Western

Artis Buys 176,269 SF Development Site within California Mixed-Use Project

by Amy Works March 6, 2020

MORGAN HILL, CALIF. — Artis Senior Living has acquired 176,269 square feet within the Evergreen Village mixed-use development in Morgan Hill, a city at the southern tip of Silicon Valley. Artis plans to build a memory care community on the four-acre site, though details and a timeline have not yet been released. Frans Construction Inc. is the general contractor on the site and MH Engineering Co. is the civil engineer. Evergreen Devco Inc., a retail and multifamily development company in the West, is building Evergreen Village on 20.4 acres. The project will include a hotel, restaurant, the memory care development, and a public art component. Site improvements for the development are scheduled for completion in April 2020. “Having Artis Senior Living pick up the four-acre housing parcel so quickly, it’s incredibly encouraging and affirms that Evergreen Village is well underway with the site improvement work,” says Rogg Collins, principal of Evergreen Devco. Gary Hansen of Cushman & Wakefield represented Evergreen in the site sale, and Robert Clifford of Lee & Associates represented Artis. McLean, Va.-based Artis’ nationwide portfolio includes 25 assisted living communities in operation or under construction, and more than 20 communities in various stages of planning and development.

March 6, 2020

Content Partner Development Features Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Opportunity Zones, HUD: Delivering More Workforce Housing

by Sarah Daniels March 6, 2020

Many of today’s headlines about multifamily housing have focused on the market’s two extremes: homelessness and high-end penthouses. Meanwhile, a crisis has been growing in the “missing middle;” there is a shortage of affordable rental housing for middle-class workers like teachers, firefighters and police officers. In recent years, middle-income families have been struggling with flat wages and rising childcare, education and healthcare costs. Not only are families being priced out of homeownership, but they’re finding fewer rental units in their price range. Indeed, rents have been rising, particularly in cities with booming economies. Nationwide, only 37 percent of all available units rent out at or below $1,200 per month, according to the National Low Income Housing Coalition (NLIHC) Out of Reach report and the Joint Center for Housing Studies of Harvard University. Yet only in 13 states do workers earn an average of at least $22.96 per hour, the amount required to comfortably afford a $1,200/month apartment. Charlotte is short 34,000 affordable housing units and Salt Lake City lacks 54,000. In total, there is a need for hundreds of thousands more affordable rental units. The problem is a matter of supply as well as demand. Formidable obstacles currently impede the …

March 6, 2020

Arizona Development Industrial Western

Lincoln Property Co. Breaks Ground on First Phase of 4.5 MSF Industrial Park in Arizona

by Amy Works March 5, 2020

GLENDALE, ARIZ. — Lincoln Property Co. (LPC) has broken ground on Park303, an industrial master-planned development in Glendale. At full build out, the park will accommodate up to 4.5 million square feet of freeway-fronting, Class A industrial space. Situated on 71.5 acres between Loop 303 and Sarival Road, the $115 million Phase I will include two buildings totaling 705,531 square feet and 488,995 square feet. The facilities will feature 40-foot clear heights, steel moment frame shear bracing, efficient LED lighting and 142 large clerestory glass windows to maximize natural light. The gated site will offer full concrete truck courts, ample truck parking, private drives and fully amenitized outdoor spaces with covered canopies, seating and barbecue areas. Phase I is part of the larger Park303 master-planned industrial park that LPC is developing in conjunction with Roth Development and Scottsdale Investment Management. Totaling 265 acres, the project will offer freeway access and easy ingress and egress via two full-diamond Loop 303 interchanges at Bethany Home Road and Glendale Avenue. Butler Design Group is serving as project architect for Phase I, Hunter Engineering is serving as civil engineer and Willmeng Construction as general contractor. Completion of Park303 Phase I is slated for fourth-quarter …

March 5, 2020

Acquisitions Office Washington Western

Marcus & Millichap Brokers $23.6M Sale of Crestwood Corporate Plaza Office Building in Metro Seattle

by Amy Works March 5, 2020

BELLEVUE, WASH. — Marcus & Millichap has arranged the sale of Crestwood Corporate Plaza, an office building located in Bellevue. A West Coast-based private equity investor acquired the property from an undisclosed seller for $23.6 million, or $317 per square foot. Constructed in 2001, Crestwood Corporate Park offers 74,442 square feet of office space adjacent to the Interstate 90 light rail station. At the time of sale, a variety of technology companies and regional service offices had the property to 60 percent occupancy.

