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

Acquisitions California Multifamily Western

Reliant Group Buys Bay Area Apartment Portfolio for $116M

by Amy Works April 17, 2019

SAN FRANCISCO — San Francisco-based Reliant Group Management has acquired a seven-property multifamily portfolio from a private seller for $116 million. Consisting of 603 units, the communities are located in Napa, Vallejo, Hercules, Antioch, Dublin and Hayward. Richard Knutson, Anthony Pappageorge, Zach LeBeouf and Will Thomas of Newmark Knight Frank Oakland represented the seller in the deal. Additional details of the transaction were not disclosed.

April 17, 2019

Colorado Loans Multifamily Seniors Housing Walker & Dunlop Western

Walker & Dunlop Arranges $52M Refinancing for Colorado Seniors Housing Portfolio

by Amy Works April 17, 2019

COLORADO SPRINGS AND CENTENNIAL, COLO. — Walker & Dunlop has structured $52 million in financing to refinance three seniors housing properties totaling 196 units in Colorado Springs and Centennial. The three properties are owned by a partnership between MorningStar Senior Living and an alternative investment fund manager based in the Middle East. MorningStar Senior Living manages the properties. The financing includes: • $21 million for MorningStar at Jordan, a three-story, 84-unit assisted-living and memory care facility in Centennial • $17.7 million for MorningStar at Mountain Shadows, a two-story, 64-unit assisted-living and memory care property in Colorado Springs • $13.2 million for MorningStar at Bear Creek, a 48-unit property specializing in Alzheimer’s patients Stuart Wernick, Jeff Ringwald and Bill Jackson of Walker & Dunlop arranged the loans, which featured a 10-year term, fixed interest rate and interest-only payments for a portion of the term.

April 17, 2019

Acquisitions Arizona Multifamily Western

Clear Sky Capital Sells Scottsdale Apartment Complex for $26.1M

by Amy Works April 17, 2019

SCOTTSDALE, ARIZ. — An entity formed by Phoenix-based Clear Sky Capital has completed the disposition of Tatum Place, a 164-unit multifamily property located at 16801 N. 49th St. in Scottsdale. Tatum Investment Partners, an entity formed by Chicago-based Rockwell Partners, purchased the asset for $26.1 million. Tatum Place features a mix of one- and two-bedroom apartments with an average size of 814 square feet. Units offer nine-foot ceilings, all-electric kitchens, in-unit washers/dryers, patios/balconies, wood-style flooring and walk-in closets. Community amenities include a fitness center, two swimming pools, a poolside clubhouse, outdoor barbecue grills, covered parking, gated access, a fire pit and complimentary Wi-Fi. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the deal.

April 17, 2019

Acquisitions Industrial Self-Storage Washington Western

Marcus & Millichap Directs $9.7M Sale of Self-Storage Facility in Belfair, Washington

by Amy Works April 17, 2019

BELFAIR, WASH. — Marcus & Millichap has arranged the sale of All Star Self Storage, Boat & RV, a self-storage facility located at 19720 E. Highway 106 in Belfair. A regional investment group acquired the property from a local partnership for $9.7 million, or approximately $127 per rentable square foot. The five-parcel asset is situated on 12 acres and features 586 self-storage units, a 25,000-square-foot boat barn for indoor boat and vehicle storage and 120 uncovered parking spaces. The property was built in several phases between 1987 and 2003. Christopher Secreto of Marcus & Millichap represented the seller and secured the buyer in the deal.

April 17, 2019

Acquisitions California Multifamily Seniors Housing Western

Mogharebi Group Brokers $6.8M Sale of Seniors Housing Community in San Bernardino, California

by Amy Works April 17, 2019

SAN BERNARDINO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Bernardine Senior Independent Living, a 71-unit apartment community in San Bernardino, approximately 60 miles east of Los Angeles. Built in 1984, Bernadine Senior Independent Living is a four story, 71-unit retirement community totaling 36,210 rentable square feet and situated on a one-acre site. A private investor out of Los Angeles acquired the property for $6.8 million, or $95,423 per unit. The seller was an Inland Empire-based acquisition group. Alex Mogharebi, Otto Ozen and Bryan LaBar of TMG represented both the seller and buyer in the deal.

April 17, 2019

Acquisitions Multifamily Washington Western

Timberlane Partners Sells 127-Unit The Hudson Apartments in Seattle for $38.7M

by Amy Works April 16, 2019

SEATTLE — Timberland Partners has completed the disposition of The Hudson, a multifamily property located at 2450 Aurora Ave. N. in Seattle’s Queen Anne neighborhood. A private family acquired the asset for $38.7 million. Dylan Simon and Jerrid Anderson of Colliers International’s Seattle Multifamily team represented the seller in the deal. Built in 1987, The Hudson underwent extensive renovations from 2014 to 2016. Modernization of the building included unit finishes and upgraded amenities, such as a fully-equipped gym, large deck with community barbecue, and a bike maintenance and storage area.

April 16, 2019

Newer Posts

Older Posts