Western

Goodman Realty Group to Develop 199-Unit Apartment Community in Albuquerque

by Amy Works June 24, 2020

ALBUQUERQUE, N.M. — Goodman Realty Group plans to develop a four-story multifamily community located within Winrock Town Center in Albuquerque. Situated on 3.3 acres, the 146,000-square-foot property will feature 199 apartments, a game room, lounge, industrial kitchen, paw spa, fitness center, courtyard and secured parking, as well as the amenities available at Winrock Town Center. Construction of the $45 million project is slated to begin in fourth-quarter 2020, with completion expected in third-quarter 2022. The development team includes DPS Architects and Albuquerque-based Goodman Realty Group as developer and owner.

June 24, 2020

California Industrial Loans Office Western

Thorofare Funds $26M Loan for R&D/Office Buildings in El Segundo, California

by Amy Works June 24, 2020

EL SEGUNDO, CALIF. — Thorofare Capital has funded a $26 million post-acquisition loan for two R&D and office buildings in El Segundo. A single tenant occupies the full 200,220 square feet of the portfolio. The short-term bridge loan features a 50 percent loan-to-cost ratio, pre-development financing and a two-year base loan term with extension options. Felix Gutnikov, David Perlman, Andrew Kim and Jeff Scappini of Thorofare closed the loan for the undisclosed borrower.

June 24, 2020

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Industrial Market Reports New Mexico Western Western Market Reports

New Mexico is Primed for Industrial Development

by Jeff Shaw June 24, 2020

By Riley McKee, Advisor, NAI Maestas & Ward If summarized in one word, New Mexico’s industrial real estate market can best be described as undersupplied. Steady increases in demand, combined with a dearth of new construction, have resulted in record-low vacancy rates in Albuquerque, Las Cruces and Santa Fe – the state’s primary metropolitan areas. A string of noteworthy projects are underway in Albuquerque. Food products supplier Ben E. Keith Foods is building a 260,000-square-foot regional headquarters and distribution center to service markets throughout the region. FedEx Freight recently opened a 95,000-square-foot distribution center strategically positioned on a 50-acre site to expedite planned expansions. Brunacini Development, the city’s largest industrial landlord, just completed a 140,000-square-foot multi-tenant distribution center anchored by Bunzl, a London-based food packaging distributor. Finally, and perhaps most notably, nuclear energy firm Kairos Power acquired an 110,000-square-foot research and development facility after a nationwide site selection process. It plans to expand the facility, which sits on 35 acres, as part of an incentive package with the state. Las Cruces is seeing strong development activity as well, specifically in Santa Teresa, an international Port of Entry that sits 21 miles south of the city. W. Silver Recycling, which processes …

June 24, 2020

Acquisitions California Retail Western

Netflix Acquires Historic Egyptian Theatre in Hollywood

by Amy Works June 23, 2020

HOLLYWOOD, CALIF. — Netflix has acquired the Egyptian Theatre, a historic property that was originally built in 1922 in Hollywood. Netflix and the American Cinematheque, which purchased the theater in 1996, are collaborating to redevelop and continue operations at the theater. The Egyptian Theatre will remain the home of the American Cinematheque, a nonprofit, member-supported cultural organization, with its curation team continuing to autonomously program Friday, Saturday and Sunday events and showings. Netflix will invest in the property’s renovation and will use the revitalized space for special events, screenings and premieres during the week. The movie theater was originally built in during the silent film era and was the site of the first Hollywood movie premiere — Robin Hood, starring Douglas Fairbanks. In 2016, the theater was retrofitted to screen 35mm nitrate films and is now one of only four theaters in the United States capable of showing this rare, ultra-fragile and flammable film stock. Farshad Morè and Scott Sherwood of Gibson Dunn & Crutcher represented American Cinematheque in the transactions. Terms of the acquisition were not released.

June 23, 2020

Arizona Development Multifamily Western

Watermark Residential Buys Development Site for $43M Multifamily Community Near Phoenix

by Amy Works June 23, 2020

GILBERT, ARIZ. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has acquired a 10-acre land site located in Gilbert for the development of The Wyatt by Watermark, a $43 million apartment project located at 1205 S. Gilbert Road. Slated for completion in late 2021, The Wyatt will feature 216 one-, two- and three-bedroom apartments averaging 978 square feet. Units will include a gourmet bar-kitchen with granite countertops, stainless steel appliance packages, walk-in closets and full-size washers/dryers. Community amenities will include a clubhouse, 24-hour fitness center, swimming pool with cabana, pet-friendly park and dog spa. The Wyatt is the third of six developments to be funded by the Watermark 3G Development Fund II, which closed in late 2019. Watermark also owns the 250-unit Watermark at Gateway Place in Gilbert.

