Western

Confluent Development Nears Completion of Multi-Tenant Retail Center in Colorado Springs

by Amy Works October 11, 2018

COLORADO SPRINGS, COLO. — Confluent Development is nearing completion of an 8,265-square-foot, multi-tenant retail center in Colorado Springs. The property will be home to a 3,800-square-foot Snooze: an A.M. Eatery restaurant and a 1,491-square-foot Bishops Cuts/Color barbershop. Both locations are set to open in early 2019. The project is designed to also house a third future retailer in the remaining 3,000 square feet of space. Studio DH Architecture served as the architect on the project and Epic Construction as the general contractor.

October 11, 2018

Colorado Loans Mixed-Use Multifamily Retail Western

HFF Arranges $50M in Financing for Mixed-Use Development in Denver

by Amy Works October 10, 2018

DENVER — HFF has arranged $50 million in financing for 210 St. Paul, the first phase of The St. Paul Collection, a mixed-use residential and retail property in Denver’s Cherry Creek North neighborhood. The borrower is BMC Investments. Brock Yaffe of HFF secured the 11-year, non-recourse, full-term, interest-only, fixed-rate loan through Freddie Mac’s Lease-Up Loan Program. The loan will replace existing construction financing and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Located at the intersection of St. Paul Street and Second Avenue, The St. Paul Collection is a two-phase development. Completed in June, 210 St. Paul features 81 residences in a mix of one-, two- and three-bedroom floorplans, as well as penthouses, ranging in size from 770 square feet to 2,800 square feet. Additionally, the property includes 11,000 square feet of retail space leased to CB2. The second phase, which is not part of this financing, will bring an additional 84 residential units and 44,000 square feet of retail space. Designed by 4240 Architecture, the property features condo-quality finishes and modern open layouts with oversized living spaces, gourmet kitchens, full bathroom suites with heated floors, built-in closet systems, in-house automation, custom hardwood flooring, …

October 10, 2018

California Loans Office Western

Pearlmark Provides $13M Recapitalization for Office Campus in Pleasanton, California

by Amy Works October 10, 2018

PLEASANTON, CALIF. — Pearlmark has closed on a $13 million mezzanine loan investment for the recapitalization of Britannia Business Center I within Hacienda Business Park in Pleasanton. Pearlmark originated the investment on behalf of Pearlmark Mezzanine Realty Partners IV. The four-building center features 292,000 square feet of office, lab and R&D space. Current tenants include ADP, NeoTract, Carl Zeiss and Diebold. Additionally, the site includes more than 1,100 parking spaces. Bill Swackhamer of Pearlmark arranged the transaction.

October 10, 2018

Loans Multifamily Utah Western

Arbor Funds $8.4M Fannie Mae Loan for Apartment Complex in Metro Salt Lake City

by Amy Works October 10, 2018

MILLCREEK, UTAH — Arbor Realty Trust has funded an $8.4 million Fannie Mae DUS Loan for Tapestry Townhomes, a multifamily property in Millcreek, a suburb of Salt Lake City. Consisting of seven three-story buildings, Tapestry Townhomes features 42 units. The apartments feature high-end wood cabinets, soaking tubs, gourmet kitchens, in-unit washers/dryers and private balconies. Garth Davis of Arbor’s San Francisco office originated the loan, which was funded through Fannie Mae’s Streamline Rate Lock product. The Tier II loan is structured with a 12-year, fixed-rate term and a five-year interest-only payment period, followed by a 30-year amortization schedule.

October 10, 2018

Acquisitions Office Oregon Western

Compass Commercial Real Estate Brokers $6.1M Sale of Deschutes Business Center in Bend, Oregon

by Amy Works October 10, 2018

BEND, ORE. — Compass Commercial Real Estate Services has arranged the sale of Deschutes Business Center, an office property located at 20332-20370 Empire Ave. in Bend. An undisclosed buyer acquired the property for $6.1 million. Situated on 5.7 acres, the 54,508-square-foot property was built in 1981 and consists of 39 suites spread across five buildings. At the time of sale, the property was 95 percent leased. Robert Raimondi, Russell Huntamer and John Keba of Compass Commercial Asset & Property Management represented the seller, while Gardner Williams, Peter May and Dan Kemp of Compass Commercial Real Estate Services represented the buyer in the deal. Additionally, Paul Weaver, also of Compass Commercial, assisted in representing both parties in the transaction.

