Western

Merit Partners-Led JV Buys 611 Acres in Metro Phoenix to Develop $1.5B Industrial Park

by John Nelson August 18, 2020

GLENDALE, ARIZ. — Merit Partners is leading a joint venture to develop Camelback 303, a $1.5 billion industrial park in the northwest Phoenix suburb of Glendale. The Phoenix-based firm recently closed on the acquisition of 611 acres along the Loop 303 corridor for the project, which will total 9 million to 10 million square feet of logistics and manufacturing space upon completion. Merit’s joint venture partners include industrial REIT First Industrial Realty Trust Inc. (NYSE: FR) and equity partner Diamond Realty Investments, which is the real estate investment arm of Mitsubishi Corp. According to second-quarter 2020 research from JLL, industrial asking rents in metro Phoenix are up 1.8 percent and absorption has increased 39 percent from this time last year. The second quarter marks the 28th straight quarter of positive absorption for the market. “We are extremely excited to be building at this location and at a point in the cycle where demand for Class A industrial is exponential — and expected to continue to rise in the years ahead,” says Kevin Czerwinski, president of Merit Partners. Camelback 303 will sit along the west side of Loop 303 and feature freeway frontage between the Camelback Road and Bethany Home Road …

August 18, 2020

California Development Mixed-Use Multifamily Office Restaurant Retail Western

Sunnyvale City Council Approves Next Phase of CityLine Sunnyvale Mixed-Use Project in California

by Amy Works August 17, 2020

SUNNYVALE, CALIF. — Sunnyvale City Council has approved a Downtown Specific Plan and Development Agreement that allows for the next phase of CityLine Sunnyvale to begin. STC Venture, a partnership between Sares Regis Group of Northern California and Hunter Properties, is developing the multi-phase redevelopment project in downtown Sunnyvale. The new phase will add 792 residential units and 653,000 square feet of office space above 182,000 square feet of ground-floor retail space on four parcels along Murphy and McKinley avenues. The overall CityLine Sunnyvale project — a 36-acre, pedestrian-oriented, mixed-use district —also features a large public plaza, as well as shopping and entertainment space. The new phase will include a Building B offering 150,000 square feet of office space and 8,000 square feet of retail space and the redevelopment of Redwood Square into Block 3S featuring 480 apartments (11 percent designated affordable) with 30,000 square feet of retail space. Construction of the new phase is scheduled to begin in early 2021. The phase also includes the redevelopment of the former Macy’s into 500,000 square feet of office space and 60,000 square feet of retail space, the development of Block 6 with 312 apartments (11 percent affordable) with 35,000 square feet of …

August 17, 2020

Acquisitions California Industrial Western

Realty Advisory Group Brokers Sale of 214,436 SF Distribution Facility in Southern California

by Amy Works August 17, 2020

SANTA CLARITA, CALIF. — Realty Advisory Group has negotiated the sale of an industrial and distribution building located at 24903 Avenue Kearny within Valencia Industrial Center in Santa Clarita. Los Angeles-based Dedeaux Properties acquired the facility from AmerisourceBergen Corp. for an undisclosed price. The seller has owned and operated the property as a pharmaceutical warehouse/distribution center since 1988. Dedeaux Properties plans to reposition the 214,436-square-foot facility and place it on the market for lease. Jim Abbott of Realty Advisory Group handled the transaction.

August 17, 2020

Acquisitions California Multifamily Western

Cushman & Wakefield Arranges $20.6M Sale of Creekside Apartments in San Leandro, California

by Amy Works August 17, 2020

SAN LEANDRO, CALIF. — Cushman & Wakefield has brokered the sale of Creekside Apartments, a multifamily property located at 424 Callan Ave. in San Leandro. Trion Properties acquired the asset from a private partnership for $20.6 million. Developed in 1969, Creekside Apartments features 80 one- and two-bedroom apartments averaging more than 880 square feet. At the time of sale, six of the units were fully renovated. Community amenities include a swimming pool and laundry facilities. Jason Parr, Scott MacDonald and Seth Siegel of Cushman & Wakefield represented the seller in the deal.

August 17, 2020

Acquisitions California Multifamily Western

LDK Ventures, USA Properties Fund Break Ground on 345-Unit Multifamily Project at Sacramento’s Railyards

by Amy Works August 17, 2020

SACRAMENTO, CALIF. — LDK Ventures and USA Properties Fund have closed on the financing and acquisition of a development site for The A.J., a multifamily property located in the Railyards mixed-use development in Sacramento. Situated on 2.9 acres at the southwest corner of Sixth Street and Railyards Boulevard, The A.J. will feature 345 apartments in a mix of studio, one- and two-bedroom layouts, with 69 of the units designated as affordable. The community will also include 5,000 square feet of ground-floor retail space, a fitness center, pool and spa, dog wash, and rooftop sky lounge with outdoor grills and fire tables. The A.J. is the first project at the Railyards, a 244-acre urban infill development in downtown Sacramento. Completion of the multifamily property is slated for winter 2022. The A.J. is named in honor of A.J. Stevens, who was deemed father of innovation at the Sacramento Railyards in the late 1800s. LDK Ventures is the managing member of Downtown Railyard Venture. The City of Sacramento, the California Department of Housing and Community Development, and Sacramento Housing and Redevelopment Agency provided assistance to structure the financing for the $130 million residential project. Citi Bank Community Capital provided financing for the development.

