutional Money, Private Investors Continue to Flock to Inland Empire Multifamily Market

by Jeff Shaw February 2, 2022

By Eric Chen, Senior Vice President, CBRE Multifamily has been a well-performing real estate segment during the past 18 months as demand for housing continues to trump supply in most of California. The Inland Empire has been the recipient of much of this demand within the Greater Los Angeles and Southern California regions due to their economic and population growth. Tenants are also in search of more affordable, quality dwellings outside the urban core. Due to the confluence of these factors, multifamily vacancies in the area are at an all-time low of less than 5 percent. This is exasperated by the fact that new developments are at the lowest level across the nation, pushing rent growth to No. 1. This dynamic is, of course, ideal for investors who seek stable, income-producing investments with potential upside and little risk of oversupply. We do expect additional apartment properties to be built in the coming year or two, which will create more investment opportunities and provide more options for tenants who are new to the region or relocating from within. Looking back on this year, we have seen a number of large institutional-sized transactions between $25 million and $100 million, with investors ranging …

February 2, 2022

Acquisitions California Industrial Office Western

JLL Negotiates $78M Sale of Four-Building Britannia Business Center in Pleasanton, California

by Amy Works February 1, 2022

PLEASANTON, CALIF. — JLL Capital Markets has arranged the sale of Britannia Business Center, a four-building R&D and office campus at 4125, 4155, 4255 and 4385 Hopyard Road in the Bay Area city of Pleasanton. A Virtua Partners-managed company sold the asset to an undisclosed buyer for $78 million. Situated on 19.3 acres, Britannia Business Center features 292,000 square feet of R&D and office space. Originally built between 1997 and 1998, the property features 13-foot to 20-foot clear heights, eight roll-up doors, one dock-high door and 1,600 to 3,000 amps available. At the time of sale, the asset was 68.6 percent leased with nearly half of the tenancy being credit tenants. Erik Hanson, David Dokko and Nick Deaver of JLL Capital Markets represented the seller in the deal.

February 1, 2022

Colorado Development Loans Multifamily Western

Realty Capital Residential, Lang Partners Receive $54.5M Construction Loan for Tree Farm Lofts in Basalt, Colorado

by Amy Works February 1, 2022

BASALT, COLO. — Dallas-based Realty Capital Residential and Lang Partners have secured a $54.5 million construction loan for the development of Tree Farm Lofts in Basalt. JLL Capital Markets arranged the construction financing, which was provided by Andy Kolos of Wintrust’s Denver Commercial Real Estate office. Located within the 40-acre Tree Farm mixed-use development, the six-building community will feature 196 apartments, ranging from 485 square feet to 1,110 square feet, in a mix of studios, one-bedroom, two-bedroom and co-living floor plans. Forty of the apartments will be designated as affordable. Community amenities will include co-working office space, an outdoor terrace with firepits, a resort-style pool, hot tubs, a grill area, clubhouse with a fitness center, pet wash and bike, kayak and ski storage. Construction is underway, with completion scheduled for July 2024.

February 1, 2022

Arizona Development Multifamily Western

High Street Residential, PGIM Break Ground on 192-Unit Raintree Multifamily Community Near Phoenix

by Amy Works February 1, 2022

SCOTTSDALE, ARIZ. — High Street Residential and its joint venture partner PGIM Real Estate have broken ground on Raintree Multifamily, an apartment community in Scottsdale. Slated for completion in 2023, the five-story residential building will feature 192 apartments. The new development, which will receive a formal name at a later date, is situated next to Trammell Crow Co. and PGIM’s 175,000-square-foot Axis Raintree office building that was completed in January 2021. High Street Residential is a multifamily subsidiary of Trammell Crow. Units at the multifamily property will range in size from junior one-bedrooms to two-bedrooms and feature built-in workstations in select homes, quartz countertops, stainless steel appliances and large outdoor patios. Community amenities will include a sky lounge, an outdoor courtyard, a large amenity park with dog run, work-from-home area with ample individual workspaces, pool, spa, fitness center and pet lounge. ESG Architects is serving as architect and Weitz Co. is serving as general contractor for the residential portion of the development. High Street/Trammell Crow and PGIM purchased the entire 8.24-acre parcel of land in 2019 and began construction on Axis Raintree in October 2019. The office building is complete and available for lease, with CBRE marketing the asset.

February 1, 2022

CapRock-Interchange-Industrial-Center-North-Las-Vegas-NV

Acquisitions California Industrial Western

CapRock Partners Sells 684,000 SF Interchange Industrial Center in North Las Vegas

by Amy Works February 1, 2022

NORTH LAS VEGAS, NEV. — Newport Beach, Calif.-based CapRock Partners has completed the disposition of CapRock Interchange Industrial Center, a Class A industrial campus located at 5345-5445 E. Centennial Parkway in North Las Vegas. Terms of the transaction were not released. Developed in 2020 and 2021, CapRock Interchange Industrial Center features 684,000 square feet of Class A industrial space spread across two warehouses. The 174,000-square-foot Building 1 features 32-foot clear heights, 39 dock-high doors, two grade-level doors and 105 parking spaces. The 510,000-square-foot Building 2 features a cross-dock design, 36-foot clear heights, 89 dock-high doors, four grade-level doors, 115 trailer parking stalls and 249 parking spaces. At the time of sale, the property was 100 percent leased to BarkBox, Boxabl and Evanesce Packaging Solutions. Andrew Briner and Brett Hardy of Newmark represented CapRock in the transaction, while Rob Lujan, Xavier Wasiak and Jason Simon of JLL represented CapRock as local market experts.

