Western

Southeast-Phoenix-Distribution-Center-Chandler-AZ

JLL Income Property Trust Buys Southeast Phoenix Distribution Center for $91M

by Amy Works March 3, 2021

CHANDLER, ARIZ. — JLL Income Property Trust has purchased Southeast Phoenix Distribution Center, a Class A distribution center located in Chandler, for $91 million. Constructed in 2019, the four-building campus features 474,000 square feet of space that can accommodate a wide range of tenants, ranging from 20,000 square feet to 135,000 square feet. The buildings offer 32-foot clear heights, ESFR sprinkler systems, grade- and dock-high doors and full concrete truck courts with fencing. The asset is situated at the confluence of Interstate 10 and Loop 202, 15 minutes from Sky Harbor International Airport and 20 minutes from downtown Phoenix.

March 3, 2021

California Development Industrial Western

CT Realty, Clarion Partners Break Ground on 145,840 SF South Bay Logistics Center in Carson, California

by Amy Works March 3, 2021

CARSON, CALIF. — CT Realty and Clarion Partners have commenced construction of South Bay Logistics Center, a Class A industrial facility in Carson. Located at 333 W. Gardena Blvd., the single-tenant, 145,840-square-foot building will feature 25 dock-high positions, 36-foot clear heights, a 144-foot secure truck yard, an ESFR K-25 sprinkler system, 5,500 square feet of modern two-story office space and ample parking. Completion is slated for this fall. Danny Williams, Barry Hill and John McMillan of Newmark are listing agents for the project.

March 3, 2021

Development Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $60.4M Construction Financing for The Springs at Happy Valley Seniors Housing in Oregon

by Amy Works March 3, 2021

HAPPY VALLEY, ORE. — CBRE National Senior Housing has arranged $60.4 million in construction financing for The Springs at Happy Valley, a senior living community to be built in Happy Valley. Situated on a 6.95-acre site, the community will feature 210 units, about half of which are earmarked for independent living and the other half for assisted living and memory care. Happy Valley is an affluent suburb approximately 10 miles southeast of downtown Portland. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the financing on behalf of a joint venture between The Springs Living and Harrison Street Real Estate Capital. CBRE secured a five-year, floating-rate loan with four years of interest-only payments from a consortium of banks, including a regional bank and a national bank, in a participated loan format.

March 3, 2021

California Loans Multifamily Western

Panoramic Interest Receives $104M in Refinancing for City Gardens Apartments in San Francisco

by Amy Works March 3, 2021

SAN FRANCISCO — Panoramic Interests has received a $104 million loan for the refinancing of City Gardens, an apartment property located at 333 12th St. in the Western Mission/SOMA neighborhood of San Francisco. Ready Capital provided the three-year, floating-rate loan that Charles Halladay, Alex Witt, Jordan Angel, Jonah Aelyon and Lauren Mezzanotte of JLL Capital Markets arranged. City Gardens offers 200 two-, four- and five-bedroom micro-units with fully furnished bedrooms and living areas, expansive windows and nine-foot ceilings. The 152,445-square-foot property features high-efficiency lighting and plumbing; laminated, heat-resistant glass; and energy recovery ventilation.

March 3, 2021

Acquisitions Colorado Net Lease Restaurant Retail Western

Marcus & Millichap Brokers Sale of Torchy’s Tacos-Occupied Building in Denver for $3.2M

by Amy Works March 3, 2021

DENVER — Marcus & Millichap has brokered the acquisition the of a restaurant property located at 6325 E. Hampden Ave. in Denver. A private investor purchased the asset from another private investor for $3.2 million. Torchy’s Tacos occupies the 5,045-square-foot property, which features a drive-thru and outdoor seating, on a net-lease basis. Brian Bailey and Drew Isaac of Marcus & Millichap secured and represented the buyer, while Robin Nicholson of David, Hicks & Lampert represented the seller in the deal.

