Western

Ryan Cos., Cadence Plan 156,622 SF Acoya Cherry Creek Seniors Housing Project in Denver

by Amy Works March 15, 2021

DENVER — Ryan Cos. US Inc. and Cadence Living have unveiled plans for Acoya Cherry Creek, a seniors housing community in the Cherry Creek neighborhood of Denver. Totaling 156,622 square feet and 137 units, the project will be the first Acoya-branded community in the Denver market and the third in Colorado. The types of care were not disclosed. According to Moore Diversified Services, the senior population in the Denver area is expected to increase by more than 26 percent over the next five years. “Not only is there a need for this type of housing near Cherry Creek, but there is also high demand for age-in-place living where a resident can remain within their home and receive services over time as needs change,” says Daniel Raimer, director of real estate development for Ryan Cos. Cadence, Harrison Street and Ryan will co-own the community, and have closed on financing for the development. Bank of the West acted as lender, administrative agent and lead arranger alongside Stifel Bank as lender and syndication agent. MOA Architecture designed the community’s exterior while StudioSIX5 handled the interiors. Groundbreaking is scheduled for February 2021, with pre-leasing beginning in spring 2022 for completion in fall 2022.

March 15, 2021

Conejo-Spectrum-Gateway-Thousand-Oaks-CA

California Development Industrial Western

Sares Regis to Develop 172,516 SF Conejo Spectrum Gateway Industrial Park in Thousand Oaks, California

by Amy Works March 15, 2021

THOUSAND OAKS, CALIF. — Irvine, Calif.-based Sares Regis Group has started construction of Conejo Spectrum Gateway, a two-building speculative industrial park at the intersection of Rancho Conejo Boulevard and Lawrence Drive in Thousand Oaks. The two new buildings will offer a total of 172,516 square feet of for-lease space between an 88,946-square-foot facility at 1515 Rancho Conejo Blvd. and an 83,570-square-foot building at 1489 Lawrence Drive. The 1515 Rancho Conejo building will offer a 5,554-square-foot office space, 17 dock-high doors, two ground-level doors, 30-foot clear heights, 1,200 amps (expandable), 277-480 volts, three-phase power, 201 parking stalls, 28 electric vehicle stalls and 17 bicycle parking stalls. The facility at 1489 Lawrence Drive will offer a 5,586-square-foot office area, 15 dock-high doors, two ground-level doors, 172 parking stalls, 11 electric vehicle stalls, 14 bicycle stalls, 1,200 amps, 299-480 volts and three-phase power. Grading is complete for the two buildings and vertical construction is underway. Both buildings are available for lease now and will be ready for tenant build-out in the third quarter. Tom Dwyer and Bennett Robison of CBRE represented Sares Regis Group.

March 15, 2021

California Industrial Loans Self-Storage Western

InSite Property Group Receives $140M Credit Facility for National Self-Storage Development Pipeline

by Amy Works March 15, 2021

LOS ANGELES — JLL Capital Markets has arranged a $140 million credit facility with the ability to expand up to $215 million for Los Angeles-based InSite Property Group. The facility will fund InSite’s development pipeline of Class A self-storage facilities across the nation. ACORE Capital provided the floating-rate loan, which was arranged by Bill Fishel, Matt Stewart and Chad Morgan of JLL Capital Markets, along with Brian Somoza, Steve Mellon and Griffin Guthneck of JLL’s national self-storage team. The financing is part of the InSite’s ongoing acquisition, development and repositioning strategy that includes a pipeline of 40 projects totaling nearly 5 million square feet of core, Class A product in infill markets across the United States. The company operates facilities under the Secure Space Self Storage brand.

March 15, 2021

Acquisitions Multifamily Oregon Seniors Housing Western

Cushman & Wakefield Arranges $25M Sale of Memory Care Community in Portland

by Amy Works March 15, 2021

PORTLAND, ORE. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged the off-market sale of a 99-unit,114-bed memory care community in a Portland for $25 million. This represents the second sale of the community within a 15-month period for the firm, with the first sale as part of a larger disposition of non-core assets for a public REIT. The seller was a privately owned, California-based national operator. The buyer is a growing regional owner-operator based in the Portland metro area. The Cushman & Wakefield team involved in the transaction was Rick Swartz, Jay Wagner, Aaron Rosenzweig and Dan Baker.

March 15, 2021

Development Finance Insight Loans Midwest Northeast Southeast Texas Video Western

TSB Capital Advisors: Student Housing Finance Versus Conventional Multifamily Finance

by Sarah Daniels March 15, 2021

Student housing lending faces a number of uncertainties as 2021 begins: agency policies affecting available sources of lending, the availability of distressed properties, special considerations for Tier 2 and 3 schools and the difficulties of obtaining construction and permanent financing under certain circumstances. Timothy S. Bradley, founder of TSB Capital Advisors and a principal of TSB Realty, explains his outlook on 2021 for the student housing industry, including some of the intricacies in student housing finance versus conventional multifamily. While the two classes did not face vastly different outcomes before COVID, “Post-COVID is a completely different story. There is a significant delta when you are looking at permanent financing for student housing right now versus conventional. The agencies [have enacted] COVID reserves that have been instituted in new loan originations — and most new loan originations are for acquisitions versus refinancing right now. We are starting to see them reduce the reserves, but they were doing it for both multifamily and student.” Bradley explains, “However the interest rates that, over the past three to four months, you could get for conventional housing versus student ranged anywhere from 50 to 75 basis points better for conventional. This allows the conventional market cap rates to keep compressing …

