Western

Brick and Timber Collective Buys Office Building in San Francisco for $27M

by Amy Works September 13, 2019

SAN FRANCISCO — Newcastle Partners and Drake Real Estate Partners have completed the sale of 900 Kearny Street, an office building located in San Francisco’s Jackson Square submarket. Brick and Timber Collective LLC acquired the property for $27 million. Built in 1989, the six-story building features 30,000 square feet of creative office space. At the time of sale, the property was fully occupied by EastWest Bank, Bitmami and Novani, among others. The sellers originally purchased the asset in 2017 for $17 million and renovated the property by adding open office spaces and single-floor suites. Ben Bullock, David Dokko and Thomas Foley of HFF represented the sellers in the transaction.

September 13, 2019

Acquisitions Colorado Multifamily Western

Newmark Knight Frank Brokers $23M Sale of Multifamily Property in Colorado Springs

by Amy Works September 13, 2019

COLORADO SPRINGS, COLO. — Newmark Knight Frank – Colorado has arranged the sale of Park Ridge, a multifamily property located in Colorado Springs. Park Ridge Apartment CS LLC sold the asset to Park Ridge SRP LLC for $23 million. Located at 2602 W. Serendipity Circle, the property features 204 apartments. Kevin McKenna and Saul Levy of Newmark Knight Frank – Colorado Multifamily handled the transaction.

September 13, 2019

Acquisitions Multifamily Oregon Western

Fore Property Sells 260-Unit Rivage Apartment Community in Portland, Oregon

by Amy Works September 13, 2019

PORTLAND, ORE. — Fore Property has completed the disposition of Rivage, a multifamily property located at 2220 NW Front Ave. in Portland. Magnolia Capital acquired the asset for an undisclosed sum. Rivage features 260 units in a mix of studio, one- and two-bedroom layouts, with a rooftop deck overlooking the Willamette River. At the time of sale, the podium-style property was stabilized. Fore Property, with funds from Carlyle Realty Partners VII and financing from PNC Bank, developed the property in 2017.

September 13, 2019

Development Idaho Loans Multifamily Western

Newmark Realty Capital Arranges $22M in Development Financing for Residential Tower in Northern Idaho

by Amy Works September 13, 2019

COEUR D’ALENE, IDAHO — San Francisco-based Newmark Realty Capital (NRC) has arranged $22 million in development and construction financing for One Lakeside Center, a 15-story residential tower on the north shore of Lake Coeur d’Alene in Northern Idaho. Demetri Koston of NRC’s Spokane, Wash., office arranged the financing for the undisclosed borrower through a New York-based national bank lender. Situated one block from the water’s edge in Coeur d’Alene, One Lakeside Center will feature 69 residential units, a parking garage and a ground-floor commercial suite. Additional details of the project were not released.

September 13, 2019

Colorado Development Multifamily Seniors Housing Western

Erickson Living Plans Two-Building Seniors Housing Expansion in Highlands Ranch, Colorado

by Amy Works September 13, 2019

HIGHLANDS RANCH, COLO. — Erickson Living has unveiled plans for a two-building residential expansion at Wind Crest, a continuing care retirement community (CCRC) in Highlands Ranch, about 15 miles south of Denver. The property already opened an expansion in 2019, an independent living building named Prospect Crossing. The two new buildings, named Summit Square and Quincy Point, will add more than 200 independent living units. They are both scheduled to open in 2020. The expansion will also include 18,000 square feet of amenity space, including outdoor space, multiple new restaurants, a second fitness center and other shared spaces.

September 13, 2019

California Market Reports Office Western Western Market Reports

San Francisco’s Office Market is More Boom than Bust

by Taylor Williams September 13, 2019

San Francisco has been a boom-and-bust market since the Gold Rush. The current intense scrutiny of the yield curve, combined with the stock market’s recent erratic behavior, has sent warnings of the next looming recession. Just how will this affect the office market? Fortunately for the Bay Area, not much. Today, several key factors insulate San Francisco from a severe downturn, unlike past cycles. Among them are Proposition M and a concentration of venture capital, highly skilled talent and some of the world’s largest companies. Since 1986, Proposition M has limited the amount of office development the city will authorize in any given year. The program aims to guard against typical boom-and-bust cycles. The San Francisco office market only includes 85 million square feet, as opposed to Manhattan or Houston, for example, which comprise 400 million and 240 million square feet, respectively. Manhattan currently has 12.4 million square feet of office space under construction, while San Francisco has 3 million square feet in the pipeline. The entitlement limit under Prop M has been reached, meaning no additional new projects can be approved until October when another 950,000 square feet will be allocated for the next year. At first glance, these …

