Western

Riverway-Assisted-Living-Memory-Care-South-Jordan-UT

Lancaster Pollard Arranges $7.5M Refinancing for Assisted Living Community in Utah

by Amy Works November 7, 2019

SOUTH JORDAN, UTAH — Lancaster Pollard Mortgage Company has arranged a $7.5 million refinancing for Riverway Assisted Living and Memory Care in South Jordan, approximately 15 miles south of downtown Salt Lake City. The borrowers are Giza Development and SAL Management Group. The financing represents a long-term financing solution through Fannie Mae, as well as some cash out. The deal is Giza’s second with Lancaster Pollard in 2019. Ross Holland and Rodger Davis led the transaction for Lancaster Pollard.

November 7, 2019

California Features Retail Western

Ten-X Commercial: E-Commerce, Store Closures and the Impact on the Retail Real Estate Sector

by John Nelson November 7, 2019

IRVINE, CALIF. — Ten-X Commercial, the online commercial real estate platform formerly known as Auction.com, reports that the U.S. retail market is “largely suffering” in the face of rising e-commerce and massive store closures. In its latest Retail Market Outlook report, Ten-X expects the retail sector to show little to no improvement in the immediate future. By fourth-quarter 2022, the Irvine-based company forecasts that the effective rental rate per square foot for the national retail sector to increase by only 1 percent and the vacancy rate to increase by 10 basis points. Due to store closures, Ten-X reports that retail space absorption has been poor and developers have scaled back construction of new retail spaces as a result. According to Coresight Research, more than 8,560 store closures have already been announced year-to-date in 2019, a steep increase from the 5,524 in 2018. These include by brands such as GNC, Walgreens, Bed Bath & Beyond, Kitchen Collection, Forever 21, Avenue, Dress Barn, Charming Charlie and LifeWay Christian Stores. In their announcements, most brands detail that their profits were sunk due to competition from e-commerce companies. Ten-X reports that e-commerce has doubled its total share of retail sales over the past decade …

November 7, 2019

Interchange-Industrial-Change-North-Las-Vegas-NV

Development Industrial Nevada Western

CapRock Starts Construction of 683,000 SF Industrial Complex in North Las Vegas

by Amy Works November 6, 2019

NORTH LAS VEGAS — CapRock Partners has broken ground on Interchange Industrial Center, a Class A industrial complex in North Las Vegas. The site, acquired from a private investor in 2019, is a 33-acre parcel located at the intersection of interstates 15 and 215. Interchange Industrial Center will consist of two industrial buildings, including a 509,000-square-foot, cross-dock warehouse designed for a Fortune 1000-caliber tenant and a 173,000-square-foot warehouse that can accommodate a single tenant or up to four tenants. The properties will also feature 32- to 36-foot clear building heights, ESFR sprinklers, 115 trailer parking stalls and 100 percent concrete 185-foot secured truck courts. Construction is slated for completion by late summer 2020. Interchange Industrial Center is CapRock’s first ground-up development outside of California.

November 6, 2019

Colorado Development Hospitality Western

Stonebridge Cos. Opens 382-Room Dual-Branded Hilton Hotel in Downtown Denver

by Amy Works November 6, 2019

DENVER — Denver-based Stonebridge Cos., as owner and manager, has opened a 22-story, dual-branded hotel in downtown Denver. Located at 801 15th St., the 382-room asset features the 176-key Tru by Hilton Denver Downtown Convention Center and the 206-suite Home2 Suites by Hilton Denver Downtown Convention Center. Property amenities include 3,300 square feet of flexible meeting space with views of the Rocky Mountains, the street-level Tempo Bar, a shared lobby, grab-and-go market, complimentary breakfast bar, fitness center, guest laundry, valet parking and a five-story garage. The dual-branded hotel marks Stonebridge’s 23rd metro Denver property within its portfolio.

November 6, 2019

Development Industrial Nevada Western

Panattoni Development Breaks Ground on Two Buildings at South15 Airport Center in Nevada

by Amy Works November 6, 2019

HENDERSON, NEV. — Panattoni Development has started construction of Building C and D at South15 Airport Center, an office and industrial park located on Bowes Avenue in Henderson. Delivery is slated for early 2020. Building C will be a 183,560-square-foot, cross-dock industrial facility and Building D will be an 83,000-square-foot single-load distribution building. The 153-acre South15 Airport Center also includes a 310,000-square-foot FedEx Ground facility and a 482,300-square-foot distribution building leased to Smith’s Food & Drug. South15 Airport Center is owned by PDCUSIF South 15, a joint venture between Panattoni Development and Hillwood. Alston Construction is serving as general contractor and Tectonics Design Group is serving as architect for the project.

