Western

Marcus & Millichap Arranges $12.7M Bridge Loan for Purchase of 100,224 SF Retail Center in Southern California

by Amy Works August 9, 2019

RANCHO CUCAMONGA, CALIF. — Marcus & Millichap Capital Corp. has secured a $12.7 million bridge loan for the acquisition of Sunrize Center, a shopping center in Rancho Cucamonga. Located at 8639 Baseline Road, the property features 100,224 square feet of retail space. Rick Judge and Preston Davey of Marcus & Millichap Capital Corp. arranged the financing for the undisclosed borrower. The debt placement is a floating-rate program starting at 6 percent with a five-year term and 12 months of interest-only payments and a loan-to-value ratio of 71 percent.

August 9, 2019

California Development Leasing Activity Retail Western

Carmel Partners Inks Lease with Whole Foods Market at Cumulus District in Los Angeles

by Amy Works August 9, 2019

LOS ANGELES — San Francisco-based Carmel Partners has executed a lease with Whole Foods Market for an approximately 50,000-square-foot flagship grocery store at Cumulus District, an urban, mixed-use development located at 3321 La Cienega Blvd. in Los Angeles’ Westside neighborhood. Located at the corner of Jefferson and La Cienega boulevards, the transit-oriented development is slated to open in late 2020. When completed, Cumulus will feature 1,210 apartments, a one-acre public park and plaza and 100,000 square feet of grocery-anchored retail and restaurant space. Timothy Bower and Zachary Card of CBRE are handling the leasing efforts for Cumulus. Terms of the Whole Foods Market lease were not released.

August 9, 2019

Acquisitions Office Oregon Western

Norris & Stevens Arranges $2.6M Sale of 12,000 SF Office Asset in Oregon

by Amy Works August 9, 2019

HILLSBORO, ORE. — Norris & Stevens Inc. has brokered the acquisition of an office building, located at 5625 NE Elam Young Parkway in Hillsboro. Pioneer Utility Resources, formerly known as Ruralite Services Corp., purchased the building for $2.6 million. The buyer plans to move its corporate offices into the building vacancy. The remainder of the building is occupied by medical and professional tenants. Tim Budelman of Norris & Stevens represented the buyer in the transaction.

August 9, 2019

Market Reports Multifamily Washington Western Western Market Reports

Seattle’s Multifamily Market Is Firing on All Cylinders

by Taylor Williams August 9, 2019

Notions of Seattle as a grunge-rock town with logging roots are in the rear-view mirror. While Seattle’s past is marked by the 1850s Klondike Gold Rush, 1970s Boeing Bust and 1990s Microsoft Millionaires run, today’s economy is dotted with news of exceptional growth from Apple, Amazon, Facebook, Google and Salesforce. To say that Seattle’s economy is both booming and diversified is an understatement. A benefactor of such continued growth is the regional rental market. Jobs, Jobs, Jobs Ecommerce juggernaut Amazon has assembled 12 million square feet of Class A office space in Downtown Seattle over the past several years. Now, Bellevue — not more than 10 miles from Downtown Seattle — is receiving attention from Amazon with commitments for 2 million square feet. Adding to that, Apple is committing to more than 625,000 square feet of office space; Facebook’s footprint is around 2.7 million square feet; and Salesforce has chosen Seattle as its second global headquarters. Given high wages and more economical for-rent and for-sale office and housing space (on a relative basis), it’s no surprise Seattle still has runway for sustainable economic growth. Development Pipeline Apartment developers seized upon Seattle’s modern day Gold Rush. Developers added 55,000 apartment units …

August 9, 2019

Acquisitions California Company News Multifamily Western

Steadfast to Merge Three REITs, Creating $3.3B REIT Focused on Moderate Income Apartments

by Amy Works August 8, 2019

IRVINE, CALIF. — Steadfast Apartment REIT (STAR), Steadfast Income REIT (SIR) and Steadfast Apartment REIT III (STAR III) have entered into definitive merger agreements in which STAR will acquire SIR and STAR III in separate stock-for-stock, tax-free transactions. The merger will create a combined company with approximately $3.3 billion in gross real estate assets. The transactions are expected to close in the first quarter of 2020, subject to certain closing conditions, including the approval of the respective mergers by SIR and STAR III stockholders. The merger transactions are expected to close concurrently, but are not conditioned on the consummation of each other. The merger agreements were negotiated on behalf of STAR, SIR and STAR III by their respective special committees, each of which is composed exclusively of independent directors, along with each special committee’s independent financial and legal advisors. “We believe the strategic merger of these three highly complementary portfolios with similar investment strategies will create an enhanced and diversified portfolio, concentrated in high-growth markets,” said Rodney Emery, chairman of STAR, SIR and STAR III. “The enhanced size, scale and prominence of the combined portfolio will greatly improve the company’s access to attractive capital sources, which can be used to …

