Property Type

Cushman & Wakefield Brokers Sale of 337,125 SF Industrial Project in Los Angeles County for $76.8M

by Amy Works October 23, 2019

LA MIRADA, CALIF. — Cushman & Wakefield has arranged the sale of an industrial infill project located at 14001-14051 Rosecrans Ave. in La Mirada. Clarion Partners, on behalf of a separate account client, acquired the property from Bailard Inc. for $76.8 million, or $228 per square foot. Spanning 14.4 acres, the two-building, 337,125-square-foot project features 30-foot clear heights, an ESFR fire sprinkler system, large truck courts and street frontage along Rosecrans Avenue. Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez and Brad Brandenburg of Cushman & Wakefield’s Irvine, Calif., office represented the seller in the deal.

October 23, 2019

Acquisitions New Mexico Retail Western

Phillips Edison Sells 74,393 SF Juan Tabo Plaza in Albuquerque

by Amy Works October 23, 2019

ALBUQUERQUE — Phillips Edison & Co. has completed the sale of Juan Tabo Plaza, an institutional-quality shopping center located at 11000 Montgomery Road NE in Albuquerque. Samco Properties purchased the asset for an undisclosed price free and clear of existing debt. Anchored by Walmart Neighborhood Market, Juan Tabo Plaza features 74,393 square feet of institutional-quality retail space in a mix of grocery, hair salon, restaurants, tax preparation and health tenants. The property has been institutionally owned and maintained since the seller acquired the asset in 2014. Chris Gerard, Ryan Shore, Aaron Johnson and Wesley Gilmer of JLL Capital Markets represented the seller in the deal.

October 23, 2019

Acquisitions California Healthcare Office Western

Meridian Buys Office Building in Orange County for $20.3M, Plans Medical Office Conversion

by Amy Works October 23, 2019

SANTA ANA, CALIF. — San Ramon, Calif.-based Meridian has acquired a two-story office building, located at 3601 W. Sunflower Ave. in Santa Ana, for $20.3 million. The buyer plans to invest an additional $5 million in building improvements to convert the building into a medical office space. Situated on 4.8 acres, the 53,500-square-foot property was originally constructed in 2000 as a special-use building for a culinary and arts school. The school went bankrupt earlier this year, and the building was vacant at the time of sale. During escrow, Meridian secured its first tenant, a large healthcare provider, for roughly half of the building on a long-term lease. The buyer will market the second-floor space, approximately 26,000 square feet, to medical office tenants. Jon Sweeney of Long Beach, Calif.-based CXI Realty and George Thomson of Newmark Knight Frank’s Irvine, Calif., office represented the seller, a local private investor, in the transaction. John Scruggs and Justin Hodgdon of Newmark Knight Frank’s Irvine office represented the buyer. Scruggs and Thomson will manage the continued leasing of the building.

October 23, 2019

Arizona Development Multifamily Seniors Housing Western

LivGenerations, Ryan Cos. Start Construction of 181-Unit Seniors Housing Community in Arizona

by Amy Works October 23, 2019

SCOTTSDALE, ARIZ. — Liv Communities and Ryan Cos. US Inc. have started construction of LivGenerations Mayo Blvd., a luxury senior living community approximately 1.5 miles from the Mayo Clinic hospital campus in Scottsdale. Upon completion, the 285,212-square-foot seniors housing property will offer 181 units of independent living, assisted living and memory care. Todd & Associates is the architect of record and interiors were designed by Thoma-Holec Design. Ryan Cos. is leading construction, with a planned completion of third-quarter 2021. Liv Communities will be the community’s operator. Ryan Companies and Liv Communities celebrated the grand opening of LivGenerations Pinnacle Peak in March 2019, which is now 80 percent occupied. That project is also located in Scottsdale.

October 23, 2019

Acquisitions California Industrial Western

CenterPoint Properties Acquires 202,522 SF Industrial Facility in Orange County

by Amy Works October 23, 2019

SANTA ANA, CALIF. — CenterPoint Properties has purchased an industrial asset situated on 10.5 acres at 3201 S. Susan St. in Santa Ana for an undisclosed price. This is the company’s second acquisition over 200,000 square feet in Orange County this year. The acquisition price was not released. The 202,522-square-foot property features 24-foot clear heights, drive-around access, several points of entry and 195-foot deep truck courts. The transaction includes a lease-back with The Dixie Group, a carpet and flooring manufacturer. Adam English, Adam Baxter and Jonathan Wolfe of STREAM Capital Partners represented the undisclosed seller in the sale.

