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7600-Hawthorne-Ave-Livermore-CA
AcquisitionsCaliforniaIndustrialWestern

Crow Holdings Completes Sale of 241,591 SF Industrial Facility Near San Francisco

by Amy Works

LIVERMORE, CALIF. — Crow Holdings Industrial, the industrial development arm of Crow Holdings, has completed the sale of Bay Area Commerce Center I – Hawthorne, located at 7600 Hawthorne Ave. in Livermore. Black Creek Group, a Denver-based real estate investment management firm, acquired the asset for an undisclosed price. The newly constructed property features 241,591 square feet of warehouse space, 32-foot clear heights and parking for 190 cars and 18 trailers. At the time of sale, the facility was 70 percent leased to a mattress retailer. Situated within the Tri-Valley submarket, Bay Area Commerce Center I – Hawthorne provides easy access to Interstate 580 and the greater Bay Area, including the Port of Oakland and Oakland International Airport.

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Savoy-Lake-City-Seattle-WA
LoansMultifamilySeniors HousingWashingtonWestern

Greystone Provides $13.9M HUD Refinancing for Savoy at Lake Center Seniors Housing in Seattle

by Amy Works

SEATTLE — Greystone has provided a $13.9 million HUD loan to refinance The Savoy at Lake City Senior Living, an 80-unit seniors housing property in Seattle. Shana Daby and Lorie Hanson of Greystone originated the transaction on behalf of the borrower, Lake City Project Associates. The non-recourse loan features a fixed interest rate and a 40-year term and amortization. As a green-certified and energy-efficient HUD housing project, The Savoy at Lake City also qualifies for a reduction in mortgage insurance premium (MIP) of 40 basis points, from 65 to 25 basis points, annually. Constructed in 2017, The Savoy at Lake City is a four-story building on Seattle’s north side that consists of 80 one- and two-bedroom units.

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Prescott-Airpark-Prescott-AZ
AcquisitionsArizonaIndustrialWestern

Value Investment Group Sells Prescott Airpark Flex Industrial Property in Arizona for $3.1M

by Amy Works

PRESCOTT, ARIZ. — Value Investment Group has completed the sale of Prescott Airpark NNN Flex Industrial, an industrial property located at 2286 Crosswind Drive in Prescott. A privately held, California-based 1031 exchange buyer acquired the asset for $3.1 million. Cory Gross of Marcus & Millichap’s Denver office represented the seller in the deal. Gross, along with Ryan Sarbinoff as Marcus & Millichap’s Arizona broker of record, secured and represented the buyer in the transaction. Built in 2000, the property features 30,020 square feet of warehouse and industrial space. At the time of sale, the facility was fully occupied by a mix of national and regional tenants all on triple-net leases.

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CaliforniaDevelopmentIndustrialTop StoriesWestern

CT Realty, PGIM Break Ground on 4.4 MSF Logistics Hub in Southern California’s Inland Empire

by John Nelson

JURUPA VALLEY, CALIF. — A joint venture between CT Realty and PGIM Real Estate has broken ground on Agua Mansa Commerce Park in Jurupa Valley, a city within greater Los Angeles’ Inland Empire West submarket. The logistics hub is fully entitled for 4.4 million square feet of industrial space. Newport Beach, Calif.-based CT Realty has undergone predevelopment on the 206-acre industrial park and plans to begin site work immediately. Newark, N.J.-based PGIM has invested in the development on behalf of institutional investors in its U.S. core plus equity fund. Agua Mansa Commerce Park will feature three buildings spanning over 1 million square feet each. The larger buildings will have a cross-dock design with 40-foot clear heights, which are ideally suited for e-commerce users. E-commerce sales have spiked during the coronavirus pandemic and are estimated to grow by 18 percent this year, the highest year-over-year increase on record, according to eMarketer. The Inland Empire’s network of rail systems and highways, as well as its proximity to the Port of Los Angeles and Port of Long Beach, provides tenants with access to 25 million people throughout Southern California. Agua Mansa will also feature two 200,000-square-foot buildings with 32-foot clear heights that are …

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AcquisitionsCaliforniaHospitalityWestern

Colony Capital Agrees to Sell 197 Hotels to Highgate

by Amy Works

LOS ANGELES — Los Angeles-based Colony Capital has entered into a definitive agreement to sell six of its hospitality portfolios to Highgate, a hospitality investment and management firm, for $67.5 million. The six portfolios consist of 22,676 rooms across 197 individual hotels. The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions and third-party approvals. The portfolio, valued at $2.8 billion, includes the assumption of approximately $2.7 billion in consolidated investment-level debt. Moelis & Co. served as financial advisor to Colony Capital in connection with the transaction, and Willkie Farr & Gallagher LLP served as legal counsel for the seller. Latham & Watkins LLP served as legal counsel for the New York City-based buyer.

