Western

ARCO/Murray Completes Design-Build of Two Self-Storage Facilities in New Mexico

by Amy Works March 25, 2019

ALBUQUERQUE AND SANTA FE, N.M. — ARCO/Murray has completed the construction of Ladera Storage in Albuquerque and Vegas Verde Storage in Santa Fe for Titan Development. Ladera Storage is a the three-story, 103,350-square-foot property offering fully climate-controlled units. The four-story Vegas Verda Storage features 88,184 square feet of climate-controlled self-storage space and two interior covered loading docks. Extra Space Storage will manage both facilities. ARCO/Murray provided design-build services, including architectural, structural and MEP design, as well as permitting and construction for each property.

March 25, 2019

California Loans Multifamily Western

PSRS Secures $4.4M Loan for Kenmore Commons Apartment Building in Koreatown

by Amy Works March 25, 2019

LOS ANGELES — PSRS has arranged a $4.4 million loan for Kenmore Commons, an apartment building located in the Koreatown area of Los Angeles. The building features 22 recently renovated units. William DeFanti of PSRS’ Los Angeles office secured the high-leverage, non-recourse loan, which features no prepayment penalty after the 12th month. The borrower was not disclosed.

March 25, 2019

Conference Coverage Multifamily Western Western Feature Archive

InterFace Panel: San Diego Leaves Multifamily Investors Wanting More

by Amy Works March 22, 2019

SAN DIEGO — Multifamily properties in San Diego are in high demand — and not just among Millennials and empty nesters who long for convenience, walkability and beautiful ocean views. Panelists at InterFace Conference Group’s San Diego Multifamily Conference, held March 19 at the Sheraton Hotel & Marina, viewed this market as a hot one… if you can get in. “There hasn’t been a ton of multifamily transaction activity in San Diego,” said Aldon Cole, senior managing director at HFF and moderator of the “Who’s Lending?” panel. “It’s an interesting market that we’re all trying to navigate. We have to adapt in a low-trade environment.” San Diego’s reputation for being a stable market and one where people want to be are two of the factors contributing to this lack of opportunity. “During the last downturn, San Diego was the most stable market,” noted Mark Gleiberman, CEO of MG Properties Group and Developers/Owners panelist. “It always tends to be one of the most stable markets that we’re in. It’s not totally resistant to a downturn, but San Diego tends to fare better in most recessions than other markets.” Desirability paired with strong market fundamentals has created a very competitive landscape among …

March 22, 2019

Colorado Loans Multifamily Western

HFF Secures $75M in Financing for 287-Unit Residential Tower in Downtown Denver

by Amy Works March 22, 2019

DENVER — HFF has arranged $75 million in financing for The Confluence, a 34-story luxury residential tower located 1441 Little Raven St. in downtown Denver. The borrower is a partnership between National Real Estate Advisors, acting on behalf of a client, and PMRG, which recently merged with Madison Marquette. Josh Simon and Rob Rizzi of HFF secured the 10-year, fixed-rate loan through a life company lender. The borrower plans to use loan proceeds to retire existing construction debt. Completed in 2017, The Confluence features 287 units in a mix of one-, two- and three-bedroom. Units average 1,052 square feet with high-end finishes, including granite and marble countertops, soaking tubs, floor-to-ceiling windows, hand-scraped hardwood floors, walk-in closets, solar and blackout shades, and balconies and private terraces. Common area amenities include a fitness center, swimming pool, hot tub, cabanas with individual fire pits, two skyline lounges, professional chef’s kitchen, catering facility, dog grooming area, valet parking, 24-hour concierge service and direct access to Confluence Park.

March 22, 2019

California Loans Mixed-Use Office Retail Western

Ready Capital Closes $20.1M Loan for Back Bay Center Retail/Office Building in Costa Mesa, California

by Amy Works March 22, 2019

COSTA MESA, CALIF. — Ready Capital has closed a $20.1 million loan for the acquisition, renovation and stabilization of Back Bay Center, a mixed-use retail and office property located in the Eastside submarket of Costa Mesa. The asset features 52,000 square feet of Class B retail and office space. Ready Capital National Bridge Originations Team closed the non-recourse, fixed-rate loan that features an 84-month term, 48 months of interest-only payments and flexible pre-payment options.

