DENVER — Investcorp International Inc. and Schnitzer West LLC have completed the disposition of Centerpoint Office Center I and II, two office towers in Denver situated on 3.6 acres at the intersection of Colorado Boulevard and Interstate 25. TerraCap Management LLC acquired the assets for a combined $77.5 million. The 14-story Centerpoint I offers 168,486 square feet of office space, and the 16-story Centerpoint II features 205,534 square feet of office space. The sellers originally purchased the adjacent Class A towers in 2016. Jenny Knowlton, Tim Richey, Mike Winn, Charley Will and Chad Flynn of CBRE brokered the transaction. Bank of America provided debt financing for TerraCap.
DALY CITY, CALIF. — Greystone has provided a $44 million loan for the acquisition of a 207-unit seniors housing property in Daly City, just south of San Francisco. Cary Tremper of Greystone originated the Freddie Mac loan. Senior Resource Group and its partners acquired the asset, formerly known as Monarch Village, now named Peninsula Del Rey. The four-story property was built between 2008 and 2011 and offers independent living and assisted living residences. Senior Resource Group has operated the community since 2012. The company develops, owns and/or manages 32 seniors housing communities in Arizona, California, Florida, Georgia, Oregon and Washington comprising 5,852 units. The seller was not disclosed.
POWAY, CALIF. — Pacific Coast Commercial has arranged the purchase of a retail property located at 12947 Poway Road in Poway. FRH Realty acquired the building for $2.5 million. Big O Tires occupies the 3,510-square-foot retail building, which is situated on 0.7 acres. Dave Dilday of Pacific Coast Commercial represented the buyer, while the seller was self-represented in the deal.
Denver’s industrial real estate market continues to fire on all cylinders with 37 consecutive quarters of positive net absorption, record amounts of new supply and record-low cap rates for investment properties. The region’s industrial product has benefitted greatly from a strong and diversified economy, significant population growth both locally and regionally and the continued trend by companies to modify their supply chain to accommodate same-day deliveries. Demand has come from existing businesses that have grown organically and are now serving a larger market and carrying increased inventories. It has also come from new companies that hadn’t previously had distribution centers here but now need to serve the Colorado Front Range and the Rocky Mountain region. A new phenomenon that impacted the market recently is increased demand by tenants and users seeking build-to-suits rather than leasing or purchasing speculative buildings. One reason has been affordability, as some new developers and their capital partners have accepted significantly lower yields on cost in order to “build into” the market, compared to existing local developers that have historically commanded higher yields for speculative product. An example of this was a project built by Becknell/UBS that contained a 541,000-square-foot, cross-dock building. Haier (GE) Appliances pre-leased …
THORNTON, COLO. — Los Angeles-based Gelt Inc. has purchased Timber Lodge, a multifamily property located in Thornton, approximately nine miles from downtown Denver. BMC sold the asset for $61 million. Situated on 12.6 acres at 1769 Coronado Parkway, Timber Lodge consists of 15 two-story buildings with basements. Built in 1972, the property features 390 apartments in a mix of 178 one-bedroom units and 202 two-bedroom units. On-site amenities include two swimming pools, a fitness center, business center, playground, barbecue area, soccer field, dog park and carports. Terrance Hunt, Shane Ozment, Amanda Meldrum and MacKenzie Walker of Newmark Knight Frank represented the seller in the deal.
ORANGE COUNTY, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community in Orange County for $95.5 million. The property features 214 units of independent living, assisted living and memory care. The specific name and location were not disclosed. JCH represented the seller, a national owner-operator. The buyer was a Chicago-based private equity firm highly involved in the seniors housing industry. According to JCH, the transaction benefitted from the seller’s willingness to retain operations, high barriers to market entry, 94 percent occupancy and a 53 percent operating margin. Nick Stahler, Mike Mooney and Jim Hazzard were lead advisors in the transaction.
NATIONAL CITY, CALIF. — Parkview Financial has funded a $28 million construction loan for the development of Paradise Senior Apartments, a 126-unit age-restricted multifamily property in National City. The borrower is a San Marcos, Calif.-based private developer. Located at 2238 Sixth St., the project will include 116 one-bedroom units averaging 568 square feet and 10 two-bedroom units averaging 1,137 square feet for residents age 55 or older. Units will feature stainless steel appliances, wood cabinets, washers/dryers, balcony or patio, plank flooring and other upgrades. The community will feature on-site management, a lounge area, rooftop deck, fitness center and 10,000 square feet of ground-floor commercial space. Additionally, the project will feature one underground level of parking, as well as parking on the ground level, totaling 147 spaces. Construction for the project is slated to begin later this year with completion expected by the second quarter of 2021.
DENVER — Irvine, Calif.-based Sperry Properties has completed the sale of Yosemite Office Plaza, an office property located at 3600 S. Yosemite St. in Denver. Miami-based SF Partners acquired the asset for $13.3 million. James Brady, Campbell Davis, Mike Winn, Jenny Knowlton and Tim Richey of CBRE represented the seller in the deal. CBRE’s John Marold, Mitch Bradley and Lindsay Gilbert are handling leasing for the property. Built in 1974 and renovated in 2018, the 10-story property features 126,436 rentable square feet on approximately 6 acres. The building also includes underground parking and surface parking, as well as a fitness facility and outdoor building terrace. At the time of sale, the property 97 percent occupied by 26 tenants.
ESCONDIDO, CALIF. — Lee & Associates – North San Diego County has arranged the sale of a retail asset located in Escondido. Malakooti & Kaikavoosnejad Revocable Trust sold the property to Goodwill Industries of San Diego for $6.1 million. Located at 315 W. Washington Ave., the building features 17,908 square feet of retail space. The property is situated on a 2.1-acre lot adjacent to City Hall and the California Center for the Arts. Michael Golden of Lee & Associates – North San Diego County represented the seller, while Bryan Cunningham of Flocke & Avoyer represented the buyer in the deal.
SAN DIEGO — Gemdale USA Corp., with Lincoln Property Co. (LPC), has acquired Aperture Del Mar, an infill development opportunity located in the Del Mar Heights submarket of San Diego. An institutional investor sold the property for $70 million. Situated on 15.7 acres, the site is fully entitled for a 640,000-rentable-square-foot office and life sciences project. According to LPC, the project team is currently working on development and design plans for the site. The property is located within a five-minute walk of more than 185,000 square feet of newly developed retail amenities. Kevin MacKenzie, Doug Bond, Nick Psyllos, Michael Leggett and John Chun of JLL’s Capital Markets represented the seller and buyer in the deal. Additionally, JLL’s Chad Urie, Tony Russell and Grant Schoneman will oversee leasing of the project.