Western

Integral, Wanxiang Sell High-Rise Apartment Building in Denver for $110.5M

by Amy Works February 5, 2019

DENVER — A partnership between Atlanta-based The Integral Group and Chicago-based Wanxiang America Real Estate Group has sold EVIVA on Cherokee, a high-rise apartment building located at 1250 Cherokee St. in Denver’s Golden Triangle neighborhood. The partnership developed the 18-story property in 2017. The buyer and sales price were undisclosed, but multiple media outlets report that an affiliate of Chicago-based Equity Residential purchased the asset for $110.5 million. EVIVA on Cherokee features apartments averaging 820 square feet with industrial-inspired finishes, including exposed concrete, high-gloss custom cabinetry, quartz countertops, stainless steel appliances, sliding barn doors and floor-to-ceiling windows. Community amenities include a resort-style saltwater pool with private cabanas, outdoor grilling area, bocce ball court, fitness center, movie room with billiards, demonstration kitchen, private indoor/outdoor conference room, rotating art gallery throughout the common areas, dog wash and 24-hour concierge services. Jordan Robbins, Anna Stevens, Mack Nelson and Chris White of HFF represented the seller in the transaction. “The limited availability of concrete, high-rise apartment communities in Denver created significant interest in the asset,” says HFF’s Robbins. Founded in 2010, Wanxiang America Real Estate Group LLC has invested more than $1 billion of equity into nearly 100 commercial real estate investments of all product …

February 5, 2019

Features Midwest Northeast Office Southeast Texas Western

Cushman & Wakefield: Office Absorption Keeps Up With Construction, Lowering Vacancy Rate

by Kristin Harlow February 5, 2019

CHICAGO — Net absorption in office markets across the United States exceeded new construction in the fourth quarter of 2018, according to Cushman & Wakefield. This enabled the national office vacancy rate to drop to 13.2 percent. Nationwide absorption during the fourth quarter totaled 20 million square feet and marked the 33rd consecutive quarter of positive absorption since 2010. The total volume of space under construction increased slightly to 114.2 million square feet in the fourth quarter, up from 113.2 million in the third quarter. A total of 13.7 million square feet of new office projects delivered in the fourth quarter, bringing the total for 2018 deliveries to 52.7 million square feet, the second-highest amount of new space completed since 2010. Relative to inventory, the markets with the highest construction figures are San Mateo, Calif.; Austin, Texas; Nashville, Tenn.; Seattle; and Midtown Manhattan. On the west side Office markets in the Western United States performed the strongest in 2018 and accounted for 22.6 million square feet of net absorption, the highest volume since 2015. The lowest vacancy rates were seen in tech-driven markets like Seattle (6.2 percent vacancy) and San Francisco (6.4 percent). According to Cushman & Wakefield, the western …

February 5, 2019

Acquisitions California Office Western

Harvest Properties, True North Sell 20-Story Tribune Tower in Oakland

by Amy Works February 4, 2019

OAKLAND, CALIF. — A joint venture between Harvest Properties and True North Management Group has completed the disposition of Tribune Tower, an office property located at 409 13th St. in Oakland. Highbridge Equity Partners purchased the property for an undisclosed price. The historic 20-story building features 95,350 square feet of office space, an original 1920s-era clock and its namesake “Tribune” sign. Steve Golubchik, Tyler Meyerdirk, David Hosler and Jack Phipps of Newmark Knight Frank represented the sellers, while John Dolby and Dane Hooks of Cushman & Wakefield represented Harvest and True North on the leasing of the building.

February 4, 2019

Acquisitions Colorado Office Western

Centre Point Properties Acquires 10-Story Office Building in Metro Denver for $13.6M

by Amy Works February 4, 2019

GLENDALE, COLO. — Centre Point Properties LLC has purchased The Forum at Cherry Creek, a multi-tenant office building located at 425 S. Cherry St. in Glendale, a suburb of Denver. 425 LLC sold the property for $13.6 million, or $165 per square foot. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield Denver’s Capital Markets Group listed the property to sell on behalf of Denver-based Millice Group. The Forum at Cherry Creek is a 10-story, 83,268-square-foot office property. At the time of sale, the property was 88 percent leased to a tenant roster of office and medical office users, with approximately 40 percent of the existing tenants having some medical use.

February 4, 2019

Acquisitions Industrial Self-Storage Utah Western

Marcus & Millichap Arranges Sale of 119-Unit Self-Storage Facility in Tremonton, Utah

by Amy Works February 4, 2019

TREMONTON, UTAH — Marcus & Millichap has brokered the sale of Secure Storage Tremonton, a self-storage facility located in Tremonton, north of Salt Lake City near the Idaho border. A local family sold the property for an undisclosed price. The 119-unit facility features a fully fenced yard with electronic gate, paved driveways, drive-up access to each unit, steel sloped roofs, roll-up doors and concrete floors. At the time of sale, the property was 100 percent occupied. Jordan Farrer of Marcus & Millichap’s Salt Lake City office, along with Adam Schlosser of Marcus & Millichap’s Denver office represented the seller in the deal. The name of the buyer was not released.