June 23, 2020

Acquisitions California Multifamily Western

Levin Johnston Negotiates $24.7M Sale of Marymount Place Apartments in Santa Clara, California

by Amy Works June 23, 2020

SANTA CLARA, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale Marymount Place Apartments, a multifamily property comprising three adjacent buildings in Santa Clara. Adam Levin and Robert Johnston of Marcus & Millichap’s Levin Johnston team represented the undisclosed buyer and seller in the $24.7 million transaction. The portfolio includes: 1962 Bellomy St. — Built in 1961, the 37-unit property features a mix of studio, one-, two- and three-bedroom layouts. The community sold for $15.9 million. 1978 Bellomy St. — Developed in 1964, the 14-unit apartment building offers a mix of one-, two- and four-bedroom floor plans. The property sold for $6.1 million. 1972 Bellomy St. — Constructed in 1951, the eight-unit property features one-bedroom floor plans and sold for $2.7 million. The portfolio offers shared community amenities including on-site laundry facilities, a swimming pool and covered parking.

June 23, 2020

Acquisitions California Healthcare Office Western

CREST Properties Sells DaVita-Occupied Medical Office Building in Orange County for $8.4M

by Amy Works June 23, 2020

TUSTIN, CALIF. — CREST Properties has completed the disposition a medical office property located at 721 W. First St. in Tustin. of A Southern California-based private investor acquired the asset for $8.4 million. DaVita Healthcare occupies the entire 11,499-square-foot building. Ian Schroeder, Melissa Ley and Allison McDuffie of CBRE of represented the seller in the deal.

June 23, 2020

Acquisitions Multifamily Oregon Western

Marcus & Millichap Brokers $4.6M Sale of Two Apartment Properties in Roseburg, Oregon

by Amy Works June 23, 2020

ROSEBURG, ORE. — Marcus & Millichap has arranged the sale of West Vue and Poplar Apartments, two multifamily communities located in Roseburg. A private seller sold the assets to a limited liability company for $4.6 million. Located at 731 and 857 NE Alameda Ave., West Vue was built in 1956 and contains 50 units in a mix of two- and three-bedroom layouts, while Poplar Apartments was built in 1965 and features 13 two-bedroom flats. Danalee Corso, Nygel Drury and Whitney Rhoades of Marcus & Millichap’s Portland office represented the seller and buyer in the deal.

June 23, 2020

Arizona Development Multifamily Western

Leon Capital Selects McShane Construction to Build 202-Unit Kierland Apartments in Scottsdale

by Amy Works June 22, 2020

SCOTTSDALE, ARIZ. — Leon Capital Group has selected McShane Construction Co. to build Kierland Apartments, a multifamily property in Scottsdale. Situated on 1.7 acres at 7111 E. Tierra Buena Lane, Kierland Apartments will feature five stories of wood-frame construction over a two-story concrete podium with one sub-grade level. The exterior façade will consist of a mix of stucco, stone and metal panels with wire and glass railings on the balconies. The 202 apartments will offer high-end finishes, beverage centers and premium appliances, with some units featuring NanaWall folding glass door systems that lead to private balconies. Floors three through six will offer a mix of studio, one-, two- and three-bedroom layouts, while the top floor will consist of penthouse suites with upgraded finishes. Community amenities will include underground parking for residents; bicycle storage; a clubhouse with a poker room and community kitchen; and a deck with a saltwater swimming pool, spa and barbeque area. Completion of the property, which Design Studio Architects designed, is slated for August 2022.

June 22, 2020

California Healthcare Loans Office Western

Gantry Arranges $33.3M in Financing for Two Office Buildings in San Francisco’s East Bay Market

by Amy Works June 22, 2020

SAN FRANCISCO — Gantry has secured $33.3 million in permanent financing for adjacent office buildings in the East Bay region of San Francisco. The assets include a 70,000-square-foot, special-purpose office building and a 65,000-square-foot medical office building. The borrower, a local developer, built both assets under long-term ground leases. Andrew Mekjavich and Ben Johnson of Gantry’s San Francisco office worked with the owner to structure two 10-year, fixed-rate loans with two unique lenders, both on a non-recourse basis. The borrower used the financing to retire the existing debt and execute a business plan, details of which were not disclosed.

June 22, 2020

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