Western

Continental Properties, McShane Complete 192-Unit Multifamily Property in Mesa, Arizona

by Amy Works April 1, 2021

MESA, ARIZ. — McShane Construction Co., on behalf of Continental Properties, has completed the construction of Springs at Red Mountain, a multifamily community in Mesa. Situated on 10.5 acres on North Power Road, Springs at Red Mountain features 192 apartments spread across seven two- and three-story garden-style residential buildings with a mix of studio, one-, two- and three-bedroom units. The buildings feature wood frame construction with stucco and stone exterior. Many units offer upgraded features including vinyl plank flooring, granite countertops and wine coolers. The gated, pet-friendly community includes a clubhouse with fitness center and swimming pool; an outdoor ramada with a fire pit; a barbecue area; car wash for residential use; and on-site surface and garage parking. Phillips Partnership is the architect of record for Springs at Red Mountain.

April 1, 2021

Acquisitions Arizona Multifamily Western

Passco Cos. Divests of 389-Unit Almeria at Ocotillo Apartments in Chandler, Arizona

by Amy Works April 1, 2021

CHANDLER, ARIZ. — Passco Cos. has completed the disposition of Almeria at Ocotillo, an apartment community located in Chandler. A New York-based pension fund advisor acquired the property for an undisclosed price. Built in two phases in 2014 and 2015, Almeria at Ocotillo features 389 apartments, two swimming pools, two clubhouses, two fitness centers with yoga studios, outside dining areas with gas barbecue grills, a children’s playground and splash pad, and a pet park. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

April 1, 2021

Acquisitions Arizona Industrial Western

NKF Negotiates $16.8M Purchase of Distribution, Manufacturing Facility in Phoenix

by Amy Works April 1, 2021

PHOENIX — Newmark Knight Frank (NKF) has arranged the acquisition of a newly built distribution and manufacturing property located at 4615 W. McDowell Road in Phoenix. A Southern California-based private investor purchased the asset from CapRock Partners for $16.8 million in a 1031 exchange. The 146,500-square-foot facility can accommodate up to four light manufacturing and distribution tenants. The property features a concrete truck court, 30 dock-high and four grade-level loading doors, 32-foot clear heights, an ESFR sprinkler system, heavy power, 2,259 square feet of office space and ample parking. Rick Sheckter and Robert Stephens of NKF represented the buyer, while Payson MacWilliam and Don MacWilliam of Colliers International represented the seller in the transaction.

April 1, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

Chelsea Investment, Sudberry Properties Open $155M Affordable Housing Development at Civita in San Diego

by Amy Works March 31, 2021

SAN DIEGO — Chelsea Investment Corp. and Sudberry Properties have opened Siena affordable apartments for seniors and Stylus affordable apartments for families in Civita urban village, located in the Mission Valley area of San Diego. The adjacent properties are located on Russell Park Way between Civita Boulevard and Friars Road. The $155 million project is one of the largest new affordable housing projects in San Diego County and brings the total of affordable apartments in Civita to 456. Civita is the redevelopment of a 79-year-old sand and gravel quarry into a sustainable, transit-oriented village. Siena features 103 apartments for seniors in earning 30 percent to 60 percent of area median income (AMI). The one- and two-bedroom units range from 540 square feet to 783 square feet, with rents starting at $468 per month. Stylus offers 203 two- and three-bedroom apartments for families earning 50 percent to 60 percent of AMI. The units range from 770 square feet to 1,040 square feet, with rents starting at $1,037 per month. Additionally, Stylus features 37,000 square feet of ground-floor retail space, which LA Fitness will occupy. Each apartment community has its own clubroom with kitchen, on-site management, computer lab, laundry facilities on each …

March 31, 2021

Development Industrial Washington Western

Bridge Development, PCCP Acquire South Tacoma Land Parcel for Bridge Point Lakewood 90 Industrial Development

by Amy Works March 31, 2021

LAKEWOOD, WASH. — Bridge Development Partners and Pacific Coast Capital Partners (PCCP) have purchased a 4.2-acre land site in Lakewood for the development of Bridge Point Lakewood 90, an industrial property in the South Tacoma submarket. The project team plans to break ground on the 92,445-square-foot building in May, with delivery expected in first-quarter 2022. The warehouse and distribution facility will feature a front-loading configuration, 32-foot clear ceiling heights, ESFR sprinklers, LED lighting, a 124-foot truck court, 14 exterior dock doors (four drive-in) and parking for 88 cars. Bill Condon and Matt McGregor of Colliers International represented the undisclosed seller in the transaction and will serve as leasing brokers for the project.

