Western

Anaheim Ducks Owner to Develop $3B ocV!BE Entertainment, Mixed-Use District

by Taylor Williams June 29, 2020

ANAHEIM, CALIF. — The Samueli family, which owns the NHL’s Anaheim Ducks, has announced plans for ocV!BE, a $3 billion entertainment and mixed-use district in Southern California. The initial phases of the 115-acre project are expected to open in 2024, and the entire destination is scheduled for completion by the 2028 Olympics in Los Angeles. The development will surround Honda Center, where the Ducks play, and will feature a 6,000-seat concert venue, a 68,000-square-foot food hall and a variety of restaurants and retail establishments. Additional uses will include two hotels totaling 650 rooms, a 325,000-square-foot office tower, 2,800 apartments with a 15 percent affordable housing component and 30 acres of parks and open green space. A network of pedestrian bridges and walkways will connect the various elements of the project, including a landmark bridge over Katella Avenue. In 2018, the City of Anaheim and the Ducks committed to keep the team in Anaheim for another 50 years, paving the way for ownership to begin acquiring various tracts surrounding Honda Center. The project is entirely privately funded, and the development team will not seek a tax rebate or subsidy from the City of Anaheim. Development of ocV!BE is expected to create …

June 29, 2020

Acquisitions Arizona Multifamily Western

Epoch Residential Sells 292-Unit Capital Place Apartment Community in Phoenix

by Amy Works June 26, 2020

PHOENIX — Epoch Residential has completed the sale of Capital Place, a multifamily property located at 11 S. 12th St. in Phoenix. Knightvest Capital acquired the asset for an undisclosed price. Built in 2016, the two-building Capital Place features 292 apartments offering stainless steel kitchen appliances, custom kitchen cabinets, granite counter tops and covered balconies. Residential amenities include a swimming pool, fitness center, clubhouse, spa, cabanas, barbecue grills and parking garages. Mike Higgins, Charlie Steele and John Cunningham of the JLL Capital Markets Investment Advisory team represented the seller in the deal. Mark Brandenburg and Brad Miner, also of JLL, arranged acquisition financing through Freddie Mac for the buyer. Jones Lang LaSalle Multifamily, a Freddie Mac Optigo lender, will service the loan.

June 26, 2020

Development Hawaii Multifamily Seniors Housing Western

Highridge Costa Completes 13-Story Affordable Seniors Housing Tower in Oahu, Hawaii

by Amy Works June 26, 2020

KAPOLEI, HAWAII — Highridge Costa, in partnership with Honolulu-based Coastal Rim Properties, has completed the first phase of Hale Moena Kupuna, a $130 million affordable seniors and multifamily rental community in Kapolei on the island of Oahu. The first phase is a 13-story high-rise designated for seniors, featuring 153 affordable apartments in a mix of studio, one- and two-bedroom floor plans. Upon full build-out, the three-phase Hale Moena Kupuna will offer two 13-story residential towers with ground-level retail and commercial space. Communities amenities include a community meeting room, picnic area and a community workspace with high-speed internet access. The development is being financed with a combination of tax-exempt bonds, tax credit equity and a $10.7 million rental housing revolving fund loan from the Hawaii Housing Finance and Development Corp. Citibank is serving as the construction lender and Aegon is the tax credit investor.

June 26, 2020

Acquisitions Arizona Industrial Western

Westcore Expands Arizona Portfolio with Acquisition of 164,486 SF Industrial Facility

by Amy Works June 26, 2020

CHANDLER, ARIZ. — Westcore has purchased an industrial warehouse situated on 16.5 acres at 2550 N. Nevada St. in Chandler. Greenlaw sold the property for $38 million. At the time of acquisition, the 164,486-square-foot, Class A facility was fully leased to a global e-commerce company. The secured warehouse distribution building, which was extensively renovated, features 30-foot clear heights, extensive power, ESFR sprinklers, ample loading and newly designed and constructed office space. Jeff Chiate, Will Strong and Mike Adey of Cushman & Wakefield, with support from Steve Larsen of JLL, represented the seller, while Westcore was self-represented in the deal.

June 26, 2020

Arizona Loans Multifamily Western

Gantry Arranges $27M Refinancing for Two Multifamily Properties in Tucson, Arizona

by Amy Works June 26, 2020

TUCSON, ARIZ. — Gantry has secured $27 million in refinancing for The Missions at Sentinel Peak Apartments and The Woods Apartments in Tucson. Adam Parker and Chad Metzger of Gantry’s Phoenix office arranged both loans for the undisclosed borrower through an agency lender. Located at 2410 S. Mission Road, The Missions at Sentinel Peak Apartments features 404 apartments in a mix of studio, one-, two- and three-bedroom layouts. Since 2018, the owner has extensively renovated the property with 80 percent of the units being upgraded at the time of financing. The $12 million loan was structured as a 10-year, fixed-rate loan, which allowed the owner to officially operate and rebrand the two adjacent properties, Mission Sierra 1 and 2, as one community. The Woods Apartments, located at 1970 W. Valencia Road, features 360 units in a mix of one- and two-bedroom floor plans. Gantry arranged $15 million in refinancing, structured as a 15-year, fixed-loan, for the asset.