September 13, 2019

Colorado Development Industrial Western

Bradbury Properties, Confluent Development Launch Next Phase of 100-Acre Industrial Hub in Metro Denver

by Amy Works September 12, 2019

DENVER — Bradbury Properties and Confluent Development have broken ground on three additional buildings at HighField Business Park, an industrial park located at the intersection of E-470 and Peoria Street southeast of Centennial Airport in metro Denver. Upon completion, the three projects will bring the 100-acre near to full build-out, spanning approximately 10 years and totaling 1.25 million square feet of industrial space. Only 12 acres on the park’s north end will remain undeveloped. The new buildings include a 202,000-square-foot, single-story facility, slated for completion in second-quarter 2020; and 160,000-square-foot and 130,000-square-foot speculative buildings, slated for completion in first-quarter 2020. Brinkman Construction and Ware Malcomb are serving as general contractor and architect, respectively, for the FedEx property. Murray & Stafford and Intergroup Architects comprise the project team for the spec buildings. The spec facilities will feature front-park, rear-load design with shared truck courts. HighField Business Park currently features 750,000 square feet of fully leased industrial space. Upon completion of this phase of development, the park will consist of six buildings totaling 800,000 square feet of space. Current tenants at the park include Charter Communications, Gateway Classic Cars, EdgeConneX, Linn Star Transfer and Liteye Systems. Jim Bolt of CBRE leads the …

September 12, 2019

Acquisitions California Office Western

Stanton Road Capital Acquires 211,916 SF Office Building in Orange County, Plans Upgrades

by Amy Works September 12, 2019

ORANGE, CALIF. — Los Angeles-based Stanton Road Capital (SRC) has acquired TriCentre, a Class A office tower located in Orange, for an undisclosed price. The name of the seller was not released. Completed in 1986, the 10-story TriCentre features 211,916 square feet of office space. The property is situated within the “Platinum Triangle” at the convergence of Interstate 5, California State Route 57 and California State Route 55. At the time of sale, the building was 78 percent leased to a variety of high-profile tenants, including Farmers Insurance, Children’s Home Society of California, MegaMex Foods and Lockheed Martin. The buyer has plans to invest significant post-acquisition capital to improve the tenant experience, including a fully overhauled lobby and courtyard, as well as building upgrades. SRC has retained Cushman & Wakefield to handle leasing and property management of TriCentre.

September 12, 2019

Colorado Development Multifamily Retail Western

Pollack Shores Real Estate Group to Develop 201-Unit Residential Village in North Boulder

by Amy Works September 12, 2019

BOULDER, COLO. — Pollack Shores Real Estate Group plans to develop The Armory, a 201-unit residential village in North Boulder. Situated on the grounds of a former Colorado National Guard post, The Armory marks Pollack Shores’ entry into the Colorado market. Located at 4750 Broadway in the NoBo Art District, The Armory will feature a mix of two-story apartment buildings, 18 three-story townhomes, 8,400 square feet of retail storefronts along Broadway and two public pocket parks. Additionally, as part of the project, the historic, 9,500-square-foot armory mess hall and smokestack will be preserved as an activity center for residents. Originally built in 1949, the repurposed landmark will feature yoga and fitness classes, a kitchen and bar area, clubroom, outdoor pool deck and leasing office. The project team includes The Mulhern Group, Martines Palmeiro Construction and JVA. Construction is scheduled to begin this fall, with delivery slated for 2021. Matrix Residential, the developer’s fully integrated property management firm, will oversee operations of the community. Armory Community LLC, a local investment group led by Bruce Dierking and Jim Loftus, the original visionaries behind the project, will retain a minority interest in the development.

September 12, 2019

Acquisitions California Multifamily Seniors Housing Western

Healthcare Trust Buys 117-Bed Seniors Housing Community Near San Diego

by Amy Works September 12, 2019

ESCONDIDO, CALIF. — Healthcare Trust Inc., a New York-based public, non-traded REIT, has acquired Felicita Vida, a seniors housing community located in Escondido, for an undisclosed price. The seller was Torrey Pines Development Group. Built in 2015 on 4.3 acres, Felicita Vida features 91 units, totaling 117 beds, in a mix of 53 assisted living units and 38 memory care units. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker, Tim Hosmer and Bailey Nygard of Cushman & Wakefield represented the seller in the transaction.

September 12, 2019

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