Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/732258
C A L I F O R N I A & H A WA I I www.REBusinessOnline.com Western Real Estate Business • October 2016 • 29 M O U N TA I N S TAT E S JACKSON SQUARE PROPERTIES PURCHASES SKYE CREST IN LAKEWOOD FOR $68.2 MILLION LAKEWOOD, COLO. — Jackson Square Properties has purchased the 300-unit Skye Crest in Lakewood for $68.2 million. The community is locat- ed at 7846 West Mansfield Parkway. It is situated immediately south of the intersection of Highway 285 and South Wadsworth Boulevard. HFF's Jordan Robbins and Jeff Haag rep- resented the seller, Fairfield Bentley LLC, in this transaction. DOLLAR GENERAL ENTERS NORTH DAKOTA WITH NEW STORE CONSTRUCTION OAKES, N.D. — Dollar General is underway on the construction of five new stores in southeastern North Da- kota. The stores are expected to open in spring 2017 and, when completed, will expand the company's presence to 44 states across the country. Stores are currently under construc- tion in the following locations: Oakes (Dickey County); Ellendale (Dickey County); Hankinson (Richland Coun- ty); Hillsboro (Traill County); and Gwinner (Sargent County). These five stores will offer custom- ers the traditional Dollar General store format, which is approximately 9,100 total building square footage and 7,400 sales floor square footage. The stores' layout provides a custom- er-friendly format with fast checkout, as seasonal products are displayed in the center of the stores, departments are easily recognizable with visible signage and coolers are conveniently located at the front of the stores. Con- struction began on all five stores this summer. Dollar General plans to identify ad- ditional areas for new store growth in the state. Dollar General most recently expanded from stores in 40 states to 43 states with the grand opening of stores in Maine, Rhode Island and Or- egon in March 2015. Dollar General Corporation oper- ated 13,000 stores as of August 2016. CBRE ARRANGES SALE OF TAYLORSVILLE TOWN CENTER IN UTAH TAYLORSVILLE, UTAH — CBRE Group Inc. has arranged the sale of Taylorsville Town Center, a 127,231-square-foot shopping center located in Taylorsville. Associated Foods Fresh Market an- chors the 97 percent occupied shop- ping center, which is also home to ten- ants including Rite Aid, the UPS Store, Pizza Hut and Fantastic Sam's. Brad Lyons and Tim Richey of CBRE rep- resented the seller, Weingarten Realty Investors, in the transaction. Slate As- set Management purchased the prop- erty. WALKER & DUNLOP PROVIDES $48.8 MILLION IN FINANCING FOR STUDENT HOUSING PORTFOLIO NEAR BYU PROVO, UTAH — Walker & Dunlop Inc. has provided three loans totaling $48.8 million for a portfolio of three student housing properties located near Brigham Young University in Provo. Properties include The Lodges at Glenwood, Raintree Commons and Cambridge Court. Each loan — uti- lizing Freddie Mac financing — was structured with a 10-year term and five years interest only, followed by a 30-year amortization schedule. The garden-style communities offer ame- nities including private balconies and patios; furnished units; parking; and pools with cabanas. SUMMIT HOTEL PROPERTIES BUYS MARRIOTT IN BOULDER FOR $61.4 MILLION BOULDER, COLO. — Summit Hotel Properties has purchased the 157- room Marriott hotel in Boulder for $61.4 million. The hotel is located at 2660 Canyon Blvd. The Marriott is situated within walking distance of the University of Colorado, Folsom Field and Pearl Street Mall. Notable employers in the area include IBM, Google, NCAR, Qualcomm and Covidien. HLC, HAMPSHIRE COS. BUY SAGE BROOK APARTMENTS IN DENVER DENVER — A joint venture between HLC Equity and Hampshire Compa- nies has purchased the 216-unit Sage Brook apartments in Denver for $26.3 million. The Class B community is lo- cated at 7201 Leetsdale Drive. Sage Brook is situated just 3 miles from the Cherry Creek neighbor- hood near three of the region's larg- est employment centers, including the Downtown Denver, Denver Tech Cor- ridor and the Fitzsimons Innovation Campus. The property will be man- aged by HLC Equity's management arm. BLUE MOON, MGL, LEISURE CARE TO BUILD 169-UNIT COMMUNITY IN DENVER DENVER — A joint venture between Blue Moon Capital Partners LLC, MGL Partners and a subsidiary of Lei- sure Care are developing a 169-unit independent living, assisted living and memory care community in the Denver Tech Center neighborhood of Denver. The partnership brings to- gether Boston-based Blue Moon, an investor focused exclusively on se- niors housing; Denver-based MGL, a multifamily and seniors housing developer; and Seattle-based Leisure Care, an operator of 39 seniors hous- ing communities. Construction is slat- ed for completion in 2018. DREVER TO BUILD 64-UNIT MEMORY CARE COMMUNITY IN FORT COLLINS FORT COLLINS, COLO. — Drever Capital Management has unveiled plans for a new Windsong-branded memory care community in Fort Col- lins, about 60 miles north of Denver. Vista Pointe Development will assist in the development of the project. Construction is slated to begin in Sep- tember. Rental rates are expected to range between $4,900 and $5,200, well be- low the market's average, according to Drever. Based in California, Drever Capital Management acquires, manages and develops commercial real estate prop- erties. THE HOTEL GROUP OPENS REBRANDED DOUBLETREE BY HILTON BILLINGS BILLINGS, MONT. — The Hotel Group has completed a multi-million- dollar renovation on the newly brand- ed 289-room DoubleTree by Hilton Billings. The extensive transformation includes a total lobby redesign, updat- ed guest rooms and meeting spaces, new furnishings and all of the Dou- bleTree by Hilton signature amenities. The hotel features 16,000 square feet of flexible meeting space that can accommodate business confer- ences, banquets and other events for up to 400 guests. There are also three additional ballrooms and 15 meeting rooms. DoubleTree by Hilton Billings is just three miles from Billings Logan International Airport. Visit northmarq.com for daily rates, expert views, recent transactions and more! D E N V E R S E A T T L E L A S V E G A S L O S A N G E L E S P H O E N I X S A N D I E G O S A N F R A N C I S C O NORTHMARQ CAPITAL, LLC - NE VADA LIC. #3728 As the nation's largest privately-owned servicer and provider of commercial real estate debt and equity, NorthMarq Capital has the strength and stability to execute transactions with certainty and deliver results that suit even the most unique needs. Your real estate financing should be built on "when"... not "if."