February 4, 2019

Acquisitions Multifamily New Mexico Seniors Housing Western

Blueprint Brokers Sale of Two-Property Seniors Housing Portfolio in New Mexico

by Amy Works February 4, 2019

AZTEC AND LOVINGTON, N.M. — Blueprint Healthcare Real Estate Advisors has arranged the sale two seniors housing properties in New Mexico for an undisclosed price. The portfolio consisted of 150 skilled nursing beds and 25 independent and assisted living units. One property is located in Aztec, in the northwest corner of the state, and the other is in Lovington, in the southeast corner of the state. Blueprint handled the transaction on behalf of the seller, Sioux Falls, S.D.-based The Evangelical Lutheran Good Samaritan Society, a nonprofit owner-operator for which the assets represented a non-core disposition. A Southern California-based private investor interested in expanding in New Mexico was the buyer. Amy Sitzman and Hayden Behnke of Blueprint led the transaction.

February 4, 2019

Acquisitions California Industrial Western

BB Properties Sells 35,400 SF Industrial Asset in California for $3.5M

by Amy Works February 4, 2019

FONTANA, CALIF. — BB Properties has completed the sale of an industrial property located at 14978 Ceres Ave. in Fontana. Descansando Partners acquired the multi-tenant asset for $3.5 million. The asset features two metal buildings and two parcels totaling more than 3.9 acres of industrial-zoned land. Eight tenants occupy the 35,400-square-foot property. Larry Kliger of Lawrence Allen & Associates represented the seller, while David Brackman of Ashwill Associates represented the buyer in the deal.

February 4, 2019

California Leasing Activity Office Top Stories Western

Taco Bell Renews Lease for Corporate Headquarters in Southern California Through 2030

by Alex Tostado February 4, 2019

IRVINE, CALIF. — Taco Bell Corp. has renewed its corporate headquarters lease in Irvine through 2030. The five-story, 180,000-square-foot office building is located at 1 Glen Bell Way, about 42 miles south of Los Angeles. The facility houses 800 corporate and contracted employees, is LEED certified and offers amenities such as on-site child care, a dining center, salon, gym, game room, dry cleaning services and a car washing services. The Irvine property serves as one of three restaurant support centers for the Yum! Brands Inc, the parent company of Taco Bell. Specifically, the support center includes a test kitchen for new Taco Bell food innovations. Cushman & Wakefield’s Irvine office arranged the lease between Taco Bell and landlord LBA Realty. Glen Bell founded Taco Bell in 1962. The restaurant chain has been headquartered in Southern California since then, including 40 years in Irvine. Taco Bell has occupied its current headquarters since 2010. “As a brand with Southern California in our DNA, we’re excited to remain in Irvine and continue to grow where we have deep roots,” said Frank Tucker, chief people officer of Taco Bell Corp. “The unrivaled talent and culture at our Restaurant Support Center make this a great …

February 4, 2019

Matt Rocco of Grandbridge Real Estate Capital

Features Finance Insight Midwest Northeast Southeast Texas Western

Competition Will Continue for Top Quality Commercial Real Estate in 2019

by Jaime Lackey February 2, 2019

Matt Rocco, president of Grandbridge Real Estate Capital, realizes this year may not maintain the exact same lending velocity as last year. However, he sees plenty of opportunities in workforce and affordable housing, as well as in industrial real estate. This, combined with plenty of capital, may keep competition fierce for strong commercial assets in the foreseeable future. Many believe lending velocity may slow this year compared to 2018. What is your take on this? Rocco: We expect transactional velocity will be flat or down slightly as compared to 2018. This year and 2020 only have modest maturity activity. As a result, many new refinancing assignments will come from floating-rate loans that are converting into fixed-rate loan terms. Given the very flat yield curve, we anticipate many clients will move from these floating-rate loans to match their ownership objectives. They will likely seek fixed-rate loan terms at the same coupon rate as their floating-rate alternatives. We also expect lending volume from CMBS, agency and life insurance companies to be flat or slightly down in 2019 compared to the record year in 2018. Are there any specific product types that seem particularly attractive in 2019? Rocco: We expect to see robust …

February 2, 2019

Features Finance Insight Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

Experience Pays Off for Reputable Seniors Housing Operators

by Jaime Lackey February 2, 2019

Mark Gould, national production manager of M&T Realty Capital Corporation, believes the seniors housing continuum of care may hold vast opportunities for those with the know-how and discipline to weather any short-term storms. Where do lending opportunities – and challenges – lie in 2019? Gould: We have been active in the seniors housing sector for a very long time. We see this asset class continuing to grow in 2019 as the U.S. aging population will drive growth. Challenges will lie with inexperienced parties trying to capitalize on the favorable demographic trends who do not fully understand the complexity of operating in the healthcare space. Wage pressures and nurse staffing shortages will further heighten the operating challenges in this space. I also think dollar volumes will stay steady. Rising rates have placed some DSC [debt service coverage] limitations and have required more equity into deals. There didn’t seem to be as many large portfolio deals in fiscal year 2018, which we believe resulted in a heightened number of transactions. This is an indication of a healthy market. Does the seniors housing market have room to grow beyond its 2018 activity? Gould: We are seeing some very innovative solutions from our customers that …

February 2, 2019

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