Western

CBRE Negotiates Sale of 141,000 SF Wells Fargo Gainey Center Office Asset in Scottsdale

by Amy Works June 16, 2020

SCOTTSDALE, ARIZ. — CBRE has arranged the sale of Wells Fargo Gainey Center, a Class A office building located at 8601 N. Scottsdale Road in Scottsdale. AREA Exchange Asset III, an affiliate of New York City-based Ascent Real Estate Advisors, acquired the property from Des Moines-based Principal Real Estate Investors for an undisclosed price. Built in 1999, the 141,000-square-foot Wells Fargo Gainey Center features a two-story lobby, flexible floor plates, 20 exterior balconies, a parking ratio of four spaces per every 1,000 square feet and an on-site gym. At the time of sale, the property was 96 percent leased to nine tenants, including Wells Fargo and Kutak Rock, a national law firm. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. Bruce Francis, Tim Bokinsky, Dana Summers, Bob Ybarra, Shaun Moothart and Doug Birrell of CBRE Debt & Structured Finance facilitated the acquisition loan with a national life insurance company for the buyer.

June 16, 2020

California Loans Office Western

Hines Joint Venture Receives $182M Refinancing for Four-Building Office Campus Near Los Angeles

by Amy Works June 16, 2020

IRVINE, CALIF. — A joint venture between Hines and a global investment management firm has received $182 million in refinancing for Intersect, a mid-rise, four-building, Class A office campus in Irvine. Kevin MacKenzie, John Chun and Nick Lench of JLL Capital Markets placed the three-year, interest-only financing with MetLife Investment Management. The borrower plans to use the loan proceeds to fund future leasing at the property and retire the existing loan that the same JLL team arranged for the borrower in 2018. Situated on 15 acres, Intersect comprises four buildings, totaling 452,060 square feet, at 17875 and 17877 Von Karman Ave. and 17872 and 17838 Gillette Ave. Located in the heart of the Irvine Business Complex, the property features a restaurant, shipping container beer garden and coffee shop, game pavilion, fire pits, chicken coop, bird aviary and sports court. Additional features include indoor and outdoor workspaces; a fitness center with Peloton bikes, classes, locker rooms, spin studio and outdoor yoga lawn; private tenant terraces; a 40-seat, stadium-style conference center; and a 16-person board room. The Intersect also offers 573 surface parking stalls, a 1,595-space structured parking garage at 17892 Gillette Ave. and a 181-stall subterranean parking facility.

June 16, 2020

Acquisitions California Industrial Office Western

LPC West Sells Flex R&D Building in San Diego’s Sorrento Mesa for $17M

by Amy Works June 16, 2020

SAN DIEGO — LPC West, the West Coast operating division of Lincoln Property Co., has completed the sale of a two-story, flex R&D property located at 9877 Waples St. in San Diego’s Sorrento Mesa submarket. An affiliate of Alexandria Real Estate Equities acquired the building for $17 million in an off-market transaction. The 62,392-square-foot asset is mid-way through the seller’s biotech conversion process, which the buyer will complete. Andy Hugget, Bill Dolan and Sean Williams of CBRE represented LPC West, while Alexandria was self-represented in the transaction.

June 16, 2020

Development Industrial New Mexico Western

Blue Road Investments Breaks Ground on 315,000 SF Spec Industrial Building in New Mexico

by Amy Works June 16, 2020

SANTA TERESA, N.M. — Blue Road Investments has broken ground on Westpark Building I in Santa Teresa, approximately 23 miles northwest of El Paso, Texas. Situated at 655 Industrial Ave. within Westpark Logistics Center, the facility will feature 315,000 square feet of speculative industrial space with cross-dock loading, 36-foot clear heights and 185-foot concrete truck courts. This is the first spec building in Westpark Phase I, where Blue Road has capacity for an additional 1 million square feet of future development. Current tenants in Westpark Logistics Center include FedEx Ground, MCS Industries and Valley Cold Storage. Construction is slated for January 2021. Perez Giese and Anthony Mash of CBRE are marketing the property for lease.

June 16, 2020

California Industrial Leasing Activity Western

Toolots Leases 436,350 SF Distribution Facility in Inland Empire

by Amy Works June 16, 2020

MORENO VALLEY, CALIF. — Toolots, a California-based online marketplace and distribution channel for factory-direct industrial tools, machinery and technology, has inked a deal to occupy a warehouse and distribution facility located at 17783 Indian St. in Moreno Valley. KKR Alpha Industries owns and operates the 436,350-square-foot facility. Robert Feathers and Brian Bennett of Kidder Mathews represented Toolots in the lease transaction.

