Western

Embrey Partners Acquires Land Site for 266-Unit The Quincy at Kierland Multifamily Project in Phoenix

by Amy Works March 8, 2021

PHOENIX — San Antonio-based Embrey Partners has purchased a land site for the development of The Quincy at Kierland, an apartment community located on Scottsdale Road in Phoenix. The six-story, podium-style project will feature 266 apartments, access to the 101 Loop and walkability to Kierland Commons, Scottsdale Quarter, The Promenade and the Westin Kierland Resort and Spa. The property’s clubhouse and first units are scheduled to open in early 2023, with full project completion later in the year. Amenities at the development will include a clubhouse with game room and business center; fitness studio with on-demand technology and yoga room; cyber-lounge with coffee bar; conference room; and structured parking. Additionally, the community will feature a resort-style pool, outdoor grilling areas and fireplace, a landscaped courtyard and dog spa. Unit interiors will include contemporary kitchens with backsplashes, under-cabinet lighting, quartz countertops, stainless steel appliances, gas ranges, side-by-side counter-depth refrigerators in two-bedroom plans and custom cabinetry. Some floor plans also feature nine- to 10-foot ceilings, walk-in closets, linen closets with built-in shelving, soaking tubs, walk-in showers and private outdoor patios and balconies. Frost Bank is serving as lender for the project.

March 8, 2021

Arizona Development Multifamily Western

Pintar Investment, Suncrest Real Estate to Develop 109-Unit Build-to-Rent Community in Phoenix

by Amy Works March 8, 2021

PHOENIX — A joint venture between Pintar Investment Co. and Phoenix-based Suncrest Real Estate & Land has acquired an 8.7-acre Opportunity Zone land parcel at the northeast corner of Encanto Boulevard and 83rd Avenue in Phoenix. The partnership plans to develop Zora Encanto, a 109-unit build-to-rent community offering a blend of single-family living with multifamily community amenities, on the site. Zora Encanto will feature a mix of one- and two-bedroom units, each with private walk-up entrances and individually fenced backyards. Individual units will include in-house smart technology, hardwood-style floors, 10-foot ceilings and dog doors. The gated community will offer a resort-style swimming pool, fitness center, yoga lawn, grilling stations, community fireplaces and an event lawn for private gatherings. Construction is slated to begin in May, with completion and initial move-ins scheduled for mid-2022. Pintar acquired the community, which will be professionally managed, as part of its PICOZ Fund I LP. Zora Encanto is the fourth asset in the investment vehicle.

March 8, 2021

Acquisitions Hospitality Utah Western

Hodges Ward Elliott Arranges Receivership Sale of 85-Room TownePlace Suites in Vernal, Utah

by Amy Works March 8, 2021

VERNAL, UTAH — Hodges Ward Elliott has brokered the sale of TownePlace Suites, a hotel in Vernal, located in the northeastern portion of the state near the Colorado and Wyoming borders. Terms of the transaction were not released. Clint Hodges, B.J. Patel and Cory Carter of Hodges Ward Elliott advised the special servicer in the receivership sale of the 85-key hotel, which was marketed on the Ten-X auction platform. The hotel features contemporary guest room amenities, a fitness center and business center.

March 8, 2021

Southeast-Phoenix-Distribution-Center-Chandler-AZ

Arizona Industrial Market Reports Western Western Market Reports

Phoenix’s Industrial Market Remains Busier than Ever

by Jeff Shaw March 8, 2021

By Peter Batschelet, Principal, Lee & Associates In a year of unknowns, hypotheticals and uncertainties, the Phoenix metropolitan area and Maricopa County were the complete opposite. In fact, 2020 was a record-setting year in this region’s industrial market for several reasons. For starters, there was nearly 14 million square feet of new construction delivered. This is twice as high as any year in the past decade and roughly equivalent to the deliveries from the past two years. In addition, Phoenix set record absorption numbers to the tune of, ironically, 14 million square feet. Meanwhile, vacancy rates have decreased to roughly 7.7 percent and rents continue to see moderate growth. There does not appear to be an end in sight to the impressive growth. There is an additional 15 million square feet currently under construction. This space is both speculative development and build-to-suit opportunities from household names like Merit Partners, Prologis, Trammell Crow Majestic Realty and others. Ecommerce sales represent roughly 15 percent of the national retail industry, which means there is plenty of capacity for additional investment and capital into the Greater Phoenix area based on our population and anticipated growth. There remains plenty of upside for the bulk …

