Western

Gelt Buys 384-Unit Cedar Run Apartments in Denver for $62M

by Amy Works May 13, 2019

DENVER, COLO. — Los Angeles-based Gelt Inc. has acquired Cedar Run Apartments, a 384-unit multifamily community located at 888 S. Oneida St. in Denver. Maxx Properties sold the asset for $62 million. Situated on 14 acres, Cedar Run features nine residential buildings with 240 one-bedroom units and 144 two-bedroom units, with an average size of 846 square feet. On-site amenities include a 27,000-square-foot clubhouse building with two racquetball courts, an indoor pool, fitness center and conference room spaces. Additionally, the property features two outdoor pools, three courtyards with picnic and barbecue areas, a playground, a sand volleyball court and covered parking. The property was built in 1970 and partially renovated between 2012 and 2017. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the deal. Newmark Knight Frank’s Mitch Clarfield and Ryan Greer secured a 10-year, full-term, interest-only loan at 70 percent loan-to-value and a 4.2 percent rate through Freddie Mac’s Green-Up program.

May 13, 2019

California Loans Multifamily Seniors Housing Western

CBRE Arranges $91.8M Refinancing for Seniors Housing Portfolio in California

by Amy Works May 13, 2019

WALNUT CREEK, CALIF. — CBRE has arranged $91.8 million in financing for DiNapoli Capital Partners (DCP), an investor based in Walnut Creek. The funds will refinance existing debt on a five-property, 560-unit seniors housing portfolio located in California. Integral Senior Living manages three of the communities, located in Los Angeles area, and Westmont Senior Living manages the remaining two communities, located in the Sacramento area. DCP bought each of the assets within the portfolio separately as value-add acquisitions. The financing package comes at the end of the company’s repositioning plan for the properties. Andrew Behrens of CBRE Multifamily Institutional Group, along with Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing, arranged the transaction. The 10-year Fannie Mae loan includes five years of interest-only payments.

May 13, 2019

Development Industrial Washington Western

Bridge Development Buys Industrial Development Site in Metro Seattle

by Amy Works May 13, 2019

SUMNER, WASH. — Bridge Development Partners has acquired a 2.9-acre land parcel, located at 1710 136th Ave. East in Sumner, from an independent seller for an undisclosed price. The company plans to develop Bridge Point Sumner 60 on the site. The project will feature 64,574 square feet of industrial space, 30-foot clear ceiling heights, an ESFR sprinkler system, three grade-level doors, 10 dock-high doors, a 120-foot truck court and parking for 54 cars. The facility will offer flexible space options ranging from 20,000 square feet to 65,000 square feet. Construction is slated to begin in the next 30 days, with delivery by first-quarter 2020. Kermit Jorgensen and Scott Price of Neil Walter Co. represented Bridge in the acquisition and will serve as leasing agents for the project.

May 13, 2019

Acquisitions California Industrial Western

Realty Advisory Group Negotiates $8.9M Sale of 75,286 SF Industrial Asset in the Inland Empire

by Amy Works May 13, 2019

RIVERSIDE, CALIF. — Realty Advisory Group has arranged the sale of a single-tenant industrial property, located at 7275 Sycamore Canyon Blvd. in Riverside. An undisclosed seller sold the property for $8.9 million. Situated on 4.3 acres, the freestanding, 75,286-square-foot facility features 28-foot clear heights, 10 dock-high positions and future divisibility. At the time of sale, the property was fully leased to a Fortune 200 tenant. John Repstad and Mark Repstad of Realty Advisory Group represented the seller and undisclosed buyer in the deal.

May 13, 2019

California Development Loans Office Western

HFF Arranges $313.8M Construction Financing for Office Development in Silicon Valley

by Amy Works May 10, 2019

SUNNYVALE, CALIF. — HFF has secured $313.8 million in acquisition and construction financing for the development of Catalyst, a fully entitled, four-property office project in Sunnyvale. The borrower, a joint venture between Hearst Properties and Invesco Real Estate, acquired the development site in early May. Brandon Roth, Bruce Ganong, Peter Smyslowski and Bercut Smith of HFF worked on behalf of the borrower to secure the construction loan through ACORE Capital. Catalyst currently consists of a shovel-ready office development site and three existing office buildings, totaling 164,870 square feet, two of which will be demolished and replaced with new Class A office space. Upon completion, the 587,942-square-foot project will comprise three newly built, Class A office buildings with two parking structures and one original Class B office building.

