Property Type

Marcus & Millichap Arranges $13.1M in Acquisition Financing for The Shops at AMC Palm Promenade in San Diego

by Amy Works October 6, 2022

SAN DIEGO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.1 million loan for the acquisition of The Shops at AMC Palm Promenade, a retail power center located at 756-804 Dennery Road in San Diego. Chad O’Connor of MMCC San Diego secured the financing for the undisclosed borrower. The seven-year, fixed-rate loan has a 5.125 percent interest rate, 30-year amortization and a 60 percent loan-to-value ratio. The seller was not disclosed. Renovated in 2021, the 72,390-square-foot shopping center is located at the on/off ramp of Interstate 805 and Palm Avenue and includes numerous recognized retail tenants.

October 6, 2022

Development Healthcare Hospitality Mixed-Use Nevada Office Retail Top Stories Western

Pacific Group Breaks Ground on 135-Acre Helios Medical Campus in North Las Vegas

by Katie Sloan October 6, 2022

NORTH LAS VEGAS, NEV. — Pacific Group has broken ground on Helios, a 135-acre medical campus located in North Las Vegas. Construction costs for the project are set to total between $4.5 billion and $5 billion. At full buildout, the project is set to include a 1.1 million-square-foot inpatient hospital offering 600 beds, which will be built in three phases costing $1.2 billion; 1.3 million square feet of medical office and medical technology space; 250,000 square feet of retail with an emphasis on health and wellness; 900,000 square feet of research-and-development space with incubator spaces; 290 hotel rooms across two buildings; and seven restaurants, four of which will be full-service. The hospital portion of the development will offer an emergency department, surgical services and critical care. Additional outpatient offerings will include occupational therapy; behavioral and mental health therapy; educational facilities; testing labs; a sports rehabilitation center; skin care treatment; speech therapy; trauma therapy; radiology; imaging; urology; gastrointestinal care; pre- and post-natal care; and dental services. The research and development portion of Helios will focus on healthcare, aerospace technologies and sustainability. Local food and beverage offerings, athletic facilities, a grocery store, financial institutions, daycare centers and shops will occupy the retail segment …

October 6, 2022

Acquisitions Content Partner Development Features Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Small Balance Lending Presents New Financing Option for Turbulent Market

by Sarah Daniels October 6, 2022

Following a similar move in June and July, the Fed implemented its third consecutive interest rate hike of 75 basis points in mid-September. This is the biggest three-month interest rate swing since 1994. What does this all mean for investors in the small balance lending (SBL) segment of the multifamily sector? The combination of rising interest rates, inflation and market uncertainty tempts borrowers to sit on the sidelines until conditions improve. Turbulent markets also limit financing options, as many lenders and capital sources tend to become cautious and pull back. But the need for capital transcends market cycles and seasoned multifamily investors know that rate hikes are nothing new. We’ve been here before with interest rates of nearly 7 percent in the 2000s and a record high of nearly 20 percent in the 1980s. The business of real estate investing never stops. New acquisition opportunities arise as distressed owners are forced to sell, cap rates settle to more conservative levels and the market shifts in the buyer’s favor. All things considered, now is the time to seek new investment opportunities. In fact, Warren Buffett once offered the timeless advice that it is wise for investors to be “fearful when others …

October 6, 2022

Illinois Market Reports Midwest Midwest Market Reports Office

As Uncertainty Continues in Office Market, What Should Tenants Do?

by Kristin Harlow October 6, 2022

By Ryan Foran, Cresa As we approach the three-year anniversary of the start of the pandemic, it continues to affect the commercial real estate industry in many ways, with no asset class impacted as significantly as the office sector. While retail initially stumbled but rebounded, and industrial soared to unexpected heights amid distribution emergencies, millions of U.S. office employees continue a tenuous balance of working from home versus going into the office. The pandemic wasn’t all bad news for office tenants. Many businesses with simple infrastructure and experienced staff have been so effective with remote set-ups that they have shed office space permanently and eliminated rent from the books. Others have embraced emerging technologies like virtual meetings and chat solutions to reduce the need for face-to-face interaction. In one way or another, most businesses were able to leverage this unique situation to improve their business processes, technology and personnel, and have embraced remote work at some level. But many businesses with younger, less experienced staff have reported ongoing struggles with recruiting, mentorship, culture development and staff retention. Some of these may have been amplified by complex external factors such as an ongoing labor shortage, an unprecedented resignation of our older …

