Property Type

ROIC Buys Village at Nellie Gail Ranch in Laguna Hills for $46M

by Nellie Day December 21, 2017

LAGUNA HILLS, CALIF. — Retail Opportunity Investment Corp. (ROIC) has acquired The Village at Nellie Gail Ranch, located at 26532-62 Moulton Parkway in Laguna Hills. Vintage Real Estate sold the property for $46 million. The 88,486-square-foot, grocery-anchored shopping center was developed in 1987 and renovated in 2015. At the time of sale, the property was 98.3 percent occupied by a variety of tenants, including Smart & Final Extra, MOD Pizza, Chuck E. Cheese’s, Cycle Bar and BLS Nail Resort. Dave Monahan, Geoff Tranchina and Cameron Pittman of JLL represented the seller in the sale.

December 21, 2017

Multifamily Seniors Housing Washington Western

The Wolff Company Starts Construction of 132-Unit Independent Living Community in Spokane

by Nellie Day December 21, 2017

SPOKANE, WASH. — The Wolff Company has started construction of Revel Spokane, a 132-unit independent living community in Spokane. The development is slated to open in 2018. This project is the seventh senior living community developed by Wolff since 2016. The Arizona-based private equity firm intends to invest $300 million to $400 million annually in the development of independent living communities, in addition to purchasing existing communities.

December 21, 2017

California Retail Western

CBRE Brokers $3.7M Sale of Restaurant Property in Temecula

by Nellie Day December 21, 2017

TEMECULA, CALIF. — CBRE has arranged the all-cash sale of a freestanding restaurant property located at 29540 Rancho California Road in Temecula. New World LP acquired the property from a private Arizona-based limited liability company for $3.7 million. Claim Jumper occupies the 11,200-square-foot property. Reg Kobzi and Jeff Pion of CBRE represented the seller and buyer in the deal.

December 21, 2017

California Retail Western

Retail California Facilitates Sale of 4,800 SF Retail Building in Corcoran, California

by Nellie Day December 21, 2017

CORCORAN, CALIF. — Retail California has arranged the sale of a retail building located at 1100 Whitley Ave. in Corcoran. HD Corcoran LLC purchased the 4,800-square-foot property from Reedley Community Hospital for an undisclosed price. John Lee of Retail California brokered the transaction.

December 21, 2017

California Office Top Stories Western

Douglas Emmett Acquires 146,300 SF Office Property in Beverly Hills for $143.6M

by Katie Sloan December 21, 2017

BEVERLY HILLS, CALIF. — Douglas Emmett Inc. (NYSE: DEI) has acquired the Beverly Hills Financial Center, a 146,300-square-foot, Class A office property located at 9401 Wilshire Blvd. in Beverly Hills. Located at the corner of Wilshire and Canon Drive in Beverly Hills’ Golden Triangle, the property was initially constructed in 1972 and renovated in 1999. The building is home to tenants including Ervin Cohen & Jessup LLP, Citibank, Bank of the West, Momentum Talent Agency and Mozaic LLC. As part of the transaction, Douglas Emmett received an acquisition loan with a principal balance of approximately $32.3 million and a 4.55 percent interest rate, which matures on June 1, 2038. The provider was undisclosed. To fund the remainder of the purchase price, Douglas Emmett used cash and issued approximately 2.6 million units in its operating partnership to the undisclosed seller at an equivalent price of $40.60 per common share. Paul Hastings LLP represented the seller, a partnership between Cando Partners and Wilshire-Canon Properties LLC, in the transaction. The company’s portfolio now consists of 71 office properties totaling approximately 18.4 million square feet, along with 10 apartment communities. The company is also developing residential buildings in Los Angeles and Honolulu. Douglas Emmett’s stock price closed on Wednesday, …

