Western

Public-Private Partnership Starts Construction of 374-Bed Residence Hall at Arizona State University Polytechnic

by Amy Works November 22, 2019

MESA, ARIZ. — Construction is underway on a 374-bed mixed-use community on the Arizona State University Polytechnic campus in Mesa. A public-private partnership between the university, Capstone Development Partners and equity partner Harrison Street is developing the $34.2 million community. The development will offer private- and shared-bedroom suites. Shared amenities include a main floor lounge and common kitchen; study space and lounges on each floor; and 8,500 square feet of academic space including classrooms, offices, conference areas and meeting areas. The project is scheduled for completion in fall 2020. Shepley Bulfinch is the designer, while CORE Construction is the general contractor for the development.

November 22, 2019

Affordable Housing Colorado Development Loans Multifamily Western

Bellwether Enterprise Closes $20.6M Fannie Mae Loan for Affordable Housing Project in Colorado

by Amy Works November 22, 2019

GYPSUM, COLO. — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has closed a $20.6 Fannie Mae loan. The funds will be used for Phase I of Spring Creek Apartments, an affordable multifamily development in Gypsum, 25 miles west of Vail, Colo. Located at 750 Sunny Ave., the first phase of Spring Creek Apartments will include 150 garden-style apartments in a mix of one-, two- and three-bedroom layouts available to residents making between 30 percent and 60 percent of the area median income. Construction is currently underway with completed slated for summer 2020. Once fully developed, Spring Creek Apartments will offer 461 apartments, townhomes, duplexes and single-family homes, as well as a clubhouse and park facility including a leasing office, community room, business center and fitness center. Additionally, the complex will feature community gardens and walking trails to connect residents to the Eagle County, Colo., multi-use trail system. Anthea Martin of Bellwether Enterprise’s Denver office arranged the 24-month forward period followed by a 15-year Fannie Mae M.TEB loan on behalf of co-developers Gerry Flynn and Jeff Spanel. A fixed rate of 3.3 percent was secured for the transaction. Additional funding for Spring …

November 22, 2019

Acquisitions Industrial Washington Western

Gensco Acquires 110,000 SF Industrial Building in Washington for $16.5M

by Amy Works November 22, 2019

EVERETT, WASH. — Gensco, a wholesale distributor and manufacturer of HVAC equipment and supplies, has purchased an industrial facility located in Everett. Galt, a private investment group, sold the property for $16.5 million, or just under $150 per square foot, an in off-market transaction. Built in 1976 on five acres, the building features 110,000 square feet of industrial space. The standalone facility is located at 710 132nd St. The property was formerly known as The McKesson Building. Matt Hagen and Matt Henn of Kidder Mathews represented the seller, while Laura Fox, Jason Bloom and Todd Gauthier, also of Kidder Mathews, represented the buyer in the deal.

November 22, 2019

California Loans Retail Western

CBRE Arranges $9M Loan to Refinance Jurupa Valley Spectrum Retail Asset in Inland Empire

by Amy Works November 22, 2019

JURUPA VALLEY, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $9 million loan for Kite Family Limited Partnership. The funds will be used to refinance debt on Jurupa Valley Spectrum, a retail asset in Jurupa Valley. Located at 8022-8082 Limonite Ave., the 124,949-square-foot retail center was 98 percent leased at the time of financing. Jurupa 14 Cinemas occupies approximately 48 percent of the property. Other tenants include Walgreens, Starbucks Coffee and the United States Postal Service. Shaun Moothart, Bruce Francis, Bob Ybarra, Dana Summers, Doug Birrell and Jennifer Ansari of CBRE secured the financing, which was used to retire existing debt on the property, improve the borrower’s terms and enhance the cash flow generated from the investment. The loan’s structure also provides for future funding to build out additional improvements at the property.

November 22, 2019

Loans Multifamily Utah Western

Hunt Real Estate Provides $5.2M in Refinancing for Lakeview Court Apartments in Provo, Utah

by Amy Works November 22, 2019

PROVO, UTAH — Hunt Real Estate Capital has provided a Fannie Mae DUS conventional loan in the amount of $5.2 million to refinance Lakeview Court Apartments, a multifamily property in Provo. The borrower is Geneva Road 44 LLC. The loan features a 12-year term, 30-year amortization and 24 months of interest-only payments. Situated on a two-acre site, Lakeview Court Apartments is a 44-unit, garden-style apartment complex comprising three three-story apartment buildings. Developed in 2015, the asset has 42,988 square feet of rentable space and 88 parking spots. At the time of sale, the property was 97 percent occupied.

