Western

KeyBank Arranges $140.3M Refinancing for Three Multifamily Properties in Utah, Arizona

by Amy Works November 8, 2019

SANDY AND LAYTON, UTAH, AND FLAGSTAFF, ARIZ. — KeyBank Real Estate Capital (KBREC) has secured a $140.3 million in Fannie Mae Credit Facility for Centerville, Utah-based Keller Investment Properties. The borrower will use the facility, which is expandable to additional properties, to refinance three multifamily assets in Utah and Arizona. The properties are Park at City Center in Sandy, Quail Cove Apartments in Layton and Woodcrest Apartments in Flagstaff. Brain Caudel of KBREC’s Commercial Mortgage Group and Devin Jolley of KBREC’s Income Property Group structured the financing.

November 8, 2019

Acquisitions Office Washington Western

NKF Negotiates $52.9M Sale of 94,333 SF Office Building in Seattle’s CBD

by Amy Works November 8, 2019

SEATTLE — Newmark Knight Frank (NKF) has arranged the sale of First and Stewart, a creative office property located at 101 Steward St. in Seattle’s central business district. L&B Realty Advisors sold the asset to DWS, formerly known as RREEF, for $59.2 million, according to public records reported by The Registry. Situated at the convergence of the Pike Place Market, Belltown, Retail Core and central district, the building features 94,333 square feet of Class A creative office space. Nick Kucha, Michael Moll, James Childress, Jesse Ottele and Tim O’Keffe of NKF represented the seller, while the buyer was self-represented in the deal.

November 8, 2019

Acquisitions California Industrial Office Western

Dermody Properties Acquires 88,246 SF Flex Facility in Fremont, California

by Amy Works November 8, 2019

FREMONT, CALIF. — Dermody Properties has purchased a flex property, located at 44370 Christy St. in Fremont. The name of the seller and acquisition price were not released. The 88,246-square-foot asset features 26,473 square feet of office space, 20-foot clear heights, four dock-high doors, two drive-in doors, 277 auto parking spaces and an ESFR fire protection system. Will Connors, Daniel Renz, Erik Doyle, Greg Matter, Eddie Shuai and Rich Branning of JLL represented the seller in the transaction.

November 8, 2019

Development Multifamily Oregon Seniors Housing Western

SSSHT Opens Memory Care Expansion at Community in Portland

by Amy Works November 8, 2019

PORTLAND, ORE. — Strategic Student & Senior Housing Trust Inc. (SSSHT), a public, non-traded REIT sponsored by SmartStop Asset Management, has completed a freestanding memory care expansion in Portland. The project extends the offerings at Courtyard at Mt. Tabor, which already offered independent living and assisted living. The expansion adds a 16,000-square-foot building and 23 units. The 7.1-acre community now offers 309 total units. Known as The Pavilion, the memory care project was 38 percent pre-leased before opening. “The ideal seniors housing model is a continuum-of-care campus serving private-pay, middle-income seniors that allows residents to age in-place,” says John Strockis, president and chief investment officer of SSSHT. “We maintain a resident-focused perspective and understand the growing need to provide quality memory care in our communities. Courtyard at Mt. Tabor Pavilion delivers additional units to help offset that demand.” R&H Construction built the project, which Ankrom Moisan Architects designed. Construction took approximately 12 months. The operator is Integral Senior Living.

November 8, 2019

Acquisitions California Net Lease Restaurant Retail Western

Valore Ventures Sells Triple-Net Leased Outback Steakhouse Property in Southern California

by Amy Works November 8, 2019

GARDEN GROVE, CALIF. — Valore Ventures has completed the sale of a restaurant property located at 12001 Harbor Blvd. in Garden Grove. A private investor acquired the asset for $6.6 million. Outback Steakhouse occupies the 6,180-square-foot building, which was built in 2001, on a triple-net leased basis. The property is situated a mile from Disneyland and Disney California Adventure and minutes from the Anaheim Convention Center. Valore Ventures originally purchased the property as part of a four-building portfolio that included a Red Robin Gourmet Burger and Brews, Joe’s Crab Shack and Oggi’s Pizza & Brewery. This sale is the last of the four fee simple interests that Valore acquired in January for $13.1 million. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group brokered the transaction.

