Western

IPA Negotiates $90M Sale of 560-Unit Multifamily Portfolio in Tucson, Arizona

by Taylor Williams December 21, 2020

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has negotiated the $90 million sale of a two-property, 560-unit multifamily portfolio in Tucson. The Equestrian is a 288-unit complex that sold for $47.7 million, or $165,625 per unit. Ridgeline is a 272-unit property that traded for $42.5 million, or $156,250 per unit. The Equestrian and Ridgeline were built in 2008 and 2002, respectively, and are located one mile apart from each other on West Linda Vista Boulevard on the city’s northwest side. Equestrian consists of 18 residential buildings housing one-, two- and three-bedroom apartments. Units feature an average size of 900 square feet, as well as individual washers and dryers and private balconies/patios. Amenities at Equestrian include a pool, grilling stations, fitness center, business center and a spa. Ridgeline consists of 17 residential buildings on a 13-acre site. Units also come in one-, two- and three-bedroom formats and have an average size of 821 square feet. Communal amenities include two pools and spas, a fitness center and a resident clubhouse. Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller, Bascom Arizona Ventures, in the transaction. The trio also procured the buyer, …

December 21, 2020

Acquisitions Arizona Multifamily Western

Bascom Arizona Ventures Sells Two Multifamily Properties in Tucson to Bridge Investment Group for $90.2M

by Amy Works December 18, 2020

TUCSON, ARIZ. — Bascom Arizona Ventures has completed the disposition of two apartment communities in Tucson for a total of $90.2 million. Equestrian, a 288-unit complex, sold for $47.7 million, or $165,625 per unit. Ridgeline, a 272-unit property, traded for $42.5 million, or $156,250 per unit. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Both properties are located on West Linda Vista Boulevard in Northwest Tucson. Completed in 2008 on 13 acres, Equestrian features 18 residential buildings, a swimming pool, gas and charcoal grilling stations, assigned covered parking and detached garages. Apartments feature nine-foot ceilings and offer an average unit size of 900 square feet. Built in 2002 and 2008 on 13 acres, Ridgeline features 17 residential buildings, two resort-style swimming pools and apartments averaging 821 square feet per unit.

December 18, 2020

Goodman-Logistics-Center-Fontana-III-Fontana-CA

California Development Industrial Western

Goodman Starts Construction of 1.1 MSF Logistics Center Fontana III in Inland Empire

by Amy Works December 18, 2020

FONTANA, CALIF. — Goodman has started construction of Goodman Logistics Center Fontana III, a logistics facility located in Fontana. Slated to open in summer 2021, the property will provide infrastructure to meet the demand for logistics space with access to large consumer markets. Totaling 1.1 million square feet, Goodman designed the campus to accommodate tenant requirements from 212,420 square feet to 453,020 square feet. The site provides access to 18 million consumers within a same-day drive time, with a combined consumer purchasing power of $215 billion annually, according to the developer. Goodman recently completed and leased two additional logistics centers located adjacent to the Fontana III property. Amazon and eFulfill, an e-commerce furniture supplier, are the tenants of those assets.

December 18, 2020

California Company News Retail Western

Court Approves Guitar Center’s Exit from Chapter 11 Bankruptcy

by Jeff Shaw December 18, 2020

WESTLAKE VILLAGE, CALIF. — Just over three weeks after filing for Chapter 11 bankruptcy, Guitar Center appears ready to already emerge from the process. In its original filings, the Westlake Village-based musical instrument and supplies retailer reported its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic. At a virtual hearing Thursday, U.S. Bankruptcy Judge Kevin Huennekens, based in Richmond serving the Eastern District of Virginia, approved Guitar Center’s bankruptcy plan, according to Bloomberg. The retailer expects to emerge from the Chapter 11 process before the end of next week, reducing its debt load by around $800 million. The company worked out a restructuring support agreement that includes new financing from existing creditors, $165 million in new equity from owner Ares Management Corp., Carlyle Group and Brigade Capital Management, Bloomberg reports. Recently sold bonds will also help pay for the move. The judge noted that creditors will still be paid in full as a result of the new structure, and creditors unanimously supported the deal. No plans were released regarding Guitar Center’s 297 brick-and-mortar locations. When it originally filed for bankruptcy, the company also hired A&G …

December 18, 2020

California Hawaii Loans Multifamily Seniors Housing Walker & Dunlop Western

Walker & Dunlop Arranges $86M in Financing for Two Seniors Housing Communities in California, Hawaii

by Amy Works December 18, 2020

PALO ALTO, CALIF., AND HONOLULU — Walker & Dunlop Inc. has arranged a total of $86 million in financing for two seniors housing properties. The loans provided $45 million to EWS Real Estate Investment Co. for Palo Alto Commons, a 181-unit property in Palo Alto, and $41 million to The MW Group for The Plaza at Moanalua, a 160-bed community in Honolulu. Both properties offer assisted living, independent living and memory care. Palo Alto Commons, built in 1989 and 2010, is a three-story, two-building complex with a mix of studio, one- and two-bedroom units. The Plaza at Moanalua is a Class A seniors housing community built in 2011. Russell Dey led Walker & Dunlop’s team in structuring the financing for MW Group, while Dey and Jay Thomas worked together to complete the loan for Palo Alto Commons. Both transactions were arranged with Freddie Mac financing and featured fixed rates and an interest-only component.