February 1, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $7M Sale of Bella Villas Apartments in Scottsdale, Arizona

by Amy Works February 1, 2022

SCOTTSDALE, ARIZ. — ABI Multifamily has negotiated the sale of Bella Villas Apartments, a multifamily community in Scottsdale. The property traded for $7 million, or $333,333 per unit. The undisclosed buyer and seller are both based in Arizona. Built in 1960, Bella Villas Apartments features 21 garden-style, two-bedroom/two-bath floor plans with air conditioning/heating, refrigerators and ranges/ovens. Community amenities include onsite laundry, private yards, covered parking and a community swimming pool. Royce Munroe of ABI Multifamily represented both parties in the transaction.

February 1, 2022

Content Partner Features Finance Insight Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

Investment, Financing in Seniors Housing Driven by Property Performance

by Sarah Daniels February 1, 2022

If there were one phrase to summarize the attitude of seniors housing investors and lenders in 2022, it would be “cautiously optimistic.” How quickly can the seniors housing industry hope to recover in the face of continued difficulties? What is likely to drive the financing and investment market? While difficulties due to COVID and labor shortages continue to create challenges in terms of immediate occupancy, strong demand fundamentals and a healthy appetite for seniors housing investments indicate a return to normality is possible in 2022, according to Brandon Taseff, senior vice president, and Lee Delaveris, vice president on KeyBank Real Estate Capital’s team. Headwinds, Tailwinds in Seniors Housing The headwinds for seniors housing investment and development should not be dismissed, Taseff indicates. Staffing issues, the Omicron variant, slow occupancy growth and sluggish absorption of senior living units have made for slow going in the market with acquisition, development and financing activity remaining below normal levels. 2021 saw many positive factors to counter these impediments: widespread vaccination, a rebound in occupancy and a strengthened capital market interest in seniors housing. 2022 may be able to continue this momentum, explains Delaveris. “There are a lot of good reasons to think the industry will …

February 1, 2022

California Healthcare Loans Western

GreenRock Capital Leads $103M in C-PACE Funding for Chinese Hospital in San Francisco

by Amy Works January 31, 2022

SAN FRANCISCO — GreenRock Capital has led $103 million in Commercial Property Assessed Clean Energy (C-PACE) funding for Chinese Hospital, located at 845 Jackson St. in San Francisco. This is the largest single C-PACE transaction in industry history and is the first to combine both taxable and tax-exempt financing in the same transaction, according to GreenRock. The C-PACE transaction reduced the cost of financing seismic and other building improvements associated with a new patient tower. The transaction will also refinance outstanding debt associated with the new tower and, by doing so, Chinese Hospital will realize respective cashflow savings of more than $40 million during the next 10 years. C-PACE is a financing mechanism that allows owners and developers of commercial and healthcare properties to access low-cost, long-term financing for efficient building improvements, including seismic and other resiliency measures. The financing is repaid through a property assessment payment paid through the term of financing.

January 31, 2022

Acquisitions California Office Western

Hines Acquires Four-Building Liberty Station Office Campus in San Diego

by Amy Works January 31, 2022

SAN DIEGO — Hines Global Income Trust has purchased Liberty Station, a four-building office campus located in the Old Town/Point Loma submarket of San Diego. Terms of the transaction were not released. The 187,000-square-foot campus is situated on the waterfront within a 360-acre mixed-use site with convenient access to major employment nodes and the San Diego International Airport. The site also features more than 100 walkable amenities, 349 residential units, a golf club, retail shops, restaurants, the Liberty Public Market and 125 acres of parks and recreation space.

January 31, 2022

California Development Industrial Life Sciences Western

Luminous Capital, Virtus Real Estate Buy R&D Building in Carlsbad, Plan Life Sciences Conversion

by Amy Works January 31, 2022

CARLSBAD, CALIF. — Luminous Capital Management, in partnership with Austin, Texas-based Virtus Real Estate Capital, has acquired 2290 Cosmos Court, an industrial/R&D building in Carlsbad. Los Angeles-based Excelsior Partners sold the asset for $9.5 million, or $255 per square foot. The 37,300-square-foot building was vacant at the time of sale. Previously, ViaSat utilized the property for its global communications operations. The buyers plan to renovate the property the property for bioscience research and development, including the build out of wet lab and support space. The property features heavy power, ground-level loading and abundant parking. Completion of the planned upgrades is slated for early 2023. Virtus provided joint venture equity for the renovation and repositioning of the property. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates represented the seller in the deal. John Chun and John Marshall of JLL arranged the equity joint venture between Luminous and Virtus. California Bank & Trust provided financing for the acquisition and conversion.

January 31, 2022

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