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DevelopmentHospitalityNevadaTop StoriesWestern

CIM Group Building 495 More Rooms at Downtown Grand Hotel & Casino in Las Vegas

by Alex Tostado

LAS VEGAS — CIM Group is expanding Downtown Grand Hotel & Casino with the addition of an eight-story, 495-room building in downtown Las Vegas. The extra rooms will increase the total number of rooms by more than 75 percent, bringing the total from 629 to 1,124 rooms. The new building is being constructed atop a reconfigured porte-cochere (a covered entrance large enough for vehicles to pass through), and guests will have direct access to the third-level pool deck, the hotel’s casino, ground-level retail and entertainment options. Furthermore, CIM Group is developing a new public casino entrance. Of the new rooms, 90 are suites, including 67 studio units, 20 one-bedroom suites and three Presidential Suites each totaling nearly 1,500 square feet of living space. Downtown Grand Hotel also offers DJs on the casino floor every Friday and Saturday, six meeting rooms ranging from 814 to 10,625 square feet, and six restaurants. Upon completion of the expansion, Downtown Grand Hotel & Casino will comprise three buildings that span two city blocks between Casino Center Boulevard, North 4th Street, East Ogden Avenue and East Stewart Avenue. CIM Group originally opened Downtown Grand Hotel in 2013. The Los Angeles-based developer expects to complete the …

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Affordable HousingFinance InsightMidwestMultifamilyNortheastSoutheastTexasThought LeadershipVideoWestern

TD Bank: Practical Steps to Promote Affordable Housing

by Sarah Daniels

  2020 looks like it will be a record year in terms of delivery of multifamily units, according to Gregg Gerken, Head of U.S. Commercial Real Estate with TD Bank. But how much will Class A continue to dominate the market? “There is a movement toward rent control. Affordable housing is an obvious pressure in the industry,” Gerken says. Entitlement and construction costs mean that developers have focused on Class A projects and LIHTC-supported affordable housing projects. “But much more emphasis will have to be placed on workforce housing and Class B new delivery. There is an unmet — and almost unlimited — demand in that space,” Gerken says. The question is: can the industry influence government — especially local government — to change entitlement processes to encourage development of more affordable housing? Watch the interview for Gerken’s insights on affordable housing development. 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.

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31303-Agoura-Rd-Westlake-Village-CA
AcquisitionsCaliforniaNet LeaseOfficeWestern

Drawbridge Realty Buys 253,720 SF Bank of America Office Campus in Westlake Village, California

by Amy Works

WESTLAKE VILLAGE, CALIF. — San Francisco-based Drawbridge Realty has purchased an office building situated on 19.6 acres at 31303 Agoura Road in Westlake Village. Terms of the transaction were not released. Bank of America occupies the 253,720-square-foot campus on an 11-year, triple-net lease through 2031. The bank employs approximately 1,000 employees at the property. Todd Tydlaska, Sean Sullivan, Mike Longo and Anthony DeLorenzo of CBRE’s El Segundo, Calif., office represented the undisclosed seller in the deal. Drawbridge acquired the asset using a portion of a $240 million equity commitment secured in 2019, providing Drawbridge with discretionary capital to acquire $600 million of additional properties in target markets across the United States. The new equity commitment was led by KKR, which played an important role in procuring the new capital alongside others.

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Traverse-Apts-Lakewood-CO
ColoradoDevelopmentMultifamilyWestern

Partnership Breaks Ground on 281-Unit Traverse Apartments in Lakewood, Colorado

by Amy Works

LAKEWOOD, COLO. — Denver-based Trailbreak Partners, Colorado-based Highland Development Co. and T.O.D. Properties have broken ground on Traverse Apartments, a Class A multifamily property in Lakewood. Slated to open in early 2022, Traverse Apartments is the latest addition to West Line Village, T.O.D.’s transit-oriented neighborhood in Lakewood. The five-story building will features 281 apartments, a swimming pool, hot tub, rooftop patio, courtyard lounge areas, clubhouse, business center, fitness center, media room and pet spa. Traverse Apartments will also feature a 362-space parking structure. The project is located adjacent to the Sheridan Station on the W Line, which is five stops from downtown Denver. Martines Palmeiro Construction is serving as general contractor for the project, which KTGY Architecture + Planning designed.

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Broadway-45th-Ave-Phoenix-AZ
AcquisitionsArizonaIndustrialLee & AssociatesWestern

ViaWest Group Sells Industrial Portfolio in Phoenix for $16.6M

by Amy Works

PHOENIX — ViaWest Group has completed the sale of Broadway Industrial Center and 45th Avenue Industrial Park in Phoenix. New York-based KKR acquired the three-building portfolio, located at 2950 E. Broadway Road and 77 N. 45th Ave., for $16.6 million. Will Strong of Cushman & Wakefield, along with Matt McDougall and Ken McQueen of Lee & Associates, handled the transaction. Constructed in 1984, 45th Avenue Industrial Park features 24-foot clear heights and a 125- to 150-foot truck court. Current tenants include Storopack and Western Millworks. Broadway Industrial Center consists of two buildings, totaling 95,094 square feet, with 24-foot clear heights and grade-level doors. Major tenants include Reddy Ice, Goldie’s Motors and Cereus Graphics. At the time of sale, both properties were fully leased.

