Property Type

HFF Brokers Sale of 283-Room Hotel MdR in West Los Angeles

by Amy Works May 8, 2018

LOS ANGELES — HFF has arranged the sale of Hotel MdR – a DoubleTree by Hilton Hotel located at 13480 Maxella Ave. in West Los Angeles’ Marina del Rey submarket. Lubert-Adler, Channel West Group and Arris Investment sold the 283-room hotel to U.K.-based London & Regional Properties for an undisclosed price. Hotel MdR was renovated and repositioned as a soft-branded DoubleTree Hotel in 2014. The property features an outdoor heated pool and patio, fitness facility, 24/7 business center, market, energy room with ping-pong table, 5,429 square feet of indoor/outdoor event space and Barbianca Local Kitchen. Tony Malk, Scott Hall and Aaron Lapping of HFF represented the seller in the deal. Additionally, Brad Greenway, Kevin MacKenzie and Matthew Stewart of HFF arranged a five-year, floating-rate loan with a Germany-based lender for the buyer.

May 8, 2018

Acquisitions New Mexico Retail Western

SVN|Chicago Negotiates $9.1M Sale of Retail Property Ground Lease in New Mexico

by Amy Works May 8, 2018

FARMINGTON, N.M. — SVN|Chicago Commercial has arranged the sale of retail ground lease located at 3560 E. Main St. in Farmington. An institutional buyer acquired the property from a private investment group for $9.1 million. The Home Depot occupies the property on an absolute triple-net lease basis. Tim Franz of SVN|Chicago Commercial represented the seller in the transaction.

May 8, 2018

Arizona Development Multifamily Seniors Housing Western

Foresight, W.E. O’Neil to Break Ground on 80,000 SF Assisted Living Community in Arizona

by Amy Works May 8, 2018

GILBERT, ARIZ. — Foresight Senior Living Development LLC and W.E. O’Neil Construction Co. will break ground May 9 on Eternal Spring of Gilbert Senior Living Community in Gilbert, a suburb of Phoenix. The 80,000-square-foot community will offer 59 assisted living apartments and 36 memory care apartments. The groundbreaking ceremony will feature Vice Mayor Bridgette Peterson of the Town of Gilbert; Earl Kaplan, Lily Cheng and Jack Cheng of Foresight; Linda Edwards and Nathan Williams of the Town of Gilbert Planning Department; Bryan Dunn of W.E. O’Neil Construction Co. of Arizona; Joel Saurey and Tom Snyder of EPS Group; and other Town of Gilbert leaders and business leaders.

May 8, 2018

Acquisitions Colorado Multifamily Western

JOS Investments Sells Multifamily Building in Denver for $3.4M

by Amy Works May 8, 2018

DENVER — JOS Investments LLC has completed the disposition of a multifamily property located at 2155 S. Josephine St. in Denver. 251 Josephine LLC purchased the 12,777-square-foot building for $3.4 million, or $270 per square foot. Matt Lewallen of Pinnacle Real Estate Advisors represented the buyer, while Kevin Calame, also of Pinnacle, represented the seller in the deal.

May 8, 2018

Acquisitions Arizona Multifamily Western

Cushman & Wakefield|PICOR Arranges $2.3M Sale of Apartment Complex in Tucson, Arizona

by Amy Works May 8, 2018

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of La Promesa Apartments, a multifamily property located at 2485 N. Alvernon Way in Tucson. La Promesa Homes LLC acquired the property from Our Family Services LLC for $2.3 million. The multifamily complex features 40 apartments. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield|PICOR handled the transaction.

