Western

Security Properties Buys 248-Unit Multifamily Community in Lacey, Washington

by Amy Works July 31, 2018

LACEY, WASH. — HFF has secured an undisclosed amount of financing for The MARQ on Martin, a multifamily community located at 8545 Litt Drive SE in Lacey. Security Properties, the borrower, used the loan to acquire the property, which was completed earlier this year. Charles Halladay, Scott Gilson and Robert Bova of HFF arranged a 10-year, fixed-rate loan with five years of interest-only payments through Freddie Mac for the borrower. HFF will service the securitized loan. The MARQ on Martin features 248 units in a mix of studio, one- and two-bedroom layouts offering stainless steel appliances, in-unit washers/dryers, and walk-in closets. Community amenities include a swimming pool, spa, sundeck and lounging area, courtyard with fire pit and ping pong table, an outdoor grilling and dining area, a 24-hour fitness center, and a clubhouse with fireplace, billiards and entertainment kitchen.

July 31, 2018

Acquisitions Mixed-Use Multifamily Office Oregon Retail Western

Greystar Acquires Mixed-Use Property in Portland’s West End

by Amy Works July 31, 2018

PORTLAND, ORE. — Greystar Real Estate Partners, on behalf of its real estate funds, has purchased Indigo at Twelve West, a mixed-use property located at 430 SW 13th Ave. in Portland. The price was not disclosed Situated in the city’s West End submarket, the property features 273 residential apartments, 86,000 square feet of creative office space and a 10,000-square-foot retail component. The office and retail components are fully leased. Completed to LEED Platinum standards in 2009, the property features all-glass façade with floor-to-ceiling windows, 10-foot to 12-foot ceilings, gas appliances and city views.

July 31, 2018

Acquisitions California Office Western

Avison Young Brokers $8.7M Sale of Office Building in Brea, California

by Amy Works July 31, 2018

BREA, CALIF. — Avison Young has arranged the sale of an office building located at 330 E. Lambert Road in Brea. Miller Brothers Eureka Road One LLC acquired the asset from Brea Metro LLC for $8.7 million in a 1031 exchange transaction. Built in 1988 as a single-tenant property, the two-story, 43,800-square-foot building underwent a renovation and conversion to multi-tenant use in 1997. Situated on 2.4 acres, the property is fully occupied by five tenants, including Southland Corp. (7-Eleven), PharMedQuest, National Mortgage Services and Merchant Money Corp. Alan Pekarcik and Chris Smith of Avison in collaboration with Tim Walker and Steve Heimuli of Lee & Associates represented the seller, while Colliers International represented the buyer in the deal.

July 31, 2018

Arizona Development Multifamily Western

Wood Partners Opens 223-Unit Alta Central Apartment Complex in Phoenix

by Amy Works July 31, 2018

PHOENIX — Wood Partners has celebrated the grand opening of its Alta Central, a multifamily community located at 4001 N. Central Ave. in Phoenix. Alta Central features 223 apartments in a mix of one-, two- and three-bedroom floor plans. Amenities include Amazon package lockers, electric car charging stations, complimentary Wi-Fi throughout the common areas and a lounge with a 13-foot television and NFL Sunday Ticket. Additional on-site amenities include a pool and spa with towel service; a rooftop pet area with a dog wash, grooming station and fenced dog run; a 24-hour fitness facility with spin room and yoga room; outdoor fire pit; and an outdoor game court.

