PORTLAND, ORE. — NorthMarq has arranged the $5.6 million refinance of Willamette Wharf, an office property located at 4640 S.W. Macadam Ave. in Portland. Bob Spiro and Scott Moline of NorthMarq’s Seattle office secured the financing for the undisclosed borrower. The transaction was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged the financing through its correspondent relationship with a life insurance company. The two-story building features 51,716 square feet of multi-tenant office space.
Western
CORONA, CALIF. — Redlands, California-based Sierra Way Industrial Partners has purchased an industrial building located at 1160 California in Corona. A private seller sold the asset for $3.9 million. Built in 1990 on 1.1 acres, the 22,547-square-foot property features 2,400 square feet of office space, 24-foot clear heights, a large secured yard and two ground- and grade-level doors. Avison Young’s Cody Lerner and Stan Nowak represented the buyer and seller in the transaction. Additionally, Lerner and Alex Heim and Nesha Ritchie of Lee & Associates have been retained by the owner as leasing agents.
Reducing the Los Angeles economy to the entertainment industry would be a serious mistake. In fact, the L.A. labor market is highly diversified with world-class healthcare, professional services, biotech and technology clusters providing co-sector leadership — no one-trick pony is this. Nonetheless, the entertainment industry is the single element that separates this metro economy from all others, and its tentacles are long. In its absence, the metro’s financial and professional services, tourism and digital media sectors might seem almost ordinary. Hollywood content production has been curtailed dramatically by social distancing demands. Active filming in the second quarter plummeted 98 percent from the year before, according to nonprofit industry group FilmLA. This has a devastating effect on thousands of employees on industry payrolls and many times more freelancers, sole proprietors and contract employees that make up the bulk of the film and TV industry’s creative workers. Consequently, the L.A. labor market absorbed among the hardest blows dealt by COVID-19. Although second quarter L.A. County payroll employment declined only 12.4 percent year on year, in line with outcomes observed in the Bay Area and San Diego, total employment — a government statistic that includes the self-employed and gig economy workers — plunged …
DENVER — Dayton, Ohio-based The Connor Group has purchased Broadstone Lowry, an apartment property located at 8505 Lowry Blvd. in Denver. Alliance Residential sold the asset for an undisclosed price. Built in 2019, Broadstone Lowry features 300 apartments with designer kitchens, hardwood-style plank flooring, stainless steel appliances, walk-in closets with built-in shelving, and patios and decks. Community amenities include a resort-style pool, spa, pool-side cabanas, outdoor kitchen and large fire pits; rooftop amenity deck with panoramic views, outdoor kitchens and entertaining areas; wellness center with meditation pods and a living green wall; pet wash and grooming station; fitness center; yoga studio; and several courtyards. Terrance Hunt, Shane Ozment, Amanda Meldrum and Craig Ratterman of Newmark Knight Frank represented the seller in the deal.
Sansone Group, Argos Capital to Develop 404,800 SF Industrial Project Near Salt Lake City
by Amy Works
WEST VALLEY CITY, UTAH — Sansone Group, in partnership with Argos Capital Partners, has acquired a 24.8-acre land parcel located in West Valley City for an undisclosed price. The partnership plans to develop a two-building, rear-load, Class A industrial property on the site. The development will offer a total of 404,800 square feet. This the first partnership between Sansone and Argos Capital Partners, a private investment management firm focused on serving ultra-affluent families.
HELENA AND CLANCY, MONT. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired two skilled nursing facilities in an off-market transaction. The first property is Apple Rehab Cooney, an 80-bed facility located on the campus of the St. Peter’s Health Regional Medical Center in Helena. The second is Elkhorn Healthcare & Rehabilitation, a 70-bed facility located in neighboring Clancy. National skilled nursing operator Eduro Healthcare will manage the communities. The transaction was CareTrust’s first to be initiated and closed in the midst of the COVID-19 pandemic. “Underwriting assets involves some added challenges in these somewhat unusual times, but these buildings were well-run and the parties were pragmatic in dealing with those uncertainties,” says Dave Sedgwick, CareTrust’s chief operating officer. CareTrust’s total initial investment for the two assets was $16.5 million, inclusive of transaction costs and $500,000 of funding to Eduro to improve the facilities. Annual cash rent under the existing Eduro master lease, to which the two properties were added, will increase by approximately $1.6 million. The master lease has a remaining term of approximately 9.5 years, with two five-year renewal options and CPI-based annual rent escalators. The acquisitions were funded using cash on hand.
SUPERIOR, COLO. — Marcus & Millichap has arranged the sale of a retail property located at 400 Center Drive in Superior. An out-of-state family trust sold the asset to a California-based investor for $2.1 million. Bank of the West occupies the 3,532-square-foot building on an absolute triple-net lease with 2.5 years remaining on the term. Built in 2004, the property is situated on a 0.94-acre lot less than half a mile from U.S. 26. Drew Isaac, Ryan Bowlby and James Rassenfoss of Marcus & Millichap’s Net Lease Properties Group represented the seller in the deal.
WHEAT RIDGE, COLO. — NAI Shames Makovsky has negotiated the sale of a retail building located at 9830 W. I-70 Frontage Road South in Wheat Ridge. Lag B’Omer Partnership and Lag B’Omer LLC sold the asset to Going Green LLC for $2.7 million. The property features 19,200 square feet of retail space. Jake Malman and Sandy Feld of NAI Shames Makovsky represented the seller in the transaction.
BELLEVUE, WASH. — Vulcan Real Estate, a Seattle-based owner and developer, is underway on two mixed-use developments known as 555 Tower and West Main in the central business district of Bellevue. Amazon (NASDAQ: AMZN) has preleased the office portion of both properties, which totals more than 2 million square feet. “We are very excited to be working with Amazon again, and we are thrilled to be kicking off our first development projects in the Bellevue CBD,” says Ada Healey, chief real estate officer for Vulcan. Bellevue is an upscale suburb of Seattle that sits on the east side of Lake Washington in the state’s Puget Sound area. “It is projects like these that will help stimulate business in Bellevue and help create jobs and opportunity — from construction jobs to new roles in hospitality and local retail — in the years to come,” adds Healey. The 555 Tower will be a 42-story building comprising 967,500 square feet of office space and 28,400 square feet of retail space. The site is located at 555 108th Ave. NE, immediately adjacent to the Bellevue Transit Center and within walking distance of the future Sound Transit light rail station that is scheduled to open …
SAN DIEGO — Longfellow Real Estate Partners has purchased Creekside, a three-building office property located in San Diego’s Sorrento Mesa submarket. The price was not disclosed. The acquisition brings Longfellow’s San Diego portfolio to more than 660,000 square feet spanning 23 buildings in the Sorrento Valley and Sorrento Mesa submarkets. The company plans to immediately convert 60,000 square feet of existing vacancy and eventually transition the entire 124,473-square-foot campus into state-of-the-art lab space. Creekside is part of Longfellow’s SOVA Science District campus — throughout which Longfellow is completing campus façade enhancements and an outdoor amenity space featuring murals by local artists that will be unveiled this fall. Creekside tenants will also have access to Elevate, Longfellow’s proprietary tenant amenities and hospitality offerings, including a fitness center, brewery, restaurant, coffee shop, programs and services. Louay Alsadek and Hunter Rowe of CBRE and Chris High and Steve Bruce of Newmark Knight Frank assisted with the transaction. Newmark Knight Frank will continue to represent Creekside as leasing agent for Longfellow.