March 31, 2021

California Loans Multifamily Seniors Housing Western

NorthMarq Arranges $31M Refinancing for Seniors Housing Property in Rancho Cucamonga, California

by Amy Works March 31, 2021

RANCHO CUCAMONGA, CALIF. — NorthMarq has arranged $31 million in refinancing for Merrill Gardens Rancho Cucamonga, a seniors housing property located at 9942 Highland Ave. in Rancho Cucamonga. Built in 2018 on 4.2 acres, the property features 112 independent living, assisted living and memory care units. Stuart Oswald and Gordan Mickelson of NorthMarq secured the permanent, fixed-rate loan for the borrower through its relationship with a correspondent life insurance company. The loan, structured prior to stabilization, was structured with a five-year term on a 30-year amortization schedule. The property is a joint venture between Merrill Gardens and AEW Capital Management LP.

March 31, 2021

Arizona Development Industrial Western

VanTrust Enters Southern Arizona Market with Development of Two Amazon Sortation Centers in Tucson, Glendale

by Amy Works March 31, 2021

TUCSON AND GLENDALE, ARIZ. —VanTrust Real Estate has commenced construction of two Amazon sortation centers, including the VanTrust’s first Southern Arizona project in Tucson. The properties are a 270,000-square-foot facility on a 46-acre site at East Corona Road and South Alvernon Way in Tucson and a 270,000-square-foot asset on 42 acres at North Sarival Road and Maryland Avenue in Glendale. Irvine, Calif.-based HPA Architecture designed both of the facilities. The Tucson location will be Amazon’s fourth building to open in Southern Arizona and the first project in Pima County for VanTrust.

March 31, 2021

Acquisitions Hospitality Idaho Western

Crystal Investment Property Brokers Sale of 68-Room La Quinta Inn in Sandpoint, Idaho

by Amy Works March 31, 2021

SANDPOINT, IDAHO — Crystal Investment Property (CIP) has arranged the sale of La Quinta Inn by Wyndham Sandpoint, a hotel located at 415 Cedar St. in Sandpoint. Terms of the transaction, including the seller, buyer and acquisition price, were not released. La Quinta Inn by Wyndham Sandpoint features 68 guest rooms, a lobby with fireplace, gift shop, fitness center, indoor spa and seasonal outdoor swimming pool. The guest room mix includes a selection of queen- and king-bed rooms; kitchenette and spa suites; family-friendly rooms; and ADA rooms. Amenities include in-room mini refrigerator, microwave, television and high-speed internet. The hotel consists of three buildings and a leased restaurant on approximately 1.2 acres. Joseph Kennedy, president of CIP, led the CIP team in the deal.

March 31, 2021

Content Partner Features Hospitality Midwest NAI Northeast Office Southeast Texas Western

Evaluating the Volume of Distressed Properties in the Wake of COVID

by Sarah Daniels March 31, 2021

Many in commercial real estate expected a tsunami of COVID-related distressed properties in 2020 and 2021. So far, the wave hasn’t materialized, says Jay Olshonsky, president and CEO of NAI Global. Businesses have been sustained by exogenous factors that may or may not keep them from foreclosure or receivership in the long term. In many cases, lender forbearances or flexible plans have simply extended the window in which distressed properties may eventually revert to receivership. Olshonsky spoke to REBusinessOnline about receivership activity and what the industry expects over the next 12 months. Delays: Lessons from the Global Financial Crisis, Plus Current Factors As court-appointed receivers, NAI’s representatives act as the owner and operator of properties in foreclosure on behalf of the court. A receivership needs to have the capability to lease the property, pay taxes and handle accounting — basically, taking over all aspects of managing a property and keeping it functioning, Olshonsky says. Much of how NAI Global has chosen to approach the current receivership landscape originated in the lessons of the 2007-2008 financial crisis. During the early stages of the pandemic, NAI knew there would be fallout that would force some businesses into foreclosure, servicing, note sales or similar …

March 31, 2021

Acquisitions Idaho Restaurant Retail Western

Wood Investments Acquires CentrePoint Marketplace in Meridian, Idaho for $35M

by Amy Works March 30, 2021

MERIDIAN, IDAHO — Wood Investments Cos. has purchased CentrePoint Marketplace, a community shopping center located on 19.3 acres at 3319 N. Eagle Road in Meridian. Built in 2007, the 197,288-square-foot property was fully occupied at the time of sale. Tenants include Kohl’s, Dick’s Sporting Goods, Walgreens, Qdoba Mexican Eats, Panera Bread, Wingers Restaurant & Alehouse, Downeast Home, Hobby Lobby, Moxie Java and 360 Wireless. Chad Moore of Salt Lake City-based Mountain West Commercial Real Estate represented the buyer. The seller was Centrepoint Marketplace LLC, a Utah limited liability company.

March 30, 2021

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