November 8, 2019

Market Reports Multifamily Nevada Western Western Market Reports

Reno’s Multifamily Market Continues to Rise on Employment, Relocation

by Taylor Williams November 8, 2019

If you try to find an apartment in Reno you’ll quickly realize this isn’t necessarily an easy task. Reno has experienced more than 8 percent rent growth year over year for the past four years. Average rents in the third quarter were $1,174 per month with vacancy at 4.5 percent, according to CoStar. These escalating numbers are due to employment. The Reno-Sparks MSA has grown by 59,700 jobs in the past 10 years, according to the Bureau of Labor Statistics. The Tesla Gigafactory was just the beginning. Google, Apple and Switch are among others that have moved in, bringing thousands of jobs with them. Businesses still like the friendly tax environment, clean air and high quality of life. But while we were adding all those jobs, the number of apartment units added during that time was just 3,802, CoStar notes. Look around and you will see apartment construction everywhere in Reno. Most is on the outskirts of town where larger land parcels are still available. This includes Sparks, Lemmon Valley, Spanish Springs and South Reno. A few more central infill sites are making headlines. Park Lane by Reno Land Inc. is in the process of adding 1,700 units in the …

November 8, 2019

Fourth-Street-Distribution-Center-Rancho-Cucamonga-CA

Acquisitions California Industrial Retail Western

Bridge Development Partners Buys Fourth Street Distribution Center in Inland Empire for $191.1M

by Amy Works November 7, 2019

RANCHO CUCAMONGA, CALIF. — Bridge Development Partners has acquired Fourth Street Distribution Center, a 1.4 million-square-foot distribution/fulfillment center and a 23,240-square-foot retail building in Rancho Cucamonga. West Coast Liquidators sold the asset for $191.1 million. Originally developed in 1984, the asset is situated on 91.4 acres at 12434 Fourth St. in the Inland Empire West submarket. Mark Detmer, Bo Mills, Ryan Sitov, Sharon Wortmann, Mike McCrary and Peter McWilliams of JLL represented the seller in the deal. Additionally, Brian Torp, Kevin MacKenzie and Brian Halpern of JLL Capital Markets arranged $200 million in bridge financing to fund the acquisition for the buyer.

November 7, 2019

Acquisitions Colorado Industrial Western

CBRE Negotiates Sale of 633,193 SF Distribution Portfolio Near Denver Airport

by Amy Works November 7, 2019

AURORA AND COMMERCE CITY, COLO. — CBRE has arranged the sale of the Denver Distribution Portfolio, a three-building industrial portfolio located in Denver’s Airport submarket. A confidential investment firm sold the asset to Bethesda, Md.-based ASB Investment Management for an undisclosed price. The portfolio includes a 406,959-square-foot facility at 22100 E. 26th Ave. in Aurora, an 85,604-square-foot building at 18300 E. 28th Ave. in Aurora and a 140,630-square-foot property at 9410 Heinz Way in Commerce City. The 633,193-square-foot portfolio is fully leased to Subaru of America, Old West Mattress Co. and a national retailer. Constructed between 2000 and 2007, the three buildings feature dock-high and drive-in loading, ESFR sprinklers and 28-foot to 32-foot clear heights. Additionally the portfolio includes trailer parking, outdoor storage, covered loading and BNSF rail service. Jim Bolt, Tyler Carner and Jeremy Ballenger of CBRE represented the seller in the transaction.

November 7, 2019

Acquisitions California Net Lease Retail Western

NKF Directs $8.8M Sale of Triple-Net Leased Retail Property in Orange, California

by Amy Works November 7, 2019

ORANGE, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of a single-tenant retail property located at 1809 W. Chapman Ave. in Orange. A Southern California-based family trust acquired the property from Orange County, Calif.-based Adray Plaza for $8.8 million in a 1031 exchange. Fresenius Medical Care, a dialysis clinic, occupies the 21,000-square-foot property on an absolute, triple-net lease basis. Glenn Rudy and Rob Ippolito of NKF represented the seller, while Matthew Graham of Graham & Associates represented the buyer in the deal.

November 7, 2019

Acquisitions California Retail Western

Hanley Investment Group Brokers $5M Sale of Retail Asset in Long Beach, California

by Amy Works November 7, 2019

LONG BEACH, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of high-street, multi-tenant retail property located at 5354 E. Second St. in Long Beach’s Belmont Shore neighborhood. A Jackson, Wyo.-based private investor sold the asset to a Long Beach-based private investor for $5 million. Built in 1952, the two-story building features 8,991 square feet of retail space. At the time of sale, the property was 100 percent leased. Current tenants include Arthritis National Research Foundation, Jonnum Media, The Flynn Group and FEA Consulting. Kevin Fryman, Carlos Lopez and Ed Hanley of Hanley Investment Group represented the seller, while Nathan Holthouser of CBRE’s Newport Beach, Calif., represented the buyer in the transaction.

November 7, 2019

Newer Posts

Older Posts