Western

Oxford Capital Group Acquires Five Boutique Hotels in Downtown San Francisco, Silicon Valley

by Kristin Harlow December 2, 2020

SAN FRANCISCO, PALO ALTO AND LOS GATOS, CALIF. — Oxford Capital Group LLC has acquired five boutique hotels in San Francisco and Silicon Valley from Greystone Hotels for an undisclosed price. The company plans to reposition many of the assets. The properties include King George Hotel, Hotel Griffon and The Inn at Union Square in San Francisco, as well as Creekside Inn in Palo Alto and Hotel Los Gatos in Los Gatos. Dating back to 1914, the 53-room King George Hotel includes a lobby bar and 1,150 square feet of meeting space. Hotel Griffon, which opened in 1906, includes 62 rooms as well as 308 square feet of meeting space and Perry’s restaurant. The Inn at Union Square, which features 30 rooms, opened in 1980 and includes Chloe Gallery. Creekside Inn dates back to 1955. It features 136 rooms, 1,400 square feet of meeting space, CIBO restaurant, Driftwood Deli and a Metro PCS store. Opened in 2002, the 72-room Hotel Los Gatos features 2,000 square feet of meeting space, Dio Deka restaurant and a Verde Touch holistic massage center. “We have been value-oriented investors in the lodging sector for nearly 30 years,” says John Rutledge, founder, chairman and CEO of …

December 2, 2020

Colorado Multifamily Video Webinar Western

Webinar: What Will Denver Multifamily Activity Look Like in 2021?

by Sarah Daniels December 1, 2020

The recent webinar “What Will Denver Multifamily Activity Look Like in 2021?“, hosted by Western Real Estate Business, brought together industry leaders to discuss how the area’s apartment sector can continue to operate successfully. What can investors and developers expect in 2021? Tune in to this two-part presentation for an in-depth discussion of investor insights, followed by an analysis from developers. See below for a list of some important topics covered, including rent collection, occupancy levels, investment activity, cap rates and much more. Panel One: Investment Managing uncertainty in acquisitions Work-from-home considerations Valuations and how they have been impacted Tenants and collections Interest rates and debt markets Cap rates Panel Two: Development Rising costs for building Rent relief and delinquency Asset returns and equity Leverage, capital stacks and acquisitions Impact of COVID-19 protocols on leasing, renewals and evictions 2021 multifamily revenue predictions Development Panel: Craig Stack, Colliers International (moderator) Bobby Khorshidi, Archway Capital Phillip Gause, Marcus & Millichap David Moghaven, Trion Properties Jason Wine, Avanti Enrique Huerta of Clear Capital Investment Panel: Mike McKenzie, Dwight Capital (moderator); Lane Cutter, Legacy Partners Cory Palmeiro, MPC. Christopher Gillies, LMC – A Lennar Company Emilie Baratta, Turnbuckle Development Doug Elenowitz, Trailbreak Partners Webinar sponsors: Archway …

December 1, 2020

Arizona Development Multifamily Western

Related Group Selects McShane to Construct 286-Unit The Manor Scottsdale Apartments in Arizona

by Amy Works December 1, 2020

SCOTTSDALE, ARIZ. — The Related Group has selected McShane Construction Co. to build The Manor Scottsdale, an apartment community located on 6.5 acres in Scottsdale. Totaling 286 units, the property will feature three-, four- and five-story wood-frame buildings with units in studio, one-, two- and three-bedroom layouts. Thirty-two units will be penthouse apartments and 19 units will offer mountain views. Additionally, 24 of the units will be kosher apartments. Community amenities will include a poker/card room, arcade, fitness center, spinning/yoga room, golf simulator, salt sauna, wellness room, grotto room, lounge, pool, spa, barbecue areas, tot lot and open-air courtyards. Humphreys & Partners Architects is architect of record. Completion is slated for December 2022.

December 1, 2020

California Development Multifamily Western

Cityview Breaks Ground on 123-Unit Mixed-Use Community in Mid-City Los Angeles

by Amy Works December 1, 2020

LOS ANGELES — Cityview, a multifamily investment management and development firm, has started construction of 5935 Pico, a mixed-use community adjacent to the Carthay Square neighborhood in Mid-City Los Angeles. Slated for completion in fourth-quarter 2022, the seven-story property will feature 123 multifamily units including 13 affordable apartments, 3,340 square feet of retail space and two levels of subterranean parking. The community will offer 27 studio, 75 one-bedroom and 21 two-bedroom floor plans, all featuring stainless steel appliances, Nest thermostats, vinyl flooring, quartz countertops and in-unit washers/dryers. Community amenities will include a rooftop pool and spa, barbecue areas, dog lawn, tables with firepits, screening projector, outdoor fitness lawn, fitness center, leasing office, club room, lobby and mail room. Cityview purchased the site, which previously housed a shopping center, from AMREAL 5935 Pico Investors LLC in January 2019. The development team includes WPIC Construction, Togawa Smith Martin, Nadia Geller Designs and Labib Funk + Associates.

December 1, 2020

Arizona Development Healthcare Western

Alter to Develop $54M Sports Medicine Center for Banner Health in Scottsdale

by Amy Works December 1, 2020

SCOTTSDALE, ARIZ. — Alter, a commercial real estate developer, has announced plans for a $54 million sports medicine center for Banner Health at its Riverwalk at Talking Stick mixed-use development along Loop 101 at Indian Bend Road in Scottsdale. Preliminary design is underway for the three-story, 80,000-square-foot project, which will offer athletes dedicated sports medicine services. Completion is slated for fourth-quarter 2022. Pat Williams of JLL represented Banner Health, while Kurt Rosene of NOVO Development represented Alter in the project negotiations.

