Property Type

CBRE Arranges $15M in Financing for Westcore’s Purchase of Industrial Facility in Bay Area

by Amy Works July 31, 2020

OAKLAND, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team in San Diego has arranged a $15 million loan for the acquisition of a warehousing and cold storage facility in Oakland. Mark McGovern and Morgon Fraser of CBRE’s San Diego office arranged the five-year loan on behalf of the borrower, San Diego-based industrial real estate investment firm Westcore. Constructed in 2012, the 155,000-square-foot building is located at 8380 Pardee Drive. The property features 8,000 square feet of cold storage space, 30-foot clear heights and an ESFR fire suppression system. Horizon Beverage Co., a beer and malt liquor distribution company, fully occupies the building.

July 31, 2020

Acquisitions Colorado NAI Office Western

NAI Brokers $5.4M Acquisition of Office Building in Westminster, Colorado

by Amy Works July 31, 2020

WESTMINSTER, COLO. — NAI Shames Makovksy has arranged the sale of an office property located at 1400 W. 122nd Ave. in Westminster. Artemis Holdings Limited acquired the property from Pavilion Court for $5.4 million. The buyer plans to utilize the 31,272-square-foot building to relocate Advanced Space from Boulder to Westminster as a ‘tenant in tow’ to fill more than 15,000 square feet of vacancy. Todd Silverman and Paul Cattin of NAI Shames Makovsky represented the buyer in the deal.

July 31, 2020

California Restaurant Retail Top Stories Western

California Pizza Kitchen Files for Chapter 11 Bankruptcy

by Katie Sloan July 31, 2020

PLAYA VISTA, CALIF. — California Pizza Kitchen (CPK) is the latest fast casual restaurant chain to file for bankruptcy protection due to strain brought on by the coronavirus (COVID-19) pandemic. The company filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas on Thursday in order to “close unprofitable locations, reduce its long-term debt load and quickly emerge from bankruptcy as a much stronger company,” according to the filing. The Playa Vista-based company did not release a list detailing which of its 200 restaurants it plans to close. CPK is set to receive $46.8 million in debtor-in-possession financing, enabling the ongoing operation of its locations, continued payments to vendors and employees, and the provision of ongoing commitments to stakeholders while the company is in the Chapter 11 process. The company currently has $13 million of cash on hand and has not paid rent for the past several months at a majority of its locations, according to reports by CNN. CPK plans to exit the Chapter 11 process in under three months. “The unprecedented impact of COVID-19 on our operations certainly created additional challenges, but this agreement from our lenders demonstrates their commitment to …

July 31, 2020

Acquisitions Florida Office Southeast

Swire Properties Sells Brickell City Centre Office Towers in Miami to Northwood for $163M

by Alex Tostado July 30, 2020

MIAMI — Swire Properties has sold Two and Three Brickell City Centre, two office buildings at the $1.05 billion Brickell City Centre mixed-use project in Miami’s Brickell district. The sales price was not disclosed, though The Miami Herald reports the assets traded for $163 million. The South Florida Business Journal reports Denver-based Northwood Investors LLC acquired the two buildings. Two Brickell City Centre, located at 78 SW Seventh St., sold for $80.3 million. Three Brickell City Centre, located at 98 SW Seventh St., sold for $82.7 million. Each building comprises 130,000 square feet and tenants include WeWork, law firm Akerman LLP and consulting firm McKinsey & Co. The buildings were nearly fully leased at the time of sale, according to a Swire spokesperson. Hong Kong-based Swire, which developed Two and Three Brickell City Centre in 2016, will retain ownership of the open-air shopping center at Brickell City Centre. Swire intends to reinvest the capital into future developments, according to the company spokesperson.

July 30, 2020

Development Multifamily North Carolina Southeast Student Housing

Joint Venture Breaks Ground on 192-Bed Student Housing Community Near UNC at Pembroke Campus

by Alex Tostado July 30, 2020

PEMBROKE, N.C. — A joint venture titled PB Pembroke Owner LLC has broken ground on a 192-bed student housing community located near the University of North Carolina at Pembroke. The 192-bed project is Phase I of a larger development set to include 20,000 square feet of retail and a second 300-bed student housing community. Financing for the project includes $3 million in opportunity zone equity from the Woodforest CEI-Boulos Opportunity Fund, a $10.8 million loan from Self-Help Credit Union and $840,000 in developer equity. Phase I of the development is scheduled for completion in fall 2021.

