Western

HFF Arranges Sale of Three Aegis Seniors Housing Communities on West Coast

by Amy Works January 22, 2019

BELLEVUE AND KIRKLAND, WASH., AND APTOS, CALIF. — HFF has arranged both the sale of and acquisition financing for three Class A seniors housing communities totaling 253 units on the West Coast. The sale structure essentially added a joint-venture partner, with Áegis Living as the seller and a venture between Blue Moon Capital Partners and Áegis affiliates as the buyer. The price was not disclosed. The portfolio offers a blend of assisted living and memory care units and has a combined average occupancy of nearly 95 percent. The two Seattle-area properties in the portfolio are Áegis of Bellevue in Bellevue, which consists of 68 assisted living and 18 memory care units, and Áegis Lodge of Kirkland in Kirkland, which consists of 70 assisted living and 17 memory care units. The Northern California property, Áegis of Aptos, is located in Aptos, an oceanside community approximately eight miles east of Santa Cruz and less than 40 miles south San Jose. The HFF investment advisory team representing the seller included David Fasano, Ryan Maconachy, Chad Lavender, Ross Sanders, Mark Wintner and Christopher Ross. HFF’s debt placement team representing the borrower was led by director Sarah Anderson.

January 22, 2019

Acquisitions California Multifamily Western

Levin Johnston Brokers $17.3M Sale of Lakewood Court Apartments in San Jose

by Amy Works January 22, 2019

SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of Lakewood Court Apartments, a multifamily property located at 1953 Via Reggio Court in downtown San Jose. Sridhar Equities acquired the property from a private family for $17.3 million. Built in 1988 and situated on 1.6 acres, Lakewood Court Apartments features 48 units in a mix of one- and two-bedroom layouts. The pet-friendly asset features garage parking and a community pool and spa. Adam Levin, Robert Johnston and Eymon Binesh of Levin Johnston of Marcus & Millichap represented the seller and buyer in the deal.

January 22, 2019

Colorado Development Hospitality Western

Stonebridge Cos. Developing Dual-Branded Hilton Hotel Project in Downtown Denver

by Amy Works January 22, 2019

DENVER — Stonebridge Cos. is developing a dual-branded Hilton property located at 801 15th St. in downtown Denver. The Denver-based company is serving as the owner, developer and operator for the 22-story project, which will feature 382 hotel rooms and suites. Within walking distance of the Colorado Convention Center, the 176-room Tru by Hilton Denver Downtown Convention Center and 206-suite Home2 Suites by Hilton property is slated to open in late 2019. Tru by Hilton will feature in-room entertainment; an open lobby with areas for guests to work, play games, eat and lounge; free Wi-Fi; and a 24/7 Eat & Sip market. The pet-friendly Home2 Suites will feature fully equipped kitchens and modular furniture in guest suites, complimentary internet, communal spaces, Spin2 Cycle, guest laundry, oversized fitness area and Home2 MKT for grab-and-go items. The development will also have a variety of shared amenities, including a fitness center, conference room, restaurant, bar, valet parking and a five-story, 74,500-square-foot parking garage with 153 stalls.

January 22, 2019

Acquisitions Affordable Housing California Development Multifamily Western

Affirmed Housing Group to Develop 78-Unit Affordable Housing Development in San Diego

by Amy Works January 22, 2019

SAN DIEGO — Affirmed Housing Group has acquired a 10,000-square-foot land parcel located in downtown San Diego. Central Auto Parks LLC sold the property for $3.7 million. Affirmed Housing Group plans to develop a 78-unit affordable housing property on the currently vacant parcel at the southeast corner of Front and Beech streets. Victor Krebs of Colliers International San Diego Region represented the seller, while Affirmed Housing Group was self-represented in the transaction.

January 22, 2019

Hawaii Market Reports Western Western Market Reports

The Tide Turns in Hawaii’s Office Market

by Taylor Williams January 22, 2019

Honolulu’s office market has been stagnant for nearly 20 years with negative supply growth, limited demand, constant reductions in square feet per person and a very tight labor market. However, conversions from office to residential and/or hotel use and a major tenant move could change the market starting in 2019. Multi-tenant inventory has decreased by about 500,000 square feet since 1996 with the conversion of an office building to a hotel in 2015 through 2017; another taken off the market in 2016 for a hotel or residential conversion; and yet another converted to office condominiums in 2004. The market currently has about 11 million square feet in 73 Class A and B multi-tenant buildings. Half the inventory and 65 percent of the vacancy (940,000 square feet) is in the Central Business District (CBD), which is Hawaii’s financial center and sits adjacent to federal, state and municipal centers. New inventory has been limited to owner-users, medical office buildings and small mixed-use buildings. These include Hale Pawaa, a 135,000-square-foot medical office building, the 160,000-square-foot FBI building, the 240,000-square-foot NOAA Regional Center, the 75,000-square-foot Princess Kamamalu State office building and the 26,000-square-foot former Honolulu Advertiser Building for Hawaiian Dredging. Office users are generally …