December 18, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Colliers Brokers Sale of Prescott Lakes Age-Restricted Apartments in Arizona

by Amy Works December 18, 2020

PRESCOTT, ARIZ. — Colliers International has arranged the sale of Prescott Lakes, an age-restricted apartment community in Prescott. CA Prescott Lakes Owner LLC acquired the asset from BAZV Prescott Lakes LLC for an undisclosed price. Restricted to residents age 55 or older, the 99,972-square-foot Prescott Lakes features 128 condominium-style one- and two-bedroom apartments. Built in 2003 on four acres, the community includes a dog park, fitness center, game room, media center, pool, spa, outdoor entertainment veranda and fully furnished guest suites. Cindy Cooke, Brad Cooke, Matt Roach, Chris Roach and Tim Dulany of Colliers International handled the transaction.

December 18, 2020

New Mexico Restaurant Retail Video Webinar Western

Webinar: New Mexico Retail Outlook — What Will New Mexico Retail Activity Look Like in 2021?

by Sarah Daniels December 17, 2020

The “New Mexico Retail Outlook — What Will New Mexico Retail Activity Look Like in 2021?” webinar, hosted by Shopping Center Business and Western Real Estate Business, covers the creative approaches taken retailers responding to COVID-19. Learn what retailers, restaurants and developers need to thrive and what our panelists anticipate for New Mexico retail in the near future. Development, trends, the shift to omnichannel business and much more make up this fascinating, one-hour panel. Topics discussed: How have New Mexico area retailers, restaurants and developers adapted to the COVID-19 environment? What do they need to succeed? What are the predictions for New Mexico retail occupancy rates in the coming year? How will retail rents and property values be impacted? What will be the impact on new development in the near term? What is the expectation for investment sales activity in 2021? How should retailers and retail property owners position themselves for recovery? What opportunities do New Mexico retail tenants, developers and investors see in a post-pandemic market? Panelists: Jeff Campbell, Carlsbad Department of Development (moderator) Bob Feinberg, Colliers International Tom Jones, Colliers International Anthony Johnson, Pegasus Group Ariana James West, Base 5 Retail Steve Maestas, Maestas Development Group Webinar sponsors: Carlsbad Department of Development: The …

December 17, 2020

Affordable Housing Multifamily Texas Video Webinar Western

Webinar: What is the Outlook for the Affordable Housing Sector in Texas?

by Sarah Daniels December 17, 2020

On Dec. 15, Texas Real Estate Business hosted “What is the Outlook for the Affordable Housing Sector in Texas?” Listen to hear how the leaders in the industry are coping with challenges from both a broker/lender perspective and a developer/owner perspective. How are Texas experts addressing the affordable housing crisis? See below for a brief list of topics covered by each panel. Panel One: Broker/Lender Insight Biden administration’s likely approach to affordable housing & opportunity zones Cap rates & interest rates Pandemic effects on affordable & workforce housing Revisions to underwriting practices Fannie and Freddie’s influence? Panel Two: Developer Insight Expanding markets Affordable Housing Tax Credit Coalition and bond cap constraints Collections Reserve requirements Barriers to workforce & affordable housing Webinar sponsors: KeyBank Real Estate Capital: Deep industry expertise allows KeyBank to bring valuable content and actionable ideas to their clients. They’re ready to help guide the clients’ business toward strategic goals through customized financial solutions. M&T Realty Capital Corp.: M&T Realty Capital Corporation® is a full-service mortgage banking company that specializes in providing competitive financing nationwide for commercial properties, including affordable and market-rate multifamily, seniors housing, healthcare facilities, and office, industrial and retail properties. Newmark: Newmark’s integrated platform delivers seamlessly …

December 17, 2020

Arizona Development Industrial Western

Trammell Crow Breaks Ground on 285,131 SF Cowden Logistics Center in Tolleson, Arizona

by Amy Works December 17, 2020

TOLLESON, ARIZ. — The Phoenix Business Unit of Trammell Crow Co., along with capital partner Clarion Partners, has started construction of Cowden Logistics Center in Tolleson. Situated on 16 acres at 420 S. 104th Ave., the industrial project will bring 285,131 square feet of logistics space to Phoenix’s Southwest Valley submarket. The facility will feature 36-foot clear heights, 237 car parking stalls, 41 trailer parking stalls, five points of ingress and egress, R-38 insulation and an ESFR sprinkler system. The project team includes Butler Design Group as architect and Wespac Construction as general contractor. Phil Haenel, Mike Haenel and Andy Markham of Cushman & Wakefield are handling leasing for the project.

December 17, 2020

Acquisitions Office Utah Western

Kennedy Wilson Buys 247,000 SF Office Campus in Salt Lake City for $55M

by Amy Works December 17, 2020

SALT LAKE CITY, UTAH — Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson (NYSE: KW), has acquired three two-story office buildings and two development sites totaling 247,000 square feet in Salt Lake City. An undisclosed seller sold the assets for $55 million. Situated on 24.2 acres within Parkway Center, the campus is fully occupied by five tenants, including Amazon and Verizon, with both occupying single-tenant buildings. The acquisition expands Kennedy Wilson’s presence in the Mountain States. Currently, the Fund VI portfolio includes 15 multifamily and commercial assets in markets including San Jose, Los Angeles, Salt Lake City, Denver and Seattle. The portfolio has an aggregate purchase price of $1.2 billion.

December 17, 2020

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