Western

Cityview to Develop $250M Waterfront Apartment Community in Oakland

by Amy Works May 26, 2021

OAKLAND, CALIF. — Cityview has unveiled plans for the development of Oakland Waterfront, an apartment property located within the 65-acre, master-planned Brooklyn Basin community in Oakland. The eight-story community will offer 378 apartments in a mix of studio, one-, two- and three-bedroom layouts with more than 80 percent of the units overlooking the waterfront. The project also features 331 parking spaces and 1,700 square feet of retail. Cityview raised nearly $100 million in opportunity zone capital for the $250 million project, which is slated for completion in 2023. The project team includes James E. Roberts Obayashi, Webcor, AC Martin and Nadia Geller Designs.

May 26, 2021

Arizona Development Loans Multifamily Western

Banyan Residential Secures $101.5M Construction Loan for Residential Portion of Scottsdale Entrada Mixed-Use Project

by Amy Works May 26, 2021

SCOTTSDALE, ARIZ. — Banyan Residential has received a $101.5 million construction loan for the residential phase of Scottsdale Entrada, a mixed-use development located at 64th Street and McDowell Road in Scottsdale. Wells Fargo Bank provided the loan. Designed by Todd & Associates, the 515-unit residential component will offer resort-style pools, a fitness center, mobile workspace areas, a game room and deck spaces with views of the Papago Buttes and McDowell Mountains. Situated on 33 acres, Scottsdale Entrada will feature more than 250,000 square feet of office space, 7,500 square feet of retail space and 735 apartments, as well as public gathering spaces, jogging trails, a dog park and direct access to the Arizona Cross Cut Canal. Banyan acquired the development site in December 2019 and broke ground on the project in March 2020. The office component and first phase of the residential units are slated for completion in fourth-quarter 2021.

May 26, 2021

Loans Multifamily Oregon Seniors Housing Western

Berkadia Arranges $82.4M in Financing for Seniors Housing Community in Portland

by Amy Works May 26, 2021

PORTLAND, ORE. — Berkadia Seniors Housing & Healthcare has arranged $82.4 million in financing for Touchmark in the West Hills, a seniors housing community in Portland. The borrower is Oregon-based Touchmark. Further details on the property and the use of the financing were not disclosed. Chris Cain and Rafael Nobo of Berkadia Seniors Housing & Healthcare secured the financing through Freddie Mac. The seven-year loan has a 53 percent loan-to-value ratio.

May 26, 2021

California Development Loans Office Western

Luzzatto Co. Receives $54.7M Construction Loan for Creative Office Development in Los Angeles

by Amy Works May 26, 2021

LOS ANGELES — The Luzzatto Co. has received a total of $54.7 million in construction financing for the development of The Depot, a 1.5-acre creative office campus in the West Adams market of Los Angeles. JLL Capital Markets secured a $28 million senior loan through Bank OZK and a $26.7 million mezzanine loan through Related Fund Management. Paul Brindley, Jeff Sause and Spencer Richley of JLL Capital Markets represented Luzzatto in the financing. Upon completion, The Depot will feature 107,199 square feet of creative office space, three levels of outdoor space totaling more than 20,000 square feet, a 225-space subterranean parking garage, 15-foot ceiling heights and steel-and-glass construction with 30-foot bays.

May 26, 2021

Development Multifamily New Mexico Western

Titan Starts Construction of 158-Unit Allaso Journal Center Multifamily Project in Albuquerque

by Amy Works May 26, 2021

ALBUQUERQUE, N.M. — Titan Development has broken ground on Allaso Journal Center, a 175,000-square-foot apartment community within Albuquerque’s Journal Center district. Situated on 3.9 acres, the four-story Allaso Journal Center will feature 158 market-rate apartments and resort-style amenities, including a pool, spa, cabanas, barbecue grills and gathering spaces. Units will offer high-quality finishes, nine- to 10-foot ceilings and private roof decks. Completion is scheduled for fourth quarter 2022. Pavilion Construction is serving as general contractor and Greystar Management will operate the property.

