Western

Splunk Signs 301,000 SF Office Lease at 700 Santana Row in San Jose

by Amy Works August 28, 2018

SAN JOSE, CALIF. — Splunk Inc. has signed a long-term lease for 301,000 square feet of office space at 700 Santana Row. The 319,000-square-foot mixed-use building is under construction at the intersection of Santana Row and Olsen Drive in San Jose. Splunk is a publicly traded software company that creates applications for tracking big data. Developed by Federal Realty Investment Trust, 700 Santana Row is scheduled for delivery in 2019. The property will feature seven levels of office space above ground-floor retail space and a parking garage with approximately 1,300 spaces. San Francisco-based WRNS Studio designed the asset, which Devcon Construction is building. The all-concrete structure features 13-foot ceiling heights, a modern glass curtain wall, private terraces, a world-class urban plaza and is built to LEED Silver standards. Once completed, Santana Row will offer a total of 690,000 square feet of Class A office space, which is fully leased; 50 shops; 30 restaurants; nine personal service businesses; 615 rental apartments; 219 residential condominiums; and the 215-room Hotel Valencia.

August 28, 2018

Colorado Loans Multifamily Seniors Housing Western

HFF Arranges Construction Financing for Seniors Housing Community in Denver

by Amy Works August 28, 2018

DENVER — HFF has arranged financing for the development of Solera at Cherry Creek, a Class A seniors housing development in the Cherry Creek neighborhood of Denver. Solera at Cherry Creek will comprise 64 assisted living apartments and 32 memory care units within a three-story building totaling approximately 55,000 rentable square feet. A joint venture between affiliates of Banner Senior, Solera Senior Living and Wheelock Street Capital are developing the property. Rosemann & Associates is designing the community, which is scheduled for completion in 2019. The HFF team representing the borrower included David Fasano, Sarah Anderson and Brock Yaffe. A national bank is providing the nonrecourse loan. The amount of the financing was not disclosed.

August 28, 2018

Acquisitions Colorado Retail Western

Quantum Real Estate Negotiates $1M Sale of 11,700 SF Retail Property in Gunnison, Colorado

by Amy Works August 28, 2018

GUNNISON, COLO. — Quantum Real Estate Advisors has arranged the sale of a retail property located at 800-810 N. Main St. in Gunnison. An individual investor from Crested Butte, Colo., acquired the multi-tenant building from an Aspen, Colo.-based individual for $1 million. At the time of sale, the 11,700-square-foot property was fully leased to a number of local tenants with long-term occupancy. Zack Hilgendorf of Quantum Real Estate represented the seller in the transaction.

August 28, 2018

Industrial Market Reports New Mexico Western Western Market Reports

Albuquerque’s Industrial Market Sees Strong Absorption From Warehouse, Manufacturing Users

by Taylor Williams August 28, 2018

The metro Albuquerque industrial market reported more than 39 million square feet of total industrial space as of year-end 2017. The two largest categories of occupied space were warehouse/distribution (12.5 million square feet with 5.5 percent vacancy) and manufacturing (12.55 million square feet with 3.5 percent vacancy). The overall market vacancy rate at the end of 2017 was 5.7 percent for all industrial uses in buildings with more than 10,000 square feet. New Mexico added about 11,000 non-agricultural jobs from February 2017 through February 2018. The Albuquerque MSA added 5,800 jobs — a 1.5 percent increase — over this period, or more than half of the new jobs added in New Mexico. Albuquerque’s unemployment rate was 5 percent as of February, which is a notable improvement over the 6.2 percent unemployment rate in February 2017. During this period, the private service-providing industries grew by 3,100 jobs, or 1.2 percent, while the goods-producing industries (warehouse and manufacturing users) added 2,300 jobs, representing a gain of 6.2 percent. Albuquerque’s industrial market experienced positive net absorption of more than 261,000 square feet during the fourth quarter of 2017. This was the highest net absorption since the fourth quarter of 2015, and the second-highest …

August 28, 2018

Acquisitions Multifamily Seniors Housing Utah Western

Marcus & Millichap Brokers Sale of 277-Unit Age-Restricted Community in Utah for $51.4M

by Amy Works August 27, 2018

DRAPER, UTAH — Marcus & Millichap (NYSE: MMI) has arranged the sale of Rosegate Draper, a 277-unit age-restricted multifamily asset in the Salt Lake City suburb of Draper. A local developer and owner sold the community to Kennedy Wilson, a California-based global real estate investment company, for approximately $51.4 million. The price equates to $185,379 per unit. Built in 2015, the five-story community features all one- and two-bedroom units and offers space for full-service facilities. Marcus & Millichap’s Danny Shin and Brock Zylstra represented the seller in the transaction.

