Property Type

Pacific Industrial Buys 157,204 SF Asset in California for $33M

by Amy Works May 17, 2018

COSTA MESA, CALIF. — Pacific Industrial, along with a private equity fund advised by Crow Holdings Capital, has acquired a two-building industrial asset in Costa Mesa for $33 million. Located at 3030 and 3080 Airway Ave. and adjacent to John Wayne Airport, the 157,204-square-foot asset comprises one building occupied by the U.S. headquarters of RipCurl, and a second building that was recently vacated by Karma. The buyer plans to make interior and exterior upgrades to the vacant building. Trent Walker and Carl Johnson of Voit Real Estate Services represented the buyer in the off-market transaction.

May 17, 2018

California Development Multifamily Seniors Housing Western

Steadfast Nears Completion of $95.5M Seniors Housing Community Near Los Angeles

by Amy Works May 17, 2018

LAGUNA NIGUEL, CALIF. — Steadfast Senior Living has started pre-leasing at Crestavilla, a 201-unit, $95.5 million independent living, assisted living and memory care community in the Los Angeles suburb of Laguna Niguel. Atria Senior Living has been brought on to manage the 215,000-square-foot, three-story community. A luxury community located on 11.5 acres, rents will range from $6,600 to $15,000 per month. Santa Ana-based William Hezmalhalch Architects designed the community, which Bernards is building. Steadfast is pursuing LEED certification for Crestavilla, which would make it Atria’s 11th LEED-certified community.

May 17, 2018

Acquisitions Arizona Retail Western

SVN Desert Commercial Arranges $5.2M Sale of Shopping Center in Phoenix

by Amy Works May 17, 2018

PHOENIX — SVN Desert Commercial Advisors has brokered the sale of Mountain View Plaza, a neighborhood shopping center located at 9812-9832 N. Seventh St. in Phoenix. Local restaurateurs Robert Brescia and Dino Brescia sold the property to Hawaii-based Rajan Watumull of Watumull Enterprises for $5.2 million. Situated on 2.7 acres, the property features 26,000 square feet of retail space. Justin Horwitz and Paul Borgesen of SVN Desert Commercial Advisors represented the seller, while Brian Kocour of Kocour Cos. represented the buyer in the deal.

May 17, 2018

Acquisitions California Retail Western

Commercial Asset Group Negotiates Sale of 4,200 SF Retail Building in Los Angeles

by Amy Works May 17, 2018

LOS ANGELES — Commercial Asset Group has brokered the sale of a retail building located at 5520 San Vicente Blvd. in Los Angeles. A Burbank-based family partnership acquired the property from Wilshire Vista of Hollywood for $4.2 million. Built in the 1930s, the 4,200-square-foot, single-tenant property was renovated in 2014. Yummy.com Neighborhood Market, a chain of grocery stores with a large online/delivery presence, occupies the freestanding building. David Aschkensay of Commercial Asset Group represented the buyer and seller in the transaction.

May 17, 2018

Development Mixed-Use Property Type South Carolina Southeast Top Stories

RocaPoint Partners to Lead $1B Mixed-Use Redevelopment in Upstate South Carolina

by Camren Skelton May 17, 2018

GREENVILLE, S.C. — RocaPoint Partners, an affiliate of The Georgetown Co., has unveiled plans to develop a $1 billion mixed-use project in downtown Greenville. The Atlanta-based development firm has received unanimous approval from Greenville County Council to redevelop 37 acres along University Ridge. The land currently houses administrative offices at County Square, along with offices across the street including the South Carolina Department of Motor Vehicles and the Greenville County Public Health Department. The redevelopment will add approximately 3 million square feet of new Class A office, retail, hotels, residential and public spaces, as well as a new build-to-suit county government building. In addition, the project will be located within walking distance to Falls Park, located in downtown Greenville’s Historic West End; Fluor Field, home of Greenville’s minor league baseball team; and the Greenville Health System Swamp Rabbit Trail, a 20.6-mile multi-use greenway system. “The project is going to have a $1.1 billion impact on the local economy and create a more walkable environment to further support local business growth, as well as providing a distinct gathering place for residents and visitors,” says Phil Mays, principal of RocaPoint Partners. The development team for the project includes local partner KDS Commercial …

