Western

Hudson Pacific to Develop Full-Block Office Tower at Washington State Convention Center in Seattle

by Amy Works May 30, 2019

SEATTLE — Hudson Pacific Properties has purchased the condominium rights to build a fully entitled office development for $86 million before credits, prorations and closing costs. The property will be adjacent to the Washington State Convention Center (WSCC) Addition in Seattle. The 538,000-square-foot office tower will be located at the intersection of Boren Avenue and Olive Way in Seattle’s Denny Triangle neighborhood. The 1.2-acre, full-block site is fully entitled for a 16-story office tower. The WSCC Addition’s development team, including Pine Street Group as pre-development manager and LMN as architect, has already performed extensive predevelopment and design work. Targeting LEED Gold certification, the tower will feature 526,000 square feet of office space and 12,000 square feet of retail space. Amenities will include more than 10,000 square feet of outdoor space, bike storage, showers and lockers, as well as direct access to the WSCC Addition’s pedestrian-level retail experience. Additionally, the site offers transportation access to Interstate 5, Sound Transit’s Link Light Rail, the Seattle Streetcar network and regional bus service. Hudson Pacific estimates total development costs, including the purchase price, in the range of $300 million to $350 million. Construction is slated to begin as early as mid-2021 with delivery for …

May 30, 2019

Acquisitions California Multifamily Western

Levin Johnston Brokers $40M Acquisition of 77-Unit Multifamily Asset in Bay Area

by Amy Works May 30, 2019

REDWOOD CITY, CALIF. — The Levin Johnston team of Marcus & Millichap has arranged the purchase of 926 Woodside, a multifamily asset at 926 Woodside Road in Redwood City. A private investor acquired the property for $40 million in a 1031 exchange. The seller was not disclosed. Adam Levin, Robert Johnston and Michael Henshaw of the Marcus & Millichap’s Levin Johnston team represented the buyer in the transaction. Situated in the Palm Park neighborhood, the property was originally constructed in 1963 and renovated in 2016. The community features secure gated entry, keyless building entry, elevators, bike storage, electric vehicle chargers, an on-site laundry room and community courtyards with barbecue areas. The property exchange included the sale of four multifamily communities with a combined value of $31.9 million. The properties include 131 Elm Street, a 20-unit multifamily asset in San Mateo, Calif.; Delano Apartments, a 35-unit community in San Jose, Calif.; 560 Charter Street, a 15-unit property in Redwood City; and 1416 Floribunda Avenue, a nine-unit property in Burlingame, Calif.

May 30, 2019

California Development Loans Multifamily Western

JLL Arranges $35M Loan for Refugio Apartments in Santa Maria, California

by Amy Works May 30, 2019

SANTA MARIA, CALIF. — JLL Capital Markets has secured a $35 million loan to facilitate the refinancing and completion of Refugio Apartments, a 125-unit rental townhome community in Santa Maria. Annaly Capital Management provided the loan to the borrower, Dynamic Development Co. Situated on seven acres at 270 W. McCoy Lane, Refugio Apartments comprises seven stucco buildings with 125 luxury townhomes rentals. The two- and three-story units offer three bedrooms, at least 2.5 bathrooms, balconies, attached two-car garages and private backyards in select units. Community amenities include a 3,000-square-foot recreational center with a resort-style swimming pool, year-round spa, barbecue area, business center and resident clubhouse with built-in fitness center. Residents already have taken occupancy in completed portions of Refugio Apartments, with final completion scheduled for June 2019. Aaron Niedermayer, Reid McGlamery, Brian Buglione and Brandon Krupetsky of JLL arranged the financing.

May 30, 2019

Colorado Development Retail Western

Evergreen Devco, City Street Investors Break Ground on The Shops at Beeler Park in Denver

by Amy Works May 30, 2019

DENVER — A joint venture between Evergreen Devco and City Street Investors has broken ground on The Shops at Beeler Park, located at the northwest corner of 56th Avenue and Central Park Boulevard in Denver’s Stapleton neighborhood. Situated on 6.8 acres, The Shops at Beeler Park will feature two multi-tenant buildings and five single-tenant buildings offering a total of 16,500 square feet of retail space. Completion is slated for November. The project team includes Farnsworth Group as architect and Waner Construction Co. as contractor. Evergreen has already sold two pads to Hello Car Wash and Stapleton Endodontics, and plans to sell or lease the remaining portion of the project to other neighborhood service and restaurant pad users. Allen Lampert and Steve Markey of David, Hicks & Lambert Brokerage, along with Pat McHenry of City Street Investors, are handling the leasing for the property.

