Western

Arbor Funds $19M Refinancing for 166-Unit Tuscany Villas in Southern California

by Amy Works April 24, 2019

WEST COVINA, CALIF. — Arbor Realty Trust has provided a Fannie Mae Streamlined Rate Lock (SRL) deal for a multifamily property in West Covina. An undisclosed borrower received the $19 million loan to refinance Tuscany Villas, a garden-style apartment community. Greg Gillam of Arbor’s Manhattan Beach Office originated the 10-year, fixed-rate loan, which features a 30-year amortization schedule. Built in 1966 and recently renovated, Tuscany Villas features 166 apartments in a mix of studio and one-bedroom layouts with upgraded interiors, including hardwood flooring, custom cabinets and granite countertops. Community amenities includes swimming pools, charcoal grilling areas and a fitness center.

April 24, 2019

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Arranges $7.5M Sale of The Applewoods Apartment Community Near Denver

by Amy Works April 24, 2019

LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of The Applewoods, an apartment community located at 1975 Oak St. in Lakewood. An undisclosed buyer acquired the building for $7.5 million, or $178,571 per unit. Built in 1971, the property features 42 apartments. Joe Hornstein of Pinnacle Real Estate Advisors represented the undisclosed seller, while Scott Fetter, also of Pinnacle Real Estate Advisors, represented the buyer in the deal.

April 24, 2019

Acquisitions California Industrial Top Stories Western

Exeter Property Group Buys 806,322 SF Industrial Asset in the Inland Empire for $97.7M

by Amy Works April 24, 2019

SAN BERNARDINO, CALIF. — Exeter Property Group, a Pennsylvania-based industrial development and investment firm, has purchased a distribution building located at 6227 Cajon Blvd. in the southern California city of San Bernardino. The sales price was $97.7 million. Bob’s Discount Furniture occupies the 806,322-square-foot property, which is situated on 41 acres. The property offer access to the BNSF Intermodal Yard, FedEx Group Rialto, UPS Air Hub and Ontario International Airport. Bo Mills, Mark Detmer and Ryan Sitov of JLL, along with Scott Schwartz of Insignia PMG, represented the undisclosed seller in the transaction. “This listing represented the opportunity for an investor to acquire a building with a long-term lease to a strong tenant in the largest industrial market in the world,” says Detmer. “The buyer was attracted to the stability of the property, the tenant’s commitment to the area and potential for future development growth.” — Amy Works

April 24, 2019

Arizona Development Hospitality Western

Catellus, Mortenson to Build 259-Room Hyatt Hotel in Tempe’s Novus Innovation Corridor

by Amy Works April 23, 2019

TEMPE, ARIZ. — A partnership between Catellus Development Corp. and Mortenson will bring a dual-branded hotel to the Novus Innovation Corridor in Tempe. Groundbreaking occurred this week, with completion slated for summer 2020. Situated at the corner of East Veterans Way and East Sixth Street, the eight-story hotel will feature 259 rooms under the Hyatt Place and Hyatt House flags. The LEED-certified hotel will feature rooftop amenities, including a pool, bar, outdoor gathering area and fitness center. Additional amenities will include an open lobby, shaded patio spaces and banquet, meeting and outdoor event spaces. The property will be within walking distance of Arizona State University’s Sun Devil Stadium, as well as adjacent to Wells Fargo Arena and the planned multi-purpose arena. The project team include PK Architects, ESG Architects and Design Force Corp.

April 23, 2019

Acquisitions Arizona Multifamily Western

Bridge Investment Group Buys 304-Unit Verona Park Apartment Community in Arizona for $43.7M

by Amy Works April 23, 2019

MESA, ARIZ. — Salt Lake City-based Bridge Investment Group has acquired Verona Park, an apartment community located at 1666 S. Extension Road in Mesa. Salt Lake City-based Millburn Co. sold the property for $43.7 million. Cindy Cooke and Brad Cooke of Colliers International of Arizona represented the seller, while Bridge Investment Group was self-represented in the sale. Built in 1981, Verona Park consists of 19 residential buildings totaling 248,224 square feet. The property features 304 apartments in a mix of one- and two-bedroom layouts, averaging 817 square feet. At the time of sale, 25 of the units had undergone renovations, leaving the remaining apartments with classic interiors for upgrading.