August 17, 2020

Acquisitions Multifamily Washington Western

Glencrest Group Acquires Briggs Village Apartments in Olympia, Washington

by Amy Works August 17, 2020

OLYMPIA, WASH. — San Francisco-based Glencrest Group has purchased Briggs Village Apartments, a multifamily community located at 4225 Briggs Drive SE in Olympia. Andrew Behrens of CBRE Capital Markets’ Debt & Structured Finance arranged a $12.8 million Freddie Mac acquisition loan for the buyer. The 10-year loan features interest-only payments and a fixed-interest rate. Jay Timpani, Mitchell Belcher and Steven Chattin of CBRE represented the seller, Briggs Apartments LLC, in the transaction. Built in 2019, Briggs Village Apartments features six buildings offering a total of 72 one-, two- and three-bedroom apartments with high ceilings, modern appliances and balconies or patios. Community amenities include covered parking, a playground, park and basketball court. The property is part of a 137-acre master-planned community two miles from downtown Olympia.

August 17, 2020

Arizona Development Industrial Western

VanTrust Buys 76.4-Acre Site Along Loop 303 in Arizona, Plans 660,000 SF Industrial Park

by Amy Works August 14, 2020

GLENDALE, ARIZ. — VanTrust Real Estate has purchased 76.4 acres of land along the Loop 303 corridor at Sarival Road and Maryland Avenue in Glendale. The company plans to break ground on a 660,000-square-foot speculative industrial building on the site in October. Upon completion, scheduled for June 2021, the facility will feature 40-foot clear heights, clerestory glass for natural light and ample auto and trailer parking, as well as access to Loop 303, Northern Parkway and Interstate 10. Jim Wilson of Cushman & Wakefield is marketing the property. Terms of the acquisition were not released.

August 14, 2020

Colorado Development Loans Multifamily Western

Dominium Receives $81M Construction Financing for South Range Crossing Apartments in Parker, Colorado

by Amy Works August 14, 2020

PARKER, COLO. — Plymouth, Minn.-based Dominium has received $81 million in construction and permanent financing for the development of South Range Crossing Apartments, an affordable housing complex in Parker. KeyBank Real Estate Capital (KBREC) secured the financing, which includes a $50 million construction loan and a $31 million Freddie Mac Tax-Exempt Loan (TEL) forward commitment. Financing partners include CREA, which provided a 4 percent low-income housing tax credit equity investment, and the Colorado Housing Finance Agency, which issued bonds and allocated the credits. Al Beaumariage of KBREC’s Commercial Mortgage Group and Kelly Frank of KeyBank’s Community Development Lending and Investment team structured the financing. Situated on 11 acres, South Range Crossing will feature 204 units in a mix of one-, two- and three-bedroom layouts spread across eight three-story residential buildings. The property will also feature a clubhouse with a business center, pool, spa, playground and fitness center. All units will be affordable to residents earning up to 60 percent of the area median income. Completion is slated for 2021.

August 14, 2020

Acquisitions California Mixed-Use Multifamily Office Retail Western

Machine Investment Acquires Stevens Creek Executive Park in San Jose for $54.5M

by Amy Works August 14, 2020

SAN JOSE, CALIF. — Machine Investment Group, a newly created New York-based real estate investment platform, has launched its business with the purchase of Stevens Creek Executive Park in San Jose. An undisclosed seller sold the asset for $54.5 million. Machine Investment acquired the property in partnership with Miramar Capital Advisors. Situated on 9.2 acres, Stevens Creek Executive Park consists of 164,986 square feet of existing office space, plus entitlements for the development of 582 multifamily units, 10,000 square feet of retail space and additional office space. The executive park is located within Stevens Creek Urban Village Plan and the Cupertino Union School District, less than two miles from Apple’s global headquarters and the Santana Row shopping district. Under the leadership of real estate veterans Andy Kwon and Eric Rosenthal, Machine Investment Group focuses on opportunistic, distressed and special-situation commercial real estate across the United States.

August 14, 2020

Acquisitions Arizona Industrial Western

ViaWest Group Sells Bell 17 Industrial Campus in Phoenix’s Deer Valley Submarket for $8.3M

by Amy Works August 14, 2020

PHOENIX — ViaWest Group has completed the disposition of Bell 17 Industrial, a three-building industrial park in North Phoenix’s Deer Valley submarket. An undisclosed private investor acquired the asset for $8.3 million. Totaling 70,495 square feet, Bell 17 Industrial is located at 16602 N. 23rd Ave., 16601 N. 25th Ave. and 2401 W. Phelps Road. At the time of sale, the three buildings were fully occupied by multiple tenants. Geoffrey Turbow, Anthony DeLorezo, Rusty Kennedy, Daniel Calihan and Bryan Johnson of CBRE Capital Markets represented the seller, while Mark Trueblood of Glendale, Calif.-based Trumark Real Estate Management Services represented the buyer in the deal.

August 14, 2020

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