Western

C&A, Commonwealth Group Sell 288-Unit Multifamily Community Near Denver for $72M

by Amy Works August 13, 2019

BRIGHTON, COLO. — A partnership between Littleton, Colo.-based C&A Cos. and Delaware-based Commonwealth Group has completed the disposition of Elements at Prairie Center, an apartment community in Brighton, a northeast suburb of Denver. Akron, Ohio-based Summit Management acquired the property for $72 million. Developed in 2018 by C&A Cos. and Commonwealth Group, Elements at Prairie Center is the second apartment community the partnership has developed in the Brighton area that are fully powered by geothermal energy. Situated on 15 acres, the property features 264,579 rentable square feet spread across 288 one-, two- and three-bedroom units. Community amenities include a resort-style outdoor swimming pool, off-leash dog park and fitness center. Dan Woodward, David Potarf and Matthew Barnett of CBRE represented the sellers in the deal. Brady O’Donnell, Jeff Halsey and Jill Haug of CBRE Capital Markets Debt & Structured Finance arranged acquisition financing for the buyer.

August 13, 2019

Acquisitions California Industrial Western

Stos Partners, Long Wharf Capital Buy Two Industrial Assets in Southern California for $13.9M

by Amy Works August 13, 2019

CARLSBAD AND MIRAMAR, CALIF. — A joint venture between Stos Partners and Boston-based Long Wharf Capital has purchased two industrial assets in Southern California for a total consideration of $13.9 million. In the first transaction, the joint venture acquired a 70,224-square-foot property, located at 6212 Corte Del Abeto in Carlsbad, from a private seller for $9.7 million in an off-market transaction. The building is fully occupied by a go-kart racing tenant. The asset features a mix of office and warehouse space, as well as grade- and dock-high loading positions. Rusty Williams and Chris Roth of Lee & Associates, along with Tres Reid of CBRE, represented the buyers in the transaction. In the second deal, the partnership purchased a vacant 27,510-square-foot industrial building, located at 8330 Arjons Drive in Miramar, from a private investor for $4.2 million. The new owners plan to upgrade the property with a new roof, new façade, parking lot improvements, updated landscape plan and interior renovations. Jason Smithson of NAI represented the seller in the transaction.

August 13, 2019

Acquisitions Colorado Office Western

NKF Negotiates $9.9M Sale of View 57 Office Building in Boulder, Colorado

by Amy Works August 13, 2019

BOULDER, COLO. — Newmark Knight Frank (NKF) has arranged the sale of View 57, an office building located at 1855 S. 57th Court in Boulder. McGarvey’s Shoal LLC acquired the property from 57th Element, an investment partnership led by Boulder-based Element Properties, for $9.9 million. John Jugl of NKF represented the seller in the deal. Originally built as a R&D lab facility, the 30,464-square-foot property was redesigned into a boutique creative office project that includes newly renovated lobby, an overhaul of the exterior, 11-foot to 12-foot exposed ceilings, updated HVAC systems and the addition of windows, showers and lockers on both floors.

August 13, 2019

Acquisitions Colorado Multifamily New York Northeast Top Stories Western

UDR, MetLife to Swap Stakes in Joint Venture Multifamily Portfolio Valued at $1.8B

by John Nelson August 13, 2019

DENVER AND NEW YORK CITY — UDR Inc. (NYSE: UDR), a multifamily REIT based in Denver, has struck an agreement with its joint venture partner MetLife Investment Management to swap their interests in a national multifamily portfolio in a deal valued at nearly $1.8 billion. As part of the agreement, UDR will buy out MetLife’s stake in 10 apartment communities, one property under construction and four development land sites that are collectively valued at $1.1 billion. The 10 properties total 3,321 units and include Strata in San Diego; Crescent Falls Church in Falls Church, Va.; Charles River Landing, Lodge at Ames Pond and Lenox Farms in metro Boston; Towson Promenade in Towson, Md.; and the 1,513-unit, four-property Vitruvian Park campus in Addison, Texas. The assets have an average age of eight years and 95.7 percent occupancy at the time of this announcement. “The acquired communities are primarily located in markets targeted for expansion, are immediately accretive to our earnings, have operational upside and improve the diversification of our portfolio,” says Tom Toomey, chairman and CEO of UDR. Also as part of the agreement, MetLife Investment Management will purchase UDR’s stake in five apartment communities valued at a combined $645 million. …

August 13, 2019

Arizona Development Multifamily Seniors Housing Western

Life Care Services Underway with $100M Second Phase at Sagewood CCRC in Phoenix

by Amy Works August 12, 2019

PHOENIX — Life Care Services is developing the $100 million second phase at Sagewood in Phoenix. Westminster Capital is the joint venture development partner of the property, which opened in 2010 and currently has 316 units. Situated on 3.5 acres, the 220,000-square-foot second phase will include 101 independent living apartments. Phase II will feature one- and two-bedroom apartment homes; an 18-hole championship golf putting course; new dining facilities, including The Owl’s Nest restaurant and lounge; expansion of the existing Canyon Café; and an expansion of the current Palo Verde Dining Room, which will become an entirely new, separate venue. Additionally, the second phase will include card rooms and new administrative offices. The new phase will offer 13 different apartment home floor plans, ranging from one-bedroom units to two-bedroom plus den layouts. The units will measure between 873 square feet and 2,351 square feet. All residences will also include patios or balconies offering scenic views. Todd & Associates is serving as architect and The Weitz Co. is building the project. Phase II will be the largest addition to Sagewood since opening in 2010. The new phase is slated for completion in late 2020. Sagewood features a fitness center, movie theaters, indoor …