December 1, 2020

Acquisitions Multifamily Washington Western

Sack Properties Acquires 114-Unit Chateau Woods Apartments Near Seattle

by Amy Works December 1, 2020

WOODINVILLE, WASH. — Sack Properties has purchased Chateau Woods, a 114-unit multifamily property located in Woodinville, approximately 20 miles northeast of Seattle. BPM Real Estate Group sold the asset for $45.7 million, or $401,316 per unit. Built in 2008, Chateau Woods features 59 one-bedroom units and 55 two-bedroom units, with an average unit size of 978 square feet and 36 percent of the units include a den. The elevator-served property features a resident clubhouse, 24-hour fitness center, bike storage and outdoor courtyards with dining and barbecue areas. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of Pacific Northwest Institutional Property Advisors represented the buyer. Charles Halladay, Peter Smyslowski, Chris Gandy and Matt Cimino of JLL Capital Markets arranged financing for the buyer.

December 1, 2020

Acquisitions Industrial New Mexico Self-Storage Western

LeClaire-Schlosser Group Brokers Sale of Climate-Controlled Storage Facility in Albuquerque

by Amy Works December 1, 2020

ALBUQUERQUE — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Storage Bank, a self-storage facility located on San Pedro Boulevard in Albuquerque. A local limited liability company sold the asset to a national self-storage operator for an undisclosed price. The two-story, climate-controlled facility features a 24-hour surveillance system monitoring all entrances, two loading areas at the rear of the property, a commercial lift to access the second floor and an on-site manager’s apartment. Additionally, the asset features a ground-level retail space that a packing and shipping business occupies. Thomas Parsons, Adam Schlosser and Charles LeClaire of Marcus & Millichap represented the seller in the deal.

December 1, 2020

Acquisitions Office Top Stories Washington Western

Hudson Pacific, CPP Investments Agree to Acquire Amazon-Leased Office Tower in Downtown Seattle for $625M

by John Nelson December 1, 2020

SEATTLE — Hudson Pacific Properties (NYSE: HPP) and Canada Pension Plan Investment Board (CPP Investments) have agreed to acquire a 36-story office tower anchored by Amazon in Seattle. The companies plan to form a joint venture to purchase the 668,000-square-foot property located at 1918 8th Ave. for $625 million. CPP Investments will own a 45 percent interest in the joint venture, while Hudson Pacific will own 55 percent and act as general partner and as property, leasing and construction manager. The seller was not disclosed, but multiple media outlets report J.P. Morgan Chase has owned the property since 2011 when affiliates bought the asset from developer Schnitzer West LLC. The property is 98 percent leased with an average remaining lease term of 10 years. Amazon is the largest tenant and occupies a majority of the building, which the Seattle-based e-commerce giant dubs the Blackfoot building. The LEED Platinum-certified tower features a multi-level lobby, great room, central conferencing facility and large fitness center. The office tower is situated in downtown Seattle’s Denny Triangle neighborhood near Hill7, an office tower that Hudson Pacific and CPP Investments purchased in 2016. The property is also near Washington 1000, an office development that Hudson Pacific …

December 1, 2020

Acquisitions California Multifamily Western

Raintree Partners Acquires Five Multifamily Properties in Southern California for $142M

by Amy Works November 30, 2020

ORANGE COUNTY, CALIF. — Orange County-based Raintree Partners has purchased a portfolio of five multifamily communities in Southern California from a private seller for $142 million. Totaling 551 units, the properties are located in four submarkets: Glendale, Hollywood and Canoga Park in Los Angeles County, and Camarillo in Ventura County. Raintree plans to implement a value-add renovation plan across the four Los Angeles County properties, which will include intensive upgrades to exteriors, amenity areas and unit interiors. Additionally, the firm plans to complete a light refresh at the Camarillo asset. The portfolio includes: Mountain View Apartments, a 106-unit community at 659 Las Posas Road in Camarillo Imperial Manor Remmet & Strathern Apartments, a 64-unit property located at 8101-811 Remmet Ave. and 21601-21609 Strathern St. in Canoga Park Perigee Apartments, a 200-unit asset located at 21041 Parthenia St. in Canoga Park Imperial Crest Apartments, a 44-unit complex at 1120-1124 Thompson Ave. in Glendale Canyon Drive Manor Apartments, a 137-unit community located at 1738 N. Canyon Drive in Hollywood Dean Zander, Stewart Weston and John Montakab of CBRE represented the seller in the deal. Greg Reed and Kristen Croxton of Capital One arranged financing, which Fannie Mae provided.

November 30, 2020

Acquisitions Arizona Office Western

Granite Phoenix Complex Holdings Sells Four-Building TriWest Corporate Headquarters Campus in Phoenix

by Amy Works November 30, 2020

PHOENIX — Irvine, California-based Granite Phoenix Complex Holdings has completed the disposition of TriWest Corporate Headquarters Campus, a four-building office property in Phoenix. An East Coast-based private buyer entered the Phoenix market by acquiring the property for an undisclosed price. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller in the transaction. Situated on 12.3 acres within Arizona Business Park, TriWest Corporate Headquarters Campus features 121,511 square feet of office space. TriWest Healthcare Alliance fully occupies the property, which is located at 15810, 15820, 15830 and 16010 N. 28th Ave. TriWest has occupied the property since 2003 and recently renewed its lease.

November 30, 2020

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