May 30, 2019

Acquisitions California Multifamily Seniors Housing Western

ESI Arranges $12.8M Sale of Seniors Housing Community in San Luis Obispo, California

by Amy Works May 30, 2019

SAN LUIS OBISBO, CALIF. — Evans Senior Investments (ESI) has arranged the sale of The Manse on Marsh, an 87-unit independent living and assisted living community in San Luis Obispo. An independent owner-operator sold the property to a California-based owner-operator for $12.8 million. The buyer is a turnaround specialist, and acquired the property as a value-add opportunity. The property was partially encumbered by a ground lease and included multiple cottages that were rented to residents at the community. Both the fee simple interest and leasehold interest were transferred to the buyer with the transaction. At the time of the sale, the community was 75 percent occupied and 100 percent private pay.

May 30, 2019

Arizona Development Industrial Western

Graycor Delivers Final Phase of 10 West Logistics Center in Phoenix

by Amy Works May 29, 2019

PHOENIX — Graycor Construction Co. has completed the final phase of 10 West Logistics Center, a Class A industrial bulk distribution park in southwest Phoenix. Developed by New York Life Real Estate Investors, 10 West Logistics Center is a 1.3 million-square-foot, two-building distribution campus. Totaling 569,301 square feet, 10 West Logistics Center Phase II is the final building at the distribution park. Amazon has leased the entire building to use a fulfillment center. Graycor is managing all tenant improvement construction for Amazon. The first building, 10 West Logistics Center Phase I, features 660,000 square feet of Class A distribution space. Ozburn-Hessey Logistics occupies 43 percent of the first building. Located at the northwest corner of Van Buren Street and 59th Avenue, 10 West building amenities include 36-foot clear heights, dock-high and grade-level loading, 200-foot minimum truck courts, ESFR fire sprinklers, energy-efficient motion sensor lighting, a fenced and secured yard, and ample car and trailer parking. Additionally, the buildings are divisible down to 100,000 square feet, offering A-1 equivalent zoning and Foreign Trade Zone approved. Butler Design Group served as architect for the development. Wentworth Property Co. serves as the owner’s representation. Andy Markham, Mike Haenel, Will Strong and Phil Haenel …

May 29, 2019

California Development Industrial Western

Stirling Capital Completes 466,255 SF Expansion at Southern California Logistics Airport

by Amy Works May 29, 2019

VICTORVILLE, CALIF. — Stirling Capital Investments has completed a building expansion for Newell Brands at Southern California Logistics Airport (SCLA) in Victorville. This is Newell’s second expansion at the property since it original lease for 407,600 square feet in 2006, bringing the new building total size to 1 million square feet. With the new 466,255-square-foot expansion, the building now features 78 dock-high doors with 32-foot clear heights. Newell first expanded its footprint at SCLA in 2012 by adding 176,800 square feet to accommodate increased regional and national distribution of company products. Newell will occupy the new building through 2029.

May 29, 2019

California Development Industrial Western

Dempsey Finishes Construction of 174,200 SF Industrial Building in San Diego

by Amy Works May 29, 2019

SAN DIEGO — Dempsey Construction has completed the ground-up construction of an industrial building at Frontera Business Park, located at 2695 Customhouse Court in the Otay Mesa neighborhood of San Diego. The concrete tilt-up building totals 174,200 square feet of space. Three main storefront entries feature spandrel glass and pop-out elevations. Situated on 9.2 acres, the facility has 43 dock-high truck doors, a 36-foot clear height and six grade-level truck doors. The building is part of Frontera Business Park, a seven-building, 517,207-square-foot industrial campus.

May 29, 2019

California Development Multifamily Seniors Housing Western

WellQuest Breaks Ground on Seniors Housing Community Near Sacramento

by Amy Works May 29, 2019

GRANITE BAY, CALIF. — WellQuest Living has broken ground on WellQuest of Granite Bay, a seniors housing community in Granite Bay, approximately 25 miles northeast of Sacramento. Once complete, the property will offer independent living, assisted living and memory care. The project is set for completion in summer 2020. WellQuest will have over 1,000 senior living apartments in operation or under construction by the end of 2019 throughout California and Nevada. The Salt Lake City-based company currently has three communities opened.

May 29, 2019

Cooley-Ranch-Professional-Center-Colton-CA

Acquisitions California Office Western

Marcus & Millichap Arranges $1.2M Sale of Cooley Ranch Professional Center in the Inland Empire

by Amy Works May 29, 2019

COLTON, CALIF. — Marcus & Millichap has arranged the sale of Cooley Ranch Professional Center, an office property located in Colton. An individual/personal trust sold the property to an undisclosed buyer for $1.2 million. Located at 1325 E. Cooley Dr., the two-story building features 16,554 square feet of office space. Drew Wetherhold and Kevin Struve of Marcus & Millichap’s Ontario, Calif., office represented the seller in the deal.

May 29, 2019

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