Western

Joint Venture Acquires Cadence Tucson Student Housing Community Near University of Arizona

by Amy Works September 23, 2020

TUCSON, ARIZ. — A joint venture between Pebb Student Living and Coastal Ridge Real Estate has acquired The Cadence Tucson, a 456-bed student housing community located near the University of Arizona, for an undisclosed price. The community offers studio, one-, two-, three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, hot tub, rooftop fire pit, grilling station, onsite retail space, fitness center, tanning salon, sauna, gaming lounge and coffee bar. The seller in the transaction was undisclosed.

September 23, 2020

Tropical-Speedway-Commerce-Center-North-Las-Vegas-NV

Development Industrial Nevada Western

Harsch Investment Properties Begins Construction of 150,000 SF Tropical Speedway Commerce Center Near Las Vegas

by Amy Works September 23, 2020

NORTH LAS VEGAS, NEV. — Harsch Investment Properties has started construction of Tropical Speedway Commerce Center in North Las Vegas. This new development will bring the company’s total holdings in metro Las Vegas to 30 properties totaling more than 10.5 million square feet. Totaling 150,000 square feet, Tropical Speedway Commerce Center will feature 28-foot to 32-foot minimum warehouse clear heights, 36 dock-high doors and eight grade-level doors, 221 parking spaces, a 130-foot minimum truck court and ESFR sprinklers. Completion is slated for second-quarter 2021. The facility will accommodate users ranging from 14,875 square feet to 150,000 square feet. The project team includes R&O Construction as general contractor and VLMK Engineering + Design and VTN Consulting Engineers as the design team. JLL’s Jason Simon, Xavier Wasiak and Rob Lujan will oversee leasing at the property.

September 23, 2020

Affordable Housing California Development Multifamily Western

City of Huntington Beach, California Acquires Land Parcel for Affordable Housing Development

by Amy Works September 23, 2020

HUNTINGTON BEACH, CALIF. — The City of Huntington Beach has purchased a 0.78-acre undeveloped land site located at 17631 Cameron Lane within a residential community in Huntington Beach. A private investor sold the asset for $3 million. The city plans to develop low-income housing on the site, which is currently being used as a temporary homeless shelter. Dan Blackwell and George Felix of CBRE represented the seller in the transaction.

September 23, 2020

Acquisitions Colorado Development Industrial Self-Storage Western

Self-Storage Operator Purchases Former Toys R Us Building in Colorado Springs

by Amy Works September 23, 2020

COLORADO SPRINGS, COLO. — In Self Storage Management has acquired the former Toys R Us building located at 3730 N. Citadel Drive in Colorado Springs. Dunton Commercial of Colorado sold the asset for an undisclosed price. The buyer plans to retrofit the existing freestanding building into mini-storage and make way for a new In Self Storage facility. The 3.1-acre property is bordered by Galley Road, North Citadel Drive, North Academy Boulevard and Delaware Drive. Patrick Kerscher of CBRE represented the seller in the deal.

September 23, 2020

Arizona Development Multifamily Western

PCS Development, Route 2 Construction Open $50M Apartment Community in Mesa

by Amy Works September 22, 2020

MESA, ARIZ. — Culver City, California-based PCS Development and Arizona-based Route 2 Construction have completed the development of The Premiere at Eastmark, a $50 million multifamily property in Mesa. The property is located within the master-planned community of Eastmark. Managed by P.B. Bell, The Premiere at Eastmark is located at 9410 E. Ray Road and is minutes from the Arizona State University Polytechnic Campus. The Premiere at Eastmark features 216 apartments in a mix of studio, one-, two- and three-bedroom floor plans ranging from 459 square feet to 1,251 square feet. The open-concept apartments feature granite countertops with subway tile backsplash; gourmet kitchen islands; black, energy-efficient appliances; wood-style plank flooring; walk-in closets with built-in shelving and storage; a patio or balcony; and covered parking. Additionally, each unit is equipped with up to 1 gigabit internet speeds. Community amenities include a pool and spa; resident lounge with a built-in kitchen and Starbucks Coffee bar; splash pad; package lockers; storage units; two dog parks; a 24-hour fitness center with Peloton bikes; an outdoor exercise lawn; electric vehicle charging stations; and a community coworking space.

