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/888015
C A L I F O R N I A & H A WA I I 26 • October 2017 • Western Real Estate Business www.REBusinessOnline.com M O U N TA I N S TAT E S & A L A S K A CONTINENTAL REALTY ADVISORS BUYS CANYON RESERVE AT THE RANCH APARTMENTS IN WESTMINSTER WESTMISNTER, COLO. — Continen- tal Realty Advisors (CRA) has pur- chased the 256-unit Canyon Reserve at the Ranch Apartments in Westmin- ster. The community is located at 2890 W. 116th Place. The property includes 16, two-story buildings with ameni- ties like two clubhouses, a resort-style pool, gym, dog park and business center. All apartments feature wood- burning fireplaces, vaulted ceilings, deep-bath garden tubs, and private patios or balconies. Canyon Reserve was built in 1984. CRA plans to up- grade both the common-area ame- nities and unit interiors as part of their value-add program. The firm partnered with GTIS on the acquisi- tion. Amenity upgrades will include enhanced landscaping, new exterior paint, expansion and improvement of the pool surrounds, addition of fitness on demand, construction of a coffee lounge & patio, and expansion of the existing leasing center. Interior upgrades will consist of updated cabi- netry, stainless steel appliances, plank flooring, modern lighting, hardware and paint. AVALONBAY COMMUNITIES BUYS THE LODGE DENVER WEST FOR $76.8 MILLION DENVER — AvalonBay Communities has purchased the 252-unit the Lodge Denver West for $76.8 million. The community is located at 14125 Den- ver W. Circle in the Denver submar- ket of Lakewood. The Lodge Denver West was built in 2016. The acquisi- tion marks AvalonBay's entry into the Denver metropolitan area. The firm was attracted to the area due to its well-educated workers in knowledge- based industries. MOUNTAIN WEST ARRANGES SALE OF RETAIL CENTER IN METRO SALT LAKE CITY HOLLADAY, UTAH — Mountain West Commercial Real Estate has arranged the sale of Van Winkle Shopping Cen- ter, a 168,494-square-foot retail center located in Holladay, 11 miles south- east of Salt Lake City. VASA Fitness anchors the property. Chris Monson of Mountain West represented the seller, Glen Kitto. Ben Brown, also of Mountain West, represented the buy- er, an undisclosed private investor. CHIPOTLE REOPENS DOORS TO RESTAURANT NO. 1 FOLLOWING FIRST RENOVATION IN 24 YEARS DENVER — Chipotle Mexican Grill has reopened its doors to the first-ever Chipotle restaurant in its hometown of Denver following a summer long reno- vation. The original Chipotle location opened in the former Dolly Madison ice cream shop on East Evans Avenue across from the University of Denver, where founder, chairman and CEO Steve Ells himself prepared the food and served the very first Chipotle cus- tomers. Much of the work at Evans was done behind the scenes. Chipotle ex- panded the cramped basement of the 850-square-foot restaurant to create ad- ditional storage and food prep space, allowing them to make the small open kitchen — still a hallmark design ele- ment of all Chipotle locations — more efficient. Work in the dining room up- dates the style of the small space, while preserving the original charm of the first restaurant. Ells opened the second Chipotle in 1995 and the third in 1996. Today, Chipotle has more than 2,300 lo- cations worldwide. MASSAGE HEIGHTS TO OPEN TWO NEW LOCATIONS FORT COLLINS, COLO. AND LOS ANGELES — As part of its aggres- sive nationwide expansion, Massage Heights has signed three franchise agreements during the first half of 2017. The therapeutic massage and facial services provider will to expand the brand to the Los Angeles submar- ket of Woodland Hills, in addition to Houston and Boerne, Texas. Massage Heights also opened six new loca- tions this year, including one in Fort Collins, Colo. The brand is on track to open 10 locations in 2017, with a goal of having 300 locations open by the end of 2020. Massage Heights is a family-owned, membership-based therapeutic services franchise compa- ny that provides convenient, profes- sional, affordable resort-quality mas- sage and facial services in an upscale retreat environment. BUCHANAN STREET PARTNERS BUYS UNFINISHED AGE-RESTRICTED PROPERTY NEAR SALT LAKE CITY HERRIMAN, UTAH — Buchanan Street Partners has acquired a 298-unit age-restricted apartment community in the Salt Lake City suburb of Her- riman for an undisclosed price. The sellers were KeyBank and Bank of the West. Buchanan Street plans to finish construction of the unfinished proper- ty in early 2018. The name of the com- munity was not released. Previously focused on the office, industrial and re- tail sectors, Buchanan Street launched a multifamily investment platform in March. The company plans to invest $500 million in multifamily proper- ties over the next three years. Kip Paul and Camron Carpenter of Cushman & Wakefield represented the sellers in the transaction. Buchanan Street rep- resented itself. Buchanan Street Part- ners is a real estate investment firm based in Newport Beach, Calif. Over its history, the company has invested more than $6 billion in real estate debt and equity. Canyon Reserve includes 16 two-story buildings with amenities like two clubhouses, a resort-style pool, gym, dog park and business center. MAKING IT EASY TO HELP BUSINESSES GROW. Having worked with a multitude of companies in a variety of industries throughout Southern California, Carly understands the challenges small business owners face when growing their businesses —especially when it comes to wide variety of financing options there are to choose from. As a Business Development Officer for Business Finance Capital (BFC), Carly Naples specializes in helping businesses finance the purchase of an existing building or the construction of a new facility using the SBA 504 Loan—a program that offers low down payments and low, long-term, fixed interest rates. Call Carly today at 800-SBA-REAL (722-7325) to find out how BFC can help your business grow with a real estate purchase. Business Finance Capital 1055 W. 7th Street, Suite 2250 Los Angeles, CA 90017 1-800-SBA-REAL (722-7325) Business Finance Capital Helping Small Businesses Think Big Commercial Building Consulting Company Monrovia, CA Industrial Building Food Distribution Los Angeles, CA Office Bui lding Accounting Firm Los Angeles, CA Retail Property Accessories Manufacturer Altadena, CA $950,000 $6,500,000 $1,908,000 $3,200,000