March 5, 2020

French-Valley-Marketplace-French-Valley-CA

California Development Lee & Associates Retail Western

United Development Starts Construction of French Valley Marketplace in California

by Amy Works March 5, 2020

FRENCH VALLEY, CALIF. — Southlake, Texas-based United Development Co., in partnership with Pasadena, Calif.-based Halferty Development Co., has started construction of French Valley Marketplace, a shopping center in French Valley, approximately seven miles northeast of Temecula. Situated on 22 acres, French Valley Marketplace will offer 132,500 square feet of leaseable space in 16 buildings, with 44,300 square feet of retail space still available, four drive-thru pads for ground lease or build-to-suit and 5,000 square feet of grocery store and planned pharmacy space. Pre-leased tenants include Grocery Outlet, LA Fitness, McDonald’s, 7-Eleven and AutoZone, all of which are slated to open later this year. Romspen provided the construction financing, which Dallas-based Metropolitan Capital Advisors sourced. Nick Wirick and Miranda Fifield of Lee & Associates are handling leasing for the property.

March 5, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

SLIB Negotiates Sale of 143-Bed Skilled Nursing Facility in Yuma, Arizona

by Amy Works March 5, 2020

YUMA, ARIZ. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a skilled nursing facility in Yuma. The property features 77 units totaling 143 licensed beds. It was built in 1964 with renovations in 2011 and 2018, totaling 44,076 square feet on 2.9 acres of land. The name of the facility was not disclosed. The seller is a national REIT looking to divest this asset due to it being a geographic outlier in its portfolio. The buyer is a regional operator with strong presence and track record in Arizona. The price was not disclosed. Jeff Binder, Jason Punzel and Brad Goodsell of SLIB handled the transaction.

March 5, 2020

Acquisitions California Retail Western

Faris Lee Arranges $9.2M Sale of Two Freestanding Outparcel Assets in Fontana, California

by Amy Works March 5, 2020

FONTANA, CALIF. — Faris Lee Investments has arranged the $9.1 million sale of two freestanding outparcel properties located at 17151-17171 W. Foothill Blvd. in Fontana. Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller and procured the Los Angeles-based buyer. Totaling 34,377 square feet, the properties are situated within a Walmart-anchored shopping center.

March 5, 2020

Arizona Development Multifamily Student Housing Western

Toll Brothers Starts Construction of 826-Bed Canvas Student Housing Near Arizona State

by Amy Works March 4, 2020

TEMPE, ARIZ. — Toll Brothers Campus Living has started construction of Canvas, an 826-bed student housing community located near Arizona State University in Tempe. The property is scheduled for completion in fall 2023. The development will offer a mix of studio, one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a rooftop swimming pool, outdoor grills, state-of-the-art fitness center, private study rooms, clubroom and e-sports lounge.

March 4, 2020

Acquisitions Arizona Multifamily Western

Cushman & Wakefield Arranges $54.1M Sale of Mission Springs Apartments in Arizona

by Amy Works March 4, 2020

TEMPE, ARIZ. — Cushman & Wakefield has arranged the sale of Mission Springs Apartments, a multifamily property located at 1311 W. Baseline Road in Tempe. TruAmerica Acquisitions III acquired the asset from 29SC Mission Springs LP for $54.1 million, or more than $176,000 per unit. Built in 1987, the two-story, 216,168-square-foot property comprises 25 buildings offering a total of 306 apartments featuring private balconies or patios, washers/dryers and outside storage spaces. Community amenities include three swimming pools, a spa, dog park, fitness center, business lounge, picnic areas, package lockers and gated access. At the time of sale, the property was 95 percent occupied. Jim Crews and Jeems Lochridge of Cushman & Wakefield’s Southwest Multifamily Advisory Group represented the seller in the transaction.

March 4, 2020

Acquisitions California Mixed-Use Multifamily Office Retail Western

Optimus Properties Sells Two-Property Mixed-Use Portfolio in California for $11M

by Amy Works March 4, 2020

CARMEL, CALIF. — Optimus Properties has completed the disposition of a two-property portfolio in downtown Carmel. Wheat LLC acquired the mixed-use portfolio for $11 million. The sale consists of the 4,345-square-foot Block 71: Lot 5 building, with ground-floor retail and office space and second-floor residential space, and Block 76: Lot 11, a 2,763-square-foot retail property. Michael Schoeder of Cushman & Wakefield’s Central Coast Operations, in collaboration with Dan Wald and Don LeBuhn of the firm’s Retail Investment Advisors Group in San Francisco, represented the seller in the deal.

March 4, 2020

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