October 10, 2018

Acquisitions Nevada Restaurant Retail Western

Marcus & Millichap Negotiates $3.2M Sale of Taco Bell-Occupied Property in Fernley, Nevada

by Amy Works October 10, 2018

FERNLEY, NEV. — Marcus & Millichap has arranged the sale of a restaurant property located at 170 U.S. Highway 95-A South in Fernley. An undisclosed buyer acquired the property from a private family trust for $3.2 million. Taco Bell occupies the 2,860-square-foot property on a net-leased basis. Dustin Alvino of Marcus & Millichap represented the buyer and seller in the transaction.

October 10, 2018

Acquisitions Nevada Retail Western

Dickson Commercial Group Negotiates $28M Sale of Shopping Center Near Lake Tahoe

by Amy Works October 9, 2018

ZEPHYR COVE, NEV. — Dickson Commercial Group (DCG) has arranged the sale of Round Hill Square Shopping Center, a retail property located in Zephyr Cove, near Lake Tahoe. ROIC Zephyr LLC sold the property to an undisclosed buyer for $28 million. Situated on 10.2 acres, the 115,984-square-foot property was 96.8 percent occupied at the time of sale. Tenants include Safeway, United States Postal Service, Wells Fargo, Dollar Tree, Subway, WorldMark by Wyndham and Barton Healthcare Lake Tahoe Surgery Center. Chris Shanks, Dominic Brunetti and Scott Shanks of DCG, along with Tony Bernheim of Carlsbad Capital, represented the seller in the deal.

October 9, 2018

Acquisitions California Industrial Self-Storage Western

Levin Johnston Arranges $27.8M Sales of Two Self-Storage Facilities in Bay Area

by Amy Works October 9, 2018

SUNNYVALE AND FREMONT, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sales of two self-storage facilities in Sunnyvale and Fremont, totaling $27.8 million. Adam Levin of Levin Johnston and Jacob Becher of Marcus & Millichap represented the seller and buyers in each transaction. In the first transaction, a multifamily investor acquired a 517-unit Lock It Up Self-Storage, located at 220 W. Ahwanee Ave. in Sunnyvale. Lock It Up Self-Storage sold the property for $15.5 million. Built in 1987, the property offers 44,781 net rentable square feet and was 97 percent occupied at the time of sale. In the second deal, a high-net-worth individual purchased a 637-unit Lock It Up Self-Storage property located at 38491 Fremont Blvd. in Fremont. Constructed in 1986, the property offers a total of 54,550 net rentable square feet and six RV parking spaces. At the time of sale, the property was 94 percent occupied.

October 9, 2018

Acquisitions California Multifamily Seniors Housing Western

Cushman & Wakefield Brokers Sale of 148-Unit Seniors Housing Community in California

by Amy Works October 9, 2018

PALM DESERT, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged the sale of Bella Villaggio, a 148-unit assisted living and memory care community in Palm Desert, an eastern suburb of Los Angeles. West Partners, the San Diego-based developer, sold the property just as construction was reaching completion. Lytle Enterprises, a Washington-based investor, acquired the property for an undisclosed price. Leisure Care will operate the community. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Aaron Rosenzweig and Sam Dylag.

October 9, 2018

Acquisitions California Industrial Retail Western

Carleton Management Sells Industrial Building in San Diego’s East Village for $7M

by Amy Works October 9, 2018

SAN DIEGO — Carleton Management has completed the sale of an industrial asset located in downtown San Diego’s East Village. A wholly owned subsidiary of Shapery Enterprises acquired the asset for $7 million. The transaction includes a vacant, 12,000-square-foot historical building at 1460 Island Ave. and an 11,000-square-foot light industrial building at 1490 Island Ave. The historic building dates backs to 1907 and was the former Electric Laundry Co. site. The buyer plans to restore the historic building and reposition it for a commercial tenant. The adjoining light industrial building is currently occupied by Crossfit Fortius and Urbana Design Build, a general contractor. Kevin Mulhern and Rachel Parsons of the CBRE Multifamily team represented the seller, while the buyer was self-represented in the transaction.

October 9, 2018

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