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/566807
C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • September 2015 • 21 M O U N TA I N S TAT E S COLORADO TECHNOLOGY CENTER PORTFOLIO RECEIVES $59 MILLION IN FINANCING DENVER —The Colorado Technol- ogy Center Portfolio, which contains a total of 631,135 square feet of light industrial space, has received $59 mil- lion in fnancing. The seven-building portfolio was fully leased. They are all situated within the Colorado Technol- ogy Center in Louisville. Financing was arranged by Steve Bye and Conor McCahill of NorthMarq Capital's Denver ofce. It was arranged with a major investment bank. The non- recourse loan structure involved a 10- year, fxed-rate term with interest-on- ly payments for three years, followed by a 30-year amortization schedule. DIXIE STATE IN UTAH TO BREAK GROUND ON FIRST CAMPUS HOUSING IN 50 YEARS ST. GEORGE, UTAH — Dixie State University will break ground this month on Campus View Suites, the university's frst student-housing complex on campus in nearly 50 years. The project will feature 350 beds and come on line for the 2016-2017 school year. Units at the 90,000-square-foot Campus View Suites will accommo- date six students each and ofer each student the option to share a bedroom with another student or have one to themselves. Each suite will include a living room space, larger kitchenette and eating space, and bathroom with sinks separate from shower and toilet rooms to alleviate congestion during heavy usage times. Additionally, the complex will in- clude a large full kitchen, computer area and laundry room on each foor. The facility will also feature a multi- purpose room, three activity/lounge areas, an exercise room and a confer- ence room. Outdoor amenities will include volleyball courts, barbecue pits and grassy areas. Nisson Towers, built in 1968, was the last student housing complex added to campus and will remain op- erational after the opening of Campus View Suites. Method Studio Architects designed the project and Layton Construction will build it. NEW STARBUCKS DEBUTS NEAR INTERMOUNTAIN MEDICAL CENTER IN MURRAY MURRAY, UTAH — A new 5,000-square-foot Starbucks location has debuted in Murray. It is located at 5141 South State Street. The building is situated across from Intermountain Medical Center. The center was de- veloped by Wadsworth Development Group. ORCHARD TOWN CENTER ADDS SEVEN NEW TENANTS WESTMINSTER, COLO. — Orchard Town Center, a 914,000-square-foot open-air regional retail center located in Westminster, has added seven new tenants to its roster. Additions include a newly opened Bitto Bistro; a 2,673-square-foot Crushed Red to open in August; a 3,085-square-foot 20/20 EyeVenue to open in September; a 6,644-square- foot Katie Eile to open in October; and a 4,500-square-foot Rusty Bucket Res- taurant and Tavern, a 23,000-square- foot Marshalls, and a 5,000-square- foot Maurices, all to open in spring 2016. Other recent openings include a 7,500-square-foot DXL and a 4,346-square-foot Panera Bread. Phoe- nix-based Vestar, who acquired the property in 2014 in a joint venture with UBS, oversees property manage- ment, leasing and marketing at Or- chard Town Center. PINE TREE COMMERCIAL BUYS ARVADA MARKETPLACE- CONNECTION NEAR DENVER DENVER — Pine Tree Commercial Realty has acquired Arvada Market- place-Connection, a 367,510-square- foot shopping center in the Denver submarket of Arvada, for $54.9 mil- lion. The center is located at the inter- section of Wadsworth Boulevard and interstates 70 and 76. Arvada Marketplace-Connection was built in 1987. It is anchored by a 142,491-square-foot Sam's Club. Oth- er notable tenants include Sports Au- thority, Dollar Tree and Youft health club. The transaction was executed by CBRE's Brad Lyons. The seller was RPAI. Financing was provided by Bank of America. HFF ARRANGES JOINT VENTURE EQUITY AND FINANCING FOR DENVER PAVILIONS DENVER — Holliday Fenoglio Fowler (HFF) has arranged joint venture equi- ty and fnancing for a recapitalization of Denver Pavilions, a 351,347-square- foot, open-air regional shopping mall located in downtown Denver. Mary Sullivan, John Jugl and Eric Tupler of HFF worked on behalf of the owner, Gart Properties, to arrange a joint venture equity partnership with MetLife Real Estate Investors, and to place a 10-year, fxed-rate loan for the partnership with Cornerstone Real Estate Advisers. The 95 percent leased center was renovated in 2010, and is home to tenants including H&M;, United Art- ists theater, Lucky Strike Lanes, Hard Rock Café, Coyote Ugly Saloon, Barnes and Noble, Forever 21, Banana Republic and BareMinerals. MORNINGSTAR TO OPEN FOUR NEW COMMUNITIES IN 2015 DENVER — MorningStar Senior Liv- ing plans to open four new senior communities throughout the South- west before the end of 2015. MorningStar Assisted Living & Memory Care of Boulder will open Sept. 11 in Boulder, Colo. The $25 mil- lion community will ofer 94 suites (48 for assisted living; 46 for memory care). MorningStar Assisted Living & Memory Care at Arrowhead will open Sept. 25 in Glendale, Ariz. The $18 million community will ofer 85 suites (60 for assisted living; 25 for memory care). MorningStar Assisted Living & Memory Care of Fort Collins will open in early December in Fort Col- lins, Colo. The $18 million community will ofer 79 suites (55 for assisted liv- ing; 24 for memory care). MorningStar Assisted Living & Memory Care of Albuquerque will open in December in Albuquerque. The $17 million community will ofer 69 suites (48 for assisted living; 21 for memory care). Based in Denver, MorningStar Se- nior Living is an operator, owner and developer of senior living communi- ties. The company has over 2,600 units currently under management or in de- velopment across 23 communities in seven states. • 7 Retail Intersections Prime for Development Strong trafc counts, available utilities and zoned for commercial development. • Centrally located to Boulder, Denver, Fort Collins, and Denver International Airport A contemporary town with modern amenities and comforting closeness to larger cities. • $108,000 Average Household Income and a population of 22,000 Income and population growing at a faster rate than the region. • Highly Educated 52.9% of Erie residents are college graduates. • Median Age 35.9 Growing families, young professionals, and active adults are drawn to our panoramic location, scenic trails, championship golf course, recreational activities and more than 340 days of sunshine per year. • Active & Health Conscious A dynamic community with a passion for the outdoors. For more information, visit us at www.erieco.gov/economic_development 303.926.2769 ERIE COLORADO your customers are already here STAY IN TOUCH! DOWNLOAD OUR APP: erieCO@ICSC