August 12, 2019

Acquisitions California Office Western

Drawbridge Realty Buys 390,600 SF Pacific Center Office Campus in Orange County for $97.5M

by Amy Works August 12, 2019

SANTA ANA, CALIF. — San Francisco-based Drawbridge Realty has purchased Pacific Center, a two-building corporate office campus in Santa Ana, for $97.5 million. The seller was a joint venture between Los Angeles-based PCCP and Costa Mesa, Calif.-based Brookhollow. Located at 1600-1610 E. Saint Andrew Place, Pacific Center features 390,600 square feet of office space and was renovated in 2017. With Drawbridge’s previous acquisition of 1700 E. Saint Andrew Place, the company now owns more than 37 acres of contiguous land and improvements along East Saint Andrew Place. Kevin Shannon, Paul Jones, Brunson Howard, Blake Bokosky and Brandon White of Newmark Knight Frank represented the seller in the transaction.

August 12, 2019

Acquisitions California Multifamily Seniors Housing Western

1031 Crowdfunding Acquires 100-Bed Assisted Living, Memory Care Facility in Southern California for $20.1M

by Amy Works August 12, 2019

RANCHO CUCAMONGA, Calif. — 1031 CF Properties, an affiliate of 1031 Crowdfunding, has purchased an assisted living and memory care facility located in Rancho Cucamonga for $20.1 million. Meridian Senior Living operates the 100-bed property. Additional terms of the transaction were not released.

August 12, 2019

Acquisitions California Mixed-Use Office Retail Western

Newmark Knight Frank Arranges $18M Sale of Mixed-Use Building in Hermosa Beach, California

by Amy Works August 12, 2019

HERMOSA BEACH, CALIF. — Newmark Knight Frank (NKF) has negotiated the sale of The Bijou Building, a three-story mixed-use building located in downtown Hermosa Beach. Federal Realty Investment Trust sold the property to 1221 Hermosa Ave LLC for $18 million. Located at 1221 Hermosa Ave., The Bijou Building was originally developed in 1923 as the Metropolitan Theater and later converted to office and retail space. At the time of sale, the 23,172-square-foot building was 94 percent occupied by a variety of tenants, including Chase Bank, Beach City Capital, Steel Partners and Bar Method. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Sean Fulp, Ryan Plummer and Brad Feld of NKF’s Capital Markets and Private Capital Investment Sales teams represented the seller, while David Ghermezian, Amir Araghi and Jonathan Dadourian, also of NKF, represented the buyer in the deal. Additionally, David Milestone and Brett Green of NKF’s Debt and Structured Finance group secured acquisition financing for the buyer.

August 12, 2019

Acquisitions Arizona Multifamily Western

Marcus & Milichap Negotiates $10.6M Sale of Verde Vista Apartment Complex in Phoenix

by Amy Works August 12, 2019

PHOENIX — Marcus & Millichap has arranged the sale of Verde Vista, a multifamily property located at 3030 N. 35th Ave. in Phoenix. An out-of-state 1031 exchange investor purchased the asset from an out-of-state limited liability company for $10.6 million, or $58,564 per unit. Built in 1978 and renovated in 2012, Verde Vista features 181 apartments in a mix of studio, one- and two-bedroom layouts, two swimming pools, a children’s playground and covered parking. Rich Butler and Reza Ghaffari of Marcus & Millichap represented the seller in the deal.

August 12, 2019

Industrial Market Reports Washington Western Western Market Reports

Seattle’s Demographics, Economy Make It Attractive to Industrial Users

by Taylor Williams August 10, 2019

Seattle has always been a strong industrial market, known for its busy ports and, more recently, its position as one of the most successful tech hubs outside of Silicon Valley. As the global economy continues to shift toward the Internet of things (IoT), Seattle industrial space is catapulting into a new category of demand. That growth is spurred on by companies like Microsoft, Amazon and Google, which continue to expand their footprints here and generate a growing inflow of technology, population and industrial requirements. The ports of Seattle and Tacoma were ranked among the busiest in the nation at the end of 2018. They collectively processed nearly 3 million TEUs (or 20-foot equivalent shipping container unit) in volume. Year-over-year, Seattle’s TEU has also grown by 27.5 percent, one of the fastest growth rates of all U.S ports. This activity has kept the Puget Sound industrial vacancy rate at 4.9 percent as of the second quarter of 2019. Industrial inventory in close-in areas of South Seattle like the Georgetown submarket has tightened to an even lower 1 percent vacancy rate. Rents, meanwhile, have increased north of $1.20 per square foot as more and more buildings are converted to creative office and …

August 10, 2019

Newer Posts

Older Posts