May 26, 2021

Acquisitions California Office Western

PG&E Moves to Oakland, Sells San Francisco Headquarters to Hines Atlas for $800M

by Amy Works May 25, 2021

SAN FRANCISCO — PG&E Corp., parent company of Pacific Gas and Electric Co., has agreed to sell the company’s San Francisco headquarters complex, located at 77 Beale St. and 245 Market St., to Hines Atlas US for $800 million. Under the terms of the sale agreement, the transaction closing is contingent on California Public Utilities Commission’s (CPUC) approval of the sale. PG&E will propose distributing approximately $390 million to $420 million to customers resulting from the gain on sale over a five-year period to offset future customer rates. CBRE’s San Francisco Capital Markets team represented PG&E in the transaction. PG&E is on track for a phased move to its new headquarters at 300 Lakeside Drive in Oakland, beginning in the first half of 2022. The company expects the move to Oakland to result in substantially lower headquarters costs over a long-term period. The company also plans to consolidate two other East Bay satellite offices – 3410 Crow Canyon Road in San Ramon and 1850 Gateway Blvd. in Concord – into the new Oakland headquarters.

May 25, 2021

Acquisitions Arizona Loans Multifamily Western

Walton Street Capital Provides $71.6M Acquisition Loan for Multifamily Community in Phoenix

by Amy Works May 25, 2021

PHOENIX — An affiliate of Walton Street Capital has originated a $71.6 million loan to Knightvest Capital for the purchase of Portrait at Hance Park, an apartment community located at 1313 N. Second St. in downtown Phoenix. Terms of the acquisition were not released. Built in 2019, the mid-rise property features 340 apartments averaging 863 square feet with nine- to 10-foot ceilings; quartz counter and vanity tops; designer backsplashes; brushed nickel fixtures; in-unit washers/dryers; tile plank flooring in the kitchen and bathrooms; and stainless steel appliances. Community amenities include two swimming pools with spas; fireplaces; private seating areas; a second-floor, open-air terrace and game room; an aqua lounge with a gourmet demonstration kitchen; a TKO fitness center’ business center; resident lounge; and landscaped courtyard with outdoor grills.

May 25, 2021

Tapo-Canyon-Commerce-Center-Simi-Valley-CA

California Development Industrial Western

Stream Realty to Develop Five-Building Tapo Canyon Commerce Center in Simi Valley, California

by Amy Works May 25, 2021

SIMI VALLEY, CALIF. — Stream Realty, in a joint venture with QuadReal Property Group, is developing Tapo Canyon Commerce Center, a five-building industrial complex located at 1800 Tapo Canyon Drive in Simi Valley. Slated for delivery in fall 2022, Tapo Canyon Commerce Center will offer buildings ranging from 25,786 square feet to 135,759 square feet and leasing options from 19,239 square feet to the entire 344,056-square-foot campus. Situated on 18 acres, the buildings will feature 28- to 36-foot clear heights; high-image, window-lined office space; above-regional-standard dock-high loading; five different access points to the complex; and immediate access to Freeway 118. Patrick DuRoss, John DeGrinis and Jeff Abraham of Newmark are handling leasing for the property.

May 25, 2021

Acquisitions California Restaurant Retail Western

Wood Investments Buys Kings Canyon Pavilion Shopping Center in Fresno, California for $11.8M

by Amy Works May 25, 2021

FRESNO, CALIF. — Wood Investments Cos. has purchased Kings Canyon Pavilion, a 152,354-square-foot shopping center at 4965 E. Kings Canyon Road in Fresno. Los Angeles-based Decrom Properties sold the asset for $11.8 million. 99 Cents Only anchors the retail center, which was 91 percent occupied at the time of sale. Other tenants at the property include O’Reilly Auto Parts, Cricket Wireless Authorized Retailer, Corina’s Taqueria, an indoor family entertainment complex, No Surrender Unlimited and Fallas Paredes. By the close of escrow, Wood Investments has secured signed leases with Raising Cane’s Chicken Fingers and Dutch Bros. Coffee to occupy two single-tenant pad buildings. The new tenants are expected to open in mid-2022. Nick Frechou of Retail California represented the buyer in the transaction.

May 25, 2021

Acquisitions Multifamily Nevada Western

Camino Verde Group Acquires Sherwood Palms Apartment Property in Las Vegas

by Amy Works May 25, 2021

LAS VEGAS — Camino Verde Group has purchased Sherwood Palms, a multifamily property located at 2635-2655 Sherwood St. within the Convention Center District of Las Vegas. Built in 1963, the 24-unit property features two levels of two- and three-bedroom floor plans. The community offers an enclosed outdoor courtyard, community laundry facility and updated apartment spaces with high-speed internet access. Camino Verde Group plans to renovate the units with new appliances, countertops and floor coverings along with other fixtures and finishings.

May 25, 2021

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