March 3, 2021

Acquisitions Hospitality Nevada Top Stories Western

Sands Corp. to Sell Off All Las Vegas Assets for $6.2B

by Kristin Harlow March 3, 2021

LAS VEGAS — Las Vegas Sands Corp. (NYSE: LVS) has agreed to sell its Las Vegas properties and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center, for an aggregate purchase price of approximately $6.2 billion. Under the terms of the agreement, VICI Properties Inc. (NYSE: VICI) will acquire all of the land and real estate assets associated with the Venetian for $4 billion in cash, representing a capitalization rate of 6.2 percent. Affiliates of Apollo Global Management Inc. (NYSE: APO) will acquire the operating company of the Venetian for $2.2 billion, of which $1.2 billion is in the form of a secured term loan, and the remainder is payable in cash. The closing of the transactions is subject to customary closing conditions, including regulatory approvals. It is expected to be completed by the end of the year. Regarding the sale, Sands says it plans to focus on reinvestment in Asia and pursue new growth prospects. “Asia remains the backbone of this company and our developments in Macao and Singapore are the center of our attention. We will always look for ways to reinvest in our properties and those communities,” says Robert Goldstein, chairman and …

March 3, 2021

Build-to-Rent Content Partner Features Finance Insight Midwest Multifamily Northeast Single-Family Rental Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Single-Family Rental and Build-for-Rent in High Demand

by Sarah Daniels March 2, 2021

A number of factors are driving an increase in demand for single-family rental assets. Declines in home ownership rates, increasing demand/short supply for multifamily options and baby boomer renting preferences have made renting these single-family properties an increasingly popular choice. Meanwhile, COVID-19 spurred increases in teleworking that created a desire for additional space in the home and allowed more people to move to suburban locations — accelerating demand for single-family rental properties. Seeing the growing demand and increasing rents in the single-family rental (SFR) and build-for-rent (BFR) sector, Walker & Dunlop has created a new team — Walker & Dunlop SFR & BFR Practice Group — to provide investors information on construction, bridge lending, permanent financing, equity structuring and property sales, for a market estimated at $3.4 trillion (compared to $3.5 trillion for the multifamily market).1 Popularity, high occupancy and increasing rent rates have drawn the attention of larger investors to SFR and BFR assets, according to Kris Mikkelsen, executive vice president of investment sales with Walker & Dunlop. “Currently, larger investors make up less than 2 percent of the SFR market, which has been traditionally governed by individuals or small-scale parties. But that number will increase as investors recognize …

March 2, 2021

Acquisitions California Office Western

BioScience Properties, Harrison Street Acquire Office Property Near Palo Alto for $40.7M, Plan Life Science Conversion

by Amy Works March 2, 2021

MOUNTAIN VIEW, CAILF. — A joint venture between BioScience Properties and Harrison Street has acquired an office building, located at 303 Ravendale Drive in Mountain View, from 303 MVRP LLC for $40.7 million. The buyers plan to convert the 67,000-square-foot building into a speculative life science asset by upgrading the property with lab improvements suitable for biology and chemistry uses. The converted building will feature sinks, compressed air, vacuum, backup power, fume hoods and single-pass air in the laboratory areas. Built in 1978, the building offers a flexible plan suitable for a single tenant as well as divisibility options for partial building users. Erik Doyle and Alec Hanley of CBRE Capital Markets in Palo Alto represented the seller in the deal.

March 2, 2021

Acquisitions Arizona Multifamily Western

Sterling Real Estate Sells Multifamily Property in Phoenix to Urban Communities for $38.3M

by Amy Works March 2, 2021

PHOENIX — Scottsdale-based Sterling Real Estate Partners has completed the disposition of Seventh, an apartment community located in Phoenix. Urban Communities acquired the property for $38.3 million, or $134,003 per unit. Situated on five acres on Seventh Street, the property features 286 apartments spread across 11 buildings. Amenities include two swimming pools, an outdoor game area, 1,000-square-foot fitness center, leasing office, resident lounge and coffee bar. The community was built in 1970. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

March 2, 2021

Acquisitions Colorado Office Western

Vista Investment Group Enters Denver Market with $30.4M Signature Centre Office Building Acquisition

by Amy Works March 2, 2021

DENVER — Los Angeles-based Vista Investment Group has purchased Signature Centre, a five-story, Class A office building located at 14143 Denver West Parkway in Denver. An undisclosed seller sold the asset for $30.4 million. The 185,743-square-foot building features a 2,400-square-foot fitness center with showers and lockers; balconies; an on-site deli; three-level underground parking garage; and a surface parking lot. Built in 2007, the property is one of seven LEED Platinum Core & Shell-certified buildings in Colorado. It features passive solar design and airflow systems, hydronic heating and cooling, and 100 percent raised flooring. At the time of sale, the property was fully occupied and serves as the global headquarters of CoorsTek, a manufacturer of technical ceramics. Tim Richney, Charley Will, Mike Winn, Chad Flynn and Jenny Knowlton of CBRE’s Denver office represented the seller in the transaction.

March 2, 2021

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