August 8, 2019

Acquisitions Development Multifamily Washington Western

Concord Pacific Buys Multifamily Development Site in Seattle for $72M

by Amy Works August 8, 2019

SEATTLE — Concord Pacific, a Canadian residential developer, has acquired a multifamily development site located at 1901 Minor Ave. in Seattle for $72 million. Situated within Seattle’s Denny Triangle neighborhood, the site has master-use permit approval for two high-rise residential towers over a large podium. This acquisition is Concord’s second commitment to building vertical neighborhoods in Seattle. Ross Klinger and Tim Foster of Kidder Mathews represented the buyer in the deal. The name of the seller was not released.

August 8, 2019

Acquisitions Arizona Industrial Western

Westcore Properties Acquires 379,828 SF Industrial Property in Phoenix

by Amy Works August 8, 2019

PHOENIX — Westcore Properties has purchased a newly built industrial building, located at 8001 W. Buckeye Road in southwest Phoenix. A joint venture between Phoenix-based Wentworth Property Co. and a private real estate fund managed by Dallas-based Crow Holdings Capital sold the property for an undisclosed price. The cross-dock building features 379,828 square feet of Class A industrial space, ESFR sprinklers, 60-foot speed bays, 36-foot clear heights and ample dock-high loading. Additionally, the site features all-concrete truck yards, trailer parking, multiple ingress and egress points and proximity to Phoenix’s main east-west transportation, I-10 and the soon-to-be-completed Loop 202. Westcore plans to immediately build out approximately 3,800 square feet of office space within the building shell, paint the interior warehouse walls and install various warehouse improvements to allow for immediate occupancy. The building can be configured for a single tenant or up to three tenants. Will Strong of Cushman & Wakefield represented the seller, while Westcore was self-represented in the deal. Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield will handle the leasing on behalf of Westcore.

August 8, 2019

Acquisitions Colorado Multifamily Western

NKF Directs $54.5M Sale of 240-Unit Multifamily Property in Colorado Springs

by Amy Works August 8, 2019

COLORADO SPRINGS, COLO. — Newmark Knight Frank Colorado (NKF) has arranged the sale of RidgePoint at Gleneagle, an apartment community located in Colorado Springs. BSP Ridgepoine Colorado LLC acquired the property from GB RidgePointe LLC for $54.5 million. Located at 13531 Shepard Heights, the community features 240 units. Kevin McKenna and Saul Levy of NKF Colorado handled the transaction.

August 8, 2019

Arizona Loans Multifamily Seniors Housing Western

BMO Harris Healthcare Funds $21M Credit Facility to Finance Acquisition of Assisted Living, Memory Care Asset in Arizona

by Amy Works August 8, 2019

MARANA, ARIZ. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $21 million credit facility for the acquisition of an assisted living and memory care community in Marana. The borrowers are Kayne Anderson Real Estate and Watermark Retirement Communities. Developed this year, the 96,000-square-foot asset features 108 assisted living and memory care beds. The property is situated on four acres in the Silverbell Corridor of Marana.

August 8, 2019

Matter-Logistics-West-Cheyenne-North-Las-Vegas-NV

Development Industrial Nevada Western

Matter Real Estate Group Breaks Ground on 725,000 SF Industrial Project in North Las Vegas

by Amy Works August 7, 2019

NORTH LAS VEGAS — Development firm Matter Real Estate Group has broken ground on Matter Logistics Center @ West Cheyenne, a light industrial and warehouse project at the northeast corner of West Cheyenne Avenue and Valley Drive in North Las Vegas. Slated for completion in February 2020, the $70 million, modern master-planned project spans more than 41 acres. Matter Logistics Center @ West Cheyenne will feature five buildings varying in scope and size offering warehouse, distribution, office and showroom space, as well as ample parking and trailer storage. Ranging from 11,000 square feet to 478,000 square feet, units will also feature ample dock and at-grade loading with 36-foot clear heights. The units will be available for sale, lease and build-to-suit, with Matter Real Estate Group offering customized build-outs.

August 7, 2019

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