Western

Ryan Cos., Cadence, Starwood Complete Construction of 135-Unit Seniors Housing Project in Arizona

by Amy Works November 3, 2020

SCOTTSDALE, ARIZ. — The joint venture team of Ryan Cos. US, Cadence Living and a controlled affiliate of Starwood Capital Group has completed construction of Acoya Scottsdale at Troon in Scottsdale. The community features 135 independent living and assisted living units in 22 floor plans ranging from 585 square feet to 2,385 square feet. The new community is situated on six acres of land between Pinnacle Peak and Troon Mountain. Thoma-Holec Design handled the interior design. This is the second Acoya-branded community in Arizona, and several more are planned according to the developers. Cadence Living is the operator.

November 3, 2020

Acquisitions California Office Western

CBRE Negotiates $10.2M Sale of Stewart Plaza Office Property in Inland Empire

by Amy Works November 3, 2020

UPLAND, CALIF. — CBRE has arranged the sale of Stewart Plaza, an office complex located at 400 and 440 Mountain Ave. in Upland. A private investor sold the asset to Long Beach-based Harbor Associates, in joint venture with The Bascom Group, for $10.2 million in an off-market transaction. Comprising two three-story buildings, Stewart Plaza features 84,498 square feet of multi-tenant office and medical office space, communal plazas and landscaped walkways. The property offers suites ranging from 493 square feet to 9,138 square feet. At the time of sale, Stewart Plaza was 56 percent leased. The buyer plans to renovate and reposition the property with a million-dollar capital improvements program. Renovations will include an upgraded entry and lobby, elevator improvements, a new roof and replacement HVAC units on both buildings. Gary Stache, Sammy Cemo, Anthony DeLorenzo, Doug Mack and Bryan Johnson of CBRE represented the seller in the deal. Shaun Moothart, Jennifer Ansari, Dana Summers and Bruce Francis of CBRE arranged the financing for the project with Ready Capital Structured Finance.

November 3, 2020

Acquisitions Arizona Multifamily Western

Thayer Manca Residential Acquires Entrada Apartments in Tucson for $65.5M

by Amy Works November 2, 2020

TUCSON, ARIZ. — Thayer Manca Residential (TMR) has purchased Entrada Apartments, a multifamily property located at 4545 N. Via Entrada in Tucson. An undisclosed seller sold the asset for $65.5 million. Built in 1983 and 1985 on 19.8 acres, Entrada Apartments features 424 residential units spread across 28 buildings, a clubhouse and office building. TMR plans to implement a $4.9 million renovation and repositioning program including a full marketing rebrand; a high-end renovation scope for the remaining classic units; the addition of washers and dryers to units without them; a modernization of the 24-hour fitness center; enhancement of the pet park and sports court; the addition of package lockers; and the completion of a variety of capital upgrades.

November 2, 2020

Arizona Development Multifamily Western

Opus, Principal Real Estate Investors Open 352-Unit Multifamily Community in Peoria, Arizona

by Amy Works November 2, 2020

PEORIA, ARIZ. — The Opus Group, in joint venture partnership with Principal Real Estate Investors, has opened Paradise @ P83, an apartment property located at 16601 N. 75th Ave. in Peoria. Situated within the P83 Entertainment District, Paradise @ P83 features 352 apartments in a mix of studio, one-, two- and three-bedroom floor plans ranging from 640 square feet to 1,445 square feet. Apartments include smart door locks, thermostats and lights. Additionally, each unit features natural stone countertops with a subway tile backsplash; gourmet kitchen islands; stainless steel, energy-efficient appliances; walk-in closets with built-in shelving and storage; full-sized washers/dryers; and a personal patio or balcony, as well as covered parking. Community amenities include a 6,000-square-foot clubhouse and leasing center with an upscale kitchen, Starbucks Coffee bar and lounge areas with televisions and games. Other amenities include a heated swimming pool and spa; large courtyard with patio dining and grilling stations; business center with coworking space; community dog park and pet spa; and 24-hour, 2,000-square-foot fitness center and spin studio. The property also offers a package locker system, valet trash, electric vehicle charging stations and a shaded playground. P.B. Bell manages the 330,000-square-foot development that consists of three- and four-story buildings.

November 2, 2020

Starlite-Distribution-Center-Lakewood-WA

Acquisitions Industrial Washington Western

Davis Property Divests of Starlite Distribution Center Near Seattle for $39.5M

by Amy Works November 2, 2020

LAKEWOOD, WASH. — Davis Property & Investment (DPI) has completed the disposition of Starlite Distribution Center, an industrial property located at 3451 84th St. in Lakewood. An undisclosed buyer acquired the facility for $39.5 million. DPI acquired, entitled and developed the site into a 246,000-square-foot distribution center with 32-foot clear heights, ample trailer and vehicle parking, and freeway access. Currently, DPI has five industrial and professional buildings at various stages of design and construction with a value of approximately $100.2 million. The company closed more than $15.5 million in transactions over the last year and owns/manages nearly 5 million square feet of commercial real estate assets from Seattle to Portland, Ore.