March 22, 2019

Loans Mixed-Use Multifamily Retail Washington Western

NBS Financial Secures $5M in Financing for Mixed-Use Asset in Seattle

by Amy Works March 22, 2019

SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has arranged $5 million in financing for Wallingford Center in Seattle. The borrower is Wallingford Center LLP. Mike Wood and Colin Ceithaml of NBS Financial secured the non-recourse, fixed-rate loan. Riversource LLC, a life company correspondent of NBS Financial, provided the capital. Originally constructed as a school, the 28,377-square-foot mixed-use asset features retail space on the first two floors and 24 apartments above. The use of the financing was not disclosed.

March 22, 2019

Acquisitions Arizona Retail Western

Valencia Property Acquires CVS-Occupied Building in Arizona for $4.5M

by Amy Works March 22, 2019

PRESCOTT, ARIZ. — Valencia Properties has purchased a freestanding, single-tenant property located at 901 Willow Lake Road in Prescott. A Southern California-based private investor sold the building for $4.5 million in an all-cash transaction. CVS/pharmacy occupies the 13,186-square-foot drive-thru property, which was built in 2015. The absolute triple-net leased asset is corporate guaranteed by CVS Health Corp. with 22 years remaining. Patrick Luther and Matthew Mousavi of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Gulf Stream Capital Ventures represented the buyer.

March 22, 2019

Development Multifamily Seniors Housing Utah Western

Alliance Residential Opens Active Adult Community Near Salt Lake City

by Amy Works March 22, 2019

DRAPER, UTAH — Alliance Residential has opened The Ivy, an active adult community in Draper, approximately 17 miles south of Salt Lake City. The luxury community, located in what the developer calls “one of Salt Lake City’s most stylish suburbs,” will be restricted to residents over the age of 55.

March 22, 2019

Acquisitions California Office Top Stories Western

Japanese Investor Acquires 603,666 SF Tech Office Campus in Silicon Valley for $429M

by Kristin Harlow March 22, 2019

SAN JOSE, CALIF. — Mori Trust Co. Ltd. has acquired three office buildings totaling 603,666 square feet in San Jose through its subsidiary MORI America LLC. The purchase price was not disclosed, but The Mercury News reports the portfolio sold for $429 million. The properties are situated on approximately 9.7 acres and are fully leased to Idaho-based computer chip giant Micron Technology. The area is expected to undergo further development under San Jose’s master plan for urban development. Located on Holger Way, the buildings are LEED Gold certified. All three properties, built in 2010, are fully occupied. One of the buildings rises four floors, while the other two are seven floors. The sale also includes a 1,687-space parking garage. The seller on the transaction was Lane Partners, which acquired the campus for $225.5 million in 2017, according to The Mercury News report. The Mori Trust Group is a Japan-based owner and developer with a focus on real estate, hotel management and investment operations. The company previously acquired two office buildings in Boston’s Back Bay district in 2017, and has announced plans to greatly increase its overseas investments. — Kristin Hiller

March 22, 2019

Acquisitions Retail Utah Western

CIM Sells The Family Center Retail Asset in Utah to CCA Acquisition Co. for $48.2M

by Amy Works March 21, 2019

RIVERDALE, UTAH — CIM has completed the disposition of The Family Center at Riverdale, a shopping center located on 42 acres at 1083 W. Riverdale Road in Riverdale, approximately 35 miles from downtown Salt Lake City. CCA Acquisition Co. acquired the property for $48.2 million. At the time of sale, the 427,828-square-foot property was 97 percent occupied by Target (165,550 square feet), Sportsman’s Warehouse, Best Buy, Pier 1 Imports, Show Carnival, PetSmart, Dollar Tree and Joann Fabrics. The retail center was built in phases from 1995 to 2008. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark Knight Frank, along with Ben Brown and Brandon Goodman of Mountain West, represented the seller. The buyer was self-represented.

March 21, 2019

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