April 23, 2019

Acquisitions California Industrial Retail Western

Online Vehicle Auction Company Acquires 51 Acres in San Diego for $30M

by Amy Works April 23, 2019

SAN DIEGO — Copart, a Dallas-based online vehicle auction company, has purchased 51 acres of land in San Diego’s Otay Mesa submarket. The Street Family sold the property for $30 million. Located at the north end of La Media Road and the east side of Brownfield Airport, the property was most recently used as a truck yard. Additionally, the asset was recently improved with power, water, landscaping, fencing, screening and secure gates. Rob Hixson of CBRE represented the seller, while Joe Carroll of Resource One represented the buyer in the deal. Copart sells roughly 14,000 used cars per day, using patented virtual auction technology.

April 23, 2019

Acquisitions Colorado Multifamily Western

Nexus Commercial Realty Arranges $11M Sale of 81-Unit Amherst Apartments in Denver

by Amy Works April 23, 2019

DENVER — Nexus Commercial Realty has arranged the sale of Amherst Apartments, a multifamily building located at 2775 S. Federal Blvd. in Denver. Vukota Amherst Apartments LP sold the property to PARS LLC for $11 million. Totaling 58,003 square feet, Amherst Apartments features 81 units in a mix of one- and two-bedroom layouts. On-site amenities include a leasing office, playground, clubhouse and laundry facilities. Adam Riddle of Nexus Commercial represented the seller, while Jason Koch, also of Nexus Commercial, represented the buyer in transaction.

April 23, 2019

Acquisitions Retail Utah Western

Evergreen Devco Sells 5,500 SF Retail Center in Utah for $3.1M

by Amy Works April 23, 2019

PLEASANT GROVE, UTAH — Evergreen Devco has completed the disposition of a newly developed retail center, located at 855 W. State St. in Pleasant Grove. Pinot Pasadena Land Co. acquired the property for $3.1 million. The 5,500-square-foot, multi-tenant retail space was 100 percent occupied. Tenants include Mo’ Bettahs Hawaiian Style restaurant, Beans & Brews Coffee House and Dough Co., which is slated to open this spring. Evergreen originally purchased the 1-acre site in June 2018 and completed the retail center in November 2018. The project team included Utah-based Rimrock Construction and architect Farnsworth Group.

April 23, 2019

California Development Mixed-Use Student Housing Top Stories Western

UC Hastings Selects Greystar as Master Developer of $450M Student Housing Village in San Francisco

by John Nelson April 23, 2019

SAN FRANCISCO — The University of California Hastings College of the Law (UC Hastings) has selected Greystar Real Estate Partners LLC as the master developer of its planned on-campus academic village in downtown San Francisco. Charleston, S.C.-based Greystar plans to build the $450 million project in two phases. “We are excited to be moving forward with Greystar to further develop this vibrant academic village in the heart of San Francisco,” says David Faigman, chancellor and dean at UC Hastings. The law school is situated in downtown San Francisco near the Supreme Court of California and San Francisco City Hall. Phase I of the new project will be the ground-up construction of 630 student housing apartments available for students, faculty and staff. The first phase is estimated to cost $250 million to develop, which will be funded using tax-exempt bonds. UC Hastings and Greystar plan to open the first phase in time for the fall 2022 semester. Phase II is the approximately $200 million renovation of McAllister Tower, a historic on-campus dormitory. The overhaul will update 300 units and add new mixed-use amenities, including a fitness center, study lounges, community kitchens, social lounges and a new auditorium. Overall, the expansion will …

April 23, 2019

Acquisitions California Industrial Western

Innovative Industrial Properties Buys Southern California Industrial Portfolio for $27.1M

by Amy Works April 22, 2019

SAN DIEGO — Innovative Industrial Properties (IIP) has acquired a five-property industrial portfolio in Southern California for $27.1 million. The assets total 102,000 square feet of industrial space. This acquisition marks IIP’s second investment in California, following the company’s acquisition in Sacramento earlier this year. The company claims to be the only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at each property with a licensed cannabis operator. The tenant intends to operate the properties as licensed cannabis cultivation, manufacturing, processing and distribution facilities in accordance with California regulations.

April 22, 2019

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