Western

CBRE Brokers $45.2M Sale of Avia 266 Apartments in Metro Phoenix

by Amy Works October 24, 2019

MESA, ARIZ. — CBRE has brokered the sale of Avia 266, a multifamily property located at 2354 W. University Drive in Mesa. Seattle-based Thayer Manca Residential sold the property to Beverly Hills, Calif.-based Geringer Capital for $45.2 million. Avia 266 features two swimming pools, a 24-hour fitness facility, resident clubhouse, an outdoor gaming space with a bocce ball court, parcel pending locker for resident packages and a dog park. The property features 266 one- and two-bedroom units with well-appointed kitchens, walk-in closets, full-size washers/dryers and private patios or balconies. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

October 24, 2019

Development Loans Multifamily Utah Western

KeyBank Secures $23.5M for 177-Unit Arcadia Apartments Development in Utah

by Amy Works October 24, 2019

SANDY, UTAH — KeyBank Community Development Lending and Investment (CDLI) has arranged $23.5 million of construction and permanent financing for Arcadia Apartments II, a 177-unit affordable multifamily project in Sandy. The borrower is Salt Lake City-based Wasatch Residential Group, a real estate development, construction, finance and asset management company. Arcadia Apartments II will feature 52 one-bedroom units, 82 two-bedroom apartments and 43 three-bedroom units. The property will be limited to residents making 60 percent or less of the area median income. The asset is adjacent to Arcadia Apartments I and will share access to amenities including a pool, hot tub and fitness center. The project was awarded a 4 percent Low-Income Housing Tax Credit (LIHTC), and Enterprise Community Partners, the equity investor, is providing $15.6 million in LIHTC equity. Additionally, the property was awarded private activity bonds, which were purchased by KeyBank as a private placement. Sarah Geis of KeyBank’s CDLI team arranged the financing.

October 24, 2019

Nexus-Canyon-Park-Research-Center-Bothell-WA

Life Sciences Loans Office Washington Western

JLL Arranges $19.9M Refinancing for Suburban Seattle Biotech/R&D Facility

by Amy Works October 24, 2019

BOTHELL, WASH. — JLL has secured $19.9 million in refinancing for Nexus Canyon Park Research Center, a life science, flex and R&D property in Bothell, a suburb of Seattle. The borrower is San Diego-based Nexus Properties. Located at 21720 23rd Drive SE, the two-story Nexus Canyon Park Research Center features 152,050 square feet of space. Constructed in 1999, the facility recently underwent a partial conversion into flex industrial space. Current tenants include Epoch Pharmaceuticals, Sony Biotechnology, Sound Biologics and Shimadzu Scientific. Tim Wright, Zack Holderman, Zack Goodwin and Anthony Rosetta of JLL arranged the loan for a national lender on behalf of the borrower.

October 24, 2019

Affordable Housing California Development Multifamily Top Stories Western

Facebook Commits $1B, Partners with State of California to Build 20,000 Affordable Housing Units

by Alex Tostado October 24, 2019

MENLO PARK, CALIF. — Facebook (NASDAQ: FB) has committed $1 billion and will partner with the State of California to build 20,000 affordable workforce- and low-income housing units over the next 10 years. Many of the units will serve first responders and teachers who can’t afford to live in the communities they serve, according to a press release from Facebook. According to David Wehner, CEO of Facebook, a family of four making $100,000 in San Francisco is considered low income. “The issue of affordable housing affects people across middle-class and low-income families alike,” says Wehner. Facebook will invest $1 billion over the next 10 years as follows: $250 million to a partnership with the State of California for mixed-income housing on excess state-owned land in communities where housing is scarce. $150 million for production of affordable housing, including housing for the homeless, in the San Francisco Bay Area. Facebook will contribute to the Bay’s Future Fund, the affordable housing investment fund of Partnership for the Bay’s Future, to work toward a more livable, equitable and racially and economically diverse Bay Area. $225 million in land in Menlo Park. This is land Facebook previously purchased, that is now zoned for housing, on which …

October 24, 2019

Acquisitions California Industrial Western

Cushman & Wakefield Brokers Sale of 337,125 SF Industrial Project in Los Angeles County for $76.8M

by Amy Works October 23, 2019

LA MIRADA, CALIF. — Cushman & Wakefield has arranged the sale of an industrial infill project located at 14001-14051 Rosecrans Ave. in La Mirada. Clarion Partners, on behalf of a separate account client, acquired the property from Bailard Inc. for $76.8 million, or $228 per square foot. Spanning 14.4 acres, the two-building, 337,125-square-foot project features 30-foot clear heights, an ESFR fire sprinkler system, large truck courts and street frontage along Rosecrans Avenue. Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez and Brad Brandenburg of Cushman & Wakefield’s Irvine, Calif., office represented the seller in the deal.