May 17, 2018

California Features Multifamily Seniors Housing Western

Buckingham: Encourage Talent and You’ll Cultivate Careers in Senior Care

by Katie Sloan May 17, 2018

SAN DIEGO — Marcus Buckingham has a rather simple yet effective piece of advice for seniors housing operators: stop focusing on the negative. “We have strengths and we have weaknesses. What should you spend more time on?” he asked. “Most people are way more focused on the weaknesses and identifying flaws and fixing them. It has a lot to do with fear. We should be honoring strengths.” Buckingham, a leadership and management expert, delivered the comments to more than 2,500 seniors housing executives on May 15 at the 2018 Argentum Senior Living Executive Conference & Expo held at the San Diego Convention Center. There are currently 93,300 people working in seniors housing in the U.S., according to Argentum, an inadequate number Buckingham said. Experts note there should be a one-to-one ratio of employees to residents. Compounding matters is that more exciting industries like technology and creative professions draw the younger generations away from traditional career roles, resulting in a jobs crisis. While seniors housing may not be as sexy as the tech sector, Buckingham believes a change in attitude can do wonders for employee retention. “There is a lot of turnover in the first 90 days, but people don’t measure …

May 17, 2018

Market Reports Michigan Midwest Midwest Market Reports Retail

In Detroit, the Retail Market Continues Upward Trajectory on Several Fronts

by Kristin Harlow May 17, 2018

Detroit’s economy is reinventing itself and slowly gaining its footing after the Great Recession and the city’s bankruptcy. Low interest rates supported record auto sales in 2016 and another strong showing last year, adding some stability to the metro area’s bellwether industry. A rejuvenated downtown and new, growing industries are invigorating the retail market. The story of retail in Detroit closely follows the overall narrative of the market — out with the old and in with the new. Because of this, well-known national retailers such as John Varvatos and Lululemon have made their way into downtown, while international retailer Zara established a presence in Troy, reiterating the market’s strengthened retail sector. Job growth is closely aligned with retail sales, and payrolls in the Motor City have been expanding, on and off, since mid-2009. At times, the snail’s pace of growth has proven frustrating for a market that bore an above- average burden due to population declines and the auto industry’s collapse. The outlook is positive, however, and total nonfarm payroll employment in metro Detroit eclipsed the 2 million mark last year for the first time since 2006. Manufacturing and professional and business services have provided the foundation for the local …

May 17, 2018

Acquisitions New Jersey Northeast Retail

CBRE Negotiates $53M Sale of Grocery-Anchored Shopping Center in New Jersey

by David Cohen May 16, 2018

EDISON, N.J. — CBRE has negotiated the $53 million sale of Festival Plaza, a 151,763-square-foot, grocery-anchored shopping center in Edison. Asian grocer H Mart anchors the center, which is located at 1711-1783 Lincoln Highway. Other tenants include C2 Tutoring, China Trust Bank and Sunbright Hair Salon. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, Edison I LLC, in the transaction. The buyer was a local private investor. The population within three miles of the center is 131,555, according to CBRE.

May 16, 2018

Acquisitions Mixed-Use New York Northeast

Greystone Development Sells Historic Former Public Bath in Brooklyn for $10M

by David Cohen May 16, 2018

NEW YORK CITY — TerraCRG has arranged the $10 million sale of 227 4th Ave., a historic former public bath in the Park Slope neighborhood of Brooklyn. TerraCRG represented the seller, New York-based Greystone Development, in the transaction. The buyer was undisclosed. The building was first constructed in 1910 as Public Bath No. 7 to serve the largely immigrant population of Park Slope. The building was the last of Brooklyn’s public baths and was designed in Renaissance Revival style by architect Raymond F. Almirall. In 1937 the building was converted into a gymnasium and was placed on the National Register of Historic Places in 1985. Greystone acquired the 16,700-square-foot property in 2014 and completed renovations and restorations to the property. The building is currently leased to Blink Fitness.

May 16, 2018

Acquisitions Healthcare Massachusetts Northeast

NKF Capital Markets Coordinates $11.5M Sale of Blue Hills Medical Center in Suburban Boston

by David Cohen May 16, 2018

BRAINTREE, MASS. — NKF Capital Markets has orchestrated the sale of Blue Hills Medical Center in Braintree for $11.5 million. Braintree is 13 miles south of Boston. Located at 340 Wood Road, the 48,617-square-foot Blue Hills Medical Center is 100 percent leased to 14 tenants. The tenant roster includes Milton Pediatrics, MassGeneral Hospital for Children and South Shore Hospital. NKF represented the seller, Jumbo Capital Management, in the transaction. The buyer was Novaya Real Estate Ventures.

May 16, 2018

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