Western

Foundation Capital Partners, Baker Development Break Ground on 325,000 SF Industrial Project in Arizona

by Amy Works August 30, 2019

GOODYEAR, ARIZ. — New York-based Foundation Capital Partners and Chicago-based Baker Development Corp. have broken ground on VB/143, a two-building, Class A industrial project in Goodyear. Situated within a foreign trade zone magnet site, the project is slated for completion by fourth-quarter 2019. VB/143 will feature a 213,000-square-foot, cross-docked building and a 112,000-square-foot, rear-loading building. The project will offer divisibility down to 30,000 square feet and includes modern amenities, such as 36-foot clear heights, secured concrete truck courts, insulated dock doors, energy-efficient clerestory windows, robust power, trailer drops, public transportation and outdoor employee amenity spaces. The property will be located at the southeast and southwest corners of 143rd Avenue and Van Buren Street. The project team includes Layton Construction Co. as general contractor and Butler Design Group as architect. The project is situated within Goodyear Gateway South, a Class A, master-planned industrial park, less than one mile from a full interchange at Interstate 10 and Bullard Avenue, just north of Phoenix Goodyear Airport. The joint-venture developers have named Anthony Lydon, Marc Hertzberg and Riley Gilbert of JLL as the project’s exclusive leasing agents.

August 30, 2019

Acquisitions Arizona Multifamily Western

Trillium Residential Sells 297-Unit Trillium 44 in Central Phoenix for $56M

by Amy Works August 30, 2019

PHOENIX — Trillium Residential has completed the disposition of Trillium 44, a multifamily property located at 111 N. Dupont Circle in central Phoenix. An affiliate of ConAm Group acquired the asset for $56 million. The four-story apartment community features 297 units, a swimming pool area with private cabanas, grilling area, resident sports lounge, wine storage room, cybercafé, fitness center, movie theater, dog park and multiple courtyards. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

August 30, 2019

Acquisitions Arizona Multifamily Western

Thayer Manca Residential Re-Enters Tucson Multifamily Market with $40.3M Acquisition

by Amy Works August 30, 2019

TUCSON, ARIZ. — Seattle-based Thayer Manca Residential (TMR) has re-entered the Tucson multifamily market with its first purchase since 2000. The company acquired Palm Canyon Apartments for $40.3 million. The name of the seller was not released. Located at 2255 W. Orange Grove Road, Palm Canyon Apartments features 368 units. The low-density, value-add property was built in 1986. TMR has more than $5 million planned for renovations to the property with both interior and exterior spaces to receive resident-focused upgrades. Additionally, the property will undergo a full rebranding, and receive a revamped clubhouse, office interiors, fitness facility, two swimming pool areas, package lockers, landscaping, exterior amenities and interior unit renovations.

August 30, 2019

Acquisitions Colorado Multifamily Western

Greystar Acquires 150-Unit Griffis at Lowry Apartment Community in Denver for $45.7M

by Amy Works August 30, 2019

DENVER — Irvine, Calif.-based Greystar has purchased Griffis at Lowry, a multifamily property located at 9649 E. Fifth Ave. in Denver’s Lowry neighborhood. Denver-based Griffis Residential sold the asset for $45.7 million. Built in 2011, Griffis at Lowry consists of eight rental buildings situated on 6.2 acres. Originally planned as a condominium development, the 150 units feature an average size of 1,130 square feet, in-unit full-size washers/dryers, at least nine-foot ceilings and attached garages in select floorplans. Approximately 40 percent of the units were renovated prior to the community’s sale. At the time of sale, occupancy was more than 97 percent. The property is located within the redevelopment of the former Lowry Air Force Base, an 1,800-acre site that includes 500 acres of residential use, 800-plus acres of recreational and open space, 1.8 million square feet of office space, 130,000 square feet of retail space and a 160-acre educational campus. David Potarf, Dan Woodward, Matt Barnett and Jake Young of CBRE represented the seller in the transaction.

August 30, 2019

Acquisitions California Retail Western

HP Investors, FABRIC Buy Antique Mall on State Street in Carlsbad for Redevelopment

by Amy Works August 30, 2019

CARLSBAD, CALIF. — HP Investors and FABRIC have acquired Antique Mall on State Street, a commercial property located in downtown Carlsbad. Bill Ostrie sold the property for an undisclosed price. The team plans to redevelop and rebrand the nearly 70-year-old property as State Street Commons. Located at 2742-2742 State St., the renovated property will provide more than 22,000 square feet of retail and creative office space. The $15 million renovation will maintain the asset’s architectural integrity, character and charm, while increasing safety and providing modern upgrades to the facades, storefronts and interiors. Additionally, the two steel-framed Butler Buildings with 28-foot ceilings and Quonset hut (an arch-shaped steel military structure popular in the 20th century) will be preserved and updated. Renovations are scheduled to begin in mid-November and continue until summer 2020. G Coleman Architect and FieldXStudio will serve as architects, while C2 Building Group will serve as general contractor for the project.