October 23, 2019

Acquisitions New Mexico Retail Western

Phillips Edison Sells 74,393 SF Juan Tabo Plaza in Albuquerque

by Amy Works October 23, 2019

ALBUQUERQUE — Phillips Edison & Co. has completed the sale of Juan Tabo Plaza, an institutional-quality shopping center located at 11000 Montgomery Road NE in Albuquerque. Samco Properties purchased the asset for an undisclosed price free and clear of existing debt. Anchored by Walmart Neighborhood Market, Juan Tabo Plaza features 74,393 square feet of institutional-quality retail space in a mix of grocery, hair salon, restaurants, tax preparation and health tenants. The property has been institutionally owned and maintained since the seller acquired the asset in 2014. Chris Gerard, Ryan Shore, Aaron Johnson and Wesley Gilmer of JLL Capital Markets represented the seller in the deal.

October 23, 2019

Acquisitions California Healthcare Office Western

Meridian Buys Office Building in Orange County for $20.3M, Plans Medical Office Conversion

by Amy Works October 23, 2019

SANTA ANA, CALIF. — San Ramon, Calif.-based Meridian has acquired a two-story office building, located at 3601 W. Sunflower Ave. in Santa Ana, for $20.3 million. The buyer plans to invest an additional $5 million in building improvements to convert the building into a medical office space. Situated on 4.8 acres, the 53,500-square-foot property was originally constructed in 2000 as a special-use building for a culinary and arts school. The school went bankrupt earlier this year, and the building was vacant at the time of sale. During escrow, Meridian secured its first tenant, a large healthcare provider, for roughly half of the building on a long-term lease. The buyer will market the second-floor space, approximately 26,000 square feet, to medical office tenants. Jon Sweeney of Long Beach, Calif.-based CXI Realty and George Thomson of Newmark Knight Frank’s Irvine, Calif., office represented the seller, a local private investor, in the transaction. John Scruggs and Justin Hodgdon of Newmark Knight Frank’s Irvine office represented the buyer. Scruggs and Thomson will manage the continued leasing of the building.

October 23, 2019

Arizona Development Multifamily Seniors Housing Western

LivGenerations, Ryan Cos. Start Construction of 181-Unit Seniors Housing Community in Arizona

by Amy Works October 23, 2019

SCOTTSDALE, ARIZ. — Liv Communities and Ryan Cos. US Inc. have started construction of LivGenerations Mayo Blvd., a luxury senior living community approximately 1.5 miles from the Mayo Clinic hospital campus in Scottsdale. Upon completion, the 285,212-square-foot seniors housing property will offer 181 units of independent living, assisted living and memory care. Todd & Associates is the architect of record and interiors were designed by Thoma-Holec Design. Ryan Cos. is leading construction, with a planned completion of third-quarter 2021. Liv Communities will be the community’s operator. Ryan Companies and Liv Communities celebrated the grand opening of LivGenerations Pinnacle Peak in March 2019, which is now 80 percent occupied. That project is also located in Scottsdale.

October 23, 2019

Acquisitions California Industrial Western

CenterPoint Properties Acquires 202,522 SF Industrial Facility in Orange County

by Amy Works October 23, 2019

SANTA ANA, CALIF. — CenterPoint Properties has purchased an industrial asset situated on 10.5 acres at 3201 S. Susan St. in Santa Ana for an undisclosed price. This is the company’s second acquisition over 200,000 square feet in Orange County this year. The acquisition price was not released. The 202,522-square-foot property features 24-foot clear heights, drive-around access, several points of entry and 195-foot deep truck courts. The transaction includes a lease-back with The Dixie Group, a carpet and flooring manufacturer. Adam English, Adam Baxter and Jonathan Wolfe of STREAM Capital Partners represented the undisclosed seller in the sale.

October 23, 2019

California Development Multifamily Student Housing Western

ACC, UC Irvine Open 1,441-Bed Plaza Verde Residential Tower

by Amy Works October 22, 2019

IRVINE, CALIF. — A public-private partnership between American Campus Communities (ACC) and the University of California – Irvine has opened Plaza Verde, a 1,441-bed, on-campus residential tower. The community offers fully furnished units and shared amenities including state-of-the-art fitness centers, multi-purpose rooms, outdoor pavilions, an academic success center and group and private study spaces. The community is seeking LEED Platinum status, and features an all-electric system that eliminates the need for natural gas. “In addition to being a healthy and dynamic student community, Plaza Verde is the greenest large-scale student community that has been developed,” says Bill Bayless, CEO of ACC. “We have gone to extensive lengths to ensure sustainability and student-focused design are at the forefront, from initially designing and testing systems for an efficient and comfortable community, then arranging a sizable offset for energy that will actually be achieved.”

October 22, 2019

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