Western

Wolff Co. Acquires 158-Unit Northpointe Multifamily Community in Portland

by Amy Works May 11, 2021

PORTLAND, ORE. — An affiliate of The Wolff Co. has purchased Northpointe, an apartment property located at 1314 N. Skidmore St. in Portland. A partnership between Fore Property Co. and Principal Real Estate Investors sold the asset for an undisclosed price. Completed in 2019, Northpointe features 106,568 square feet of residential space and 3,748 square feet of commercial space. The 158-unit property offers a mix of studio, one- and two-bedroom floor plans with quartz countertops, in-home washers/dryers, stainless steel appliances, solar shades, luxury vinyl plank flooring, private balconies or patios, and walk-in closets in select units. Community amenities include a 24-hour fitness center, conference room, rooftop deck with mountain views and an outdoor entertainment area with firepits and a social lounge. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.

May 11, 2021

Arizona Development Industrial Western

Merit Partners Selects SLC to Construct 481,600 SF Building at Phoenix Logistics Center

by Amy Works May 11, 2021

PHOENIX — Merit Partners has selected Stevens-Leinweber Construction (SLC) to build PLC Two, the second building at Phoenix Logistics Center within Phoenix’s Interstate 10 Corridor. The building will feature 481,600 square feet of speculative industrial space with 40-foot clear heights, eight-inch reinforced floors, 70-foot speed bays, a 190-foot truck court, 436 auto parking stalls and 157 trailer parking stalls. Additionally, it will feature 160 dock-high and six grade-level doors. Construction of PLC Two is underway with shell completion expected by end of the third quarter. PLC Two will be adjacent to PLC One, a fully leased, 268,872-square-foot industrial building. Ware Malcomb is serving as project architect for PLC Two. Anthony Lydon, Marc Hertzberg, Riley Gilbert and John Lydon of JLL are handling leasing for the building.

May 11, 2021

California Company News Restaurant Retail Western

Chipotle Increases Wages to $15 Per Hour Average, Plans to Hire 20,000 Employees

by Amy Works May 11, 2021

NEWPORT BEACH, CALIF. — Chipotle Mexican Grill (NYSE: CMG) is increasing its restaurant wages, resulting in an $15 average hourly wage by the end of June, according to the Newport Beach-based company. Additionally, the Chipotle employees can advance to a “restaurateur” status, the highest general manager position, in approximately three-and-a-half years, with average compensation of $100,000. Wage increases for new and existing hourly and salaried restaurant employees will be rolled out over the next few weeks and will result in hourly crew member starting wages ranging from $11 to $18 per hour. The company has also launched a $200 employee referral bonus for crew members and a $750 referral bonus for apprentices and general managers. With approximately 200 restaurants slated to open this year coupled with continued growth and demand, Chipotle plans to hire 20,000 new team members across the United States. The company will host a virtual career fair on Discord on May 13.

May 11, 2021

California Company News Office Western

World-Renowned Commercial Real Estate Architect Art Gensler Passes Away at 85

by Amy Works May 11, 2021

SAN FRANCISCO — M. Art Gensler Jr., founder of San Francisco-based global design firm Gensler, passed away on Monday. At the age of 85, Gensler died at his Mill Creek, Calif., home following an 18-month battle with lung disease, according to the San Francisco Chronicle. In 1965, along with his wife Drucilla Cortell Gensler and James Follett, Gensler co-founded the design firm M. Arthur Gensler Jr. & Associates in San Francisco. Since its founding, the firm has grown from a three-person operation to more than 5,000 employees across 50 locations globally. “Art didn’t want to be a ‘starchitect,’” says Andy Cohen, Gensler co-CEO. “In fact, what he built was a constellation of stars by hiring smart people and getting out of their way. It’s why Gensler is a pioneer in our industry, and Art’s legacy will remain embedded in our firm’s unique culture.”

May 11, 2021

Acquisitions California Restaurant Retail Western

Progressive Real Estate Brokers $1.3M Sale of Retail Building in Apple Valley, California

by Amy Works May 11, 2021

APPLE VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a retail property located at 20152 US Highway 18 in Apple Valley, approximately 90 miles northeast of Los Angeles. An Orange County-based private investor sold the property to a Riverside County-based investor for $1.3 million. Little Caesars Pizza occupies a portion of the recently renovated, 4,995-square-foot building. Roxy Klein of Progressive Real Estate Partners represented the seller in the deal.