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Safeway-Yakima-WA
AcquisitionsRetailWashingtonWestern

Kase Group Negotiates $8.4M Sale of Safeway-Occupied Retail Asset in Yakima, Washington

by Amy Works

YAKIMA, WASH. — The Kase Group has arranged the sale of a single-tenant property located at 5702 Summitview Ave. in Yakima. A California-based investor acquired the property for $8.4 million. Safeway occupies the 45,584-square-foot building, which is situated along Interstate 82. The Safeway lease is guaranteed by Albertsons Co. Robert Walker of The Kase Group represented the buyer and undisclosed seller in the deal.

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CaliforniaLoansOfficeWestern

Ready Capital Closes $5.4M Refinancing for Office Asset in Tustin, California

by Amy Works

TUSTIN, CALIF. — Ready Capital has closed a $5.4 million loan for the stabilization of an approximately 43,000-square-foot, Class B office property located in Tustin’s Park Center submarket. The undisclosed sponsor will use loan proceeds to retire existing debt, while continuing its leasing efforts to stabilize the property at market rents. The non-recourse, floating-rate loan features a 36-month term, flexible prepayment and a facility to provide future funding for tenant leasing costs.

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DevelopmentHospitalityNevadaTop StoriesWestern

Dream Hotel Group to Open 450-Room Luxury Hotel on Las Vegas Strip

by Kristin Harlow

LAS VEGAS — Dream Hotel Group has unveiled plans to open a 450-room luxury hotel on the Las Vegas Strip. Dubbed Dream Las Vegas, the project is slated to open in 2023. Local developers Contour and Shopoff Realty Investments plan to break ground in early 2021. Designs call for a rooftop pool deck, bar and lounge; three restaurants; two additional bar and lounge concepts on the gaming floor; a grab-and-go café on the street level; 12,000 square feet of meeting and event space; a full-service spa; and a fitness center. “There is no shortage of mega-resorts in Las Vegas, but there is a lack of boutique hotels that offer a more intimate curated experience,” says David Daneshforooz, CEO of Contour. “A ground-up Dream hotel with its world-class food and beverage offerings was an obvious choice for a boutique execution on this site and will be a great addition to the Las Vegas Strip.” Located across the street from Mandalay Bay Resort and Bali Hai Golf Club, Dream Las Vegas will be one of the first hotels seen from the iconic “Welcome to Las Vegas” sign. The property will be situated two blocks from the new Allegiant Stadium, future home of …

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Finance InsightMidwestMultifamilyNortheastORIXSoutheastTexasThought LeadershipVideoWestern

Hunt Real Estate Capital: Growth Opportunities and Concerns in 2020

by Sarah Daniels

  Chad Thomas Hagwood of Hunt Real Estate Capital discusses growth opportunities in 2020 and the different drivers that make for a positive atmosphere, especially in secondary and tertiary markets around the country. Previously overlooked areas offer more opportunity to develop and less competition. Many secondary and tertiary markets are seeing corporate growth and increasing populations, which is driving more demand for multifamily housing. Limits on development include construction cost, scarcity of labor and shortages of materials, but uncertainty over the upcoming election is also keeping investors wary of planning too far in advance. People are waiting on the sidelines to see what happens, with some investors waiting until after November to create their four-year plans. Watch the video to hear more about what Hagwood expects to see in 2020.   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.

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Compass-Health-Everett-WA
DevelopmentHealthcareMultifamilyWashingtonWestern

Compass Health Breaks Ground on Broadway Healthcare Campus Redevelopment in Everett, Washington

by Amy Works

EVERETT, WASH. — Compass Health has broken ground for the first phase of its Broadway campus redevelopment project in downtown Everett. The regional center is designed to bring together a continuum of behavioral healthcare, primary healthcare and permanent supportive housing services. Slated to open in 2021, the five-story, 47,000-square-foot building will include 82 units of permanent supportive housing for people with chronic behavioral health challenges, including units available to military veterans and individuals transitioning into the community from Western State Hospital. The property will feature four floors of residential space over ground-floor common area amenity space. The project will double Compass Health’s housing capacity in Snohomish County. Funding for the $26 million first phase comes from a combination of public, private and philanthropic sources, including Snohomish County Housing and Community Services, Housing Authority of Snohomish County, Washington State Housing Trust Fund, Washington State Housing Finance Commission, National Equity Fund, Federal Home Loan Bank of Des Moines, Coastal Community Bank, Impact Capital, Premera Social Impact, KeyBank N.A. and the Washington Community Reinvestment Association. The development team includes Lotus Development Partners as development manager, Environmental Works as architect and BNBuilders as general contractor. Additional consultants include Harmsen as civil engineer, Swensen Say …

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