September 22, 2020

California Development Multifamily Western

MIG Real Estate Enters Los Angeles, Bay Area Markets with Two Multifamily Developments

by Amy Works September 22, 2020

LOS ANGELES AND FREMONT, CALIF. — Newport Beach, Calif.-based MIG Real Estate has opened escrow on two ground-up multifamily projects located within Opportunity Zones in Los Angeles and Fremont. The projects mark the firm’s entry into the Los Angeles and Bay Area markets. MIG will develop a 140-unit residential property in the core of Hollywood and a 240-unit community in Fremont. MIG is actively seeking other suitable land investment opportunities to develop and revitalize Opportunity Zone properties in primary markets throughout the West, Mountain West and Sun Belt states. Earlier this year, the firm acquired its first site in metro Denver for the development of a 114-unit apartment community, with construction slated to start later this year. The Fremont and Los Angeles projects are a continuation of MIG’s investment strategy to reposition its portfolio by purchasing and developing new projects in key urban areas. To further that goal, MIG has allocated $100 million in equity to develop Opportunity Zone sites throughout the western United States.

September 22, 2020

Acquisitions Arizona Industrial Western

Westcore Sells West80 Industrial Property in Phoenix to KKR

by Amy Works September 22, 2020

PHOENIX — Westcore has completed the disposition of West80, an industrial property located at 8001 W. Buckeye Road in southwest Phoenix. Affiliates of KKR acquired the asset for an undisclosed price. Totaling 380,000 square feet, West80 features an ESFR sprinkler system, 36-foor clear heights, cross-dock loading, an office suite and a fully secured property with drive-around capabilities. At the time of sale, the property was fully leased to ABB Inc., which signed a lease this spring to occupy the asset. The facility is near Phoenix’s main east-west transportation node, Interstate 10, as well as Loop 202. Will Strong, Greer Oliver, Mike Haenel and Andy Markham of Cushman & Wakefield represented the seller, while KKR was self-represented in the deal. Westcore originally purchased the property from a joint venture between Phoenix-based Wentworth Property Co. and a private real estate fund managed by Dallas-based Crow Holdings Capital when construction was completed in August 2019.

September 22, 2020

Acquisitions Multifamily Oregon Western

Gelt Buys Silverwood Apartments in Gresham, Oregon for $30M

by Amy Works September 22, 2020

GRESHAM, ORE. — Los Angeles-based Gelt has purchased Silverwood Apartments, a multifamily community located at 4777 SW 11th St. in Gresham, for $30 million. The seller was not disclosed. Built in 1991 on nine acres, Silverwood Apartments features 164 units in a mix of one-, two- and three-bedroom layouts spread across 32 garden-style buildings. On-site amenities include a pool, playground, walking/biking trails and a picnic area. Gelt plans to upgrade the interior of the units to include vinyl-plank flooring, stainless steel appliances, new cabinet faces, backsplashes, ceiling fans and other cosmetic improvements. Additionally, the firm will rebrand the property, create new signage, paint the exterior of the building and refresh the pool and playground areas.

September 22, 2020

Acquisitions Arizona Multifamily Western

Praedium Group Acquires 385-Unit Liv North Valley Multifamily Property in Phoenix for $90M

by Amy Works September 22, 2020

PHOENIX — New York-based The Praedium Group has purchased Liv North Valley, an apartment community in Phoenix, and immediately implemented a process to rebrand the asset as Nova North Valley. An undisclosed seller sold the asset for $90 million, or $233,766 per unit. Constructed in 2019, the 385-unit property features outdoor fitness stations, a community garden, sports court, sand volleyball court, playground, bark park, barbecue grills, lounge areas, heated saltwater pool, spa, clubhouse and gym. Units offer modern gourmet kitchens with GE Energy Star appliances, granite countertops, pendent lighting and wood-style plank flooring. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

September 22, 2020

Caesars-Forum-Conference-Center-Las-Vegas

Loans Nevada Retail Top Stories Western

VICI Properties Provides $400M Mortgage Loan to Caesars Entertainment

by Taylor Williams September 21, 2020

LAS VEGAS — VICI Properties (NYSE: VICI), a New York City-based REIT, has provided a $400 million mortgage loan to a subsidiary of Caesars Entertainment Inc. (NASDAQ: CZR) that is secured by the Caesars Forum Convention Center in Las Vegas. The deal was set in motion in June when VICI and Caesars entered into an agreement whereby VICI provided Eldorado Resorts with a $400 million loan secured by the recently opened Caesars Forum Convention Center. The loan was conditioned to completion of the $17.5 billion merger between Eldorado and Caesars, which was officially completed in July. No details on what proceeds will specifically be used for were provided, but the COVID-19 pandemic has created major disruption within the gaming and hospitality industry and forced many operators like Caesars to function at reduced capacity and profit margins. VICI Properties also agreed to purchase 23 acres of undeveloped land in Las Vegas. Best U.S. Casinos, which covers the gaming and entertainment industry, reported that VICI agreed to pay $103.5 million for that acreage, but did not disclose any specific plans for future development. The financing bears an initial interest rate of 7.7 percent, has a term of five years and is pre-payable …

September 21, 2020

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