June 16, 2020

California Company News Retail Top Stories Western

24 Hour Fitness Files for Chapter 11 Protection, Opts to Permanently Close 132 Stores

by John Nelson June 16, 2020

SAN RAMON, CALIF. — Fitness center retail chain 24 Hour Fitness has filed for Chapter 11 bankruptcy protection stemming from revenue losses during the COVID-19 pandemic. The San Ramon-based company expects to secure $250 million in debtor-in-possession financing, which is subject to court approval. The fitness chain has also announced its intention to permanently close 132 of its 300-plus gyms. In California alone, 24 Hour Fitness will shutter 41 locations, and in Texas another 26 will permanently close as the company will focus on reopening its other gyms across the country. “If it were not for COVID-19 and its devastating effects, we would not be filing for Chapter 11,” says Tony Ueber, CEO of 24 Hour Fitness. “With that said, we intend to use the process to strengthen the future of 24 Hour Fitness for our team and club members, as well as our stakeholders.” Although Ueber says the COVID-19 pandemic is the main culprit in the company’s struggles, the retailer’s debt load is also a contributing factor. Brad Umansky, president of Progressive Real Estate Partners, says that the retailer’s ownership group, including private equity firm AEA Investors, hampered 24 Hour Fitness from operating to the best of its ability …

June 16, 2020

Colorado Development Multifamily Western

ReyLenn Properties Opens 280-Unit Solana Stapleton Apartments in Denver

by Amy Works June 15, 2020

DENVER — Southern California-based ReyLenn Properties has opened Solana Stapleton, an apartment community in Denver’s Stapleton submarket. The asset is the first market-rate rental property developed by a third party in the master-planned Stapleton community. The 280-unit property features a mix of one-, two- and three-bedroom units, with rental rates starting at $1,549 per month. On-site amenities include a saltwater pool; spa; state-of-the-art fitness center with yoga and spin studio; indoor basketball court; high-definition golf and sports simulator; outdoor beer garden with gaming and a pizza oven; food truck court; and community gardens. Additionally, the property features standalone co-working space that is accessible for residents at discounted rates or the general public at full rates.

June 15, 2020

Arizona Loans Multifamily Western

Greystone Provides $91.3M Fannie Mae Refinancing for 1,406-Unit HSL Multifamily Portfolio in Tucson

by Amy Works June 15, 2020

TUCSON, ARIZ. — Greystone has provided $91.3 million in Fannie Mae Delegated Underwriting and Servicing (DUS) loans to refinance a 1,406-unit multifamily portfolio in Tucson. Dan Wolins of Greystone originated the separate transactions for the borrower, HSL Properties. The financings all carry 10-year terms at a fixed rate, 30-year amortization and five years of interest-only payments. The non-recourse loans refinance four properties in Tucson: the 242-unit Canyon Creek, the 256-unit Ridgepoint, the 336-unit Catalina Canyon and the 572-unit Sycamore Creek.

June 15, 2020

Affordable Housing California Development Multifamily Western

Meta Housing, R.D. Olson Break Ground on Lamp Lodge Affordable Housing Project in Downtown Los Angeles

by Amy Works June 15, 2020

LOS ANGELES — Meta Housing, as developer, and R.D. Olson Construction, as general contractor, have broken ground on Lamp Lodge, a 49,000-square-foot affordable housing community in downtown Los Angeles. Located at 660 Stanford Ave., the seven-story building will offer 74 studio units, seven one-bedroom apartments and one two-bedroom unit. All units will feature a refrigerator, dishwasher and range, as well as energy-efficient windows. Community amenities will include an on-site laundry room, community center and open residential courtyard. KFA Architecture and JAG Interiors are serving as architects for the project, which is slated for completion in first-quarter 2021. JP Morgan Bank and the Housing Authority of the City of Los Angeles are funding the development, which is situated on the site of a former four-story apartment community.

June 15, 2020

Colorado Development Mixed-Use Office Retail Western

Confluent, Kelmore Top Out Exchange at Boulevard One Mixed-Use Project in Denver

by Amy Works June 15, 2020

DENVER — Confluent Development and Kelmore Development, the Denver-based co-owners and co-developers of the project, have topped out Exchange at Boulevard One. The 200,000-square-foot, mixed-use project is located in Boulevard One, a 70-acre parcel in Denver’s Lowry neighborhood. The developers broke ground in April 2019 and completion of the initial phase, totaling 135,000 square feet, is slated for spring 2021. Located at Lowry Boulevard and Quebec Street, the infill development will feature 500 parking spaces, including a 231-stall underground garage. The project focuses on multimodal accessibility with a mobility hub for bicycle and scooter parking, pedestrian connectivity, electric car charging stations and nearby transit lines with connections to light rail. Brinkman Construction is serving as general contractor for the project, which Open Studio Architecture designed. The Denver Urban Renewal Authority and Lowry Redevelopment Authority are supporting the development.

June 15, 2020

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