March 8, 2021

Acquisitions California Office Top Stories Western

CIM Group Sells Uptown Station Office Building in Oakland for $419M

by Taylor Williams March 8, 2021

OAKLAND, CALIF. — Los Angeles-based investor and developer CIM Group has sold Uptown Station, a 397,000-square-foot office building in Oakland. Local media outlets including the East Bay Times report that the sales price was $419 million, and that the property sold to Mapletree Investments, which is based in Singapore. The price equates to roughly $1,057 per square foot, which the Times reports would be a record for an Oakland office building. Newmark brokered the deal. Square Inc., a locally based provider of financial services like mobile payments that is headed by Twitter founder Jack Dorsey, occupies the entire eight-story building. The property was originally built in 1929 to house a Sears department store. CIM Group acquired the asset in December 2017 from Uber, which was in the process of redeveloping the building into an urban office campus. Uptown Station is situated at the nexus of three arteries — Broadway, Telegraph Avenue, and 20th Street — in Oakland’s Uptown district. The property is located directly above a BART station, offers outdoor roof decks and includes 35,000 square feet of retail space that is leased to Shake Shack and One Medical. “CIM Group delivered on its vision for Uptown Station, bringing a …

March 8, 2021

California Development Mixed-Use Top Stories Western

Pacific Equity Properties Receives $130M Construction Financing for Mixed-use Development in Malibu, California

by Julia Sanders March 5, 2021

MALIBU, CALIF. — Pacific Equity Properties Inc. has received $130 million in construction financing for Cross Creek Ranch Malibu, a 112,000-square-foot mixed-use development in Malibu, a beach city just west of downtown Los Angeles. Cross Creek Ranch is the largest development to be approved since Malibu incorporated in 1991, according to the developer. The property will offer 70,000 square feet of retail and restaurant space, including 10,000 square feet of interior dining, and 42,000 square feet of Class A office space. More than 80 percent of Cross Creek Ranch’s 12.9-acre grounds will be dedicated to landscape architecture, water treatments and gathering places. The development will also feature subterranean and perimeter surface parking. The project is slated for completion in 2023. “As opposed to focusing exclusively on the shopping experience of the center, we have put an emphasis on the communal aspect of Cross Creek Ranch. Our aim is to create an intimate, rural village atmosphere,” says Bryan Gordon, CEO of Pacific Equity Properties. The site is located near shopping destinations such as Malibu Country Mart, Malibu Village, The Park at Cross Creek and Malibu Lumber Yard, immediately adjacent to a new expansion campus of Santa Monica College. Integrated Capital Management …

March 5, 2021

Development Loans Mixed-Use Multifamily Nevada Office Restaurant Retail Western

Parkview Financial Provides $100M Loan for Conversion of Harrah’s Hotel Casino to Mixed-Use Project in Downtown Reno

by Amy Works March 5, 2021

RENO, NEV. — Parkview Financial has provided a $100 million loan to Reno City Center, an affiliate of Las Vegas-based CAI Investments. The funds will be used for the renovation and redevelopment of Harrah’s Reno Hotel and Casino into Reno City Center, a mixed-use project. Gryphon Private Wealth Management’s opportunity zone fund provided the equity. Located at 219 N. Center St. in downtown Reno, the development will include 538 apartments and more than 250,000 square feet of office and retail space. The existing 6.3-acre, 15-building property comprises approximately 1.4 million square feet of gross building area, including three hotel towers rising 17, 24 and 26 stories; a seven-story parking garage with additional parking on the top of the structure; casino and sports book; convention and meeting areas; multiple restaurants and coffee shops; retail sales areas; administrative offices; back-of-house support areas; and maintenance and storage areas. Luxe General Consulting is performing the renovation, which is slated for completion by summer 2022. Upon completion, the residential component will feature a rooftop pool, amenity deck, outdoor plaza, fountain, fitness center, theater room, bar and game room. The 538 units will feature a home office alcove, full kitchen with stainless steel appliances and quartz …

