Property Type

Chad Thomas Hagwood Joins Hunt Real Estate Capital Team

by Amy Works October 2, 2018

BIRMINGHAM, ALA. — Hunt Real Estate Capital has hired Chad Thomas Hagwood as senior managing director and Southeast regional manager. Formerly with Capital One Multifamily Finance, Hagwood will be based in Hunt’s Birmingham office. In this role, Hagwood will be actively involved in the origination of multifamily and manufactured home community debt throughout the nation, with a focus on loan originations through Fannie Mae, Freddie Mac, CMBS and FHA programs. Additionally, Hagwood will oversee the firm’s Southeast Region and the Manufactured Home Community production nationally. Over the course of his career, Hagwood has closed in excess of $8 billion in commercial real estate transactions throughout the United States, and he is annually ranked as one of the industry’s leading loan originators.

October 2, 2018

Company News Healthcare Texas Top Stories

Baylor Scott & White and Memorial Hermann Plan to Merge, Creating Largest Health System in Texas

by John Nelson October 2, 2018

DALLAS AND HOUSTON — The boards of not-for-profit health systems Baylor Scott & White Health and Memorial Hermann Health System have signed a letter of intent to merge operations. Together the two health systems own or have a stake in 68 hospitals and 1,100 care delivery sites in 30 Texas counties. The systems also record nearly 10 million annual “patient encounters” and employ approximately 73,000 people, including 14,000 physicians. According to The Wall Street Journal, the combined health system would be among the largest in the U.S. by number of hospitals and would generate more than $14 billion in annual revenue. As per the merger agreement, the board of the combined company will comprise an equal number of appointees from both organizations. Jim Hinton, CEO of Baylor Scott & White, will be the CEO of the proposed combined system and will be joined in the proposed office of the CEO by Chuck Stokes, president and CEO of Memorial Hermann, and Pete McCanna, president of Baylor Scott & White. “This is about two mission-driven organizations — both committed to making safe, high-quality healthcare more convenient and affordable — building something transformative together,” says Hinton. “Through this combined system, we have a …

October 2, 2018

Acquisitions Retail Southeast Tennessee

Marcus & Millichap Brokers $3.7M Sale of Walmart-Occupied Retail Property in Chattanooga

by Amy Works October 2, 2018

CHATTANOOGA — Marcus & Millichap has arranged the sale of a retail property located at 3901 Hixson Pike Suite 181 in Chattanooga. Fletcher Bright Co. sold the property to 3901 LLC for $3.7 million. Walmart Neighborhood Market occupies the 41,117-square-foot building, which was constructed in 2015. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, while Louie Granteed of Tobin Properties Inc. represented the buyer in the deal.

October 2, 2018

Acquisitions California Multifamily Seniors Housing Western

Blueprint Negotiates Sale of Memory Care Community in Orange County, California

by Amy Works October 1, 2018

FULLERTON, CALIF. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Richman Gardens, a standalone memory care community in the Orange County city of Fullerton. A joint venture between a REIT and a national operator sold the community as part of a larger portfolio disposition strategy. A Los Angeles-based owner-operator acquired the property for an undisclosed price. The buyer plans to implement a substantial renovation of the community, as well as implement operational changes to reduce expenses. This is the company’s first Orange County acquisition. Blueprint’s Jacob Gehl, Ben Firestone and Scott Frazier handled the transaction.

October 1, 2018

California Leasing Activity Retail Western

Warner Pacific Properties Fully Leases Monrovia Landing Shopping Center in Southern California

by Amy Works October 1, 2018

MONROVIA, CALIF. — Warner Pacific Properties has completed leasing Monrovia Landing, a shopping center located at 729 E. Huntington Drive in Monrovia. ULTA Beauty opened a location at the property, and Kids Empire and Tapioca Expressed signed leases to open locations within the next four months. The transactions bring the 98,000-square-foot neighborhood retail center to full occupancy. Additional tenants include T.J. Maxx, HomeGoods, ALDI and O’Reilly Auto Parts. Kids Empire will open a 10,500-square-foot facility that provides a safe, high-quality place for children to play, explore and expend energy. The space is expected to open by the end of January 2019. Tapioca Express is a Taiwanese-American fast-food franchise chain specializing in bubble tea, coffee, a variety of fruit juices, yogurt, smoothies, slushes, small meals, sandwiches and light snacks. The South El Monte, Calif.-based chain is slated to open its 1,200-square-foot restaurant at Monrovia Landing in November. Warner Pacific Properties originally acquired Monrovia Landing in 2016. At the time of acquisition, the 98,000-square-foot property consisted of a vacated Alberstons grocery building and an O’Reilly Auto Parts store. Monrovia Landing is part of a larger retail development referred to as the Shamrock Center, which includes a 24 Hour Fitness, Yoshinoya and Taco …

