PHOENIX — ViaWest Group has broken ground on Superior Logistics Center, which will occupy a 9.2-acre land site at the northwest corner of Superior Avenue and 44th Street just south of Sky Harbor Airport in Phoenix. Superior Logistics Center will consist of two mid-bay industrial buildings: 71,500 square feet and 79,200 square feet, with divisibility down to 15,000 square feet. The development team includes Alliance Bank of Arizona, Deutsche Architecture Group, Kimley-Horn and Nitti Builders. John Werstler and Cooper Fratt of CBRE’s Phoenix office are handling the leasing of the project.
SAN DIEGO — Stos Partners, in a joint venture with Boston-based Long Wharf Capital, has purchased an industrial property located in San Diego’s Miramar submarket. A private seller sold the asset for $11 million. Located at 9431 Dowdy Drive, the property features 55,000 square feet of industrial space. The property was 100 occupied the time of sale. Current tenants include a print and sign company and Maketory, a manufacturing co-working facility that offers membership-based, multi-discipline manufacturing workspace. Marc Lipschitz of Compass represented Stos Partners in the deal.
TUCSON, ARIZ. — Marcus & Millichap has brokered the sale of Tucson East Apartments, a multifamily property in Tucson. A limited liability company sold the asset for $3.5 million. The buyer was an undisclosed limited liability company. Developed in 1982, Tucson East Apartments features 52 apartments in a mix of 41 one-bedroom/one-bath units and 11 two-bedroom/two-bath apartments. Unit interiors feature fully equipped kitchens with dishwashers and disposals, an intercom system linked to the community front gate and private patios or balconies. Community amenities include a heated swimming pool, spa, resident clubhouse, on-site leasing office and laundry center. Additional community amenities include photovoltaic solar panels, solarized resident hot water and reserved covered parking for select units. Hamid Panahi and James Crawley of Marcus & Millichap’s Tucson office, along with Michael Hubl of the firm’s Phoenix office, represented the seller and procured the buyer in the deal.
BROOMFIELD, COLO. — Ready Capital has closed a $14 million refinancing for an industrial property located in Broomfield. The undisclosed sponsor will use loan proceeds for capital expenditures and tenant costs needed to lease up the 140,000-square-foot, Class A asset. The non-recourse, interest-only loan features a floating rate, 36-month term, two extension options and flexible pre-payment. Additionally, the financing includes a facility to provide future funding for capital expenditures and tenant leasing costs.
WESTMINSTER, CALIF. — R.D. Olson Construction has broken ground for the ground-up construction of Bolsa Row, a mixed-use development in Westminster’s Little Saigon District. Situated on a six-acre lot, Bolsa Row will include a 225,000-square-foot apartment complex, retail space, a five-story full-service hotel and a variety of community spaces to create a social hub and cultural landmark. Located at the intersection of Bolsa Avenue and Brookhurst Street, Bolsa Row will serve as the gateway to Little Saigon District — the Vietnamese heart of Orange County — and home to the nation’s largest Vietnamese-American population. The property will feature a 1940s renaissance and French colonial architectural theme, with a replica of the Bến Thành Market clock tower, an iconic landmark of old Vietnam. Bolsa Row will feature a 148-room Wyndham Hotels & Resorts property with 48,000 square feet of banquet space and a 700-stall subterranean parking structure. The five-story multifamily property will comprise 200 units in a mix of studio, one- and two-bedroom layouts and a variety of community amenities, including a courtyard, pool, spa, fitness studio, recreation space, clubhouse and 37,500 square feet of attached retail space. Development partners include the Pham family, IP Westminster LLC, KTGY Architecture + Planning, …
CHANDLER, ARIZ. — VanTrust Real Estate has started construction on Chandler Corporate Center II, the second phase of its 26-acre business center in Chandler. Located at 4100 W. Chandler Blvd., the two-story, 118,000-square-foot office building will feature a two-story glass entrance enhanced with stone, wood and ceramic tile lobby finishes, along with integrated LED light fixtures. Designed by Butler Design Group, the building will consist of precast concrete perimeter bearing walls and steel frame super structures with 10- to 14-foot floor-to-floor heights. The property will be adjacent to Chandler Fashion Center and is easily accessible by nearby freeways. Slated for completion by September, the building will complement a similar building constructed in the first phase, which Allstate Insurance occupies. Future phases may include additional build-to-suit or speculative office and on-site retail space. Steven Leinweber is constructing the office project, which Colliers International is marketing.
BROOMFIELD, COLO. — NavPoint Real Estate Group has negotiated the sale of a multi-tenant office, flex and R&D investment asset in Broomfield. Silverwood Investments sold the property to 295 Interlocken Boulevard LLC for $11.2 million. Built 1965 on 5.5 acres, the single-story building features 65,000 square feet of multi-tenant flex space. At the time of sale, the property was leased to a variety of tenants in the technology, food and transportation industries. The property is located at 295 Interlocken Blvd. Matt Call of NavPoint Real Estate Group represented the seller, while Eric Rutherford of WK Real Estate represented the buyer in the transaction.
LOS ANGELES — Ready Capital has closed a $8.9 million loan for the renovation and lease-up of a 10-unit multifamily property in the Westwood submarket of Los Angeles. The undisclosed sponsor will implement capital expenditures to convert the traditional multifamily units into 34 co-living suites and lease up the property. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Additionally, the financing includes a facility to provide future funding for capital expenditures and interest and operating shortfalls.
EDMONDS, WASH. — Lancaster Pollard has provided $7.2 million in refinancing for Rosewood Courte Memory Care in Edmonds, approximately 15 miles north of downtown Seattle. The Fannie Mae loan provides long-term, fixed-rate financing. The borrower will use the funds for capital improvements. Although the borrower was not disclosed, the property is listed on Northwest Care Senior Living’s website. Grant Goodman, Casey Moore and Doug Harper led the transaction for Lancaster Pollard.
Charles Cronin of Axiom Capital Corp. discusses how the longest upcycle in history is impacting the lending environment. Cronin weighs in on the overall health of the commercial real estate lending industry now and what people learned from the 2007/08 financial crisis. What can people expect from the market going into 2020, especially with high prices and fierce competition in both sales and lending? Low credit spreads and rates are positive signs for commercial real estate. However, challenges related to high-end apartments and areas with very high costs of living signal the need for both discipline and flexibility as secondary and tertiary markets become more attractive. Watch the video to hear more about what Cronin sees in today’s market. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.