January 22, 2019

Acquisitions Development Industrial Oregon Western

Bridge Development Partners Buys 35-Acre Parcel in Portland, Plans Two Industrial Properties

by Amy Works January 21, 2019

PORTLAND, ORE. — Bridge Development Partners has entered the Portland market with the acquisition of a 35-acre land parcel, located at 775 NE Columbia Blvd., for an undisclosed price. The company plans to construct Bridge Point I-5 – Portland, a two-building industrial park. The property will feature an approximately 425,000-squre-foot building and an approximately 225,000-square-foot facility. The 425,000-square-foot facility will feature 36-foot clear heights with 100 trailer stalls, ideally for distribution-oriented tenants in the 150,000-square-foot to 425,000-square-foot range. The second building will feature 32-foot clear heights and 36 trailer stalls, tailored to distribution, manufacturing and industrial tenants with small needs for space — as little as 20,000 square feet. Bridge expects to deliver the project in late 2020. Tom Talbot, Zach Francis and Karla Hansen of Kidder Mathews represented the buyer, while Brian Mitchell of Macadam Forbes represented the seller, Hanson Pipe, in the transaction.

January 21, 2019

Loans Multifamily Seniors Housing Washington Western

KeyBank Provides $70M Development Financing for 241 Affordable Seniors Housing Units in Lacey, Washington

by Amy Works January 21, 2019

LACEY, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided $70 million in combined construction and permanent loan financing to AVS Communities. The funds are for development of The Reserve at Lacey, a 241-unit affordable housing property in Lacey, about 60 miles southwest of Seattle. Apartments will serve seniors age 55 or older who earn 60 percent or less of the area median income (AMI). KeyBank paired a $40 million construction loan with a $30 million private placement forward commitment permanent loan. Victoria Quinn of KeyBank’s CDLI team organized the financing.

January 21, 2019

Acquisitions California Industrial Western

Colliers Negotiates $10.8M Sale of Distribution Center in Bakersfield, California

by Amy Works January 21, 2019

BAKERSFIELD, CALIF. — Colliers International has directed the sale of an industrial distribution center, located at 5801 District Blvd. within the Stockdale Industrial Park in Bakersfield. OLP Bakersfield Ca LLC, a private investor, acquired the property from ICI Property LLC for $10.8 million. Built in 1980 and situated on 15.4 acres, the 220,180-square-foot property features 24-foot to 28-foot clearance, expandable loading, sufficient power, secured outside yard areas and proximity to rail service. Men’s Wearhouse occupies the single-tenant property on an NNN lease basis. Patrick Barnes, Stephen Haupt, Christopher Maling and David Maling of Colliers represented the buyer and seller in the transaction.

January 21, 2019

Acquisitions Nevada Retail Western

City Sunstone Properties Sells 71,651 SF Blue Diamond Marketplace in Las Vegas

by Amy Works January 21, 2019

LAS VEGAS — City Sunstone Properties has completed the sale of Blue Diamond Marketplace, a neighborhood retail center located at 8030-8180 Blue Diamond Road in Las Vegas. A company advised by CenterSquare Investment Management acquired the property for an undisclosed price. At the time of sale, the six-building property was 100 percent occupied. Tenants at the 71,651-square-foot center include Auto Zone, 7-11, Taco Bell, Great Clips, Bank of America, Cricket Wireless, State Farm, Babystacks Café, Capriotti’s Sandwich Shop and Rounders Pub. Michael Zobrist, Nelson Tressler and Scott Price of Newmark Knight Frank represented the seller in the deal.

January 21, 2019

Acquisitions Arizona Restaurant Retail Western

Orion Investment Real Estate Brokers $4.1M Sale of Restaurant Property in Yuma, Arizona

by Amy Works January 21, 2019

YUMA, ARIZ. — Orion Investment Real Estate has arranged the sale of a restaurant property, located at 590 E. 16th St. in Yuma. Edwards Corral LLC sold the property to an undisclosed buyer for $4.1 million, or $413 per square foot. Golden Corral Buffet & Grill has occupied the 10,015-square-foot property since mid-2004. Judi Butterworth of Orion represented the seller in the transaction.

January 21, 2019

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