July 30, 2020

Acquisitions Loans Multifamily Southeast Tennessee

Grandbridge Provides $26M Acquisition Loan for Multifamily Community in Chattanooga

by Alex Tostado July 30, 2020

CHATTANOOGA, TENN. — Grandbridge Real Estate Capital has provided a $26 million Freddie Mac acquisition loan for Standifer Place, a 240-unit multifamily community in east Chattanooga. The non-recourse loan features a floating interest rate and a three-year interest-only payment period followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, business center, clubhouse, storage space, picnic area, fitness center and a basketball court. Standifer Place is located at 3400 Jenkins Road, 15 miles east of downtown Chattanooga. Bill Mattice, Phillip Cox and Paul McDonald of Grandbridge originated the loan on behalf of the undisclosed borrower.

July 30, 2020

Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Arranges 92,550 SF Industrial Lease in Metro Miami

by Alex Tostado July 30, 2020

MEDLEY, FLA. — Cushman & Wakefield has arranged a 92,550-square-foot industrial lease at Medley 104 Industrial Center in Medley. The landlord, Lincoln Property Co., recently completed a $6.5 million renovation at the 263,131-square-foot property. Medley 104 is situated at 9400 NW 104th St., 10 miles northwest of Miami International Airport and 15 miles northwest of the Port of Miami. Wayne Ramoski, Gian Rodriguez and Skylar Stein of Cushman & Wakefield represented the landlord in the lease negotiations. Matt Maciag, Brian Smith and Audley Bosch of JLL represented the tenant, U.S. PLY Inc., a Fort Worth, Texas-based commercial roofing manufacturer. The multi-tenant property was formerly the distribution headquarters for CVS. Artefacto occupies 98,478 square feet at Medley 104 and the remaining 72,103 square feet is vacant.

July 30, 2020

Acquisitions Arizona Multifamily Western

CBRE Negotiates $35.7M Sale of Pacific Bay Club Apartments in Phoenix’s Southeast Valley

by Amy Works July 30, 2020

AHWATUKEE, ARIZ. — CBRE has arranged the sale of Pacific Bay Club, a multifamily community located in Ahwatukee, a suburb of Phoenix. Logan Capital Advisors acquired the asset from Picerne Development for $35.7 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal. Built in 1988, Pacific Bay Club features 192 garden-style apartments, an upgraded leasing center and clubhouse, a barbecue rotunda with four stainless steel gas grills, and exterior LED lighting.

July 30, 2020

Company News Restaurant Retail Washington Western

Starbucks Reports 96 Percent of Locations Open, 130 Net New Stores Despite Significant Sales Drop in Third Quarter

by Amy Works July 30, 2020

SEATTLE — Seattle-based Starbucks Corp. (NASDAQ: SBUX) reported that the company’s U.S. comparable store sales declined 40 percent, with comparable transactions down 52 percent through its 13-week fiscal third quarter ending June 28. Additionally, the company reported a consolidated net revenue of $4.2 billion, representing a 38 percent decline from last year primarily due to lost sales related to the COVID-19 outbreak. On the shareholder side, the company experienced a generally accepted accounting principles (GAAP) loss per share of 58 cents, down from earnings per share of $1.12 in the prior year. Despite decreased sales and a decline in net revenue, Starbucks opened 130 net new stores in the third quarter, resulting in 5 percent year-over-year unit growth and ending the period with 32,180 stores globally. The company currently operates or licenses 15,243 locations in the United States. As of July 28, approximately 97 percent of Starbucks’ global company-operated stores are open, with 96 percent of U.S. locations and 99 percent of China locations open. Currently 87 percent of the company’s global licensed store portfolio is open, with temporary closures predominantly in airport, college and university locations within the United States and Canada. Starbucks’ stock price closed at $77.42 per …

July 30, 2020

California Development Mixed-Use Multifamily Western

Mountain Pacific Starts Construction of $14M Mixed-Use Development in San Pedro, California

by Amy Works July 30, 2020

SAN PEDRO, CALIF. — Los Angeles-based Mountain Pacific Opportunity Partners, in partnership with South Bay Developers and ARK Construction & Development, has started construction 336 W. Seventh Street, a mixed-use development in San Pedro. Situated on a 14,000-square-foot opportunity zone site, the $14 million project will feature a five-story building offering 32 apartments in a mix of one-, two- and three-bedroom layouts, as well as two two-story penthouses. Three of units will be designated as affordable housing. Additionally, the property will feature 3,750 square feet of ground-floor commercial space and parking for 44 vehicles. Breen Engineering is providing architectural services for the project. Completion is slated for summer 2022.

July 30, 2020

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