June 26, 2020

LogistiCenter-Southport-West-Sacramento-CA

California Development Industrial Western

Dermody Properties Breaks Ground on 379,161 SF LogistiCenter at Southport in West Sacramento

by Amy Works June 26, 2020

WEST SACRAMENTO, CALIF. — Dermody Properties has broken ground on LogistiCenter at Southport, cross-dock industrial building situated on 22.7 acres in West Sacramento. The company is working with Deacon Construction as general contractor and local development partners Tom Schaal and Mark Heavey to develop the 379,161-square-foot property within Southport Business Park. Slated for completion in first-quarter 2021, the building will offer 36-foot clear heights, 58 dock-high doors, four drive-in doors, 106 trailer stalls, 222 car parking stalls and a 135-foot truck court. Plans also include an ESFR fire protection system and a seven-inch concrete floor with concrete tilt walls, as well as a build-to-suit office space.

June 26, 2020

California Development Multifamily Western

AMCAL Equities, Swenson to Develop 1,039-Bed Student Housing Property in San Jose

by Amy Works June 25, 2020

SAN JOSE, CALIF. — A joint venture between Los Angeles-based AMCAL Equities and Northern California-based Swenson is developing The Grad, a student housing community in downtown San Jose. Situated within one block of San Jose State University, the 19-story, L-shaped building will feature 260 units totaling 1,039 beds. The top 17 floors will offer apartments, while building services and student amenities will occupy for first three levels, including double-height retail space on the ground floor. Interior, student-focused amenities will include a two-story lobby, yoga and spin studio, shared study rooms, computer center, multipurpose lounge area and leasing office/concierge desk. The property will feature an outdoor amenity deck with an exercise center with aerobic and weight equipment; a swimming pool with spa; sundeck; cabanas; barbeque grills; and picnic area. The amenity deck sits atop a three-story parking structure with a bicycle repair station and storage for 575 bicycles. Completion is slated for late summer 2020.

June 25, 2020

Westport Cupertino in Cupertino, California

California Development Mixed-Use Multifamily Retail Seniors Housing Western

KT Urban Receives Approval for Westport Cupertino Seniors Housing, Multifamily Project in California

by Amy Works June 25, 2020

CUPERTINO, CALIF. — The City of Cupertino Planning Commission has approved the development of Westport Cupertino, a seniors housing and multifamily community in Cupertino. KT Urban is developing the property. The mixed-use project has now cleared all required approvals except the City Council, which plans to review the proposal in the next month. Located at 21267 Stevens Creek Blvd., Westport Cupertino will feature 206 senior living apartments, including 48 affordable units and 27 memory-care units, and 88 single-family units in a mix of row home and townhome styles. In addition, the development includes 20,000 square feet of retail. The site is located across the street from De Anza College and the Cupertino Senior Center. Community amenities will include an on-site library, theater, lounge, restaurant, café, roof deck and terrace, medical offices and exercise rooms providing a range of activities and support for senior residents. Additionally, the project will feature below-grade parking, electrical vehicle charging stations and bicycle parking. The project is a redevelopment of the former 71,254-square-foot Oaks Shopping Center, which sits on an 8.1-acre site. KT Urban’s original plan was rejected by the City Council in 2017, but the new proposal includes the addition of seniors housing and below-market-rate units. …

June 25, 2020

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers $5.4M Sale of Pair-A-Dice Mobile Home Community Near Las Vegas

by Amy Works June 25, 2020

NORTH LAS VEGAS, NEV. — Northcap Commercial has directed the sale of Pair-A-Dice Mobile Home Park, located at 2067 N. Las Vegas Blvd. in North Las Vegas. An undisclosed buyer acquired the community from Pair-A-Dice Mobile Estates LLC for $5.4 million, or $39,781 per unit. Situated in an opportunity zone, the community features 137 mobile home units. Devin Lee, Jerad Roberts, Robin Willett and Jason Dittenber of Northcap Commercial represented the seller in the deal.

June 25, 2020

Acquisitions California Retail Western

Hanley Investment Group Arranges $2.6M Ground Lease Sale of Quick Quack Car Wash in Fontana, California

by Amy Works June 25, 2020

FONTANA, CALIF. — Hanley Investment Group has arranged the ground lease sale of Quick Quack Express Car Wash, a recently constructed car wash property located at 16988 S. Highland Ave. in Fontana. A Korea-based private investor acquired the asset from an undisclosed seller for $2.6 million. The property is situated on 0.77 acres and includes a 3,590-square-foot building. Kevin Fryman, Bill Asher, and Jeff Lefko of Hanley Investment Group Real Estate Advisors represented the seller in the deal.

June 25, 2020

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