March 5, 2021

California Industrial Loans Self-Storage Western

Gantry Arranges $364M in Refinancing for Ezralow’s 15-Property Self-Storage, Industrial Portfolio in California

by Amy Works March 5, 2021

CALABASAS, CALIF. — Gantry has arranged a total of $364 million in long-term refinancing for Calabasas-based The Ezralow Co. for 15 separate self-storage and industrial assets in California. Paige Serden, Peter Welsh, Braden Turnbull and Josh Natker of Gantry’s Los Angeles production office structured the loans, which were sourced from four separate life insurance companies, three of which are Gantry’s correspondent lenders. Totaling 1.75 million square feet, the 12 Price Self Storage-operated properties are located in Los Angeles, Orange, San Diego, Ventura, Riverside, San Bernardino and Contra Counties. The three industrial properties offer a total of 428,000 square feet of multi-tenant space in Southern California.

March 5, 2021

Acquisitions California Multifamily Seniors Housing Western

CareTrust REIT Acquires Four Seniors Housing Properties in California for $126.1M

by Amy Works March 5, 2021

CAMARILLO, CARLSBAD, RANCHO MIRAGE AND SAN JUAN CAPISTRANO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has purchased four continuing care retirement communities (CCRCs) in the upscale Southern California submarkets of Camarillo, Carlsbad, Rancho Mirage and San Juan Capistrano. The campuses, which hotelier Marriott International Inc. originally developed between 1999 and 2000, total 637 assisted living, skilled nursing and memory care beds. CareTrust’s initial investment in the four rental CCRCs, inclusive of capital expenditure commitments and transaction costs, was approximately $126.1 million. Bayshire Senior Communities, an existing CareTrust tenant based in San Diego, will lease and operate the Rancho Mirage and Carlsbad campuses under an amendment to Bayshire’s existing master lease. Aspen Skilled Healthcare, based in Laguna Niguel, will lease and operate the San Juan Capistrano and Camarillo campuses under a new 15-year master lease with CareTrust. Aggregate annual cash rent for the first year is approximately $8.6 million, increasing to $9.4 million in the second year with CPI-based annual escalators thereafter. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Evans Senior Investment represented the seller, an institutional owner, in the transaction.

March 5, 2021

Acquisitions Colorado Multifamily Western

Treeline Multifamily Partners Buys West 38 Multifamily Community in Wheat Ridge, Colorado

by Amy Works March 5, 2021

WHEAT RIDGE, COLO. — An affiliate of Denver-based Treeline Multifamily Partners has purchased West 38, an apartment property located at 7333 West 38th Ave. in Wheat Ridge, a western suburb of Denver. Wazee Properties sold the asset for an undisclosed price. West 38 totals 165 apartments and 7,243 square feet of ground-floor retail space. Units feature stainless steel appliances, quartz countertops, designer cabinetry, custom tile backsplashes, under-cabinet LED lighting, gooseneck faucets, recessed light fixtures, LVT wide-plank wood flooring, walk-in closets, in-unit washers/dryers, Nest thermostats and vaulted ceilings. Community amenities include a resort-style pool and spa; fitness center and yoga room; gated and covered structured parking; bike and ski repair facilities; conference and coworking spaces; a clubhouse; indoor and outdoor lounges; and cooking stations. Terrance Hunt, Shane Ozment, Chris Cowan, Amanda Meldrum and Craig Ratterman of Newmark represented the seller in the deal. Additionally, Charlie Williams, Tim Weldon and David Treadwell of Newmark placed acquisition financing on behalf of the buyer.

March 5, 2021

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