October 6, 2022

California Development Hospitality Loans Multifamily Western

Sandstone Properties Receives $28M Loan for Multifamily/Hotel Project in Woodland Hills, California

by Amy Works October 5, 2022

WOODLAND HILLS, CALIF. — Los Angeles-based Sandstone Properties has received a $28 million loan to refinance an existing loan and to fund the pre-development of a 35-story multifamily property and four-story hotel conversion at 6400 Canoga Ave. in downtown Woodland Hills. Parkview Financial provided the loan. The 4.7-acre redevelopment site currently consists of a three-story, 128,586-square-foot, Class B, multi-tenant office building and 457 surface and structured parking spaces. Sandstone acquired the site in February 2018 and has since obtained entitlements to develop a 35-story, 650-unit apartment building on the location of the existing parking structure. Additionally, the entitlements allow for the 10,000-square-foot expansion of the existing office building and its conversion to a four-story, 240-key luxury hotel. The project team includes WATG as architect and EDG Design as interior designer. A general contractor has not yet been named.

October 5, 2022

Development Office Utah Western

St. John Properties Breaks Ground on 140,768 SF Office Building in Pleasant Grove, Utah

by Amy Works October 5, 2022

PLEASANT GROVE, UTAH — St. John Properties has broken ground for Valley Grove III, a five-story Class A office building in Pleasant Grove. Once complete, the facility will bring the company’s commercial real estate portfolio in Utah to more than 1 million square feet. The 140,768-square-foot property will be the 22nd building at St. John Properties’ Valley Grove, which includes office, flex/R&D, restaurant and retail space. St. John Properties first started development at Valley Grove in 2017.

October 5, 2022

Acquisitions Multifamily Oregon Western

Trion Properties Sells Hallwood Apartments in Beaverton, Oregon for $21.5M

by Amy Works October 5, 2022

BEAVERTON, ORE. — Trion Properties has completed the disposition of The Hallwood Apartments, an apartment property in Beaverton, to a private buyer for $21.5 million. Liz Tilbury of Tilbury Ferguson Investment Real Estate represented Trion and the buyer in the deal. Located at 7535 SW Hall Blvd., The Hallwood Apartments features 76 units in a mix of one- and two-bedroom layouts. The property offers washers, dryers, a swimming pool, ample covered parking and an on-site leasing office. Trion implemented a series of property-wide renovations to the asset, which was constructed in 1986.

October 5, 2022

Acquisitions Affordable Housing Multifamily Seniors Housing Washington Western

PEF Advisors Acquires 75-Unit Rainier Vista Affordable Seniors Housing Property in Pacific, Washington

by Amy Works October 5, 2022

PACIFIC, WASH. — Preservation Equity Fund Advisors (PEF Advisors) has purchased Rainier Vista, an affordable seniors housing property in Pacific. Terms of the transaction were not released. Originally developed in 2003 with low-income housing tax credits, Rainier Vista offers one three-story building with 75 one- and two-bedroom units for affordable housing for seniors age 55 and older. Units offer refrigerators, self-cleaning ovens, microwaves, dishwashers, garbage disposals and storage lockers. The community includes 20 units designated for residents earning 30 percent of area median income (AMI), 25 units for residents at 50 percent AMI and five units for residents at 60 percent AMI. The remaining 25 units are market rate. At the time of sale, the property was 96 percent occupied. Community amenities include a leasing office, clubhouse, library, fitness center, salon, elevator service, three on-site laundry facilities, a knitting room, courtyard community garden and barbecue area.

October 5, 2022

Acquisitions Industrial Oregon Western

Norris & Stevens Brokers $5.5M Sale of Industrial Building in Clackamas, Oregon

by Amy Works October 5, 2022

CLACKAMAS, ORE. — Norris & Stevens has arranged the sale of the 98th & Lawnfield building, an industrial/flex property located at 14200 SE 98th Court in Clackamas. An undisclosed buyer acquired the asset from 14200 SE 98th LLC and BF Lawnfield for $5.5 million. Constructed in 1998, the five-tenant 26,219-square-foot flex facility features abundant parking, five drive-in doors and a 17-foot clear height. Additionally, the building has easy access to Interstate 205, Highway 224 and Highway 212. Greg Nesting and Gabe Schnitzer of Portland-based Norris & Stevens represented the buyer and seller in the deal.

October 5, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Negotiates Sale of 648-Unit Self-Storage Facility in Metro Houston

by Taylor Williams October 5, 2022

CYPRESS, TEXAS — Marcus & Millichap has negotiated the sale of AllSafe Storage, a 648-unit self-storage facility located northwest of Houston in Cypress. The facility comprises 354 climate-controlled units, 107 non-climate-controlled units and 187 outdoor storage spaces for a total of 59,625 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Texas-based limited liability company, in the deal. The duo also secured the buyer, a national REIT. Both parties requested anonymity.

October 5, 2022

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