August 27, 2018

Acquisitions Affordable Housing California Multifamily Western

AHF Buys Historic Hotel in Downtown Los Angeles to Repurpose as Affordable Housing

by Amy Works August 27, 2018

LOS ANGELES — AIDS Healthcare Foundation (AHF), through Healthy Housing Foundation by AHF, has purchased the historic Biltmore hotel located at 501 S. Los Angeles St. in downtown Los Angeles. The purchase price and seller were not disclosed. The buyer plans to convert 204-room hotel into residential units for homeless or extremely low-income individuals. Built in 1910, the hotel is the fourth property acquired by the Healthy Housing Foundation since October 2017 for use as homeless or low-income housing. Currently, the hotel has 76 tenants in residence, who will remain in place. The non-profit organization also owns the 150-room King Edward Hotel, the 202-room Madison Hotel and the 27-room Sunrise on Sunset hotel in Los Angeles.

August 27, 2018

Acquisitions California Retail Western

Charles Dunn Co. Negotiates $5.6M Sale of Retail Property in Norwalk, California

by Amy Works August 27, 2018

NORWALK, CALIF. — Charles Dunn Co. has brokered the sale of a single-tenant retail property, located at 12419 Norwalk Blvd. in Norwalk. TIMSA LLC sold the property to Hope & Happy LLC for $5.6 million, or $421 per square foot. Kyle Gulock and Matt Kramer of Charles Dunn Co.’s Bank Property Group represented the seller, while Juliet Shoham of Nelson Shelton & Associates represented the buyer. Bank of America has occupied the 13,298-square-foot, single-tenant property for more than 50 years and has four years remaining on its lease.

August 27, 2018

Acquisitions California Multifamily Western

S.R. Properties Acquires Apartment Asset in Los Angeles for $4.6M

by Amy Works August 27, 2018

LOS ANGELES — Stepp Commercial has arranged the sale of Washington Place Apartments, a multifamily property located at 11852 Washington Place in Los Angeles. Los Angeles-based Venetian Place LLC sold the property to Los Angeles-based S.R. Properties for $4.6 million, or $575,000 per unit. Built in 1990, the 11,482-square-foot property features six two-bedroom units and one one-bedroom unit, as well as a three-bedroom single-family house. Units feature balconies, wood floors, vaulted ceilings with skylights, stone countertops and a community backyard. Kimberly Stepp and Mark Ventre of Stepp Commercial represented the seller in the transaction.

August 27, 2018

Acquisitions Colorado Retail Western

Pinnacle Real Estate Arranges $1.2M Acquisition of Single-Tenant Retail Property in Colorado

by Amy Works August 27, 2018

CAÑON CITY, COLO. — Pinnacle Real Estate Advisors has brokered the acquisition of a retail property located at 2765 E. Main St. in Cañon City. An undisclosed buyer purchased the property for $1.2 million, or $56.82 per square foot. Zach Wright, Rob Edwards and Tom Ethington of Pinnacle’s The Edwards | Enthington Team represented the buyer, while Jeffrey Hirschfield of Antonoff & Co. Brokerage represented the undisclosed seller in the deal. Office Depot occupies the 20,679-square-foot building, which was built in 2007 on 1.76 acres.

August 27, 2018

Acquisitions California Multifamily Western

IPA Negotiates Sale of 288-Unit Apartment Property in San Gabriel Valley for $78.5M

by Amy Works August 24, 2018

SAN DIMAS, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Trails at San Dimas, a multifamily property located 444 N. Amelia Ave. in San Dimas. Stockbridge Capital Group and CNS Focused Investments sold the property to Korda Group for $78.5 million, or $272,569 per unit. The Trails at San Dimas features 288 apartment units in a mix of studio, one- and two-bedroom layouts. On-site amenities include a resident lounge with Wi-Fi, resort-style swimming pool, dog park with dog wash station, fitness center, outdoor grilling area, covered parking, laundry facilities and tennis courts. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the sellers and procured the buyer in the transaction.

August 24, 2018

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