March 15, 2021

Acquisitions Hawaii Net Lease Retail Western

Realty Income Corp. Buys 21-Property Convenience Store Portfolio in Hawaii for $109.4M

by Amy Works March 12, 2021

HAWAII — A subsidiary of Realty Income Corp. has acquired a 21-property gas station/convenience store portfolio located throughout Hawaii. Par Pacific Holdings sold the portfolio in a fee-simple sale-leaseback transaction for $109.4 million. The portfolio includes 12 properties in O’ahu, two facilities in Kauai, four properties in Maui and three properties on the island of Hawaii. The transaction also included a new master lease agreement to lease back the sites on a triple-net basis. D. Andrew Ragsdale, Ken Hedrick, Jerry Hopkins, Kristian Neilson and John Curtis of Newmark’s Net Lease Capital Market, in cooperation with Jackson Nakasone of NAI CBI Hawaii, represented the seller in the transaction.

March 12, 2021

Mountain-West-Industrial-Park-Las-Vegas-NV

Development Industrial Nevada Western

Nigro Construction Begins First Phase of Mountain West Warehouse Project in Las Vegas

by Amy Works March 12, 2021

LAS VEGAS — Nigro Construction has started construction of Mountain West Industrial Park in southwest Las Vegas. The 252,900-square-foot warehouse project is located at 7210 W. Post Road. The first phase consists of three industrial shell buildings on 16.5 acres, with completion slated for third-quarter 2021. The first phase will offer units ranging from 6,400 square feet to 71,500 square feet with 30-foot minimum clearance heights in the warehouse areas, 10-foot glass storefront office entries and metal canopies. The second phase includes an additional 45,000 square feet of industrial space on the remaining acres of the property.

March 12, 2021

14023-14033-Denver-West-Pkwy-Lakewood-CO

Acquisitions Colorado Office Western

Flywheel Capital Acquires 127,297 SF Office Property in Colorado from HighBrook Investors

by Amy Works March 12, 2021

LAKEWOOD, COLO. — Denver-based Flywheel Capital has purchased an office property located on 16.7 acres at 14023 and 14033 Denver West Parkway in Lakewood. New York-based HighBrook Investors sold the asset for an undisclosed price. Totaling 127,297 square feet, the asset features two three-story buildings connected by a first-floor walkway. On-site amenities include more than 1,000 parking spaces; a deli/cafeteria; break rooms on each floor of both buildings; a game room with ping pong, billiards and foosball; and an outdoor plaza with a basketball court and patio. Additionally, the site offers immediate access to South Table Mountain Recreation Area. Tim Richey, Charley Will, Jenny Knowlton, Chad Flynn and Anthony DeLorenzo of CBRE Capital Markets Institutional Properties represented the seller in the transaction. Brady O’Donnell, Jeff Halsey and Jill Haug of CBRE’s Debt & Structured Finance group arranged acquisition financing for the buyer. The acquisition represents Flywheel Capital’s second transaction in Colorado as part of its joint venture with a Latin America-based partner.

March 12, 2021

Acquisitions California Net Lease Restaurant Retail Western

SRS Brokers $2.9M Sale of Starbucks-Occupied Property in Porterville, California

by Amy Works March 12, 2021

PORTERVILLE, CALIF. — SRS Real Estate Partners has arranged the sale of a freestanding, single-tenant retail building located at 421 Vandalia Ave. in Porterville. A Southern California-based owner and developer sold the asset to a California-based investor in a 1031 exchange for $2.9 million, or $960 per square foot. Built in 2008, the 2,992-square-foot property was originally an El Pollo Loco restaurant until it was renovated in 2020 for Starbucks Coffee, which occupies the property under a 10-year, triple-net lease. The building also features a drive-thru lane. Matthew Mousavi and Patrick Luther of SRS National Net Lease Group represented the seller, while Bryan Cifranic of Commercial Retail Associates represented the buyer in transaction.

March 12, 2021

Acquisitions Industrial Washington Western

CBRE Global Investors Purchases Portside 55 Industrial Park in Tacoma, Washington

by Amy Works March 12, 2021

TACOMA, WASH. — A fund sponsored by CBRE Global Investors has purchased Portside 55, three industrial buildings located 30 miles south of downtown Seattle in the Port of Tacoma. Terms of the sale were not released. Totaling 428,010 square feet, the park was 100 percent leased at the time of sale. The property comprises the 155,100-square-foot Building A and the 51,900-square-foot Building B, both located at 1514 Taylor Way, and the 221,010-square-foot Building C located at 3401 Lincoln Ave. The buildings feature 30-foot to 32-foot clear heights, 50-foot by 50-foot column spacing, large truck courts, a total of 91 dock doors, 289 parking stalls, an ESFR fire suppression system, heavy power and LED lighting. Additionally, the site offers the potential for railcar service. Portside 55 sits on nearly 20 acres that is under a ground lease with the Port of Tacoma through 2067, with an extension through July 2092.

March 12, 2021

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