November 2, 2020

Acquisitions California Office Western

Oak Properties Sells 60,119 SF Cooley Business Park in California’s Inland Empire

by Amy Works November 2, 2020

COLTON, CALIF. — San Diego-based Oak Properties has completed the disposition of Cooley Business Park, a multi-tenant flex office property located at 930 Mount Vernon Ave. and 937 Via Lata in Colton. A private investor acquired the asset for $5.9 million. Situated on 4.3 acres, the 60,119-square-foot property consists of two buildings offering a total of 19 units, ranging from 1,200 square feet to 6,700 square feet. At the time of sale, the property was fully leased to 15 tenants. Lee Spence and Mark Schafer of DAUM Commercial Real Estate Services represented the seller in the transaction.

November 2, 2020

Acquisitions Civic Colorado Office Western

Vintage City Church Buys 31,650 SF Property in Fort Collins, Colorado

by Amy Works November 2, 2020

FORT COLLINS, COLO. — Vintage City Church has acquired 1501 Academy Court in Fort Collins for a total consideration of $4.1 million. The four-unit asset, totaling 31,650 square feet, was purchased in two separate transactions. The 19,177-square-foot Unit 1 was acquired from 1501 Academy LLC, while Units 2, 3 and 4, totaling 12,473 square feet, were purchased from Life Church. Relocating from 1825 Sharp Point in Fort Collins, Vintage City Church will utilize Unit 1 to serve as the church’s main gathering space and offices and Units 2, 3 and 4 as the church’s kids wing. The property is a two-story building with high visibility and monument signage along Prospect Road. Annah Moore of CBRE’s Fort Collins represented the buyer, while Matt Patyk represented 1501 Academy LLC in the transaction.

November 2, 2020

Company News Washington Western

Amazon Sales Soar to $96.1B in Third Quarter on Pandemic E-Commerce Purchases

by Jeff Shaw October 30, 2020

SEATTLE — Amazon.com Inc. (NASDAQ: AMZN) announced financial results for its third quarter ending Sept. 30, posting sales of $96.1 billion, an increase of 37 percent compared with third-quarter 2019. The sales numbers exceeded even the Seattle-based e-commerce giant’s optimistic prediction of $87 billion to $93 billion in sales. Operating income nearly doubled, rising from $3.2 billion to $6.2 billion between the second and third quarter. As the COVID-19 pandemic has raged on, Amazon has reaped benefits as consumers switch from in-person to online shopping. However, that comes with a variety of increased costs as well. In the company’s guidance for the fourth quarter of 2020, it expects to incur $4 billion in COVID-related costs, such as personal protective equipment, enhanced cleaning and increased wages. As a result of the increased costs, Amazon stock actually dropped following the news, falling from $3,248.86 per share at 2:30 p.m. Thursday to $3,094.10 at 9:45 a.m. Friday. On a long-term basis, though, this is a modest fall. The stock price closed at $1,779.99 on Oct. 30, 2019.

October 30, 2020

Acquisitions Colorado Multifamily Western

CentrePoint, CentreSquare Acquire Outlook Biscay Multifamily Property in Colorado for $37.5M

by Amy Works October 30, 2020

AURORA, COLO. — CentrePoint and CentreSquare have purchased Outlook Biscay, an apartment community located at 3382 S. Biscay Way in Aurora. Denver-based Evergreen Development sold the asset for $37.5 million. Built in 2019, Outlook Biscay offers 96 for-rent townhomes, averaging 1,210 square feet and spread across 20 two-story buildings. Each two- and three-bedroom unit feature a two-car, direct-access garage, private entrance, quartz countertops, stainless steel appliances and laundry rooms with full-size washers and dryers. Community amenities include a central leasing center, year-round swimming pool, dog wash and green areas. Jake Young, Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets in Denver represented the seller in the deal.

October 30, 2020

California Development Multifamily Seniors Housing Western

Oakmont Senior Living Opens 142-Unit Seniors Housing Community in East Sacramento

by Amy Works October 30, 2020

SACRAMENTO, CALIF. — Oakmont Senior Living has opened an independent living, assisted living and memory care community in the East Sacramento neighborhood of the state capital. Located in the Fabulous Forties area, Oakmont of East Sacramento totals 140,000 square feet, plus a 36,000-square-foot parking garage, on a 3.5-acre plot. The community features 100 independent living/assisted living units and 42 memory care units. Terry Ervin is the executive director and Deanna Barker is director of memory care.

October 30, 2020

Newer Posts

Older Posts