Western

JLL Brokers $8.4M Sale of Rite Aid-Occupied Retail Building in Wildomar, California

by Amy Works October 14, 2021

WILDOMAR, CALIF. — JLL Capital Markets has arranged the sale of a single-tenant retail property located at 32459 Clinton Keith Road in Wildomar. A private seller, which owned the property since 2012, sold the asset to an undisclosed buyer for $8.4 million. Rite Aid occupies the 17,272-square-foot building, which was constructed in late 2007. Situated on 1.5 acres, the property features a drive-thru lane and ample parking. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the seller in the deal.

October 14, 2021

Alabama Arizona District of Columbia Florida Georgia Healthcare Kansas Midwest Southeast Tennessee Texas Top Stories Western

Easterly Government Properties to Acquire 10-Property VA Portfolio for $635.6M

by Katie Sloan October 14, 2021

WASHINGTON, D.C. — Easterly Government Properties Inc. (NYSE: DEA) has entered into an agreement to acquire a 1.2 million-square-foot, 10-property portfolio of facilities leased to the Department of Veterans Affairs (VA) for $635.6 million. The properties will be purchased in a joint venture with an undisclosed global investor, with Easterly retaining a 53 percent stake in the portfolio. Two of the properties are open, while the other eight are currently under construction. Acquisitions include: VA Chattanooga, a 94,566-square-foot Class A facility in Tennessee that was completed in November 2020. The property offers audiology, imaging, pathology, lab, dental and mental health services. VA Lubbock, a 120,916-square-foot facility in Texas completed in December 2020. The facility is located on the Texas Tech medical campus and features an ambulatory surgery center as well as general health, dental, audiology, ophthalmology, MRI, radiology, pharmacy, lab, physical therapy and mental health services. VA Lenexa, a 31,062-square-foot facility in Lenexa, Kan., that was delivered in May 2021. The property offers primary and specialty care, including audiology, dental, pathology and lab services, as well as radiology. VA San Antonio, a 226,148-square-foot development currently underway in Texas. The three-story facility will feature six patient aligned care team (PACT) modules …

October 14, 2021

Acquisitions Colorado Loans Multifamily Western

KeyBank Provides $40M in Acquisition Financing for Enchanted Springs Apartments in Colorado Springs

by Amy Works October 13, 2021

COLORADO SPRINGS, COLO. — KeyBank Real Estate Capital has secured a $40 million Freddie Mac loan for Hamilton Zanze, a San Francisco-based real estate investment company, for the acquisition of Enchanted Springs, an apartment property in Colorado Springs. Built in 2020, Enchanted Springs features 200 one-, two- and three-bedroom apartments spread across 10 three-story residential buildings. Community amenities include a pool, hot tub, sundeck, cabanas, grilling areas, fitness center and clubhouse lounge. Paul Angle and Nicholas Lynn of KeyBank Real Estate Capital structured the financing. The loan features a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule.

October 13, 2021

Colorado Development Industrial Western

Opus Buys 19.7-Acre Site in Metro Denver to Develop Two Spec Industrial Buildings

by Amy Works October 13, 2021

CENTENNIAL, COLO. — Opus Development Corp. has purchased a 19.7-acre land site at 7801 S. Fairway St. within the Dove Valley submarket of Centennial. Heirborn Partners sold the parcel for an undisclosed price. Opus plans to develop The Ridge at Dover Valley, a two-building speculative industrial development, at the site. The 102,877-square-foot building will offer 26 dock positions, four drive-in doors and 210 parking stalls, while the 116,524-square-foot building will offer 26 dock positions, four drive-in doors and 250 parking stalls. Both buildings will be Class A industrial facilities featuring extensive glass and architectural design elements. Completion is slated for May 2022. Opus is the developer, design-builder, architect and engineer of record for the property. Todd Witty and Daniel Close of CBRE are marketing the buildings for lease. Rick Egitto of Avison Young represented the seller, while Witty represented the buyer in the deal.

October 13, 2021

Acquisitions Colorado Industrial Western

BlueScope Properties Divests of 136,915 SF Logistics Center Near Denver

by Amy Works October 13, 2021

ENGLEWOOD, COLO. — BlueScope Properties Group has completed the sale of a logistics center situated on 12 acres at 14353 E. Otero Ave. in Englewood, a suburb seven miles south of Denver. Terms of the off-market transaction were not released. Completed in 2021, the 136,915-square-foot building features 32-foot clear heights, 37 exterior dock doors, three drive-in bays, ESFR fire protection, office space and ample parking. The single-tenant building, which was vacant at the time of sale, also has a rear-loading configuration. Larry Thiel and Sean Devaney of JLL Capital Markets and Carmon Hicks with JLL Industrial Leasing represented the seller in the deal. Hicks, Chris Schultz and James McGill, also of JLL, are handling leasing for the new owner.

