Property Type

Rexford Industrial Realty Buys Safari Business Center in Inland Empire for $141.2M

by Nellie Day May 30, 2017

ONTARIO, CALIF. — Rexford Industrial Realty has purchased Safari Business Center, a 1.1 million-square-foot industrial park in Ontario, for $141.2 million. The park is located at 1910 S. Carlos Ave. Safari Business Center contains 16 Class A buildings that are 97 percent leased. CBRE’s Darla Longo, Barbara Emmons Perrier, Rebecca Perlmutter Finkel and Michael Kendall represented the seller, ARA | American Realty Advisors, on this transaction. JLL’s Jeff Bellitti and Mac Hewett will serve as the center’s leasing agents, and assisted the CBRE team on the sale.

May 30, 2017

Arizona Multifamily Western

Decco 121 Apartments in Phoenix Sells for $4.1M

by Nellie Day May 30, 2017

PHOENIX — A limited liability company has acquired the 36-unit Decco 121 apartments in Phoenix for $4.1 million. The community is located at 121 E. Broadway Road. P. Brady Fish of Marcus & Millichap represented the buyer, while the same firm’s Tyler Lesson represented the seller, a private investor.

May 30, 2017

Industrial Multifamily New York Northeast

A&G Realty Partners Launches Non-Retail Properties Division

by Haisten Willis May 30, 2017

MELVILLE, N.Y. — A&G Realty Partners has launched a division focused on maximizing the value of real estate assets and leases in non-retail sectors. The formal launch of the non-retail properties division follows several years in which A&G worked to broaden its reach to sectors including office, industrial, higher education and multifamily.

May 30, 2017

Loans Massachusetts Multifamily Northeast

MassHousing Provides $9.3M Financing for Multifamily Complex in Greater Boston

by Haisten Willis May 30, 2017

GARDNER, MASS. — MassHousing has provided $9.3 million in financing to an affiliate of the non-profit Retirement Housing Foundation (RHF) for the preservation and renovation of 134 affordable housing units at Binnall House in Gardner. Binnall House is home to senior citizens and residents with disabilities who will see the affordability of their units extended for at least 15 years. The Binnall House refinancing is one of the first nationally in which a Housing Finance Agency (HFA) has completed a transaction through the Federal Housing Administration’s Housing Tax Credit Pilot Program. The program allows borrowers to utilize federal low-income housing tax credits and an affordable fast-track mortgage product insured by the Federal Housing Administration (FHA). MassHousing refinanced Binnall House through the Agency’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. The Schochet Cos. provided development consulting and its affiliate, Federal Management Co., is the property manager for Binnall House.

May 30, 2017

Healthcare Oregon Western

Samaritan Pacific Communities Hospital in Newport Undergoes Renovation

by Nellie Day May 30, 2017

NEWPORT, ORE. — The Neenan Company and Gerding Builders have broken ground on the redevelopment of a 126,000-square-foot critical access hospital for Samaritan Pacific Communities Hospital (SPCH) in Newport. The redevelopment includes remodeling the existing 40,000-square-foot facility, as well as adding an 86,000-square-foot facility. The new facility will house 22 departments, including imaging, therapy, surgical and emergency services, greatly enhancing the scope of services the hospital will provide. The hospital will offer an integrated medical campus that brings together specialty departments, ancillary services and outpatient clinics. The hospital is situated immediately off the Pacific Coast Highway along the central Oregon coast. It was last updated in 1988. The project is scheduled for completion in 2019. The community approved a $57 million bond support to update the critical access hospital.

May 30, 2017

Colorado Loans Multifamily Oregon Seniors Housing Western

Lancaster Pollard Arranges $9.5M Refinancing for Western Skilled Nursing Portfolio

by Nellie Day May 30, 2017

LAMAR, COLO., MONTE VISTA, COLO., AND MYRTLE POINT, ORE. — Lancaster Pollard has arranged $9.5 million in FHA financing for Summit Healthcare REIT. The loans will refinance the acquisition loans on three skilled nursing facilities in the Western United States. The three facilities are Juniper Village at Lamar, a 60-unit skilled facility in Lamar; Juniper Village at Monte Vista, a 58-unit facility in Monte Vista; and Myrtle Point Care Center in Myrtle Point, which features 28 units of skilled nursing and 18 units of assisted living. Jason Dopoulos led the transaction for Lancaster Pollard. The financing, which has a 30-year term, lowered the fixed interest rate on the properties. Summit is a public, non-traded company that recently transitioned from an industrial REIT to a healthcare REIT.

May 30, 2017

Nevada Restaurant Retail Western

Subway Debuts New Restaurant Design at ICSC RECon

by Nellie Day May 30, 2017

LAS VEGAS — Subway debuted its new Subway Fresh Forward design at the International Council of Shopping Centers (ICSC) RECon show in Las Vegas last week. Along with a new Subway logo, flooring, wall coverings, wall art, a curated music program and lighting, the operational flow of the restaurants is changing as well. The workspace will be updated to be more efficient, while additional pieces of equipment, like an exhaust ventilation system, will help maintain temperatures and improve air quality. Subway franchisees have already piloted the new Subway Fresh Forward design in six locations (Knoxville, Tenn.; Orlando, Fla.; Chula Vista, Calif.; Tamarac, Fla.; Vancouver, Wash.; and Manchester, England). In addition, about 50 locations are in various stages of construction around the world and more than 100 restaurants are in the design phase.

May 30, 2017

Industrial Texas

Lonestar to Acquire Five Oil, Gas Properties in Texas for $116.6M

by Taylor Williams May 30, 2017

FORT WORTH, TEXAS — Fort Worth-based oil and gas firm Lonestar Resources US Inc. has entered into agreements with unaffiliated sellers to acquire five oil and gas properties within the Eagle Ford Shale play, an oil and gas formation in South Texas with more than $30 billion in capital investment. The properties are located in Karnes, Gonzales, DeWitt, Lavaca and Fayette counties. Upon closing, which is slated for late June, the company will acquire 80.3 net producing oil and gas wells and a leasehold totaling 21,238 net acres for approximately $116.6 million.

May 30, 2017

Office Texas

McCarthy Completes New 800,000 SF Building on Southwest Airlines’ Campus in Dallas

by Taylor Williams May 30, 2017

DALLAS — McCarthy Building Cos. Inc. has completed a new office building and aircrew training facility within Southwest Airlines’ corporate campus in Dallas. The entire project, which began in May 2016, consists of a six-story, 425,000-square-foot office building and an attached 375,000-square-foot training center that will house 18 flight simulators. The project will also deliver a 1,950-space parking garage upon full completion during the first quarter of 2018.

May 30, 2017

Mixed-Use Retail Texas

Vista Breaks Ground on Final Phase of Development at Retail Center in Katy

by Taylor Williams May 30, 2017

KATY, TEXAS— Vista Equities Group has broken ground on the final phase of development of LaCenterra at Cinco Ranch, a 34-acre, mixed-use development in Katy. Expected to be complete in early 2018, the final phase will add a 37,000-square-foot Alamo Drafthouse Cinema, a five-story parking garage and an additional 7,500 square feet of retail space to the 360,000-square-foot development.

May 30, 2017

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