December 21, 2017

Features Retail Top Stories

Report: Compressing Cap Rates Don’t Slow Investor Appetite for 7-Eleven, Circle K Stores

by Taylor Williams December 21, 2017

CHICAGO — In an era wherein investors are generally bearish on the performance of retail properties, single-tenant, small-footprint assets leased to convenience stores may be an exception to the rule, according to a recent report from Chicago-based Quantum Real Estate Advisors Inc. The average capitalization rates for convenience stores flying under two brands — 7-Eleven and Alimentation Couche-Tard, which owns Circle K and Kangaroo Express — decreased from 2016 to 2017, according to the report. Despite the cap rate compression, though, investor interest in single-tenant retail properties leased to either of these firms is on the rise. The report found that the average cap rate for 7-Eleven stores decreased by six basis points between 2016 and 2017, while Couche-Tard stores experienced an average cap rate compression of 74 basis points during that stretch. Average cap rates for these 7-Eleven and Couche-Tard stores, which typically operate on 10- to 20-year leases, now stand at 5.1 and 6.1 percent, respectively. And while cap rates for both chains appear to be trending downward, they also reflect stability in the sense that they are bucking the larger trend in retail real estate — a key appeal to investors. As such, investor demand for these …

December 21, 2017

Multifamily Nevada Western

LivCor Buys Two Broadstone Multifamily Properties in Las Vegas for $115M

by Nellie Day December 20, 2017

LAS VEGAS — LivCor has purchased a two-property multifamily portfolio in Las Vegas for $115 million. The portfolio includes the 350-unit Broadstone Talavera and the 324-unit Broadstone Flamingo West. Broadstone Talavera features a fitness center, two pools and a spa. It is situated near restaurants and retail outlets, and is less than eight miles from the Las Vegas Strip. Broadstone Flamingo West features a fitness center, two pools and a dog park area. It is situated near some of the largest employers in the area, and less than seven miles from the Strip. JLL’s Capital Markets team executed the transaction on behalf of the seller, a partnership between AEW Capital Management and Alliance Residential Co. AEW worked on behalf of one of its separate account clients.

December 20, 2017

Arizona Colorado Loans Multifamily Western

NexMetro Communities, Trez Capital to Develop $100M Multifamily Portfolio

by Nellie Day December 20, 2017

DENVER — NexMetro Communities and Trez Capital have partnered to develop five of NexMetro’s Avilla Homes communities in a deal worth more than $100 million. The communities will debut in 2018 in Denver, Phoenix and Dallas. NexMetro Communities is a developer of luxury leased housing communities, while Trez Capital is a private non-bank lender. NexMetro, which currently has more than 2,600 units either built, under construction or under contract, has already closed on two of the initial five Class A projects with Trez. This endeavor was inspired by the National Multifamily Housing Council’s announcement that about 4 million new apartments will be needed by 2030 to keep up with demand.

December 20, 2017

Colorado Multifamily Western

Griffis Residential Purchases 296-Unit Apartment Complex in Downtown Denver for $100M

by Nellie Day December 20, 2017

DENVER — Griffis Residential has acquired The Huron, a new 296-unit apartment community in downtown Denver, for $100 million. The Class A+ community is located at 2975 Huron St. The Huron is situated just blocks from Coors Field in the Union Station North neighborhood. The property is also a few blocks from Union Station and a recently announced mixed-use development, which will include a Rockies Hall of Fame, outdoor public gathering area, hotel and office space. The Huron was built in 2016. Property amenities include a lounge with a tech bar, three theater screening rooms, a fitness center, controlled access and concierge service. Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan represented the seller, Edwards Cos., in this transaction.

December 20, 2017

California Loans Office Western

J.H. Snyder Receives $68M in Bridge Financing for North Hollywood Office Building

by Nellie Day December 20, 2017

NORTH HOLLYWOOD, CALIF. — J.H. Snyder Company has obtained $68 million in bridge financing for a Class A office building in North Hollywood in the NoHo Arts District. The 179,000-square-foot property is located at 5250 Lankershim Plaza. The asset has been fully occupied for nearly 10 years, though the majority of the tenants are expected to roll over in the next several years. The transaction includes an adjacent six-story, 723-space parking garage. J.H. Snyder developed the property in 2009. Seth Grossman, Steve Edelstein and Jackie Tran of Meridian Capital Group executed the transaction.

December 20, 2017

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