October 13, 2021

Acquisitions Colorado Multifamily Student Housing Western

Hybridge Capital, Productive Capital Acquire 360-Bed Student Housing Property in Denver

by Amy Works October 13, 2021

DENVER — Los Angeles-based Hybridge Capital Management, in partnership with Productive Capital Associates, has purchased The Villas, a 120-unit student housing community in Denver. Central Street Capital sold the asset for $40 million in an off-market transaction. Located at 2555 31st St., The Villas features 360 beds. The buyers plan to completely renovate the property and add a clubhouse, gym, pool and dog park to the community.

October 13, 2021

Acquisitions Colorado Industrial Western

Gart Properties, Elkco Properties Sell West Sixth Commerce Center in Colorado for $17.8M

by Amy Works October 13, 2021

LAKEWOOD, COLO. — Gart Properties and Elkco Properties have completed the disposition of West Sixth Commerce Center, an industrial property located at 11111 West 6th Ave. in Lakewood. DocuVault acquired the asset for $17.8 million. DocuVault will occupy 52,877 square feet of the 154,950-square-foot building and lease the remaining space. The property features 32-foot clear heights and heavy power. Buzz Miller and Peter Beugg of Stream Realty Partners represented the seller, while Matt Capecelatro of Citywide Commercial Properties and Mark Dwyer of Lincoln Property Co. represented the buyer in the transaction.

October 13, 2021

California Development Multifamily Top Stories Western

Kennedy Wilson Unveils Plans for 589-Unit Master-Planned Community in Camarillo, California

by Kristin Harlow October 13, 2021

CAMARILLO, CALIF. — Kennedy Wilson (NYSE: KW) has signed a long-term ground lease for a 32-acre parcel in Camarillo owned by California State University Channel Islands (CSUCI), with plans to build a new residential community. The master-planned project will include 310 market-rate apartments, 109 for-sale townhomes and 170 income-restricted apartments for seniors. It will also feature community-serving amenities. The project site is adjacent to the university and at the western edge of the Santa Monica Mountains. Camarillo is about 60 miles northwest of Los Angeles. The soon-to-be-named development contributes to Kennedy Wilson’s growing pipeline totaling approximately 4,700 multifamily units that are scheduled for completion by 2024. When the Camarillo project is completed, Kennedy Wilson’s global portfolio will total more than 33,000 units. “Developing this new community is an important step in our larger partnership with CSUCI and will meaningfully contribute to a region that is short on supply of high-quality apartments and homes for faculty, staff and local residents,” says Nick Bridges, managing director with Kennedy Wilson. “Many people are rethinking how and where they want to live, and we continue to see a trend of residents moving from city centers toward communities that have access to the outdoors, are …

October 13, 2021

California Market Reports Office Western Western Market Reports

Greater Los Angeles’ Office Market is Bouncing Back

by Jeff Shaw October 13, 2021

By Steve Solomon, Senior Executive Vice President, and Kristen Bowman, First Vice President, Colliers International Greater Los Angeles leasing activity surged, reaching nearly 3 million square feet in the second quarter. Although higher than the past few quarters, it was significantly lower than the 2019 pre-pandemic quarterly average of 4.6 million square feet. Much of the activity occurred in West Los Angeles, where large expansions and renewals were signed by tech, media and entertainment tenants. While leasing did ramp up, overall vacancy continued to rise, eventually reaching a historic high of 19.4 percent. This rate, which includes direct and sublease space, is 160 basis points higher than the previous peak in 2013 when it hit 17.8 percent. Nearly 25 percent of office space, whether vacant or currently occupied, is available for lease. There is currently 4.9 million square feet of speculative new office construction underway delivering by 2023 in Greater Los Angeles. These major developments, which do not include renovations, are currently 30.7 percent pre-leased. Over half of this new construction is in West Los Angeles, which has a higher pre-leased rate of 36.6 percent. The rate is highest in Central Los Angeles, where Netflix has snatched up 44.6 percent …

October 13, 2021

Acquisitions California Multifamily Western

CBRE Negotiates $53.6M Sale of The Vue Apartments in San Bernardino, California

by Amy Works October 12, 2021

SAN BERNARDINO, CALIF. — CBRE has arranged the sale of The Vue, an apartment community located in San Bernardino. Tailwind Investment Group acquired the property from Dalan Management and VM Management for $53.6 million. Situated on 11.9 acres at 1660 W. Kendall Drive, The Vue features 197 apartments, two swimming pools, a business center, sand volleyball court, half-court basketball court and barbecue areas. Apartments offer in-unit washers/dryers and central air conditioning. Dean Zander and Stewart Weston of CBRE represented the sellers in the transaction.

October 12, 2021

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