SAN DIEGO — A joint venture between Sunroad Enterprises and Majestic Realty Co. has broken ground on Majestic Sunroad Center, an industrial park located in San Diego’s Otay Mesa neighborhood. Majestic Sunroad Center will comprise three buildings offering a total of 227,000 square feet of Class A industrial space with first-rate amenities and design features. The buildings will feature 30-foot clear heights, cross-dock loading, LED lighting, ESFR fire protection and secured truck courts. Situated on a 16-acre parcel at the southwest corner of Otay Mesa and Otay Mesa Center roads, the project is slated for completion in 2019.
SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has secured $21 million in financing for the development of Ivy Apartments in Seattle. Mike Wood and Colin Ceithaml of NBS Financial represented the borrower, Interbay Apts LLC, in the financing. State Farm Life Insurance provided the fixed-rate construction/perm loan, which is structured with a 12-year term and a 30-year amortization. Upon completion, Ivy Apartments will bring 93 residential units to Seattle’s Interbay submarket. The seven-story 82,965-square-foot building will feature 47 parking stalls and 23 storage units. Construction is slated to begin in November.
HOLLYWOOD, CALIF. — Internet entertainment service Netflix has signed a lease to fully occupy EPIC, a 327,913-square-foot office building currently under construction in Hollywood. Hudson Pacific Properties Inc. (NYSE: HPP) is developing the project. Netflix will occupy the 13-story building upon completion in January 2020. The lease ends in 2031. Netflix has also signed a coterminous lease extension for 325,757 square feet at ICON and 91,953 square feet at CUE, both of which are Hudson Pacific assets located on the Sunset Bronson Studios lot across the street from EPIC. “Netflix is part of an elite class of high-growth, high-innovation companies leading the revolution in content production and distribution that is reshaping the Los Angeles studio and office markets,” says Victor Coleman, chairman and CEO of Hudson Pacific. “With its growing presence at ICON, CUE and now EPIC, we have created a customized, state-of-the-art, creative urban campus that holistically supports Netflix’s unique culture and business needs.” Designed by Gensler, EPIC is a vertically stacked and terraced building. The development will have floor-to-ceiling windows and operable glass doors with direct access to exterior terraces, fire pits, collaboration areas and a rooftop deck with catering pantry. The property will offer more than 25,000 …
MORENO VALLEY, CALIF. — MCA Realty has purchased a portion of Stoneridge Towne Centre, a retail center located in Moreno Valley, for $16.5 million. Totaling 117,191 square feet, the acquisition includes four multi-tenant buildings and two retail boxes located at 27110, 27120, 27130, 27140, 27190 and 27220 Eucalyptus Ave., as well as four developable pads totaling 5.24 acres. At the time of sale, the retail assets were 88 percent occupied, with Best Buy and West Elm currently occupying the two box spaces on short-term leases. Phil Voorhees, Jimmy Slusher, James Tyrrell and John Read of CBRE represented the buyer and undisclosed seller in the transaction.
CARSON, CALIF. — Affirmed Housing has opened Bella Vita, a 65-unit affordable seniors housing community in Carson, located approximately 15 miles south of downtown Los Angeles. The $25 million project also features 15,150 square feet of amenities, 62 parking spaces and 3,000 square feet of commercial space on its 1.2-acre plot. Units are reserved for seniors earning between 30 percent and 60 percent of the area median income. Design and development partners include the City of Carson, Withee Malcolm Architects, HA Builder Group, Nexus for Affordable Housing, Fuscoe Engineering and IVY Landscape Architects. Financial partners include Raymond James, US Bank and California Community Reinvestment Corp. Solari Enterprises manages the property and EngAge provides on-site services for the residents. Affirmed Housing is a San Diego-based affordable housing developer.
COSTA MESA, CALIF. — Servitas and Orange Coast College (OCC) are set to break ground on an 814-bed residence hall at the college’s campus in Costa Mesa. The project site is structured around a ground lease on campus land by a public-private partnership with National Campus and Community Development Corp. This structure allows for tax-exempt debt financing with no recourse to the college, district or taxpayers. The apartment-style community is set to open in August 2020. “We are very pleased with this partnership between Servitas and OCC,” says Angel Rivera, vice president of real estate development at Servitas. “It offers students a cost-efficient and convenient housing community that integrates seamlessly with the campus.” The design-build team includes HPI Architecture, MVE Architects and construction firm Moss. George K. Baum & Co. provided the bond underwriting, and The Scion Group will manage the project in close collaboration with the college.
LAKEWOOD, COLO. — The Ridge Senior Living has completed vertical construction of The Ridge at Pinehurst, an 18-acre independent living, assisted living and memory care community in the first-ring Denver suburb of Lakewood. Development costs are estimated at $150 million for the project. When completed, the community will offer 222 independent living units, 96 assisted living units and 42 memory care units. Construction is scheduled for completion in fall 2019. The community will offer residents views of the Rocky Mountains, Marston Lake and downtown Denver, as well as a number of amenities including an on-site health and wellness center. The Ridge partnered with Denver-based companies Shaw Construction and Lantz-Boggio Architects to execute the project. The Ridge Senior Living is a developer with two existing communities in the Salt Lake City area. The new development will be its first expansion outside Utah.
SALT LAKE CITY — Hanley Investment Group Real Estate Advisors has arranged the $3.2 million sale of a 2,513-square-foot, single-tenant building leased to Café Rio in Salt Lake City’s Sugar House district. The building is a renovated Carl’s Jr. property with a drive-thru. Jeremy McChesney and Dylan Mallory of Hanley Investment Group represented both the buyer and seller in the off-market transaction. The buyer was a private investor from the San Francisco Bay Area, and the seller was a private investor based in Salt Lake City.
PHOENIX — The Koll Co. and Seera International Bank have completed the sale of Buckeye Logistics Center, a distribution center located at 6835 W. Buckeye Road in Phoenix. An undisclosed buyer acquired the property for $98.3 million. Amazon occupies the 1 million-square-foot warehouse/distribution facility. Originally built as a 604,678-square-foot facility in 2007, Amazon has expanded the property to accommodate its growing clothing and soft goods inventory. The Koll Co. acquired the property in 2016 for $74.7 million and worked with Amazon to convert the property to meet its needs, including the acquisition of an adjacent parcel for additional truck trailer storage. The Koll Co., along with Mark Detmer and Bo Mills of JLL, also renegotiated the tenant’s lease, extending Amazon’s term to more than 10 years.
PORTLAND, ORE. — A joint venture between Unico Properties, a subsidiary of Unico Investment Group, and American Realty Advisors has purchased MODA Tower, a skyline office tower in Portland’s central business district, for an undisclosed price. Located at 601 SW Second Ave., the 24-story building features 398,412 square feet of Class A office space. At the time of sale, the property was 90 percent leased. The building features an on-site daycare facility, gourmet coffee and food service, bike storage, direct access to the MAX light rail transit system, exterior terraces and unobstructed views of Mt. Hood and the Willamette River. Jason Flynn of Eastdil Secured represented the undisclosed seller in the deal.