May 8, 2018

California Development Healthcare Property Type Top Stories Western

CHA Health Systems Breaks Ground on $291M Hospital Tower in Hollywood

by John Nelson May 8, 2018

LOS ANGELES — CHA Health Systems Inc. has broken ground on a new patient care tower within CHA Hollywood Presbyterian Medical Center (HPMC), a private hospital campus in Hollywood. The nearly 175,000-square-foot tower will replace an existing building at an estimated cost of $291 million. The tower is part of HPMC’s three-phase, $350 million overhaul that includes retrofitting the existing Doctor’s Tower and South Wing to satisfy California’s seismic requirements. The state passed a seismic retrofitting law in the wake of the 1994 Northridge earthquake that requires all acute care medical centers and hospitals to adhere to seismic-specific structural standards by 2030. The goal of the law is for all California hospitals to remain operational in the event of an earthquake, such as the 4.5-magnitude tremor that shook regions of Southern California early this morning. KMD Architects designed the new tower to meet the state’s seismic requirements as well. Doctor’s Tower, South Wing and HPMC’s new parking deck are set to open this year. The tower will double the hospital’s current emergency department with a 26,000-square-foot space that features 20 exam rooms and a private room for women’s services, as well as areas designated for chest pain observation and detox …

May 8, 2018

Loans Mixed-Use New York Northeast Office

Avison Young Arranges $120.3M Loan for Acquisition, Redevelopment of Office Complex in White Plains

by David Cohen May 7, 2018

WHITE PLAINS, N.Y. — Avison Young has arranged a $120.3 million financing package for the acquisition and redevelopment of the Westchester Financial Center in White Plains. Bridge Investment Group provided the financing. The 571,000-square-foot office complex is located at 50 Main St. and 1-11 Martine Ave. The buyers, a joint venture of Ginsburg Development Cos. and Robert Martin Co., plan to reposition the complex as a pedestrian-friendly, mixed-use development comprised of offices, retail shops, restaurants and luxury residences. The new development will be called City Square. Mack Cali Realty Corp. sold the property. David Krasnoff of Avison Young secured the financing, which will cover the purchase price, residential conversion costs, tenant improvements, capital expenditures, closing fees and other financing costs.

May 7, 2018

Acquisitions Connecticut Northeast Pennsylvania Retail

Wilder Acquires Two Shopping Centers in Pennsylvania and Connecticut Totaling 800,000 SF

by David Cohen May 7, 2018

MECHANICSBURG, PA., NEW HAVEN, CONN. — Wilder Cos., in partnership with an institutional retail real estate fund, has acquired Silver Spring Square in Mechanicsburg and the Marketplace at Hamden in New Haven. The sales prices in the separate transactions were not disclosed. Together, the two shopping centers total 800,000 square feet of space. The 570,000-square-foot Silver Spring Square is home to the only Wegmans in the Harrisburg trade area and is shadow anchored by a Target and Kohl’s. The Marketplace at Hamden, which was purchased in partnership with Silver Peak Real Estate Partners, features 235,000 square feet of retail space. Current tenants include T.J. Maxx, Staples, Old Navy, Petco, Pier One Imports, and TGI Fridays.

May 7, 2018

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $35M Loan for Mixed-Use Development in Queens

by David Cohen May 7, 2018

NEW YORK CITY — Madison Realty Capital has provided a $35 million first mortgage loan for the development of a mixed-use project at 90-75 Sutphin Boulevard in Jamaica, Queens. The site currently houses a vacant, six-story 92,000-square-foot commercial building. The borrower, a Queens-based developer, plans to expand the property into a 19-story, 206,197-square-foot development that will include a 181-room hotel, 28,103 square feet of office space and 3,729 square feet of retail space. The loan proceeds will be used to refinance the existing debt, fund an interest reserve and cover costs. Construction on the project is expected to take place over the next 24 months.

May 7, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Negotiates $31.1M Sale of Boricua College Campus in Williamsburg

by David Cohen May 7, 2018

NEW YORK CITY — Cushman & Wakefield has negotiated the sale of the Williamsburg campus of Boricua College located at 186 N 6th St. in Brooklyn for $31.1 million. The buyer was developer David Dweck. The campus consists of two adjoining lots with three brick buildings — a main school building, a gymnasium and a four-story multifamily building. All three buildings are vacant. Boricua College maintains three campuses in Manhattan at 3755 Broadway, the Bronx at 890 Washington and in Brooklyn at 9 Graham Ave. Guthrie Garvin, Brendan Maddigan, Ethan Stanton, Michael Gembecki and Alexander Ball of Cushman & Wakefield represented the seller, Boricua College, in the transaction.

May 7, 2018

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