July 31, 2018

Colorado Industrial Market Reports Western Western Market Reports

Industrial Investors, Developers Turn Up the Heat in Denver

by Taylor Williams July 31, 2018

Denver industrial assets are achieving record pricing as cap rates compress well below 5 percent for Class A product. As this is happening, developers are taking on hefty projects, signaling that Denver’s industrial real estate cycle is stretching its legs instead of winding down. Among the headlines: • Denver’s single largest investment transaction on record occurred in the first quarter of 2018. The Pauls Corporation sold 14 Class A, highly functional assets totaling 1.9 million square feet to Clarion Partners in the Airport submarket. • The largest speculative build of 701,900 square feet is underway by Majestic Realty. Prologis is building more than 500,000 square feet in the Central submarket, while Hyde Development kicked off the 1.8-million-square-foot 76 Commerce Center project in the “less than proven” I-76 Corridor. • Industrial land pricing has doubled in recent years to now double-digit pricing as triple-net asking lease rates approach $8 per square foot. Despite these impressive headlines, here are three reasons we expect further expansion in Denver’s industrial sector into 2019. Investor Preferences Align CBRE’s 2018 Americas Investor Intentions Survey revealed a dramatic increase in the popularity of industrial investments compared to years prior. Half of investors in the Americas are seeking …

July 31, 2018

Acquisitions Arizona Office Western

NKF Arranges $33.1M Sale of 177,312 SF Office Property in Phoenix

by Amy Works July 30, 2018

PHOENIX — NKF Capital Markets has brokered the sale of The Madison, an office property located at 5343 and 5353 S. 16th St. in Phoenix’s Camelback Corridor. A joint venture between EverWest Real Estate Investors and CenterSquare Investment Management sold the asset to Admiral Capital Group for $33.1 million. Paul Jones, Kevin Shannon, Rick Stumm, Ken White, Brunson Howard and CJ Osbrink of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction. Situated on 2.8 acres and renovated in 2017, The Madison includes two four-story office buildings, totaling 177,312 square feet, and subterranean parking. At the time of sale, the property was 93 percent occupied by a diverse mix of tenants.

July 30, 2018

Arizona Loans Retail Western

KeyBank Provides $35.3M Financing for Retail Center in Goodyear, Arizona

by Amy Works July 30, 2018

GOODYEAR, ARIZ. — KeyBank Real Estate Capital has provided a $35.3 million CMBS first-mortgage loan for Market at Estrella Falls, a retail center in Goodyear. The name of borrower was not released. Jacob Proctor of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term, two-year interest-only period and a 30-year amortization schedule. The borrower used the loan to acquire the property, as well as an adjacent vacant lot for future development. Burlington, T.J. Maxx/HomeGoods and C-A-L Ranch Stores anchor the 292,034-square-foot shopping center.

July 30, 2018

Development Multifamily Seniors Housing Washington Western

Áegis Living Opens 82-Unit, Italian-Inspired Seniors Housing Community in Seattle

by Amy Works July 30, 2018

SEATTLE — Áegis Living has opened the doors on Áegis at Ravenna, an assisted living and memory care community in Seattle’s Maple Leaf neighborhood. The property will feature 82 total units. The Ravenna name is a reference to both a neighboring Seattle neighborhood and a 19th-century opera house in Ravenna, Italy, the inspiration for the community’s design. The community features views of local landscapes, including Maple Leaf Reservoir Park, Waldo Woods and Lake Washington. Based in nearby Bellevue, Áegis Living operates 30 seniors housing communities in Washington, California and Nevada.

July 30, 2018

Acquisitions New Mexico Retail Western

AAG Management Acquires 43,484 SF Albertsons in New Mexico for $9M

by Amy Works July 30, 2018

CLOVIS, N.M. — AAG Management has purchased a single-tenant retail property located 1905 N. Prince St. in Clovis. An undisclosed seller sold the property for $9 million. Albertsons Market occupies the 43,484-square-foot building. Matt Berres of JLL’s Capital Markets represented the seller in the deal.

July 30, 2018

Acquisitions Colorado Multifamily Western

Pinnacle Negotiates $4M Sale of 21-Unit Apartment Building in Denver

by Amy Works July 30, 2018

DENVER — Pinnacle Real Estate Advisors has arranged the sale of an apartment building located at 1410 Poplar St. in Denver. An undisclosed buyer purchased the property for $4 million or approximately $190,000 per unit. Built in 1949, the building features 21 apartment units. Eric Veith of Pinnacle represented the buyer, while Matt Lewallen and Kevin Calame of Pinnacle represented the undisclosed seller in the transaction.

July 30, 2018

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