Western

Kwangwon USA, YS & Son Acquire Industrial Warehouse in Bloomington, California for $30.8M

by Amy Works April 15, 2021

BLOOMINGTON, CALIF. — Kwangwon USA Inc. and YS & Son Co. have purchased an industrial property at 18750 Orange St. in Bloomington, located in the Inland Empire. An undisclosed seller sold the asset for $30.8 million. The newly built property features 184,770 square feet of manufacturing and warehouse space in proximity to Interstates 10 and 215. The property was initially slated for leasing at the end of 2019, and the United States Post Office briefly occupied the building before the sale. James Min of Colliers, along with the Colliers Korean Corporate Solutions Desk, facilitated the transaction and represented the buyers in the deal.

April 15, 2021

California Loans Multifamily Western

Ready Capital Closes $24M Refinancing for Multifamily Property in Hollywood

by Amy Works April 15, 2021

LOS ANGELES — Ready Capital has closed a $24 million refinancing for a 100-unit apartment community located in the Hollywood submarket of Los Angeles. The undisclosed borrower will use loan proceeds to retire existing debt, construct additional units and renovate existing units at the property. Capital improvements include kitchen, bathroom and living area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and flexible prepayment. The loan includes a facility to provide future funding for capital expenditures and interest shortfalls.

April 15, 2021

Colorado Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Western

Brue Baukol Capital Breaks Ground on 36-Acre Mixed-Use Community in Centennial, Colorado

by Amy Works April 14, 2021

CENTENNIAL, COLO. — Colorado-based Brue Baukol Capital Partners has broken ground on The District, a 36-acre mixed-use community adjacent to the Dry Creek rail station in Centennial. The walkable community will feature more than 2.5 million square feet of office space, a 200-key hotel, 1,800 residential units and over 30,000 square feet of retail space. Previously named the Jones District before rebranding to The District, the development will offer space for a range of flexible office spaces from small-scale co-working to multiple-building corporate headquarters. The project team includes Tryba Architects, Design Workshop, Martin/Martin Consulting Engineers and JHL Constructors. Completion for infrastructure work is slated for May 2021, with vertical construction on several planned projects scheduled to begin during the second half of 2021.

April 14, 2021

Development Multifamily Washington Western

AHV Communities Expands into Seattle Market with Duvall Village Apartment Development

by Amy Works April 14, 2021

DUVALL, WASH. — AHV Communities is developing Duvall Village, its first multifamily community in the Seattle market. Located in the northeastern suburb of Duvall, the property will include 99 three-story townhomes designed in cottage and farmhouse styles. Milbrant Architects designed the community, which offers two-, three- and four-bedroom layouts with 2.5 to 3.5 baths, two-car garages and private fenced yards. Units will feature quartz countertops, stainless steel energy-efficient appliances, luxury flooring and walk-in closets. Smart unit features will include modern LED recessed lighting and smart Alarm.com panels by GreenMarbles with smart door locks, as well as Wi-Fi thermostats and garage door openers. Community amenities will include a tot lot and outdoor fitness equipment, as well as access to the Snoqualmie Valley Trail and Snoqualmie River. Thrive Communities will provide on-site management and leasing for the property, which is located at 14301 Railroad Way NE. Leasing is slated to commence in June, though the estimated completion timeline was not disclosed.

April 14, 2021

Acquisitions California Office Western

Davenport Partners Buys Office Building in Corona, California for $6.9M

by Amy Works April 14, 2021

CORONA, CALIF. — Davenport Partners has purchased 1101 California Avenue, a two-story office property located at the corner of California and Rimpau avenues in Corona. An undisclosed seller sold the asset for $6.9 million. Built in 1990, the 40,000-square-foot property was 91 percent leased at the time of purchase.

April 14, 2021

Acquisitions Oregon Retail Western

Avison Young Brokers $6M Sale of Single-Tenant Retail Property in West Linn, Oregon

by Amy Works April 14, 2021

WEST LINN, ORE. — Avison Young has arranged the sale of a single-tenant retail building located at 1855 Blankenship Road in West Linn. A Portland.-based private investor acquired the property for $6 million from a court-appointed receiver. Parkrose Hardware occupies the 47,451-square-foot property, which is the anchor tenant to River Falls Plaza, on a 10-year, long-term lease. Chris Maling and David Maling of Avison Young, along with Denis O’Neill of Colliers International, represented the seller in the deal.

April 14, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $3.8M in Bridge-to-Freddie Mac Financing for Multifamily Property in Tucson

by Amy Works April 14, 2021

TUCSON, ARIZ. — Ready Capital has closed $3.8 million in bridge-to-Freddie Mac agency financing for the acquisition, renovation and stabilization of a 56-unit apartment property located in Tucson’s Acaso submarket. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to upgrade the asset’s interior and exterior. The non-recourse, floating-rate loan features a 24-month term, two extension options and flexible prepayment. It is inclusive of a facility to provide future funding for capital expenditures. Additionally, the sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL program.

April 14, 2021

California Loans Multifamily Western

Ready Capital Closes $104M Refinancing for Multifamily Property in San Francisco

by Amy Works April 13, 2021

SAN FRANCISCO — Ready Capital has closed $104 million in refinancing for a multifamily property located on the border of San Francisco’s SOMA and Mission districts. The name of the borrower was not released. Loan proceeds will be used to retire existing debt and cover interest costs as the 200-unit property is leased up. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for interest shortfalls.

April 13, 2021

Acquisitions California Industrial Office Western

TA Realty Sells Fremont Research Center in California to Kennedy Wilson for $32.3M

by Amy Works April 13, 2021

FREMONT, CALIF. — TA Realty has completed the sale of Fremont Research Center, a two-building portfolio in Fremont, to Kennedy Wilson Fund VI for $32.3 million. Located at 47200 Bayside Parkway and 3500 W. Warren Ave., the portfolio offers a total of 115,537 square feet of office, research and life sciences space. At the time of sale, the property was fully leased to two life sciences and aerospace defense users. Intuity Medical, a medical device company, occupies the 61,824-square-foot property at 3500 W. Warren Ave., and Mercury Systems, a multinational aerospace and defense company, occupies the 53,713-square-foot property at 47200 Bayside Parkway. Steven Golubchik, Edmund Naiera, Jonathan Schaelfer, Darren Hollak and Jack Phipps of Newmark Knight Frank’s Northern California Capital Markets team represented the seller in the deal.

April 13, 2021

Acquisitions Arizona Multifamily Western

Sterling Real Estate Expands Arizona Portfolio with Pennytree Apartment Acquisition in Mesa

by Amy Works April 13, 2021

MESA, ARIZ. — Scottsdale-based Sterling Real Estate Partners has acquired Pennytree Apartments, a multifamily property at 232 S. MacDonald in Mesa. Terms of the transaction were not released. Built in the 1960s, Pennytree Apartments features 146 residences and is less than a mile from a number of eateries, breweries and local retail options in downtown Mesa. Ric Holway, Dan Cheyne and Luke Donahue of Berkadia handled the transaction, which is Sterling Real Estate’s 10th transaction in metro Phoenix.

April 13, 2021

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