November 22, 2019

California Market Reports Retail Western Western Market Reports

Orange County Tenants, Landlords Embrace the New Retail Norm

by Taylor Williams November 22, 2019

Despite the headwinds facing retail real estate, including the continued rise of ecommerce, the Orange County retail market remains resilient. Statistics are favorable. Vacancy is low at 3.7 percent and average market rent is $32.29 per square foot, up 1.15 percent from last year. Cap rates remain nearly 200 basis points below the national average, signaling buyer sentiment that OC retail is a relatively safe haven. Ground-up development is slow and selective, shoring up demand and keeping rates up for the foreseeable future. The interesting thing is that the market trends are pervasive. Let’s identify a few. Drive-thru restaurants are on fire. Tenants like Chick Fil-A, Raising Cane’s, Starbucks, In-N-Out, Panera and others are performing much higher in SoCal as compared to the rest of the country. Good sites are commanding competition, driving ground rents and drive-thru build-to-suit rents higher each of the past three years. Fitness, grocery, discount and entertainment uses are the most active players in the box category. It’s amazing to think the 1.5 million square feet of big boxes that were dumped on the market in 2017 and 2018 are now mostly accounted for thanks to these new users. EOS Fitness, Planet Fitness, ALDI, Burlington, At …

November 22, 2019

Acquisitions Multifamily Washington Western

Vulcan Real Estate Sells 209-Unit Augusta Apartments in Seattle for $98.1M

by Amy Works November 21, 2019

SEATTLE — Vulcan Real Estate has completed the disposition of Augusta Apartments, a multifamily property located at 4041 Roosevelt Way NE in Seattle. A joint venture between Security Properties and STARS REI acquired the asset for $98.1 million. Completed in 2017, the seven-story Augusta Apartments features 209 rental units and 3,470 square feet of ground-floor retail space. Community amenities include a roof deck and courtyard, community lounges, a guest suite, study area, fitness center, dog grooming room and a sports court. Runberg Architecture Group designed the LEED Platinum-certified property, which Exxel Pacific constructed. Additionally, the asset is located within walking distance of the University of Washington campus, Burke Gilman Trail and the new University District light rail station, which is slated to open in 2021. David Young and Corey Marx of JLL Capital Markets represented the seller, while Charles Halladay and Scott Gilson of JLL Capital Markets arranged acquisition financing for the buyers.

November 21, 2019

Acquisitions Multifamily Nevada Western

Compass Acquisition Partners Buys 488-Unit Sandpiper Apartments in Las Vegas for $66M

by Amy Works November 21, 2019

LAS VEGAS — Los Angeles-based Compass Acquisition Partners, a private real estate investment company, has purchased Sandpiper Apartments, a multifamily property at 4650 W. Oakey Blvd. in Las Vegas. Apple Management sold the property for $66 million in an off-market transaction. Situated on 20 acres, the property features 61 two-story buildings offering a total of 488 apartments in a mix of one- and two-bedroom units, with an average unit size of 950 square feet. Built in 1988, Sandpiper Apartments offers three resort-style pools, tennis courts, a clubhouse and fitness center. Compass plans to invest approximately $7.5 million in an extensive program of capital improvements, including completion of the unit renovations, as well as common area and exterior renovations. The buyer plans to upgrade the clubhouse and fitness center, refresh the pool areas, paint and implement new signage. Additionally, Compass plans to add dog parks, a multi-sport court and an outdoor community space with barbecues, outdoor kitchen and seating.

November 21, 2019

Acquisitions California Office Western

Providence Capital Group Divests of Rincon Corporate Plaza in Inland Empire for $11.8M

by Amy Works November 21, 2019

CORONA, CALIF. — San Diego-based Providence Capital Group has completed the sale of Rincon Corporate Plaza, an office building located at 355 E. Rincon St. in Corona. ZHOPE LLC acquired the asset for $11.8 million, or $200 per square foot. At the time of sale, the 58,850-square-foot property was 100 percent leased to 17 tenants, including Lennar Homes, Wells Fargo and Verizon. Anthony DeLorenzo, Gary Stache, Doug Mack, Sammy Cemo and Bryan Johnson of CBRE represented the seller. Shaun Moothart and Jenifer Ansari, also of CBRE, arranged financing for the Corona-based buyer in the transaction.

November 21, 2019

Acquisitions Multifamily Washington Western

IPA Arranges Sale of 129-Unit Orion Apartment Community in Seattle’s South Lake Union

by Amy Works November 21, 2019

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Orion, an apartment asset located in the South Lake Union neighborhood of Seattle. Vulcan Real Estate sold the property to Belkorp Holdings for an undisclosed price. Completed this year, Orion features 129 apartments and more than 6,000 square feet of street-level retail space. The property is located on the same block as the new Amazon Unicorn building and within blocks of Facebook, Google and Apple. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of IPA represented the seller and procured the buyer in the deal.

November 21, 2019

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