Western

TCR, Barings Commence Construction of $90M Apartment Community in Bay Area

by Amy Works May 24, 2019

DANVILLE, CALIF. — Trammell Crow Residential (TCR) and Barings Real Estate Advisers are co-developing Alexan Downtown Danville, an apartment community located in Danville’s historic downtown district. Framing has commenced at the $90 million project, located at 375 Diablo Road, and completion is scheduled for summer 2020. Situated on 3.75 acres about 22 miles west of downtown Oakland, Alexan Downtown Danville will feature 144 apartments in a mix of one-, two- and three-bedroom apartments and townhomes, ranging in size from 500 square feet to 1,600 square feet. Community amenities will include a clubhouse with a lounge, conference room, business center, fitness center and package concierge. Outdoor amenities will include a resort-style swimming pool and spa, fire pit, outdoor kitchen, grill stations and dining area, a children’s play area, pet park and a vista overlooking the adjacent San Ramon Creek. Additionally, the property will feature private, gated subterranean parking with electric vehicle charging stations. The project team includes Wells Fargo as construction lender, LCA Architects as architect, Gates + Associates as landscape designer and Carlson, Barbee & Gibson as civil engineer.

May 24, 2019

Acquisitions California Loans Multifamily Seniors Housing Western

Harborview Capital Arranges $51.9M HUD Acquisition Loan for Skilled Nursing Portfolio in California

by Amy Works May 24, 2019

NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance based in New York City, equity and advisory firm, has arranged a $51.9 million bridge-to-HUD loan for the acquisition of six skilled nursing facilities across California. The portfolio totals 678 beds, and the borrower is a national private investment group. Further details regarding the properties were not disclosed. The financing is a three-year bridge loan at 90 percent leverage. Harborview’s Jonathan Kutner and Eli Kutner originated the loan, which Robert Kellerman negotiated.

May 24, 2019

California Development Retail Western

Midwood Investment to Develop 94,000 SF Retail Property in Los Angeles’ Studio City

by Amy Works May 24, 2019

LOS ANGELES — Midwood Investment & Development plans to build The Shops at Sportmen’s Lodge at the intersection of Coldwater Canyon Avenue and Ventura Boulevard in the Studio City neighborhood of Los Angeles. Designed by Gensler, the new ground-up development will feature 94,000 square feet of retail space and communal outdoor space designed OLIN Studio, as well as more than 450 parking spaces. Groundbreaking will commence in August, with an estimated opening slated for fall 2020. Midwood is co-developing the project with Richard Weintraub, who originally introduced this retail concept to the Studio City neighborhood.

May 24, 2019

Acquisitions Healthcare Office Oregon Western

HFF Directs $14.5M Sale of Medical Office Building in Metro Portland

by Amy Works May 24, 2019

TIGARD, ORE. — HFF has arranged the sale of Tigard Medical Plaza, a medical office building located in Tigard, approximately 10 miles south of downtown Portland. An undisclosed seller sold the property to a private investor for $14.5 million in all-cash, 1031 exchange transaction. Completed in 2005, Tigard Medical Plaza is a 20,994-square-foot outpatient medical office building and ambulatory surgery center. Situated on 1.7 acres, the property was fully leased at the time of sale. Evan Kovac, Andrew Milne, Trent Jemmett, Maria Poyer and Logan Greer of HFF represented the seller in the deal. Casey Davidson and John Chun, also with HFF, provided debt advisory services on the transaction.

May 24, 2019

California Development Leasing Activity Restaurant Retail Western

Two New Restaurants to Open at Manhattan Village in Southern California

by Amy Works May 24, 2019

MANHATTAN BEACH, CALIF. — Two new restaurants are joining the tenant roster at Manhattan Village, a 573,000-square-foot indoor/outdoor mixed-use dining and retail property located in Manhattan Beach. The restaurants are: • dan by ROC (Republic of China), a new concept from ROC that offers home-cooked Chinese food, specializing in dumplings and noodles. Situated within the Village Shops, the 3,500-square-foot location is scheduled to open in fall 2020. • edo Little Bites, which is the newest creation of Chef Edoardo Baldi, creator of e.baldi. Located in Village Shops, the 642-square-foot eatery is slated to open in fall 2020. Kristin Grove and Devin Klein of JLL secured the new tenants. In January, the second phase of redevelopment at Manhattan Village started and includes the Village Shops, which encompasses more than 60,000 square feet of retail and restaurant space, two parking decks, a large green space for community gatherings, a water feature, clock tower, seating areas and lush landscaping. Completion of the Village Shops is scheduled for 2021. Situated on 44 acres, Manhattan Village is currently home to Apple, Williams-Sonoma, Pottery Barn, Pottery Barn Kids, Macy’s, Sephora, Victoria’s Secret, Tommy Bahama and Kiehl’s. The project is being developed in phases and slated for …

