Western

HFF Arranges Joint Venture Equity for $320M Residential Development in San Francisco

by Amy Works April 19, 2019

SAN FRANCISCO — HFF has secured joint venture equity for the development of 1629 Market Street, a fully entitled multifamily project in San Francisco. Working on behalf of the developer, Strada Investment Group, HFF arranged a joint venture equity partnership with an affiliate of Stockbridge Capital Group for the $320 million project. 1629 Market Street will feature 420 apartments, averaging 732 square feet, and nearly 9,000 square feet of retail space situated within three mid-rise buildings that will share a sub-grade parking garage. Situated on 1.7 acres at the intersection of Van Ness Avenue and Market Street in San Francisco’s Mid-Market technology hub, the project is slated for completion in mid-2021. Scott Bales, Charles Halladay, Jordan Angel, Peter Yorck, Eric Bet and Nolan Moore of HFF represented the developer in the equity placement transaction.

April 19, 2019

Acquisitions California Industrial Western

Rexford Industrial Acquires Four Industrial Assets in Southern California for $84.5M

by Amy Works April 19, 2019

CITY OF INDUSTRY, ORANGE, CARLSBAD AND SAN MARCOS, CALIF. — Rexford Industrial has purchased four industrial properties located in Southern California for a total of $84.5 million. The acquisitions were funded using cash on hand. Totaling 456,000 square feet, the portfolio includes: A 256,993-square-foot facility, located at 13890 East Nelson Ave. in City of Industry, was purchased for $41.8 million, or $163 per square foot. The fully occupied building features 24-foot clear heights, 36 dock positions and active rail service. A 92,647-square-foot property, located at 445 W. Freedom Ave. in Orange, was acquired for $18 million, or $94 per square foot. The three-tenant property is fully leased and offers 24-foot clear heights and 13 dock positions. A 106,311-square-foot facility, located at 2270 Camino Vida Roble in Carlsbad, was purchased for $16.8 million, or $158 per square foot. At the time of sale, the property was 70 percent occupied. In a separate, off-market transaction, Rexford Industrial purchased 980 Rancheros Drive in San Marcos for $7.9 million, or $173 per square foot. The single-tenant industrial building contains 45,678 square feet of industrial space with 24-foot clearance, three dock positions, heavy power and a private yard. At the time of sale, the property …

April 19, 2019

Acquisitions Nevada Office Western

Moonwater Capital Sells 58,950 SF Las Vegas Office Property for $19.9M

by Amy Works April 19, 2019

LAS VEGAS — TSSP – Moonwater Capital has completed the disposition of an office property within the Summerlin master-planned community in Las Vegas. A California-based private investment entity acquired the property for $19.9 million, or $338 per square foot. Located at 1451 Center Crossing Road, the building features 58,950 square feet of Class A office space. An undisclosed Fortune 500 company occupies the single-tenant property. Tivon Moffitt, Peter Bauman and Bret Davis of JLL represented the seller, while Kase Abusharkh of The Kase Group represented the buyer in the deal.

April 19, 2019

Acquisitions California Industrial Western

Cushman & Wakefield Directs $15.9M Sale of 73,000 SF Industrial Facility Near San Diego

by Amy Works April 19, 2019

POWAY, CALIF. — Cushman & Wakefield has arranged the sale of an industrial building, located at 13450 Stowe Drive in Poway. SENTRE sold the facility to SOCAL Stowe LLC for $15.9 million. SENTRE is an acronym for Stewards and Entrepreneurs of Real Estate. Situated on 4.3 acres and originally constructed in the early 1990s, the single-story building with mezzanine space features dock- and grade-level loading, open outdoor amenities, efficient office layouts, new LED lighting and a secured yard. Aldila Composite Materials, a subsidiary of Mitsubishi and a designer and manufacturer of composite materials, occupies the 73,000-square-foot facility. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, Brooks Campbell, Zach Harman and Devin Muna of Cushman & Wakefield’s San Diego and Orange County, Calif., offices represented the seller, while Jim Snyder and Patrick Lacey of Lee & Associates represented the buyer in the deal.

April 19, 2019

Arizona Loans Multifamily Western

Hunt Real Estate Capital Funds $9M Loan to Refinance Rancho Palos Verde Apartments in Arizona

by Amy Works April 19, 2019

MESA, ARIZ. — Hunt Real Estate Capital has provided $9 million in Freddie Mac financing for the refinancing of Rancho Palos Verde Apartments, a multifamily property located in Mesa. The undisclosed borrower now owns all 152 units of the condominium community and plans to operate the asset as a garden-style apartment complex. The borrower acquired the property from various owners between September 2018 and February 2019. The property comprises 13 two-story residential buildings, which feature 48 one-bedroom/one-bath units, 56 two-bedroom/two-bath units and 48 two-bedroom/two-bath townhouse-style units. Community amenities include a leasing office, fitness center, swimming pool with spa, covering parking, and pedestrian and vehicle access gates.