August 30, 2019

Arizona Market Reports Multifamily Western Western Market Reports

Phoenix Market Demand Sustains Multifamily Devleopment

by Taylor Williams August 30, 2019

Multifamily rental demand in Metro Phoenix has been supported by higher education, while job growth has bolstered construction in the core and neighboring suburbs. Arizona State University has transformed the multifamily properties surrounding its large campuses in Tempe, Downtown Phoenix, Glendale and Mesa. The multifamily rental assets in the West Valley submarket have also been rejuvenated by Grand Canyon University. Thanks to these institutions and several others in the Greater Phoenix area, the growing skilled labor force has benefitted from job growth by supporting several Fortune 500 companies that have continued to increase their presence throughout the region. The recent expansions allow more graduates to remain in the Phoenix area and attract many new professionals to the market, ultimately enhancing rental demand in Phoenix and its neighboring suburbs. The rising number of residences has compressed vacancy rates in the metro as thousands of units are absorbed annually. This market demand will support the continued rise in rental prices and spur apartment development in the upcoming years. Apartment development has continued its strong pace in Phoenix. The metro is expanding its rental supply with about 8,250 units finalizing in 2019. Of this year’s deposit, roughly 2,600 units will be added to …

August 30, 2019

Arizona Development Hospitality Loans Western

Hall Structured Finance Provides $86.5M Construction Loan for Westin Tempe in Arizona

by Amy Works August 29, 2019

TEMPE, ARIZ. — Dallas-based Hall Structured Finance (HSF) has funded a new first-lien loan totaling $86.5 million to finance the construction of the full-service Westin Tempe hotel, located at 11 E. Seventh St. in Tempe. The borrower, Las Vegas-based CAI Investments, is developing the project. Construction began in March, with completion slated for second-quarter 2021. The 18-story hotel will feature 290 guest rooms, a rooftop infinity pool, poolside bar, fitness center, full-service restaurant and bar, business center, Starbucks Coffee and more than 10,000 square feet of meeting space. Aden Kuh of Silver Ridge Partners sourced the financing for the project.

August 29, 2019

Acquisitions Multifamily Oregon Western

Greystar Sells 264-Unit Avana Orenco Station Apartments in Hillsboro, Oregon

by Amy Works August 29, 2019

HILLSBORO, ORE. — Greystar has completed the disposition of Avana Orenco Station, a 264-unit multifamily property located at 6710 NE Vinings Way in Hillsboro. Jackson Square Properties purchased the asset free and clear of existing financing for an undisclosed amount. The 12-building community features 156 one-bedroom, 100 two-bedroom and eight three-bedroom units, averaging 925 square feet. Unit features include quartz countertops, stainless steel appliances, plank flooring in the living spaces, nine-foot ceilings and full-size washers/dryers. Community amenities include a swimming pool, spa, grilling areas, fire pit, gazebo, fitness center, community lounge, Wi-Fi, pool table, business center and dog park. Ira Virden and Carrie Kahn of JLL Capital Markets represented the seller.

August 29, 2019

Acquisitions Colorado Retail Western

NKF Negotiates $10.1M Sale of Roundhouse Retail Property in Colorado Springs

by Amy Works August 29, 2019

COLORADO SPRINGS, COLO. — Newmark Knight Frank Colorado has arranged the sale of a Roundhouse, a retail building located at 600 S. 21st St. in Colorado Springs. CWC Income Properties 6 LLC acquired the property from 600 S. 21st LLC as an investment asset for $10.1 million. Riki Hashimoto, Dan Grooters, Brian Wagner and Mark O’Donnell of NKF Colorado represented the seller in the transaction.

August 29, 2019

Acquisitions California Retail Western

Marcus & Millichap Arranges $12.5M Sale of Two-Story Shopping Center in Los Angeles’ Koreatown

by Amy Works August 29, 2019

LOS ANGELES — Marcus & Millichap has arranged the sale of The Heyman Center, a two-story shopping located in Los Angeles’ Koreatown. A California-based limited liability company sold the property to another California-based limited liability company for $12.5 million. Located at 730 S. Western Ave., The Heyman Center features 25,252 square feet of retail space and a 48-car parking lot on a 28,918-square-foot site. At the time of sale, the property was 87 percent occupied by a mix of net-leased tenants. Brandon Michaels of Marcus & Millichap’s Encino office represented the seller and buyer in the deal.

August 29, 2019

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