October 23, 2019

Loans New York Northeast Office Top Stories

SoftBank to Buy Majority Stake in WeWork with $8B Investment

by Kristin Harlow October 23, 2019

NEW YORK CITY — The We Co., parent company of coworking office space operator WeWork, and SoftBank Group Corp. have reached an agreement under which SoftBank will provide $5 billion in new financing and a tender offer of up to $3 billion for existing WeWork shareholders. SoftBank, a Japanese technology conglomerate, will also accelerate an existing commitment to fund $1.5 billion. WeWork chose the rescue offer from SoftBank over a competing proposal from JPMorgan Chase & Co. The announcement comes after well-documented concerns about the coworking giant’s cash flow and leadership. The company’s valuation plunged after it scrapped its initial public offering. WeWork founder Adam Neumann was forced out of his chief executive position after pushback from prospective investors. “It is not unusual for the world’s leading technology disruptors to experience growth challenges as the one WeWork just faced,” says Masayoshi Son, chairman and CEO of SoftBank. “Since the vision remains unchanged, SoftBank has decided to double down on the company by providing a significant capital infusion and operational support.” After closing and following the tender offer, SoftBank’s economic ownership stake in WeWork will be approximately 80 percent, up from about one-third currently. Since SoftBank will not hold a majority …

October 23, 2019

Market Reports New Jersey Northeast Northeast Market Reports Office

New Jersey Office Market in Good Shape Heading into Final Quarter of 2019

by Taylor Williams October 23, 2019

Employment growth in New Jersey continues to trend higher. Since the low point of the last recession in 2010, the state’s private sector has seen almost 409,000 new jobs added (through July). Of the office-using industries, professional and business services have shown healthy annual job growth — up 13,900 jobs — while financial services jobs have recorded declines over the past year. Meanwhile, the state’s unemployment rate continued to tick lower to 3.3 percent (as of July), the lowest in its recorded history. Within this context, the fundamentals of the New Jersey office market remain healthy as we enter the final quarter of 2019, with absorption totals remaining in the black, vacancies sinking lower and asking rents trending upward. Regional Discrepancies Northern New Jersey’s vacancy rate had dropped to 18.3 percent by the middle of 2019, the lowest point since the end of 2012, while central New Jersey checked in at 15.5 percent, marking four consecutive quarterly decreases. Space has tightened in some key submarkets, making landlords increasingly bullish. As a result, asking rents in Northern New Jersey have risen to $31.62 per square foot — an all-time high and a jump of 17.8 percent over the last four years. …

October 23, 2019

Acquisitions Multifamily Southeast Tennessee

Passco Acquires Newly Built Multifamily Property in Knoxville for $40.4M

by Alex Tostado October 22, 2019

KNOXVILLE, TENN. — Passco Cos. has acquired Tapestry at Turkey Creek, a 220-unit multifamily community in Knoxville, for $40.4 million. The seller, Arlington Properties, developed the property in 2018. The community offers one- through three-bedroom floor plans. Communal amenities include a saltwater swimming pool, dog park, fitness center, coffee bar and a game room. Tapestry at Turkey Creek is located at 810 Tapestry Way, 16 miles west of downtown Knoxville and 15 miles west of the University of Tennessee.

October 22, 2019

Acquisitions Alabama Multifamily Southeast

Berkadia Arranges Sales of Two Apartment Complexes in Alabama Totaling $39.5M

by Alex Tostado October 22, 2019

BIRMINGHAM AND PHENIX CITY, ALA. — Berkadia has arranged the sales of two apartment complexes totaling $39.5 million in Alabama: The Park at Alloa in Birmingham and Steeple Crest in Phenix City. Peak Capital Partners acquired The Park at Alloa, a 270-unit complex in Birmingham’s Avondale Entertainment District, from Blue Magma Residential for $21 million. The Park at Alloa offers one-, two- and three-bedroom floor plans. Communal amenities include a breakfast bar, business center, car care area, fitness center, swimming pool and a playground. In the other deal, Pillar Income Asset Management acquired Steeple Crest from its original developer for $18 million. Located near Columbus, Ga., the 200-unit property offers one- through three-bedroom floor plans. Community amenities include a car wash area, pet play area, business center, clubhouse, tanning salon and outdoor grilling areas. David Oakley, David Wilson, Caleb Frizzell and Jay Briley of Berkadia represented the sellers in both transactions.

October 22, 2019

Development Florida Loans Multifamily Seniors Housing Southeast

SunTrust Provides $39M Construction Financing for 424-Unit Seniors Housing Development in South Florida

by Alex Tostado October 22, 2019

WELLINGTON, FLA. — SunTrust Bank has provided $39 million in construction financing for Wellington Bay, a seniors housing development in Wellington. The borrower is a joint venture between Liberty Healthcare, ZOM Holdings and Ares Management. The first phase of construction, scheduled for completion in mid-2021, will feature 283 independent living, assisted living and memory care units, plus a two-story, 65,000-square-foot clubhouse and amenity building. Upon full buildout, Wellington Bay will total 424 units, including apartments, single-story villas with garages and three-story garden flats. Development costs were estimated at $180 million. The developers purchased 46 acres for the project in 2018. The site is located adjacent to 400,000 square feet of retail and restaurants, including The Mall at Wellington Green. LS3P Architects and MSA Architects are providing design and architectural services for Wellington Bay, while Balfour Beatty was selected as general contractor.

October 22, 2019

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