May 24, 2019

Atria-Related-Welltower-San-Francisco-CA

Acquisitions California Multifamily Seniors Housing Western

Atria, Related Cos., Welltower Buy Former TV Studio in San Francisco for Seniors Housing Conversion

by Amy Works May 23, 2019

SAN FRANCISCO — A joint venture between Related Cos. and Atria Senior Living, along with funding support from Welltower, has acquired the former KRON-TV headquarters in San Francisco, with plans to convert the property to seniors housing. Onyx Partners sold the property for an undisclosed price. Located one block from the new Sutter California Pacific Van Ness Medical Center and along the Van Ness Bus Rapid Transit (BRT) line now under construction, the community will be at the center of the city’s Cathedral Hill neighborhood. In April, the San Francisco Planning Commission unanimously approved the plans to transform the vacant building site into one of the city’s first modern senior living communities in over a decade. Groundbreaking is scheduled for late 2019, with a planned completion by the end of 2021. When completed, the building will total 13 stories and 270,000 square feet, including 7,000 square feet of ground-floor retail. The Related-Atria joint venture was announced in October 2018, with a $3 billion planned pipeline of new seniors housing development. At that time, San Francisco was specifically cited as a high-barrier-to-entry market the venture was interested in, along with New York City, Boston, Los Angeles, Miami and Washington D.C. Welltower …

May 23, 2019

LogistiCenter-Speedway-North-Las-Vegas-NV

Development Industrial Nevada Western

Dermody Properties Breaks Ground on 251,800 SF Distribution Center in North Las Vegas

by Amy Works May 23, 2019

NORTH LAS VEGAS, NEV. — Dermody Properties has broken ground on LogistiCenter at Speedway, a distribution facility located at 6565 Nascar St. in North Las Vegas. Situated on 14 acres, the 251,800-square-foot building will feature 32-foot clear heights, 52 dock doors, eight grade-level doors and 182 car parking spaces. The building is currently available for pre-leasing and is divisible to 24,300 square feet. Garrett Toft and Sean Zaher of CBRE Las Vegas is representing the property. United Construction Co. is serving as general contractor.

May 23, 2019

Acquisitions Arizona Retail Western

Cushman & Wakefield Arranges $6.9M Sale of Two Walgreens-Occupied Assets in Metro Phoenix

by Amy Works May 23, 2019

PHOENIX AND SURPRISE, ARIZ. — Cushman & Wakefield has brokered the sales of two retail properties, located at 1840 W. Southern Ave. in Phoenix and 14285 W. Grand Ave. in Surprise. The properties were controlled by Grand Village CFI of Telluride, Colo. The two single-tenant properties, totaling 29,300 square feet, were 100 percent occupied by Walgreens at the time of sale. Rolling Hills Estates, Calif.-based Cove Capital acquired the 14,560-square-foot property in Phoenix for $4.6 million, while Urbandale, Iowa-based Midwest Alliance Partners purchased the 14,740-square-foot asset in Surprise for $2.2 million. Both properties are freestanding buildings with drive-thrus and corporate-guaranteed leases. Chris Hollenbeck of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.

May 23, 2019

Acquisitions Multifamily Oregon Western

Norris & Stevens Brokers Sale of 44-Unit Springhaven Apartments in Oregon for $6.7M

by Amy Works May 23, 2019

WOODBURN, ORE. — Portland-based Norris & Stevens has arranged the sale of Springhaven Apartments, a duplex and townhome project in Woodburn. An investment group led by Portland-based Russell Hosner LLC acquired the asset for $6.7 million as part of a 1031 tax-deferred exchange. The sellers were The James A. Halter Revocable Living Trust and David L. & Gaylene M. Lund. Located at 1108-1196 Park Circle and 1625-1667 Park Ave., the property consists of 19 buildings on 45 separate tax lots offering a total of 44 duplex and townhome rental units, all with attached garages. At the time of sale, the property was 95 percent occupied. The complex was completed in phases from 1983 to 1992. David Chatfield of Norris & Stevens represented both parties in the transaction.

May 23, 2019

Acquisitions Colorado Industrial Western

Quantum Commercial Group Negotiates $1.5M Sale of Industrial Building in Colorado Springs

by Amy Works May 23, 2019

COLORADO SPRINGS, COLO. — Quantum Commercial Group has arranged the sale of an industrial property, located at 2028 Aerotech Drive in Colorado Springs. Aerotech LLC sold the building to KGB LLC for $1.5 million. The property features 15,249 square feet of industrial space. Mary Francis Cowan of Quantum Commercial Group represented the seller, while Mike Helwege and Parker Curry of Core Commercial represented the buyer in the deal.

May 23, 2019

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