May 10, 2019

Acquisitions California Industrial Western

Rexford Industrial Buys Two Properties in Southern California for $30.3M

by Amy Works May 10, 2019

LOS ANGELES AND RANCHO DOMINGUEZ, CALIF. — Rexford Industrial Realty has purchased two industrial properties for a combined total of $30.3 million. The acquisitions were funded using cash on hand. The company acquired a single-tenant industrial building, located at 15835 Oxnard St. in Los Angeles for $16.8 million, or $235 per square foot, in an off-market transaction. Situated in the Van Nuys neighborhood, the 71,467-square-foot building features 24-foot clear heights and 1,000 feet of freeway frontage along the Interstate 405 and substantive excess paved lane. Rexford also purchased a low-coverage building, located at 19100 S. Susana Road in Rancho Dominguez, for $13.5 million, or $77 per land square foot, in an off-market transaction. Situated on four acres, the 52,630-square-foot property features 24 dock-high loading positions, excess land for trailer storage and Interstate 710 freeway frontage. At the time of sale, the property was fully leased to a regional logistics operator.

May 10, 2019

Acquisitions Colorado Office Western

McWhinney Acquires 179,688 SF Office Building in Fort Collins, Colorado

by Amy Works May 10, 2019

FORT COLLINS, COLO. — Colorado-based McWhinney has purchased an office building, located at 3420 E. Harmony Road in Fort Collins, for an undisclosed price. The three-story, 179,688-square-foot building is adjacent to the Arapaho Bend Natural Area. Comcast, Madwire and Micro Focus occupy the property. Peter Kelly of CBRE represented the buyer, while Peter Kast, Alex Sommerville and Chad Flynn of CBRE represented the undisclosed seller in the deal.

May 10, 2019

Development Industrial Washington Western

Bridge Development to Build 97,522 SF Industrial Facility in Kent, Washington

by Amy Works May 10, 2019

KENT, WASH. — Bridge Development Partners has purchased a 4.7-acre development site, located at 26524 79th Ave. in Kent, from an independent seller for an undisclosed price. Bridge Development plans to construct Bridge Point Kent 100, a 97,522-square-foot industrial facility, on the site. Slated for delivery in first-quarter 2020, the facility will feature 30-foot clear ceiling heights, 14 dock-high doors, two grade-level doors, flexible size configurations and an ESFR sprinkler system. Steve Brunette, Shawn Childs and Andrew Stark of CBRE represented Bridge in the acquisition. Childs and Stark will serve as leasing agents for the property.

May 10, 2019

Acquisitions Colorado Office Retail Western

Monfort Cos., Magnetic Capital Purchase Historic Building in Denver for $2.9M, Plan Redevelopment

by Amy Works May 10, 2019

DENVER — Monfort Cos. and Denver-based Magnetic Capital have acquired a historic building located at 2100 Larimer St. in Denver’s Ballpark neighborhood. An undisclosed seller sold the property for $2.9 million. The buyers plan to redevelop the two-story, 11,600-square-foot property into a mix of retail and office space. Formerly the site of the bar El Charrito, the renovation will preserve the building’s historic character while repositioning the property for new tenants. The developers are targeting a restaurant tenant for the 5,830-square-foot first-floor space, while seeking office tenants for the upper floors. Completion is slated for the second half of 2020. Jamis Cos. represented the undisclosed seller in the transaction.

May 10, 2019

Company News Hawaii Office Retail Western

Parallel Capital Partners to Oversee $300M Portfolio of Retail/Office Assets in Honolulu

by Amy Works May 9, 2019

HONOLULU — San Diego-based Parallel Capital Partners has taken over asset management of a $300 million portfolio of office and retail properties in downtown Honolulu. As part of the deal, Parallel will oversee day-to-day management and leasing for the 1 million-square-foot portfolio. The assets include two office buildings — the 550,000-square-foot Waterfront Plaza and 375,000-square-foot Davies Pacific Center — and two retail assets known as Waikiki Marketplace and King Kalakaua. The principals of Parallel, along with Jay Shidler, are the existing owners of Davies Pacific Center and Waterfront Plaza, which the partnership originally acquired in 2003 and 2004 respectively. Additionally, the firm tapped Steven Sullivan, a former vice president of operations at The Shidler Group, as regional vice president for the Hawaii market. Serena Longo and Jack Roney of CBRE’s Honolulu office will oversee leasing at the properties.

May 9, 2019

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