November 6, 2019

Acquisitions Arizona Multifamily Western

CW Capital Sells 192-Unit Value-Add Apartment Complex in Arizona for $13.9M

by Amy Works November 6, 2019

SIERRA VISTA, ARIZ. — CW Capital Commercial Real Estate Services has completed the disposition of Montego Bay Apartments, a value-add multifamily property located at 409 S. Lenzner Ave. in Sierra Vista. DLP Capital Partners acquired the asset for $13.9 million. Constructed in 1997, Montego Bay Apartments consists of 12 two-story apartment buildings, offering a total of 134,288 rentable square feet. Situated on nine acres, the property features 192 apartments and was 99 percent occupied at the time of sale. Karl Albert and Darren Tappen of Kidder Mathews represented the seller in the deal.

November 6, 2019

Acquisitions Arizona Multifamily Western

Marcus & Millichap Arranges $4.1M Sale of Youngtown House Apartments in Suburban Phoenix

by Amy Works November 6, 2019

YOUNGTOWN, ARIZ. — Marcus & Millichap has negotiated the sale of Youngtown House Apartments, a multifamily property located at 11141 W. Arizona Ave. in Youngtown, a city 20 miles northwest of Phoenix. An undisclosed buyer acquired the community for $4.1 million, or $64,063 per unit. Built in 1970, Youngtown House Apartments features 64 units and is close to a variety of retailers, including Fry’s Food and Drug, Taco Bell, Subway, Starbucks Coffee and QuikTrip. Rich Butler and Sean Connolly of Marcus & Millichap represented the buyer and undisclosed seller in the deal.

November 6, 2019

Acquisitions Colorado Multifamily Western

Gelt Sells 400-Unit Westhills Apartment Homes Near Denver for $92M

by Amy Works November 5, 2019

LAKEWOOD, COLO. — Los Angeles-based Gelt Inc. has completed the sale of Westhills Apartment Homes, a multifamily property located at 453 Van Gordon St. in Lakewood, a submarket of Denver. An undisclosed buyer acquired the community for $92 million. Built in 1972 and situated on 16.2 acres, the 27-building property features 400 units in a mix of two studios, 108 one-bedroom layouts and 290 two-bedroom units. Community amenities include two outdoor swimming pools, a fitness center, basketball court, dog park, playground and a clubhouse with kitchen and lounge area featuring WiFi. The garden-style community is within walking distance to the Federal Center Light Rail Station, which allows a convenient commute to downtown Denver.

November 5, 2019

Acquisitions Multifamily Nevada Western

ConAm Group Acquires 292-Unit Multifamily Complex in Metro Las Vegas for $54.5M

by Amy Works November 5, 2019

HENDERSON, NEV. — San Diego-based The ConAm Group has purchased South Valley Ranch, a 292-unit apartment community situated on 17.4 acres at 701 Aspen Peak Loop in Henderson. An undisclosed seller sold the asset for $54.5 million. Built in 1997, South Valley Ranch features 37 two-story buildings offering a total of 104 one-bedroom units, 164 two-bedroom units and 24 three-bedroom units, each with its own patio or balcony. Community amenities include a swimming pool, fitness center, business center, playground, barbecue area, carports and garages.

November 5, 2019

Acquisitions Arizona Multifamily Western

CBRE Arranges $46M Sale of FIVE46 Apartments Near Phoenix

by Amy Works November 5, 2019

MESA, ARIZ. — CBRE has brokered the sale of FIVE46, a multifamily community located at 546 S. Country Club Road in Mesa. S2 Capital acquired the property from a joint venture between Security Properties and funds managed by Oaktree Capital Management for $46 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the sellers. Rocco Mandala of CBRE Debt & Structured Finance arranged acquisition financing for the buyer. FIVE46 features 320 apartments, two swimming pools, a resident clubhouse, 24-hour fitness center, lighted dog park, soccer field, children’s playground and picnic areas with barbecue grills.

November 5, 2019

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