April 19, 2019

Acquisitions Colorado Multifamily Western

Phoenix Realty Group Acquires 280-Unit Multifamily Asset in Fort Collins, Colorado

by Amy Works April 18, 2019

FORT COLLINS, COLO. — Phoenix Realty Group (PRG), through an affiliated entity and with a third-party partner, has expanded its presence in Colorado with the purchase of Argyle at Willow Springs, a Class B apartment community in Fort Collins, approximately 65 miles north of Denver. Terms of the acquisition were not released. PRG will operate the community and plans to renovate, upgrade and modernize the property. Argyle at Willow Springs will be rebranded as Alvista Harmony. Built in 1999 on 18.7 acres, the asset comprises 16 three-story buildings offers a total of 280 apartment units. Units feature one-, two- and three-bedroom floorplans with washers/dryers and fully-equipped kitchens. On-site community amenities include a leasing center, newly remodeled clubhouse, business center, 24-hour fitness center with separate yoga/exercise room, pool and sundeck with built-in gas grills, dog park, playground, carports and garage parking.

April 18, 2019

Arizona Development Industrial Western

Jackson-Shaw, LaPour Partners Break Ground on 224,471 SF Industrial Project in Arizona

by Amy Works April 18, 2019

CHANDLER, ARIZ. — Dallas-based Jackson-Shaw and Las Vegas-based LaPour Partners have broken ground for Parc Germann, a two-building urban industrial development in Chandler. Totaling 224,471 square feet, Parc Germann will feature flexible industrial space broken down into a 92,261-square-foot Building A, located at 2215 E. Germann Road, and 132,210-square-foot Building B, located at 2225 E. Germann Road. Each building will feature modern, flexible industrial space designed to accommodate office, showroom, manufacturing, distribution, assembly and a variety of other industrial uses. The project will include front-loaded buildings featuring true dock-high space, a full concrete truck court and the ability to have outside storage. Pat Harlan and Kyle Westfall of JLL’s Phoenix office will manage the leasing assignment for the development.

April 18, 2019

California Loans Multifamily Western

Capital One Provides $56.7M in Loans to Refinance Two Southern California Multifamily Assets

by Amy Works April 18, 2019

LOMA LINDA AND RIVERSIDE, CALIF. — Capital One has funded a total of $56.7 million in Fannie Mae fixed-rate loans for the refinancing of two age-restricted apartments communities in Southern California. The transactions consist of a $36.7 million loan for Loma Linda Springs, a 444-unit community in Loma Linda, and a $20 million loan for Victoria Springs, a 240-unit property in Riverside. Spruce Grove, the sponsor, was founded in 1964 and has built and managed a diversified commercial real estate portfolio. Chuck Christensen of Capital One Multifamily Finance’s office in Newport Beach, Calif., originated the interest-only loans, which both have a term of 15 years. Both communities feature fitness centers and swimming pools. A portion of the residents at the communities have Section 8 vouchers. Additionally, 17 furnished units at Loma Linda Springs are rented on the short-term leases to cancer patients being treated at nearby Proton Therapy Treatment and Research, part of Loma Linda University Medical Center.

April 18, 2019

Acquisitions California Office Western

Voit Real Estate Negotiates $9.5M Purchase of Cornerstone Office Center in San Diego

by Amy Works April 18, 2019

SAN DIEGO — Voit Real Estate Services has negotiated the purchase of Cornerstone Office Center, located at 6020 Cornerstone Court West in San Diego’s Sorrento Mesa submarket. A private investor acquired the property from Newport Beach, Calif.-based MIG Real Estate for $9.5 million. Todd Holley of Voit Real Estate Services represented the buyer, while Louay Alsadek and Hunter Rowe of CBRE represented the seller in the deal. At the time of sale, Cornerstone Office Center was 100 percent leased. The three-story property features 43,210 square feet of Class B office space. Tenants include Motive Interactive, Rohm Semiconductor and Microchip Technologies.

April 18, 2019

California Loans Office Top Stories Western

PCCP Funds $103M Development Loan for Google-Leased Office Building in California

by Amy Works April 18, 2019

MOUNTAIN VIEW, CALIF. — Renault & Handley Mid-Peninsula Joint Venture has received a $103 million senior loan for the development of 600 Clyde Avenue, a 189,974-square-foot office building fully preleased to Google in Mountain View. PCCP LLC provided the loan for the five-story building, which will be situated on 5.2 acres. The property is slated for delivery in July 2020. When completed, the project will feature a 9,600-square-foot sky deck with outdoor seating and working stations, a fitness center, employee showers and bike storage. Additionally, an adjacent four-story parking garage will accommodate circulation of full-size employee shuttle buses, which are commonly used by large tech employers in the Bay Area. The property is near the intersection of U.S. Highway 101 and State Route 237, about three miles from downtown Mountain View and the Mountain View Caltrain station. Mountain View-based Google currently operates in 24 office buildings in 13 states and Washington, D.C. In February, the company announced it will invest $13 billion in 2019 to expand its data centers and office footprint to 24 states. Renault & Handley Mid-Peninsula Joint Venture originally acquired the site located at 580 and 620 Clyde Ave. in 1968. The firm developed the land into …

April 18, 2019

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