October 1, 2018

Griffin-Plaza-Senior-Living-Simi-Valley-CA

California Development Loans Multifamily Seniors Housing Western

Canyon Partners Real Estate Invests $10.6M in Seniors Housing Development in Southern California

by Amy Works October 1, 2018

SIMI VALLEY, CALIF. — Canyon Partners Real Estate LLC has provided $10.6 million of preferred equity for the construction of a seniors housing community in Simi Valley, approximately 40 miles northwest of downtown Los Angeles. Griffin Fine Living is developing the project, known as Griffin Plaza Senior Living. This transaction represents Canyon’s third investment with Griffin since 2013. When completed, Griffin Plaza will feature 75 assisted living units and 26 memory care units in a two-story, 100,000-square-foot building. The development is near numerous acute care facilities and is located within the existing 13-acre Griffin Plaza retail center. Originally developed by Griffin in the early 1980s, the shopping center is currently undergoing a full-scale renovation to create a lifestyle center with anchor tenants including an Aldi grocery store and a CVS Pharmacy. “The Simi Valley region is already significantly underserved in seniors housing and memory care,” says Paul Griffin, CEO of Griffin Fine Living. “Demand for high-quality facilities is forecasted to increase, creating a demographics-led investment opportunity.” Solvere Living has been selected as the operator. Construction is scheduled for completion before the end of 2019.

October 1, 2018

Acquisitions California Multifamily Western

Charles Dunn Co. Brokers $3.2M Sale of Multifamily Property in Los Angeles

by Amy Works October 1, 2018

LOS ANGELES — Charles Dunn Co. has arranged the sale of an apartment building located at 315 S. Hamel Road in the Beverly Grove neighborhood of Los Angeles. Bentley Place LLC acquired the property for $3.2 million, or $293,181 per unit. Built in 1954, the 6,000-square-foot property features nine one-bedroom/one-bath units and two studio units. At the time of escrow, six units were vacant. Michael Monempour of Charles Dunn Co. represented both the buyer and seller, which was the original developer of the property.

October 1, 2018

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $24.7M in Financing for Affordable Housing Community in Cambridge

by David Cohen October 1, 2018

CAMBRIDGE, MASS. — MassHousing has provided $24.7 in financing for Concord Highlands, a six-story, 98-unit affordable housing community in Cambridge. MassHousing provided the borrower, Homeowners Rehab, with an $8.9 million permanent loan, $11.9 million tax credit equity bridge loan and $3.8 million in workforce housing funding. All apartments at the community will be deed-restricted and affordable to low-, moderate- and middle-income households. The project is the largest affordable housing community to be built in Cambridge in 40 years. Ten of the 98 new apartment homes at Concord Highlands will be affordable to households earning 30 percent of the area median income (AMI). Fifty units will be affordable for households earning up to 60 percent AMI. Thirty-eight units will be workforce-housing units, with 21 of the workforce units affordable for households earning up to 80 percent AMI, and 17 workforce housing units for households earning at or below 100 percent AMI. The AMI for Cambridge is $107,800 for a family of four. NEI General Contracting is serving as general contractor for the project. The architect is ICON Architecture.

October 1, 2018

Acquisitions New York Northeast Retail

Cushman & Wakefield Brokers $13.5M Sale of Retail Building in Manhattan

by David Cohen October 1, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the $13.5 million sale of a three-story retail building in Midtown, Manhattan. John Ciraulo, Craig Waggner, Doug Blankrot and Lou Magarelli of Cushman & Wakefield represented the seller, who was undisclosed, in the transaction. The buyer was also undisclosed. Located at 976 Avenue of the Americas, the property is fully leased to a tenant roster that includes 5 Boro Burger and Red Rocket Tattoo.

October 1, 2018

Hospitality Loans Massachusetts Northeast

HFF Secures $9.8M Acquisition Loan for Crowne Plaza Boston Newton Hotel

by David Cohen October 1, 2018

NEWTON, MASS. — HFF has secured a $9.8 million acquisition loan for the leasehold interest in the Crowne Plaza Boston Newton, a 270-room hotel in Newton. HFF arranged a long-term, non-recourse loan through UniBank on behalf of the undisclosed borrower. Loan proceeds are being used to both acquire and renovate the hotel. The property is located approximately five miles west of Boston and features a restaurant and bar, indoor pool, fitness facility, on-site parking, room service and 15,000 square feet of meeting and event space.

October 1, 2018

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