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CaliforniaDevelopmentLoansMultifamilySeniors HousingWestern

Truist Provides $42.4M in Financing for Hillcrest CCRC Expansion in La Verne, California

by Amy Works

LA VERNE, CALIF. — Truist Financial Corp. has provided $42.4 million in financing for Hillcrest, a continuing care retirement community (CCRC) in La Verne, approximately 30 miles east of Los Angeles. The borrower was not disclosed. The funding will be used to refinance existing debt and support the construction of a new independent living component named Hawthorne Homes. The 24,000 square-foot addition will consist of 14 one-floor cottage and duplex units located on a 1.4-acre parcel on Hillcrest’s 50-acre campus. The new construction includes several environmentally friendly and sustainable features, including solar energy, rainwater reclamation, clerestory windows and energy-efficient appliances. Construction is scheduled to begin this week, and completion is set for summer 2021. Upon completion of the new units, the Hillcrest campus will consist of 240 independent living units, 48 assisted living units, 24 memory care beds and 59 licensed skilled nursing beds.

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Sora on Rose in Phoenix features 92 apartments.
AcquisitionsArizonaMultifamilyWestern

Marcus & Millichap Facilitates $14.5M Sale of Sora on Rose Apartments in Uptown Phoenix

by Amy Works

PHOENIX — Marcus & Millichap has arranged the sale of Sora on Rose, a multifamily property located at 6201 N. 16th St. in Phoenix’s Uptown neighborhood. The property traded for $14.5 million, or $157,609 per unit. Paul Bay of Marcus & Millichap represented the undisclosed seller, while Darrell Moffitt, also of Marcus & Millichap, represented the undisclosed buyer in the deal. Built in 1971 on 2.7 acres, Sora on Rose features 92 apartments with an average unit size of 815 square feet. Amenities include a clubhouse, laundry services, covered parking, swimming pool and a fitness center.

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3800-Wilson-Ave-Loveland-CO
AcquisitionsColoradoIndustrialWestern

Woodward Sells Loveland, Colorado Campus, Acquires New Facility in Nearby Windsor

by Amy Works

LOVELAND AND WINDSOR, COLO. — Woodward Inc. has completed the disposition of its research and development campus located at 3800 Wilson Ave. in Loveland. Concurrently, the company purchased a facility located at 753 Champion Drive in Windsor. The new campus is adjacent to Woodward’s existing Rocky Mountain Technology and Innovation Center (RMTIC). Southgate One sold the Windsor property to Woodward and acquired the Loveland facility. Terms of the transactions were not released. Peter Kast of CBRE’s Fort Collins, Colo., office represented Woodward in the trade. Woodward originally purchased the Loveland campus in 1991. Situated on 39.7 acres, the campus features 209,000 square feet of space. The campus was home to Woodward’s Air Valves Engineering & Testing department, which will relocate to the Windsor facility. Woodward is an independent designer, manufacturer and service provider of equipment for the aerospace and industrial sectors.

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Rodeo39-PublicMarket-Stanton-CA
CaliforniaDevelopmentRestaurantRetailWestern

Rodeo 39 Public Market in Southern California to Open in Mid-October

by Amy Works

STANTON, CALIF. — Dan Almquist of Frontier Real Estate Investments plans to debut Rodeo 39 Public Market, a collection of eateries and retail spaces in Southern California, in mid-October. Located at 12885 Beach Blvd. in Stanton, Rodeo 39 will feature hangar doors that open up for an inside/outside setting, original artwork and murals from five different local artists and several first-to-market retail and restaurants concepts. The Rodeo 39 mix includes Banh Xeo Boys, Bearded Tang Brewery, Beleaf Burgers, Bestea, Dot & Dough, Fika Fika Creamery, Hook & Anchor, Joystix, Kra Z Kai’s BBQ, My First Kiss, Nandomo by HiroNori, Oi Asian Fusion, Phoholic, Primal Cuts, Pvsta Lab, Rodeo Bar, RTE, Shootz, Sizzle, Steel Pan Pizza, Skin Design Tattoos, Tenori, Orng Cnty, The Nail Boss, Utopia Studios, WNTD and ZeroUV. Additionally, Rodeo 39 will offer a seamless to-go ordering system called Rodeo39Go that allows for the choice of pick-up, curbside, delivery or contactless ordering via QR codes from tables within Rodeo 39 Public Market. Rodeo 39 is currently in the soft-open phase as tenants train their staff and team members. An official grand opening to the public is slated for Oct. 17 and 18.

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San-Diego-Research-Development-District
CaliforniaDevelopmentHealthcareLife SciencesOfficeTop StoriesWestern

IQHQ to Develop $1.5B Life Sciences Campus Along San Diego Waterfront

by Taylor Williams

SAN DIEGO — IQHQ Inc., a developer of life sciences real estate with offices in Boston and San Diego, will build the San Diego Research and Development District (The RaDD), a $1.5 billion campus that will be located along San Diego’s waterfront. IQHQ has secured various permits and entitlements and plans to break ground on the first phase of the project later this week. Completion of Phase I is scheduled for summer 2023. The RaDD will span eight acres and three city blocks, making it the largest urban commercial waterfront site on the California coast, according to the development team. Preliminary plans call for lab, office and retail space, specific amounts of which were not disclosed. The San Diego Union-Tribune reports that the project will consist of several mid-rise buildings and a 17-story tower, as well as a museum and several acres of green space and rooftop decks. The paper also reports that locally based developer Manchester Financial Group will retain ownership of a portion of the site and will develop a hotel on the campus. “The RaDD is exciting on so many levels — not only does it represent our first acquisition in San Diego, which IQHQ is proud …

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