May 11, 2021

Acquisitions Arizona Multifamily Western

Olympus Property Sells Cactus Forty-2 Apartments Near Phoenix for $56M

by Amy Works May 10, 2021

PARADISE VALLEY, ARIZ. — Fort Worth, Texas-based Olympus Property has completed the sale of Cactus Forty-2, a multifamily property located in Paradise Valley, a northeast suburb of Phoenix. Los Angeles-based Ezralow Co. acquired the community for $56 million. David Folger and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction. Located at 4242 E. Cactus Road, Cactus Forty-2 offers 200 apartments in a mix of studio, one- and two-bedroom units featuring nine-foot ceilings, hardwood-inspired flooring, stainless steel kitchen appliances, granite countertops, marble bath vanities, large soaking tubs, in-unit washers/dryers and private patios or balconies on some units. On-site amenities include a pool and spa, outdoor kitchen, fireplace and gathering place, fitness center, clubhouse, pet park, covered parking and gated access.

May 10, 2021

Acquisitions California Retail Western

Merlone Geier Partners Acquires Value-Add Shopping Center in Riverside, California for $39.4M

by Amy Works May 10, 2021

RIVERSIDE, CALIF. — Merlone Geier Partners has purchased Magnolia Tyler Center, a value-add shopping center located at 3650-3790 Tyler St. in Riverside. A private family, which owned the property for more than 50 years, sold the asset for $39.4 million. At the time of sale, the 182,653-square-foot property was 83 percent leased. Tenants include Aldi, Bob’s Discount Furniture, Big Lots, Bed Bath & Beyond, Starbucks Coffee, Olive Garden and America’s Tire. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the seller in the deal.

May 10, 2021

Acquisitions Alaska Multifamily Seniors Housing Western

SLIB Negotiates $32.5M Sale of Seniors Housing Community in Anchorage, Alaska

by Amy Works May 10, 2021

ANCHORAGE, ALASKA — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 116-unit assisted living and memory care community in Anchorage. The community opened in December 2019. The 82,813-square-foot facility sits on 2.7 acres of land, with an adjacent 2.7-acre plot available for purchase. The community’s developer sold the asset to a national REIT for $32.5 million. The new owner will use a third-party operator. The REIT also is considering a joint-venture independent living expansion at the property. Vince Viverito, Brad Goodsell and Jason Punzel of SLIB handled the transaction.

May 10, 2021

Affordable Housing California Development Multifamily Western

Aedis Real Estate, C.W. Driver Break Ground on 98-Unit Affordable Housing Project in Los Angeles

by Amy Works May 10, 2021

LOS ANGELES — Aedis Real Estate Group and C.W. Driver Cos. have broken ground on Hope on Hyde Park, an affordable transitional housing community in Los Angeles. The development is supported by the Los Angeles County Department of Health Services and Brilliant Corners, a nonprofit. Situated along the Crenshaw Corridor, the five-story property will offer 98 studio and one-bedroom modular units, ranging in size from 400 square feet to 480 square feet, for residents experiencing chronic homelessness. Units will feature modern design, hardwood flooring, contemporary furniture and floor-to-ceiling windows. Community amenities will include a central courtyard, outdoor community space, on-site parking for social services staff, bike storage for residents, residential and support services and ground-floor retail space, as well as access to the new K Line, an 8.5-mile light rail that connects the Crenshaw district to Leimert Park, Inglewood and the Los Angeles International Airport. KTGY is serving as architect for the project, which is slated for completion in summer 2022.

May 10, 2021

Loans Multifamily Seniors Housing Washington Western

Grandbridge Arranges $11.2M in Seniors Housing Loan Modifications

by Jeff Shaw May 10, 2021

SEATTLE and GAITHERSBURG, Md. — Grandbridge Real Estate Capital arranged $11.2 million in financing across three modification loans. Artin Anvar arranged the interest rate reduction (IRR) modifications through HUD’s IRR program. The first transaction, totaling $984,721, was secured by Hilltop Manor, a 35-unit assisted living community in Seattle. The loan features a 20-year term and 20-year amortization. The second transaction, totaling $955,717, was secured by Spring Manor, a 54-unit memory care facility in Seattle. The loan features a 20-year term and 20-year amortization. The largest transaction, totaling $9.2 million, was secured by AirPark Apartments, a 108-unit affordable housing community in Gaithersburg. “Our clients continue to take advantage of the historically low interest rates by using the HUD IRR, HUD 223(a)7, and 223(f) financing options to lower debt service for their multifamily seniors housing properties,” says Anvar.

May 10, 2021

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